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The GMAT is pricey! Registering for the in-person GMAT requires an investment of $275. Registering for the GMAT Online requires an investment of $300. So, it’s no wonder that savvy GMAT-takers seek ways to lower their GMAT expenses.
One way to reduce or eliminate the cost of taking the GMAT is to apply for a GMAT fee waiver. In this article, we’ll discuss who is eligible for a GMAT fee waiver, how to apply for one, and how to use the GMAT fee waiver.
If you’re concerned about the costs of taking the GMAT, please read on!
Here are the topics we’ll cover:
- What Is a GMAT Fee Waiver?
- How Do I Get a GMAT Fee Waiver?
- Do I Qualify for a GMAT Fee Waiver?
- Must I Submit Supporting Documentation to Apply for a GMAT Fee Waiver?
- How Many Times Can I Be Awarded a GMAT Fee Waiver?
- Do GMAT Fee Waivers Expire?
- Is There A Deadline to Apply for a GMAT Fee Waiver?
- Which Business Schools Accept GMAT Fee Waivers?
- How Else Can I Save on GMAT-Related Costs?
- GMAT Fee Waiver Summary
- Frequently Asked Questions (FAQ)
- May I Use a GMAT Fee Waiver to Reschedule My GMAT?
- Can I Get a GMAT Fee Waiver to Retake the GMAT?
- What If My School Does Not Have GMAT Fee Waivers?
- Will MBA Admissions Committees See That I Used a GMAT Fee Waiver?
- Can I Get a Discount on the GMAT?
- Do Online MBA Programs Accept GMAT Fee Waivers?
- Do Leading Business Schools Accept GMAT Fee Waivers?
- What Is a GMAT Waiver?
- What Is a GMAT Waiver MBA?
- Will MBA Admissions Committees Know If I Use a GMAT Fee Waiver?
- Can I Get a GMAT Fee Waiver to Apply to Other Types of Graduate Degree Programs?
- Can I Take the GMAT for Free?
- How Much Is the GMAT Cancellation Fee?
- How Much Are GMAT Fees?
- Where Do I Find the GMAT Fee Waiver Application?
- Can I Get a GMAT Fee Registration Waiver?
- What’s Next?
What Is a GMAT Fee Waiver?
A GMAT fee waiver allows you to register for the in-person or online GMAT at no cost.
KEY FACT:
A GMAT fee waiver eliminates the fee associated with registering for the GMAT.
So, let’s talk about how a test-taker can get a GMAT fee waiver.
How Do I Get a GMAT Fee Waiver?
While GMAC (the maker of the GMAT) supplies the actual GMAT fee waivers, you do not apply directly to GMAC to receive a waiver.
You can get a GMAT exam fee waiver in three ways. Let’s take a look at each option.
Option #1: Apply Through Business Programs
Apply for a GMAT fee waiver through an MBA program to which you plan to apply.
TTP PRO TIP:
Apply for a GMAT fee waiver through an MBA program to which you plan to apply.
An individual business school gets a maximum of only 10 GMAT fee waivers each year. Thus, you should apply for a GMAT fee waiver as early as possible to have a shot at getting one. Business programs award these fee waivers quickly.
KEY FACT:
Each Business school gets a maximum of only 10 GMAT fee waivers each year.
However, not all business schools offer GMAT fee waivers. A school desiring to offer fee waivers must apply to GMAC for them, and some schools might choose not to apply.
If you need to determine whether any of your desired programs offer a fee waiver, give the folks in admissions a call. To be clear, you don’t need to have attended these schools for your undergraduate degree to apply for a fee waiver. However, you must plan to apply to these schools as an MBA candidate.
Option #2: Apply Through Your Undergraduate Institution
Some schools offer GMAT fee waivers to alums and undergrads. Therefore, if you’re still in school and are on track to graduate in less than two years or have already graduated, it’s a good idea to contact your financial aid office to inquire about a GMAT fee waiver.
TTP PRO TIP:
Some schools offer GMAT fee waivers to alums and undergrads.
In fact, to better your chances of getting the waiver, stop by the financial aid office and set up an in-person meeting. If you’re a recent graduate but no longer live near your undergraduate institution, give the financial aid office folks a call to discuss the waiver request process.
TTP PRO TIP:
Participating colleges have a limited number of GMAT fee waivers, so apply early!
Is It Better to Apply for a GMAT Fee Waiver Through My College or Through MBA Programs?
If you’re still an undergrad or have recently graduated, you’ll probably find the process smoother if you apply for a GMAT waiver through your undergraduate institution.
You could begin the process by stopping by your school’s financial aid office and asking for help.
TTP PRO TIP:
If you’re still an undergrad or have recently graduated, you’ll probably find the process smoother if you apply for a GMAT waiver through your undergraduate institution.
Remember, schools award a limited number of GMAT fee waivers. Thus, you may need to also apply for them at the business programs to which you plan to apply.
Option #3: Apply as a Veteran or Active-Duty Military Member
The military supports active-duty members and veterans who want to pursue an advanced degree. If you’re an active member of the military or a veteran, you have the option of getting your GMAT registration fee reimbursed either directly via DANTES or through the GI Bill, in addition to the options already mentioned above.
However, note that you don’t actually get the fee waived. Rather, you get the fee reimbursed.
KEY FACT:
If you are a current or former military member, you can apply for the GMAT fee waiver/reimbursement through either your undergraduate or graduate institution or the military.
The military will reimburse you for the test registration cost only. You will not be reimbursed for travel-related expenses, rescheduling fees, etc.
You can learn more about the criteria for eligibility for reimbursement here.
Do I Qualify for a GMAT Fee Waiver?
There are no formal criteria to qualify for a GMAT fee waiver. There is no specific application process. However, GMAT fee waivers are intended for economically disadvantaged students. So, who decides who gets a waiver?
GMAC has left the decision to the schools to determine their criteria for what it means to be economically disadvantaged. Thus, if you feel that you’re eligible for a fee waiver, apply for it through as many schools as possible. You may be deemed eligible to receive the waiver at one school but not at another.
TTP PRO TIP:
If you feel that you’re eligible for a fee waiver, apply for it through as many schools as possible.
In general, if you’ve qualified for need-based financial aid as an undergraduate or earn a yearly salary that is considered lower than average, you may qualify for a GMAT fee waiver.
For example, at many institutions, consideration is given (but not limited to) underrepresented populations of students, first-generation college students, those currently serving in the military, veterans, and Pell Grant recipients.
Must I Submit Supporting Documentation to Apply for a GMAT Fee Waiver?
When applying for a waiver, you will likely have to fill out a fee waiver request form. Also, you may need to submit documentation displaying your economic or financial status. Be forthright about your financial situation, so schools can see why a GMAT fee waiver may be necessary for you.
TTP PRO TIP:
Be forthright about your financial situation, so schools can see why a GMAT fee waiver may be necessary for you.
How Many Times Can I Be Awarded a GMAT Fee Waiver?
You can get only one GMAT fee waiver. In other words, you can’t get multiple GMAT fee waivers by applying for a waiver through multiple schools. Also, if you’re awarded a fee waiver, you can use it for only one GMAT administration.
KEY FACT:
You can get only one GMAT fee waiver, and a waiver is good for only one GMAT.
Do GMAT Fee Waivers Expire?
Keep in mind that fee waivers expire. So, be sure to use your waiver before its expiration.
TTP PRO TIP:
if you are awarded a GMAT fee waiver, be sure to use it before its expiration date.
Is There A Deadline to Apply for a GMAT Fee Waiver?
Some schools may have a yearly deadline for GMAT fee waiver applications. Other schools may award these waivers on a rolling basis. Since policies vary from school to school, it’s best to do your research. As we’ve said, applying as early as possible is the best move.
Which Business Schools Accept GMAT Fee Waivers?
Unless you request a fee waiver from a business school, a school won’t even know you used one. Remember, a GMAT fee waiver simply reduces or eliminates the cost of taking the GMAT.
If you use a fee waiver to pay for the GMAT, the schools to which you apply will just see your GMAT scores. There will be no indication on your score report that you’ve used a GMAT fee waiver.
KEY FACT:
There will be no indication on your score report that you’ve used a GMAT fee waiver.
How Else Can I Save on GMAT-Related Costs?
Undoubtedly, the costs associated with studying for and taking standardized tests can rack up quickly if you’re not careful. Consequently, if you’re concerned about the cost of taking the GMAT, there are things you can do to save money besides applying for a fee waiver.
Let’s discuss a few money-saving measures.
Save Money on GMAT Prep Materials
You can save money on your prep materials. While many GMAT courses cost as much as $1,000 (or more), there are less-expensive self-study options. For example, the Target Test Prep GMAT Course is as low as $116.50 per month and comes with an industry-leading score guarantee.
Be Strategic About Your GMAT Registration and Score Sending
To keep other GMAT-related costs down, make sure that when you register for your GMAT, you have a firm test date (to avoid rescheduling fees). Also, be sure that you are ready to hit your score goal on test day. A reminder: You cannot use a GMAT fee waiver if you reschedule your exam date.
If you’re happy with your GMAT test score, you can send your scores for free from the test center. Similarly, if you take the GMAT Online, you can send your scores for free by logging into your mba.com account and choosing your score recipients within 48 hours of being notified that your scores have been posted to your account.
Be Successful on Your First GMAT Attempt
Another way to save on GMAT costs is to be successful on your first attempt because you will save the full testing fee ($275 or $300) that you would otherwise have had to spend to retake the GMAT.
TTP PRO TIP:
Taking the GMAT a second time is expensive, so be sure you are ready to do your absolute best the first time you take it!
GMAT Fee Waiver Summary
In this blog, we have covered the following topics related to the GMAT fee waiver:
- A GMAT fee waiver allows you to register for either the in-person GMAT or the GMAT Online at no cost.
- Apply for the fee waiver via the following avenues:
- Business Programs – Apply through MBA programs in which you are interested.
- Your Undergraduate School – Apply through your alma mater, even if you have already graduated.
- DANTES or GI Bill – Current military members or veterans can receive reimbursement for GMAT registration fees.
- Colleges can get up to 10 waivers each year. They generally award the waivers to those with demonstrated financial need. Each institution establishes its own criteria for selection.
- You may use a fee waiver only once, and it must be used before its expiration date.
- In addition to using a fee waiver, you can save on GMAT-related costs by taking the following measures:
- Shop around to find the most cost-effective prep materials.
- To avoid pricey rescheduling fees, ensure that you have studied efficiently and are prepared on test day.
- Use the option of sending your test scores for free to up to 5 programs.
- To avoid retaking the GMAT, ensure that you are on track to reach your target score on your first attempt.
Frequently Asked Questions (FAQ)
May I Use a GMAT Fee Waiver to Reschedule My GMAT?
You may not. Each GMAT fee waiver is good for only one GMAT test administration. A person may not use a GMAT fee waiver to reschedule a test.
Can I Get a GMAT Fee Waiver to Retake the GMAT?
Yes. Schools can elect to provide GMAT fee waivers for students retaking the GMAT. In other words, you don’t have to be a first-time test-taker to use a GMAT fee waiver. Accordingly, many students use a GMAT fee waiver for GMAT retakes.
What If My School Does Not Have GMAT Fee Waivers?
If your school does not have GMAT fee waivers, it can request up to 10 per year from the Graduate Management Admissions Council (GMAC). Not all schools offer GMAT fee waivers.
Will MBA Admissions Committees See That I Used a GMAT Fee Waiver?
Admissions committees will not see that you used a GMAT fee waiver to cover the cost of taking the GMAT.
Can I Get a Discount on the GMAT?
You may be able to get a discount on the GMAT by applying for a GMAT fee waiver.
Do Online MBA Programs Accept GMAT Fee Waivers?
You may use a GMAT fee waiver to pay for the cost of your GMAT, and then use that GMAT score to apply to online MBA programs.
Do Leading Business Schools Accept GMAT Fee Waivers?
A GMAT fee waiver allows a test-taker to take the GMAT at no cost. Once a person has taken the GMAT, he or she may submit that GMAT score to any business program, including the M7 business schools. These leading business schools won’t know that you took the GMAT using a fee waiver.
What Is a GMAT Waiver?
A GMAT waiver is different from a “GMAT fee waiver.” A GMAT fee waiver allows certain students to take the GMAT at no cost. In contrast, a GMAT waiver will enable you to apply to a business school program without submitting a GMAT score.
What Is a GMAT Waiver MBA?
A GMAT waiver would allow you to submit an application to an MBA program without submitting a GMAT score.
Will MBA Admissions Committees Know If I Use a GMAT Fee Waiver?
MBA admissions committees will not see that you used a GMAT fee waiver.
Can I Get a GMAT Fee Waiver to Apply to Other Types of Graduate Degree Programs?
Regardless of the program you’re applying to, if you’re taking the GMAT, you may be eligible for a GMAT fee waiver.
Can I Take the GMAT for Free?
If you’re awarded a GMAT fee waiver, you can take the GMAT at no cost.
How Much Is the GMAT Cancellation Fee?
If you’re taking the GMAT inside the European Union and cancel your test within 14 days of registering for your exam, you’ll get a full refund. Test-takers in South Africa can cancel the test for a full refund within seven days of booking.
If you didn’t schedule to take the GMAT in either the European Union or if you’re outside of those dates, refer to this article, which explains all you need to know about GMAT cancellation fees.
How Much Are GMAT Fees?
If you take the GMAT at a test center, the cost to register is $275. If you take the GMAT Online, the cost to register is $300.
Where Do I Find the GMAT Fee Waiver Application?
There is no common fee waiver application. You can apply for a GMAT fee waiver in three ways:
- Through business school programs
- Via your undergraduate institution
- Through the military (DANTES or GI Bill)
Each has its own policies and procedures for applying for a fee waiver.
Can I Get a GMAT Fee Registration Waiver?
If you’re awarded a GMAT fee waiver, you’ll be able to take the GMAT at no cost. In other words, you won’t pay a GMAT registration fee.
What’s Next?
Now that you know how to apply for a waiver of your GMAT registration fee, learn all the steps you need to take to register for your exam.
Whether you use a GMAT fee waiver or not, it’s important to put your best foot forward on test day. Strong preparation is critical to avoid expensive rescheduling or retaking fees. Read this article to get the right start for achieving a 645+ score on your GMAT.
Good luck!
