by Bridget Vis
With growing interest in students looking to make an impact in their careers, the Ross School of Business has created a new program to provide educational loan repayment assistance to Full-Time MBA graduates who obtain jobs at nonprofit, education, and public sector organizations.
Through the Impact Advantage Program, alumni of the Michigan Ross Full-Time MBA Program who pursue a career in the public or nonprofit sectors — and earn below the median base salary of the most recent graduating class — can apply for student loan repayment assistance. For those graduates accepted into the program, Impact Advantage will cover a portion of their Ross-related loan obligations — $7,500 per year for five years — while they are employed full-time at a social impact organization.
“We continue to see more students, especially in the Full-Time MBA Program, who are interested in pursuing roles in the public or non-profit sectors, with the goal of making a positive difference in society after graduation,” said Francine Lafontaine, associate dean for Business+Impact and William Davidson Professor of Business Economics and Public Policy at Michigan Ross. “In order to support our graduates who obtain jobs in the nonprofit and public sector, we are excited to announce the Impact Advantage Program as a new resource to help them repay their educational loans.”
Impact Advantage is the first loan repayment program specifically created for Michigan Ross Full-Time MBA alumni pursuing careers in social impact.
For more than a decade, the business school has offered its graduates who go to work at nonprofit and public sector organizations the opportunity to receive need-based support through the Ross Loan Repayment Assistance Program (LRAP). Through this program, since 2010, Michigan Ross has awarded over $500,000 in repayment assistance to dozens of its alumni. LRAP will remain in place for graduates of other Ross degree programs, and full-time MBAs who graduated prior to May 2021, while Impact Advantage will be available to full-time MBA graduates beginning with those graduating in May 2021.
Beyond the new Impact Advantage Program, Michigan Ross also offers students interested in social impact financial support through the Skip and Carrie Gordon Scholarship. Gordon Scholarships are annually awarded to three second-year Full-Time MBA students who demonstrate an outstanding commitment to addressing complex social problems.