Graduate Management Admission Test (GMAT) is quite an expensive test. It costs 250$ and you will need to pay the full fee every time you wish to take the test again. It is not affordable for everyone and hence the GMAT fee waiver is a relief for many test-takers as it lets you take the GMAT test for free.
The GMAC can help you overcome this challenge by offering to reduce or waive off your GMAT registration fee.
Everyone can apply for a GMAT fee waiver as the financial status of a student is not taken into consideration. However, the applicants cannot directly apply for this waiver as GMAC leaves it up to the schools (undergrad schools/business schools) to request for test fee waiver for their students. GMAC allows the schools to choose the eligible students for fee waiver or reduction. The schools can apply for 10 fee waivers in the span of 12 months. The main motive of GMAC is to encourage the schools to select those students for a test fee waiver who are facing financial difficulty and they can overcome it through this waiver. GMAC allows the schools to decide their own criteria to define the financial need of its students so if you wish to avail a fee waiver, you will have to prove your financial shortcoming to your school.
Schools offer GMAT fee waivers in one of two ways. First, some schools offer GMAT fee waivers to the currently enrolled students or alumni of their school. Second, some schools offer fee waivers to applicants to their business programs. Both ways require students to submit a supplemental GMAT fee waiver application.
Method 1: Getting a GMAT Fee Waiver from Your Undergraduate Institution
Some schools offer GMAT fee waivers to undergraduate students and their recent alumni. In order to apply to these GMAT fee waivers, you need to have graduated or be on track to graduate from an undergraduate college or university that offers GMAT fee waivers.
Method 2: Getting a GMAT Fee Waiver from the Business Program You’re Applying To
Other programs, offer GMAT fee waivers to prospective candidates. You do not have to have attended these schools as an undergraduate to apply for a fee waiver. However, you need to apply to these schools as an MBA candidate.
Qualification Criteria: According to GMAC, the fee waiver is basically designed for economically disadvantaged students. However, GMAC states that each individual school is free to come up with its own definition for “economically disadvantaged.”
First of all, it means that you should apply for a GMAT fee waiver even if you’re worried you might not qualify as “economically disadvantaged.” So that If you’re rejected from one program’s fee waivers, you may be accepted at another’s.
Secondly, it means that every school will have different criteria for determining economic need. Most schools require applicants for fee waivers to submit a statement of financial need. In this statement, you should describe, in detail, your economic situation and why paying for the GMAT fee will be difficult for you. The more honest and clear you are, the better a scholarship committee will understand your unique situation.
In general, people who qualified for need-based financial aid as undergraduates or people who make below a certain income threshold may qualify for fee waivers. However, because each school has its own criteria, it’s hard to make a general statement about who should apply for a GMAT fee waiver or who will definitely receive one.
4 steps that will help you achieve GMAT waiver:
1. Find out what are the options for replacing the GMAT
Business schools that offer GMAT waivers typically do so because they believe the criteria being tested can be demonstrated in many other ways, namely through professional and sometimes military experience.
2. Write a great letter
If you’d like to receive a GMAT waiver, one of the most important things you’ll need to do is write a letter to ask for one.
3. Make your professional experience stand out
Throughout your application process, portray your professional experience in a manner that reflects how you applied your sharply-honed abilities in the roles that you’ve held.
4. Showcase your personal development
Applying to a business school with work experience can be a big leg-up, but it’s important to know how to maximize that potential. Make sure you are highlighting the real value of that experience in your application.