GMAC, the test administrator of the GMAT, has launched a new program that gives b-schools the option of waiving the $250 fee for “underserved or economically disadvantaged” test-takers.
Schools can request up to 10 waivers, which are valid for 12 months, to hand out to prospective applicants who would struggle to pay the fee. Colleges that already have outreach programs can request more waivers but additional numbers distributed are given at GMAC’s discretion.
In an interview with BusinessWeek, Julia Tyler, GMAC’s executive vice president of member services and school marketing said that “the fee waiver program reflects GMAC’s commitment to helping people with talent enter management education, whatever their financial circumstances.”
The GMAC is facing mounting pressure from its graduate examination competitor ETS’ GRE. Whereas the GMAT is solely for gaining entry into b-school, the GRE is not only cheaper (the fee ranges from $160- $205) but GRE test-takers can use their score to apply to both b-school and graduate college.