Archive for money – Page 2

Top 10 Application Tips – # 7 Fellowship Statement

This is the seventh entry in our “Top 10″ list to assist you with understanding the process of submitting your admission application to SIPA.  This entry is focused on advice regarding the section of the application entitled “Fellowship Statement.”

Funding a graduate school education can be challenging and I will offer additional insight regarding financial aid in some future entries, the point of this entry is to provide guidance on the information that we ask for on the admission application.

Question:  What do I need to do to be considered for a scholarship from SIPA?

Answer: Every single person that applies to SIPA is considered for scholarship funding.  Thus, all you need to do to be considered is to complete the admission application.

When an Admission Committee member reads the application and makes a decision, he or she can note that they wish for the candidate to be considered for scholarship from SIPA.  After all of our admission decisions are made the Committee then takes files that have been marked “consider for fellowship” and deliberates on who will be awarded funding.

Question:  Are international students treated differently in the scholarship consideration process?

Answer: No, all applicants are treated the same regardless of citizenship.  Scholarships are based on merit and we are looking for the best possible candidates for admission.  This may lead to the question . . .

Question:  “What characteristics does a successful scholarship candidate possess?”

Candidates we typically award first year scholarships to “stand out” among the crowd so to speak.  You could say that along with academic and professional excellence, successful candidates possess a unique story, motivation, and/or drive backed by action that sets them apart from the rest of the pool of applicants.

It might also be a candidate that overcame extreme obstacles to achieve success.  There is no formula or checklist that we use to nominate candidates for first year fellowship, we typically tell the Committee to identify the top 10-15% of files they read as worthy of scholarship consideration.

The decision of who to award scholarships to is very difficult for a few reasons.  First, our applicant pools are extremely qualified each year.  Every admitted applicant possesses an impressive record of accomplishments matched by unique characteristics that the Committee believes will make a strong contribution to the admitted class.

Second, the Committee is only able to award funding to approximately 10-15% of the admitted class.  SIPA reserves the majority of scholarship funding for second year students.  Not receiving a scholarship offer from SIPA as a newly admitted candidate should not be taken as a slight, it has more to do with the very accomplished pool of applicants and the limited amount of funding for the first year of study.

Non-Columbia Fellowships

SIPA does partner with several organizations to provide funding for admitted candidates.  In some cases we provide matching funding and in other cases we just wish to recognize the affiliation by granting our own scholarship to a candidate.  The organizations we partner with are listed in a drop down menu on the Fellowship Statement Page of the application.  See below for a picture:

You may choose up to two organizations you either have an affiliation with or organizations you have submitted applications to for funding.  The process is competitive and we are often not able to award funding to everyone that has a relationship with an affiliated organization.

For example we receive applications from many qualified alumni of the Peace Corps and we do set aside funding to recognize excellence during service in the Peace Corps, however with the large number of Peace Corps alumni applying we are unable to provide funding to every qualified candidate.

Free Application for Federal Student Aid (FAFSA) – Timing

U.S. citizens and permanent residents interested in receiving funding from the Federal Government should submit the FAFSA, but please do not do so prior to January 1st, 2011.  The 2011-2012 FAFSA will be needed and the Department of Education does not post the form online until the new year starts.

Question:  What is meant by “head of household?”

Answer: By head of household we mean that you are either entirely responsible for your own finances or that you are the main source of income in a family unit.  The family unit should not include your mother or father.  An example of head of household would be that live on your own or that you are married and have been earning 50.1% or more of the income for your household (which might or might not include children).

Assets and Liabilities Sections

The instructions are fairly clear on the site, please only enter your assets/liabilities and if married include those of your spouse.  Do not include parental information.

Question:  Do I need to provide proof of the ability to pay for my education costs when I apply?

Answer: No.  Admission decisions take into account merit only, not the ability to pay.  International students admitted to the program will have to provide proof of funding to have a visa issued, however this process does not take place until after an international candidate has been admitted and paid an enrollment deposit.

Question:  Is the International Fellows Program (IFP) different from general SIPA scholarship funding?

Answer: Yes.  Consideration for scholarship funding through the International Fellows program is different from general SIPA scholarships.  To apply, applicants must submit a 300 word statement about why they wish to be considered.

It is not mandatory to apply for IFP funding, applying for IFP funding is optional and candidates who do not apply will not be viewed negatively.  For more information on the IFP program, please click here.

The Fellowship Search: The Rule of Two

I remember in college I was always told that for every hour spent in class, I should expect to spend two hours outside of class studying.  I believe that a similar maxim applies to the search for funding to help pay for graduate school.  My belief is that for every hour you spend working on an admission application for graduate school, you should spend at least 2 times the amount of time looking for fellowships.

At first this might seem like a very strange thing for me to say so let me provide some background.  First off, most professional schools like SIPA do provide fellowship funding, but nowhere near the amount that would cover all educationally related costs.  Our program is full-time and you need to pay for tuition, books, rent, food, travel, etc.

I believe that some people apply for graduate school and count on fellowship aid from the school being available.  While it is true that approximately 70% of eligible second year students at SIPA receive fellowship funding, only approximately 10-15 % of first year students receive SIPA fellowship funding.

For many who are admitted without SIPA fellowship funding, the confounding question of how to pay for everything comes up almost immediately.  The good news is that there is evidence that many SIPA applicants are looking for external fellowship funding.  This is evidenced by the fact that each year for the past few years students have brought in close to $5 million total in outside scholarships, fellowships, and grants.  This does not come without a price – and that price is time and effort looking for funding.

So let’s break down an estimate of how many hours go into the application process.  Part 1 of the application process is pretty simple, fill out the online application and submit it, about 30-45 minutes, but let’s round up to 1 hour.  You also have to contact those that will be writing letters of recommendation for you, let’s say 20 minutes per for a total of 1 hour.  So 2 hours on Part 1.

Part 2 is a bit more complex and these are only estimates to get a ballpark figure.  The two required résumés will probably take around 3 hours.  The personal statement is hard to gauge but by the time you are done, three hours is probably a good minimum.  Let’s give getting your transcripts in order and uploaded 1 hour.  Finally there are test scores.  This is a toughie because the time spent studying for these exams can be excessive.  Everyone is different, but let’s give it a nice round figure of 10 hours for calculation purposes.  So what do we have . . .

  • 1 Hour on the Application
  • 1 Hour on contacting those who will write letters of recommendation
  • 3 Hours on résumé preparation
  • 3 Hours on your personal statement
  • 1 Hour ordering and scanning transcripts for upload
  • 10 Hours on test taking and preparation

That puts you at around 19 hours of preparation that go into the application process.  Let’s round up and call it 20 hours.

Thus my belief is that you should spend a minimum of 40 hours looking for and applying for fellowship opportunities.  How do you do this?  There is no one right answer, sometimes we find out about opportunities by happenstance.  However you can improve your chances by engaging in the following:

• Check out SIPA’s own fellowship database. We search for scholarships for you and post them to the database.  The database is not SIPA specific.  As we search for and hear about funding, we make the information available to you.

• Use RSS technology to deliver news to your email account or RSS Reader.  RSS allows for news to be delivered to you without having to go look for it every day.  As an example, Gmail accounts have something called the “Alert” tool and I am sure other providers have the same capability.  All you have to do is put in text for searches and a search engine will perform the searches daily and deliver news to your email account.  You can type in search terms like “Graduate School Scholarships” or “International Affairs Scholarships.”  You can also utilize an RSS reader.  They are free and if you do not know what an RSS reader is, click here for a YouTube tutorial.

• Talk to people you know who have gone to graduate school and find out if they were able to find scholarship opportunities.

• Contact people who are willing to write you a letter of recommendation and have them make multiple copies of the recommendation letter and give them to you in sealed envelops so you are ready if a scholarship opportunity arises and there is a tight deadline.

• Speak with people at your undergraduate university – alumni relations, career services, faculty members, etc.

• Talk to the organization you work for to find out if they sponsor students or have grants for furthering your education.

In summary, don’t let “the funding issue” sneak up on you.  Spend adequate time searching for funding sources and to help make your graduate dream a reality.

Foreclosure.com Scholarship Program

house-underwaterDo you ever talk to your TV?  I know that sounds like a strange question, but when I am watching the news I will often shout out my suggestions for policy reform.  Of course the TV news people cannot hear me, but if I get riled up I just have to let it out.

Well, if you have an opinion on how to address what many have labeled ‘the foreclosure crisis’ in America, you can do more than talk to your TV, you can write about your ideas and possibly win a scholarship.

The Foreclosure.com Scholarship Program encourages students to offer innovative ideas and solutions to ‘solve the foreclosure crisis’ in the form of an essay. Essay submissions must be between 1,000 and 2,500 words and all accepted freshman and enrolled under-graduate and graduate-students are eligible to apply.

The basic details are as follows:

  • Deadline: Dec. 31, 2009
  • Requirements:  Original, previously unpublished work. Minimum 1,000 words, maximum 2,500.
  • Awards: Five winners will be selected. Top prize $5,000, second through fifth will receive $1,000 each.
  • Must be a U.S. Citizen

For full details click here.

SIPA Fellowships

I like to try to be as transparent as possible concerning admissions and financial aid at SIPA – I am not a cloak and dagger type of guy.  I like two button sport coats, bright ties, and sneakers . . . but this is not about my fashion sense.

I know that paying for school is a big issue, both from a personal and professional standpoint.  Personally, I attended graduate school and borrowed a substantial amount of money to do so.  Professionally, it is almost impossible to talk with a prospective student and not have the topic of the cost of education come up.  In order to provide some additional insight into the situation at SIPA I thought I would post some basic information about fellowships.  There are a lot of words in this entry and no pictures, so hang in there and read carefully and I think you will find the information valuable.

First I will note that we are not able to give out near the amount of money we would like to give to first year students.  Each year we award approximately 10% of incoming students funding and the average award is around $15,000.  Below are two examples of common emails we receive after admission decisions have been sent out:

  • I am very happy to have been admitted to SIPA, however is there any way that the admissions committee can reconsider me for fellowship funding (or increase an award I have been given)?
  • I have been admitted to SIPA and to another school and the other school is offering me funding.  Can SIPA match the funding provided by the other school?

The SIPA Admissions Committee actually spends twice the amount of fellowship money we have.  Why do we do this?  Because history shows that not everyone we award funding to will attend.  Thus we greatly overspend which means that if an applicant declines their award, we cannot simply shift that money to another applicant.

Regarding the second question, each school has a different committee, different applicant pool, and different budget.  In my Apples and Oranges entry a while back I talked about how comparing an offer from one school to another may seem like a logical thing to do, but the comparison is fraught with complications and variables.  And as stated above, as much as we are excited about having you come, we simply cannot base our decision on the capability of another school to provide funding.

So what about the second year?  I am happy to say that the majority of second year students at SIPA that are qualified to apply for fellowship do receive funding.  So how do you qualify?  In order to apply for second year funding at SIPA a first year student must have a 3.2 GPA at the end of the first semester.  If you meet the GPA requirement, you will submit an application to the Office of Student Affairs at SIPA in March of your first year.  Roughly 70% of those who apply are awarded funding and the average award is around $20,000.

Second year students who are awarded fellowship funds typically have some sort of work requirement associated with the fellowship.  This can include working for a professor or in administrative department such as admissions, career services, or institutional technology.

This is a good time to put in a plug for our summer math tutorial.  Since second year funding is so dependent on academic performance, it behooves you to do all that you can to make sure you do well in the first semester –  a semester in which you will be taking a heavy dose of core requirements which are quantitatively heavy.  In May admitted applicants who have chosen to enroll will be sent instructions on how to participate in an on-line summer math tutorial.

I cannot recommend highly enough that applicants who plan on enrolling participate in the summer math tutorial.  Even if you took many quantitatively oriented classes in the past, it would do you well to knock off a little bit of rust.  Again I can speak from personal experience.  I started my graduate program when I was 28 and boy was it a shock to my system when the syllabus of the first class hit my desk.

And for those who might not have completed an economics sequence, high level math class, or a statistics class, taking a summer class from a college near you is a great idea.  Courses might include microeconomics, macroeconomics, statistics, linear algebra, precalculus, or calculus.

I hope this gives you a bit of insight into the process at SIPA and please click here to explore information related to cost of attendance at SIPA.  The financial aid staff in my office are working fast and furious and will be sending out financial aid letters with more information.  We try to send out an estimated award letter shortly after the admission offer is made to give you an idea of what aid you might be eligible to receive, but it does take us some time to give specifics regarding government and private aid you may be eligible to receive in an official award letter.  Thank you in advance for your patience.

SIPA Receives $3 Million Gift for Fellowships

We are always pleased to announce fund donations that benefit SIPA students. It brings me great pleasure to announce that a Brazilian entrepreneur has donated $3 million to SIPA to facilitate student exchange. The gift will be used to establish the Jorge Paulo Lemann Fund at SIPA and will provide fellowships and grants for Brazilian students to study at SIPA and for SIPA students to study in Brazil.

The specifics of fund distribution are still being finalized and as a current applicant there is nothing additional to do at this point to possibly gain consideration for any funding that might be available next year. All admitted applicants are considered for fellowship funding based on information provided in the admission application – there is no separate fellowship statement that is required. Below is more information on Mr. Lemann and the goals associated with the donation.

Jorge Paulo Lemann was born in Brazil and received his bachelor’s degree from Harvard University in 1961, and later his MBA from Harvard. In 1971, Lemann and three partners founded the Brazilian investment banking firm Banco Garantia, which Lemann helped build into one of Brazil’s most prestigious and innovative investment banks.

Lemann and his partners later purchased control of a Brazilian brewery that eventually became AmBev. In 2004, AmBev merged with Interbrew of Belgium. The new company, InBev, is now one of the world’s largest beverage producers. In November 2008, shareholders of Anheuser-Busch, the makers of Budweiser and many other beverages, approved a $52 billion sale to InBev, which will create the world’s largest brewer.

The new exchange program complements SIPA’s existing strengths in the research, teaching, and discussion of Latin America. The Institute of Latin American Studies (ILAS) is one of the nation’s foremost centers in the field.

The Institute’s primary mission is to bring together and provide resources for Columbia faculty, students and visiting scholars, recognizing the diversity of their interests and approaches, while strengthening their links with Latin America and with communities of Latin American origin in the United States. Columbia University has established its first interdisciplinary post-graduate program in Latin American and Caribbean studies, offered under the auspices of the ILAS.

Within ILAS, the Center for Brazilian Studies serves as a key focal point for students and faculty with an interest in Brazil. Established in 2001, the Center offers scholars a place to pursue their research on Brazil, and provides a regular forum for lectures and conferences by visiting Brazilian government officials, business leaders, politicians, and representatives of civil society.

"The most global public policy school, where an international community of students and faculty address world challenges."

—Merit E. Janow, Dean, SIPA, Professor of Practice, International and Economic Law and International Affairs

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