Worried about paying for your MBA, but proud of your GMAT score? You might be eligible for funding! Many business schools offer partial or full scholarships for high-achieving students. But is there a specific GMAT score you need in order to secure a scholarship? Can you get a GMAT scholarship?

In this article, I’ll go over the average GMAT scores that tend to secure funding for business students, as well as some examples of specific school-based and organization-based MBA scholarships. You’ll get a good idea of how to find scholarships you’re eligible for and what kind of score you’ll need to have a shot at landing them.

Can You Get Scholarships for High GMAT Scores?

Many students wonder whether a high GMAT score can get them an MBA scholarship. The short answer is yes: While MBA programs usually don’t list a specific minimum GMAT scholarship score that will guarantee you business school funding, business schools and external scholarship programs often offer partial or full funding to high-achieving students. Often, a high GMAT score is a key component of how “high-achieving” is defined.

However, it’s important to note a high GMAT score isn’t enough to secure a scholarship. Both business schools and external scholarship-granting organizations usually take multiple factors into account, including GPA, writing samples, and letters of recommendation, all of which contribute to a holistic picture of a candidate’s likelihood of success.

Let’s take a look at the kinds of MBA scholarships available and how your GMAT score plays into your chances of receiving them.

What Kinds of GMAT Scholarships Are There? 

There are two kinds of MBA scholarships available: those offered by individual schools to prospective students, and those offered by external funding sources. Let’s go over both types and if there are scholarships for high GMAT scores.

School-Based GMAT Scholarships

Many MBA scholarships offered directly by business schools are need-based, meaning that the amount of financial aid you receive in the form of grants or loans is determined by your family income and other socioeconomic factors. For these scholarships, the GMAT isn’t taken into account.

However, most business schools offer merit-based scholarships as well. These scholarships are highly competitive and vary widely by amount and eligibility criteria. The GMAT is a significant factor in eligibility for these scholarships, which are awarded based on a student’s academic and personal achievement.

However, no business school lists a minimum GMAT scholarship score. Instead, business schools usually offer a mix of general scholarships for overall academic excellence and targeted scholarships aimed at a particular demographic (such as students of color or female or LGBT students) or at students with a special interest (such as an interest in a career in healthcare management).

For each of these scholarships, a scholarship committee that is specifically responsible for allotting funding will consider each student’s work history, academic achievements, career intentions, community service, and demographics to make a determination on eligibility for funding.

Visit your prospective schools’ financial aid websites or contact the MBA administration directly to find out about scholarship opportunities, some of which you’ll be considered for automatically when you apply to an MBA program and some of which will require a supplemental application (such as additional writing samples or letters of recommendation).

At Northwestern’s Kellogg School of Management, for example, there are a wide variety of scholarships available for incoming students, including targeted scholarships like the Diversity Scholarship (for students from underrepresented backgrounds) and the McGraw Foundation Excellence Grant (for students planning to use their MBAs to protect the environment), as well as the more general Kellogg Scholarship, which is awarded to select students who demonstrate exceptional academic abilities and leadership skills.

While none of these scholarships list minimum GMAT scores as a requirement or are specifically “high GMAT score scholarships,” all require GMAT scores as part of their applications. Also, all of them expect applicants to demonstrate academic excellence, of which your GMAT score is a key indicator.

Next, let’s look at scholarships for high GMAT scores offered by external funding organizations.

Organization-Based GMAT Scholarships

There are also many MBA scholarships available from external funding sources for high-achieving students. Many of these are offered to students from target demographics (race, gender, work history, MBA specialization, religious identity, region, etc.). Most scholarship-offering organizations, like business schools, don’t list a minimum GMAT score for eligible students; there are no specific scholarships for high GMAT scores alone.

However, we do know which organizations take the GMAT into account as part of a scholarship application, as the Graduate Management Admissions Council (GMAC) releases a list each year of all institutions and organizations that are qualified to receive students’ GMAT scores. You can find the updated list each year to search for a high GMAT score scholarship.

Let’s take a look at all of the scholarship-granting organizations on GMAC’s list that are qualified to receive GMAT scores.

What GMAT Score Do You Need for MBA Scholarships?

So, what score do you usually need for a GMAT scholarship?

Most business schools, as I noted, don’t advertise a minimum score for GMAT scholarships, so it’s hard to know exactly how to get a scholarship through the GMAT. However, merit scholarship committees generally look for a GMAT scholarship score well above the average at their school. You can check out the list of average GMAT scores at your prospective business schools or the class profiles of incoming students at your MBA programs of choice to see how your score matches up.

If your GMAT score is considerably higher than the average score of incoming MBA students, you’re likelier to be eligible for additional funding and to get a scholarship through the GMAT than if your GMAT score is average or below average for a particular business school.

A good rule of thumb is that for top 20 schools, you’ll need a score of 720 or above to be competitive for merit-based scholarships. For mid-range (top 50) schools, a 700 is a solid score to be competitive for GMAT scholarships. 

This doesn’t mean that you shouldn’t bother applying for funding if you don’t have a 700, because sometimes other factors (GPA or a unique personal background, for example), can override a lower GMAT score. Still, your odds of being a competitive scholarship candidate will be much higher with a score of at least 700.

If you have a high GMAT score (700 or above), you’re especially likely to get a scholarship at a mid-ranking school. Schools looking to move up in MBA rankings (such as those offered by Poets&Quants or U.S. News and World Report) are often willing to offer financial incentives to students with high GMAT scores in order to entice high-achieving students to attend their programs. So if you’re a high scorer looking for a generous scholarship or full funding, the middle range of business schools might be a good fit.

Wrap-Up: GMAT Scholarships and Your Exam Score

The bottom line is that achieving a high GMAT score is an important step if you’re hoping not to have to pay as much (or at all) for business school. A GMAT score over 700, and over 720 if you’re applying to top 20 MBA programs, will go far in securing funding for your business school journey. 

What’s Next?

If you’re looking for more information about what GMAT scores will get you into your prospective MBA programs, look no further than our guide to the average GMAT scores at top business schools.

Looking for more information about GMAT fees? Find out more about how much the GMAT costs here.

General GMAT questions? Our comprehensive GMAT FAQ sheet will help.

The post What Is a Good GMAT Score for Scholarships? appeared first on Online GMAT Prep Blog by PrepScholar.

If you’re a future business student, then you know it’s important to think about the bottom line. Before you get into business school, how much will you need to spend on GMAT fees?

This guide will go over all the fees associated with the GMAT so you know what to expect as a test-taker. Plus, you’ll find some tips for keeping your total GMAT cost down.

To start, let’s answer the big question: how much does the GMAT cost?

How Much Is the GMAT?

Wherever in the world you’re taking the test, the GMAT exam fee will be the same: $250. Most people register for the GMAT online and pay this $250 registration fee with a credit card. The Graduate Management Admission Council (GMAC) accepts Visa, MasterCard, American Express, or JCB. You can also pay with a debit card if it’s a Visa or MasterCard.

Besides signing up online, you can also register by mail or phone. By mail, you would send a cashier’s check, money order, or personal check that’s payable in U.S. dollars and draws on a U.S. bank, along with the GMAT Appointment Scheduling Form. Your check must arrive at least ten days before your selected test date so it has time to clear.

If you choose to register by phone, you should know that GMAC charges a $10 service fee per phone call. If you have multiple requests, therefore, you should try to address them all in one call so that these service charges don’t pile up. Apparently, GMAC employees aren’t especially interested in being phone buddies.

While everyone pays $250 to register for the GMAT, anyone who needs to cancel or reschedule will have to pay an additional fee. Read on to learn about the fees associated with canceling or rescheduling the GMAT.

How Much Does It Cost to Cancel or Reschedule the GMAT?

Let’s say you schedule the GMAT and then win a sweepstakes trip to see the Northern Lights in Iceland. Is it possible to cancel or reschedule your test?

Rest assured that you can still cancel or reschedule the GMAT after registering. Before you start packing your bags, though, you should know that you won’t get a full refund.

If you cancel your test more than seven days in advance of your test date, then you can get an $80 refund. If you cancel seven or fewer days out or miss your test completely, you won’t get any of the original $250 registration fee back.

Rescheduling the GMAT is a little more affordable. If you choose a new test date more than seven days out, then you only have to pay an additional $50. If you wait to act until your test is only a few days away, though, then you won’t get any discount. You’ll have to pay the entire $250 registration fee again.

In a nutshell:

• Cancel more than 7 days before test date: $80 refund
• Cancel 7 days or fewer before test date: no refund
• Reschedule more than 7 days before test date: $50
• Reschedule 7 days or fewer before test date: $250

Before you buy the best binoculars to see the Aurora Borealis, make sure you know how much of a financial hit you’ll take canceling or rescheduling the GMAT. If you figure out your plans more than seven days out from your test, then you can minimize additional GMAT fees. If you’re trying to make changes seven or fewer days before your selected test date, then you won’t get any refund.

Now that we’ve gone over fees for registering, canceling, and rescheduling the GMAT, let’s look at the costs associated with sending your GMAT score reports to business schools.

How Much Does It Cost to Send GMAT Score Reports?

If you’ve done your research and are applying to five schools or fewer, then you won’t have to pay anything to send your GMAT score reports. This is because you can list up to five schools as score recipients on your GMAT test date for free.

Any additional score reports cost $28 each, and you can order them online after you take the test. The score recipients you designate on test day will receive your official report about 20 days after you take the GMAT. Any additional schools may have to wait an extra five to seven days to see your scores.

You can also order an Enhanced Score Report, which provides more details about your performance on the exam, for $24.95.

How Much Does It Cost to Cancel Your GMAT Scores?

Right after you finish the last section, you’ll see a preview of your verbal, quantitative, and total scores. How’s that for immediate feedback! At this point, you have two minutes to decide whether to keep or cancel your scores. Scary fact – if you don’t make a selection after two minutes, then your GMAT scores will be automatically canceled! So, don’t be indecisive.

Cancelling your scores right after you take the GMAT is free. If you decide to keep your scores, but then go home and decide that they weren’t up to par, you still have 72 hours to cancel them. If you want to cancel your scores online at this point, then you can do so for an additional fee of $25. There’s one exception to this policy: if you add one or more score recipients during this 72-hour window, then you’ll no longer be able to cancel your scores.

If, on the flip side, you accidentally canceled great scores, then you can later reinstate them. To reinstate canceled scores, you have to pay a fee of $50. The only exception is that you can’t reinstate canceled scores from exams taken before January 1, 2014.

As you can see, there are a lot of potential GMAT fees, whether you’re registering for the test, adding score recipients, or reinstating cancelled scores. Consult the chart below for the full list of GMAT fees.

How Much Does the GMAT Cost? Full List of Fees

This chart shows all the fees associated with the GMAT. Beyond the costs you just read about, it also includes one more: the fee to rescore your essay from the Analytical Writing Assessment (AWA) section.

If you think there was some mistake with your AWA score, then you can pay $45 to have your essay rescored up to six months after you take the test. Your regraded essay score will be final, even if it ends up being lower than the original one.

Here’s the full list of GMAT costs.

As you can see, there are quite a few additional GMAT fees. Hopefully, though, you won’t have to pay any of them beyond the initial $250 registration fee!

Even without any extra fees, the GMAT on its own is an expensive test. Is there any assistance for people with limited finances?

Are There GMAT Fee Waivers Available?

While GMAC, the administrators of the GMAT, don’t offer fee waivers, you may be able to get one from a business school or a scholarship organization, like the Fulbright Foundation or the Edmund S. Muskie Graduate Fellowship Program.

Business schools and other organizations purchase vouchers from GMAC and distribute them to qualifying candidates. Since schools and organizations are responsible for doling out the vouchers, each sets its own eligibility requirements.

Vouchers may cover all or part of the registration fee. They can cover $50, $100, $150, $200, or the entire GMAT cost. You would be responsible for paying any remainder. These waivers only cover the cost of GMAT registration. You can’t put the money toward any other additional fees.

To obtain a GMAT fee waiver, you need to contact the financial aid office of the school or organization directly. If you qualify, you’ll likely have to send relevant documents that support your financial need, like pay stubs or tax records. Since the process can be time-consuming, try to take the first step a couple months before you plan to register.

The final price you’ll have to pay to take the GMAT involves prep materials. Students who score the highest tend to study the greatest number of hours. Read on to get a sense of how much you’ll have to pay for GMAT prep materials.

Additional GMAT Costs: Getting Ready for the Test

According to GMAC, students who got a score of 700 or higher on the GMAT spent an average of 121 hours studying for the test. While GMAC’s free preparation software is very useful, it isn’t going to give you 121 hours of studying. You’ll need to invest in an additional book, online program, class, or tutor.

Self-studying with a GMAT prep book is probably your most affordable option. GMAC offers the official GMAT study collection of three books online (cost: $52.53 on Amazon). Other prep books, like those from the Princeton Review and Manhattan Prep, range between $10 and $30.

If you need more external accountability or a teacher to lead you through the material, then you might go with a GMAT prep class or a private tutor. To give you a sense of prices, let’s look at what Kaplan has to offer. It charges $800 for an online GMAT class, $1,449 for an in-person class, and $2,799 for private tutoring. In most cases, private tutoring will be your most expensive option for GMAT prep.

Before shelling out big bucks, you should think critically about how you learn best. Many students can achieve their goals through self-study, while others will thrive in a classroom or under the guidance of an instructor.

Based on your ideal learning style and budget, you can choose your best approach to GMAT prep. Besides being thoughtful about how you prep, what else can you do to keep down costs of the GMAT? Read on for five essential tips.

5 Tips for Keeping GMAT Costs Down

The GMAT is an expensive test, and many prospective students take it more than once to achieve their target scores. How can you keep your costs down as you prepare for the exam? Consider these five tips for minimizing your GMAT costs as much as possible.

#1: Plan Your Test Date Carefully

As you read above, you don’t have much wiggle room once you choose your GMAT test date. The fees for canceling or rescheduling are pretty steep, so you should do all you can to avoid changing your registration to keep costs low.

Before you register, consider your schedule carefully. When are your business school application deadlines? What other personal or professional commitments do you have in your schedule? What location and time of day work best for you to take a three and a half hour test?

Be thoughtful about the date and time of day you choose to take the GMAT so you can minimize the chance you’ll need to cancel or reschedule and pay a hefty fee.

#2: Make Any Changes More Than 7 Days Out

If you do suspect you need to cancel or reschedule the GMAT, try your best to do so more than seven days before your chosen test date. Wait any longer, and you’ll have to wave goodbye to your $250 registration fee. If you suspect you won’t be able to make the test, make sure to change your registration more than seven days ahead of time.

#3: Finalize Your Program List Before Test Day

You should take advantage of your five free GMAT score reports by finalizing your list of business schools before you take the exam. By doing your due diligence, you can confidently list up to five schools on the day you take the GMAT (assuming you’re keeping your scores).

If you don’t know your list, then you’ll have to pay $28 for any additional score reports. This extra fee is unnecessary unless you’re applying to move than five schools, plus your score reports might get delayed.

Finalizing your list of schools will help you keep down costs, plus you’ll have a better sense of what GMAT scores you need to be a competitive candidate. Speaking of scores…

#4: Know Your Target Scores

Just as you should go into the test prepared with your list of score recipients, you should also go in with a target score. Know which scores you will keep and which scores you will cancel.

You just have two minutes to decide at the end of the GMAT, and during this two minutes you can cancel your scores for free. If you make the wrong choice, then you’ll have to pay an additional fee of $25 to cancel your scores or $50 to reinstate your scores.

Rather than sitting before the computer screen wringing your hands in indecision, go into the test with a solid cutoff of an acceptable score. That way, you can keep costs down and ensure a smoother testing experience.

#5: Take Advantage of Free Prep Materials

GMAC offers free prep software that anyone taking the GMAT should download and use. The software gets you acquainted with the test and its instructions, plus it has lots of practice questions and two full-length practice tests that simulate the real exam. Since the software is made by the test-makers, it offers the most realistic practice questions possible.

While this software probably isn’t sufficient as your only source of test prep material, it is very useful and should definitely be part of your GMAT preparation. Plus, the software won’t wear out your wallet, as it’s completely free.

For additional materials, you should be thoughtful about how you study and learn best. The most expensive option isn’t necessarily the best one for getting where you want to go. Private tutors, for instance, can charge a lot, but they may not be the best teachers. Sometimes, tutors are just people who got excellent scores on the GMAT themselves, but they aren’t necessarily skilled at helping others do the same.

You can do extremely well on the GMAT without shelling out thousands of dollars for classes and tutors. Whether or not you’re on a strict budget, think about how you learn best and what approach would help you develop the skills and strategy to achieve your target GMAT scores.

In closing, let’s go over the key facts you need to remember about GMAT costs and fees.

Bottom Line: How Much Is the GMAT?

Hundreds of thousands of students all across the world take the GMAT every year, and their registration cost for the test is the same: $250. If this hefty fee presents a financial obstacle for you, then you should contact business schools or scholarship organizations to find out whether you can get a voucher that covers part or all of the GMAT cost of registration.

By choosing your test date and prep materials carefully, you can keep costs down. You’ll also limit additional expenses if you go into the GMAT knowing your list of score recipients and the minimum score you will keep, rather than cancel after you finish taking the test.

A lot of planning and preparation goes into doing well on the GMAT, and both are important for keeping down GMAT costs. The process of research, registering, and studying starts several months before your first test date. By starting early, you can prepare yourself, feel confident on test day, and reduce the costs of your entire test-taking experience.

What’s Next?

While you’ll spend months planning for the GMAT, how long will you spend actually taking it? Our complete guide to GMAT length goes over the structure and timing of each section of the GMAT, plus how to last the full four hours.

How important are percentiles on the GMAT? Check out our article on percentiles to learn exactly how scores correspond to percentiles in the AWA, Integrated Reasoning, Quantitative, and Verbal sections.

What other questions do you have about the GMAT? Find all the answers you need in this comprehensive guide that goes over the structure of the test, how it’s scored, and what scores you need on the GMAT to get into business school.

The post GMAT Fees: How Much Does the Exam Cost? appeared first on Online GMAT Prep Blog by PrepScholar.

Need to prepare for the GMAT on a budget? Look no further.

In this article, I’ve collected the eight best free GMAT prep resources available, as well as three great inexpensive practice materials if you have a bit of cash to spend. GMAT practice materials can get expensive fast, but with these resources, you won’t break the bank prepping for the exam.

8 Best Free GMAT Prep Resources

If you’ve started searching for GMAT prep materials, you already know that the best GMAT resources can get expensive, especially if you’re looking for high-quality practice questions and tests. Fortunately, there are a few free resources that you can use on their own or add to your GMAT study plan. Let’s go through eight of the best free GMAT test prep resources available.

#1: MBA.com

MBA.com is the official GMAT website, created by the Graduate Management Admissions Council (GMAC). It boasts a great deal of relevant, up-to-date information about the GMAT, as well as free practice materials.

What It Includes

The Official GMATPrep Software, available for free through an account at mba.com, is the most important resource on MBA.com (and in general, MBA.com is a source of many of the best GMAT resources available). The software includes a comprehensive GMAT quant review, customizable sets of practice questions, and two full-length computerized adaptive practice tests. You can use one of these practice tests as a diagnostic GMAT to gauge where you’re starting from and how much you need to progress before you take the official exam. Find out more about using the GMATPrep Software for a diagnostic test here.

MBA.com also offers a variety of free GMAT articles and other resources that will help you know what to expect on exam day, such as a list of recent analytical writing assessment topics on past GMATs that you can practice with, sample GMAT questions and accompanying answer explanations, and detailed explanations of each GMAT question type.

What It’s Missing

Most of the official GMAT practice materials and other resources available at MBA.com aren’t free. However, it’s certainly worth taking a look for the most up-to-date info on the exam, as well as downloading the essential Official GMATPrep Software, for which you can purchase extensions and updates.

#2: Beat the GMAT

Beat the GMAT is a social network that boasts an active forum and a variety of other free GMAT prep resources.

What It Includes

Beat the GMAT includes a variety of resources for potential GMAT test-takers, including a forum where you can trade tips and advice with other students, a variety of study plans that 700+ GMAT scorers used to excel on the exam, and a 60-day GMAT study plan that you can have delivered to you in newsletter form.

Additionally, you can sign up to have a free daily quant practice question and a free daily verbal practice question sent to you via email.

You can also download free Beat the GMAT mobile apps, including a set of 300 GMAT flashcards that will help you review verbal and quant concepts.

Another helpful free resource at Beat the GMAT is the GMAT error log, which you can download to help you track your progress as you take GMAT practice quizzes and tests.

What It’s Missing

Beat the GMAT isn’t a source of free GMAT practice questions in and of itself. It’s more of a general resource if you’re looking to connect with and hear from other test-takers who are exploring practice materials and who have done well on the exam.

#3: PrepScholar GMAT Blog

The PrepScholar blog is a free resource for all kinds of GMAT-related material, including study timelines, information about GMAT logistics and MBA admissions, breakdowns of every section of the GMAT, and strategies to help you do your best on test day.

What It Includes

Our GMAT articles cover every aspect of the GMAT, from prep to business school. PrepScholar articles can help you formulate a specific, tailored GMAT study plan and find the best resources to use to prepare, as well as to succeed on exam day. We also break down the logistics of the exam, from scheduling to costs. You can also use the PrepScholar blog to learn about all the components of a business school application and to research particular kinds of MBA programs.

What It’s Missing

While PrepScholar provides many lists of the best GMAT resources and reviews of GMAT practice materials, we don’t have practice questions available on the blog itself.

#4: Your Local Library

Many of us don’t think to use the local library as a resource anymore, but it can be valuable when you’re looking for free materials. Picking through the standardized test section for GMAT practice resources might help you out in your quest for affordable GMAT prep.

What It Includes

The free GMAT practice materials you’re likely to find at your local library are comprehensive prep books from test prep companies. You can use them to complete practice quizzes and tests and to learn more about the GMAT format and content.

Use our guide to the best GMAT prep books here to see what you might want to check out.

What It’s Missing

Your local library is only likely to have paper-based GMAT resources. Since there’s no paper version of the GMAT, it’s not likely to help you if you need to take computerized adaptive practice tests.

Also, the GMAT prep books at your local library might be out of date. Though the GMAT doesn’t change much from year to year, it’s always important to make sure that, for example, the prep books you check out include the integrated reasoning section, which was added to the GMAT in 2012.

#5: Manhattan Prep

Manhattan Prep is a comprehensive GMAT prep resource that offers several free materials for future test-takers, including a free full-length practice test.

What It Includes

Manhattan Prep offers a free full-length computerized adaptive practice test and an analysis of your strengths and weaknesses. This can be a great source of extra practice during one of your routine study sessions.

Other free GMAT prep materials offered by Manhattan Prep include five free samples of GMAT Interact (Manhattan Prep’s online on-demand GMAT prep course), tutorials that cover specific GMAT math and grammar concepts, a free downloadable mobile app with GMAT practice questions and drills, a GMAT blog and forum, and study tips and tricks for acing the exam.

What It’s Missing

Besides the practice test, most of the other free Manhattan Prep GMAT resources are samples so you’ll consider purchasing a full-length course, lesson, or prep book. So you should treat these materials as supplemental to your primary study rather than as your main prep resource.

#6: Veritas Prep Question Bank and Free Practice Test

Veritas Prep offers GMAT classes (live and online), practice tests, and practice quizzes and questions. A few of these, including a full-length practice test, are available for free.

What It Includes

The three primary free GMAT resources offered by Veritas Prep include a full-length adaptive GMAT with a detailed analysis of your score compared to other test-takers, video explanations of the questions in the GMAT Official Guide 2018, and the Veritas Prep Question Bank.

The Veritas Prep Question Bank includes hundreds of GMAT practice questions that you can organize into sets based on question type and difficulty. They’re not presented in adaptive format, but you will receive reports about your performance on each question as compared to other Veritas Prep users. You can also save quizzes you’ve completed to review the answer explanations of questions you missed.

What It’s Missing

If you want more Veritas Prep practice tests or more in-depth feedback about your progress, you’ll have to pay for them (check out the “inexpensive resources” section below for more info).

#7: GMAT Club

GMAT Club is best known for its active GMAT forum and user community, but it also offers a variety of other free GMAT prep resources.

What It Includes

The GMAT Club Forum has thousands of active users from all over the world. In the forum, you can discuss nitty-gritty details about the content and logistics of the exam, MBA admissions stats, prep materials, and the most up-to-date info on any changes to the GMAT.

GMAT Club also provides users with access to a variety of free GMAT tools and articles, from sample GMAT study plans and schedules to a downloadable GMAT timer that you can use at home with practice tests and hundreds of flashcards that feature GMAT-specific quant and verbal concepts.

What It’s Missing

If you want practice questions or full-length practice tests, you’ll have to purchase them from GMAT Club.

Also, many of the resources at GMAT Club (such as the flashcards) are community/user-generated, so they’re not always vetted by GMAT experts or official sources.

#8: Khan Academy

Khan Academy is a free educational resource that you can use to review fundamental verbal and quant concepts for the GMAT.

What It Includes

Khan Academy offers tutorials, via video lessons, in a variety of subjects. Each of these lessons is followed by a series of interactive exercises that will help you implement the skills you just learned or reviewed.

For the GMAT, you’ll want to use the math and grammar tutorials to help with the quant and verbal sections (for the latter, sentence correction questions in particular).

The best Khan Academy tutorials to use for the GMAT are arithmetic, geometry, trigonometry, algebra 1 and 2, and statistics and probability (for the quant section), as well as parts of speech, syntax, and usage and style (for the verbal section).

Find more in-depth information about how to use Khan Academy to prepare for the GMAT here.

What It’s Missing

Khan Academy doesn’t have any GMAT-specific practice materials, so it’s only helpful for a review of foundational skills. Also, its math review is much more comprehensive than its grammar review.

3 Best Inexpensive GMAT Resources

Looking for cheap GMAT prep? If you have a bit of money to spend on GMAT prep but are still on a tight budget, you might consider these three high-quality, inexpensive GMAT practice resources.

#1: Official GMAT Resources: Integrated Reasoning Prep Tool, GMAT Question Pack 1, GMAT Write, and GMAT Focus Online Quantitative Diagnostic Tool

Cost

GMAT Question Pack 1: $29.99

GMAT IR Prep Tool: $19.99

GMAT Write: $29.99

GMAT Focus Online Quantitative Diagnostic Tool: $29.99 (single-use)

What It Includes

GMAT Question Pack 1 includes 404 official GMAT practice questions (200 verbal, 200 quant, and 24 integrated reasoning). Once you’ve downloaded the Official GMATPrep Software, the practice questions in GMAT Question Pack 1 get added into and integrated with the practice questions on the free software. Your performance reports will also be integrated into the performance reports on the original software.

The GMAT IR Prep Tool, downloadable online, includes 48 integrated reasoning questions and detailed answer explanations of each one. For more on the IR Prep tool, click here.

GMAT Write helps students with the analytical writing assessment. The program includes two unique essay prompts written by GMAC and scores your essays automatically using the same essay-scoring engine that’s used on the real GMAT.

The GMAT Focus Online Quantitative Diagnostic Tool is web-based and allows you to take a single quantitative diagnostic sample test with 12 data sufficiency questions and 12 problem solving questions, followed by a detailed analysis of your performance in each area of the quant section and suggestions on what to work on, as well as in-depth answer explanations. The tool uses only real, retired GMAT quant questions and expires after a year.

What It’s Missing

The official practice tests authored by GMAC (outside of the two provided in the Official GMATPrep Software) are more expensive, so you’ll have to splurge a little if you’re looking for additional full-length tests.

#2: Veritas Prep Practice Tests

Veritas Prep is a high-quality GMAT practice resource, with practice tests and questions that are similar in content and format to the actual exam. Their seven practice tests are offered in an affordable bundle.

Cost

$47 for seven tests

What It Includes

This set of practice tests includes detailed progress reports so you can see how you’re doing and what you need to work on. With seven tests available for $49, each test only costs $7.

Also, you’ll never see the same question twice, and the Veritas Prep practice tests have been updated to allow you to select your own section order (a new change that was implemented in July of 2017; check out our explanation of the change here).

You can also take the practice tests at varying times, so if you struggle with pacing, you can start off slower and work up to moving more quickly.

What It’s Missing

The Veritas Prep practice tests are adaptive (as in, they provide the next question based on what you’re answering correctly and incorrectly, and adjust to your skill level as you go along), but they aren’t precisely in the computerized adaptive format that’s used on the real GMAT.

That means that while your scores on these practice tests will help you, they don’t use exactly the same algorithm as the real GMAT, and you’ll have to take your practice test scores with a grain of salt.

#3: Prep Books for Under $20: Kaplan’s GMAT Prep 2018 and Princeton Review’s Cracking the GMAT

Cost

Kaplan’s GMAT Prep 2018: $16.16 in paperback; $17.99 in Kindle

Princeton Review’s Cracking the GMAT: $18.06

What It Includes

Kaplan’s GMAT Prep 2018 includes one paper-based practice GMAT and one computerized adaptive test online, in addition to over 400 practice questions and step-by-step strategies for each section.

Princeton Review’s Cracking the GMAT provides content reviews for each GMAT section, strategies on how to tackle each GMAT question type, tips on how to avoid the most common GMAT errors, two computerized adaptive practice tests (to be taken online), and “practice bins” of verbal and quant drills and practice questions, accompanied by answer explanations.

What It’s Missing

One of the two practice tests in Kaplan’s GMAT Prep 2018 is paper-based, which won’t necessarily offer you a realistic idea of your potential score on the real GMAT. Also, while the step-by-step strategies for each question type are helpful, the practice questions are also mostly included in the book rather than online, which won’t help you get used to the visuals and the experience of the real exam.

Princeton Review’s Cracking the GMAT is focused heavily on strategy and “tips and tricks,” sometimes at the expense of fundamental concept reviews. Also, the practice questions provided are often a little easier than those on the actual GMAT.

What’s Next?

Now that you know about the best free GMAT resources, are you looking for the best GMAT prep books? Check out our reviews here.

When it comes to the GMAT, you want the best GMAT resources in order to ace the exam. We’ve gathered a list of the 20 best GMAT resources here.

Ready to strategize? These are the eight best ways to get a perfect GMAT score.

The post The 8 Best Free GMAT Prep Resources (and 3 Cheap Ones) appeared first on Online GMAT Prep Blog by PrepScholar.

Applying to the GMAT can be expensive. There are fees for just about everything, and the costs can quickly add up. GMAT prep can be especially costly, whether you’re investing in prep courses, software, tutoring, or even books. If you’re concerned with keeping your expenses low, studying for the GMAT can seem daunting.

The good news is that there are many high quality GMAT resources available that are free or low cost. In this guide, I’ll take you through the very best free GMAT prep resources, from practice tests to apps, and offer suggestions for ways to save money while you study.

Can I Really Study for the GMAT for Free?

In a word: yes.

It’s definitely possible to study for the GMAT for free. There are numerous free GMAT resources out there, including free GMAT practice tests and free GMAT practice questions, study plans, content review, apps, forums, and flashcards. All of these tools are easily accessible if you have an Internet connection. In the next section, I’ll give my recommendations for the best free resources you should use.

While there are many free GMAT resources out there, spending a little bit of money for supplementary resources can really help further your test prep. For instance, instead of purchasing a prep book that covers the entire GMAT, you can buy one that only focuses on a specific section that’s giving you trouble. Section-specific books tend to be much cheaper than test prep books that cover the entire GMAT and will offer you targeted strategies and content review on the topic areas that you struggle with the most. Later in the article, I’ll suggest other cost-effective ways to supplement your prep.

Best Free GMAT Prep

There are tons of free GMAT prep resources. However, as with any GMAT study material, you want to make sure that any resource is high quality. It’s important to use accurate materials that really prepare you for the content and format of the GMAT. In this section, I’ll tell you about the best free GMAT prep resources you can use.

Best Free GMAT Practice Tests

Taking a free GMAT practice test is a great way to assess your skills and prepare for test day. By taking a full-length GMAT practice test, you’ll be able to track your progress towards your goal score and see which areas of the test are giving you trouble.

GMATPrep Software by GMAC

This free, downloadable software gives you access to two free practice tests that are built using actual, retired GMAT questions.

If you’d like to purchase additional exam packs, you can buy two additional tests for $50 from GMAC.

Taking official GMAT practice tests is one of the best things you can do for your prep. Official GMAT practice tests contain real, retired GMAT questions, so the content and format will be accurate. Unfortunately, the GMATPrep Software doesn’t offer great answer explanations. Most of the answer explanations are quite short, and don’t get into any of the theories or strategies behind the questions.

Veritas Prep

Veritas Prep offers one free full-length GMAT practice test with explanations. You also have the option to purchase six more practice tests for $49. If you become a premium member of Veritas Prep, you’ll get access to seven practice tests for free.

The test is computer-adaptive, just like the real GMAT. Veritas Prep is known for having accurate GMAT questions and in-depth explanations that will help you decide what and how to study.

Manhattan Prep

Manhattan Prep offers access to one free full-length GMAT with a detailed score report and analysis. You can purchase five additional, full-length GMATs for $49. All of Manhattan Prep’s free GMAT practice tests are computer-adaptive, just like the real exam.

Manhattan Prep’s tests have a good adaptive algorithm and solid, quality questions. The score report will help you know what you need to study and what you’re well-prepared for.

KAPLAN

Kaplan offers two types of free full-length online GMAT practice tests: self-proctored and instructor-proctored. You can also purchase six additional CATs for $30 through Kaplan.

For the self-proctored test, you’ll receive your scores and answer explanations to peruse at your leisure. For the instructor-proctored exam, you’ll get your scores, and then work with an instructor in real-time online to get answer explanations. Kaplan is generally fairly accurate, but does have some problems with having questions that are either a little different in format or a little off from GMAT core content.

Best Free GMAT Practice Questions and Content Review

It’s important to supplement your free GMAT practice tests with free GMAT practice questions that target specific skills and content areas. Good free GMAT practice questions will help you go over different topics that you’ll see on exam day.

GMAT Mini Quiz

The GMAT mini quiz offers six real, retired GMAT questions for you to practice with. Each question comes with explanations. The answer explanations are very short, without much depth.

If you’re struggling with content, you’ll need to supplement this resource with other, more in-depth content tools. However, using real GMAT questions is an important part of your prep, so make sure you take a crack at these questions as you’re getting ready for the GMAT.

Khan Academy

Khan Academy is a great free resource that offers in-depth video explanations of different GMAT quant concepts. The GMAT videos on Khan Academy work through over four hundred questions that are presented in the official GMAC review guide. These videos will help you understand how to solve each of these questions and give you overall strategies for approaching similar questions on the GMAT quant section.

While Khan Academy does offer solid quant content, it also has many cons as a resource. Khan Academy doesn’t offer practice questions of its own, and its videos only expose you to one teaching style. Similarly, the GMAT topics on Khan Academy only cover content from the GMAT quant section. You can find help for grammar and reading review on Khan Academy itself, but it won’t be tailored to the GMAT specifically. You’ll need another resource if you’re looking for help on the GMAT verbal section.

Platinum GMAT Club

Platinum GMAT Club offers a free online question bank of over 250 GMAT practice questions. You can use this resource to practice specific skills, as they breakdown questions by type and content covered, which allows you to target your prep to the areas that you struggle the most with.

However, the formatting of Platinum GMAT Club questions isn’t the best. The online format of Platinum GMAT Club’s free GMAT practice questions is very different than what you’ll see on test day. Other resources, like GMATPrep, Veritas Prep, and Manhattan Prep, offer paid resources that better replicate the real GMAT question format. Knowing what the test will actually look like on test day is a great way to feel prepared for the exam.

Best Free GMAT Apps

Apps are a great way to take your free GMAT prep on the move. Having your GMAT prep available on your smartphone lets you practice any time, any place. These free GMAT apps are great resources to use as you’re preparing for the GMAT.

Prep4GMAT

The Prep4GMAT app (or Ready4GMAT on Google Play) is a great free resource with question banks, lessons, and flashcards. There are a number of different features on the app that can help you in your prep. The lessons help you master the content behind each question, while the question banks allow you to target your prep towards the specific areas you struggle with. The flashcards are great for quick and easy review, and the questions have an X-ray feature that allows you to highlight key words, which help you understand how to solve a question.

There are several spelling errors in the app, as well as several questions that have the wrong answers marked correct. Users have also reported that the newer versions of the app (specifically the version available on Google Play) can be buggy and shut down often.

Complete GMAT Video Course App from Veritas

The Veritas Prep GMAT on Demand app explains GMAT concepts and questions through a series of videos that you stream or download to the app. Videos are divided into 12 modules. While the modules cover verbal and quantitative subjects, most modules focus on math topics, such as arithmetic, statistics and combinations, or geometry. Most of the app’s videos are free, but some are available at an extra cost.

This app only allows you to watch videos – you don’t get access to any practice questions. For that, you’ll need another app. The videos also take a long time to download and can be buggy on newer smartphones.

GMAT Question Bank from Veritas Prep

The Veritas Prep GMAT Question Bank gives you access to realistic GMAT questions across all areas of the GMAT, including Integrated Reasoning. You can tailor your own quizzes by the number and types of questions, which allows you to target your prep. You can compare your own performance against that of other test-takers. The rigor and variety of the questions is quite strong.

However, the app doesn’t give you access to many questions on its free version. You’ll have to pay for more questions. The quizzes also aren’t adaptive, like the actual GMAT. The questions can be difficult to see in mobile formatting, as well.

Other Awesome Free GMAT Resources

In addition to more traditional resources like books, question banks, and apps, there are a number of other great free GMAT prep resources available. Forums are awesome places to ask questions and find tips from other test-takers or test experts. Flashcards are useful tools to take your prep on the go. Check out the resources I’ve suggested below to supplement your GMAT test prep.

Forums

There are some really great GMAT forums out there, specifically Beat the GMAT and GMAT Club, which provide great places for MBA applicants to come together and share strategies.

There are many pros to these forums: first and foremost, the forums are great because they aggregate and review resources. You’ll be able to find reviews on virtually every single GMAT prep book, software, app, etc, so that you know what to use in your prep. You can also find section-specific question sets, places to ask questions (content, application, and prep-related), and moral support from other test takers.

The forums can be clunky to navigate if you’re looking for something specific. Try running a Google search for a specific topic (such as “gmat club geometry tips”) or use the forums’ own search functions to narrow down the hundreds of results

Flashcards

Flashcards are a great tool to help your prep. You can use flashcards anytime, anywhere, to review quick concepts, like math formulas or idioms. Magoosh offers free online flashcards to help with quantitative problems or with idioms for the verbal section. You can download these flashcards online or as an app for iPhone or Android. They aren’t full-length GMAT questions, but rather drills that can help build your foundational knowledge. GMAT Club and Beat the GMAT also offer flashcards to test your verbal and math skills.

How To Save Money While Studying for the GMAT

While it’s possible to study with only free GMAT prep resources, there are plenty of costs associated with taking the GMAT and applying for an MBA program. Here are some tips for how to save money while studying for the GMAT, while also supplementing your free GMAT practice questions and test with some low-cost options to maximize your score.

#1: Take Out Books From the Library

The library! That magical place where you can get free access to hundreds of books! The library’s a great place to look for GMAT resources. Most libraries have test prep sections, where you can find copies of GMAT prep books that you can use to supplement your prep. Taking a book out from the library is a great way to get access to top-notch instructional materials for free.

However, there are definitely some cons to taking books out of the library. If you take a book out of the library, you’ll likely have a time limit on how long you can borrow it. You may be able to renew the book to keep it for longer, but if there’s a waiting list, you’ll have to return the book so the next borrower can use it.

You also can’t (and shouldn’t) write in library books or remove any of the pages. You’ll have to take notes separately and answer practice questions on separate sheets of paper. Using extra paper isn’t a huge deal, but it may be annoying if you want to minimize the supplies you’re using.

#2: Schedule Carefully to Minimize Fees

The GMAT is an expensive test. It costs $250 every time you take the GMAT. If you miss or can’t make your test date, you don’t get your money back. You’ll have to pay another $250 to reschedule the test.

When you’re thinking about when to take the GMAT, make sure you carefully consider your schedule, taking into account application deadlines and the amount of time you’ll need to prep. Scheduling an inconvenient date can be a costly mistake. For more information on how to schedule your GMAT test, check out our in-depth guide.

#3: Apply for a GMAT Fee Waiver

As I mentioned before, with a $250 registration fee, the GMAT is an expensive test. However, you can apply for a GMAT fee waiver to subsidize your testing costs.

Unfortunately, obtaining a GMAT fee waiver can be a time-consuming and confusing process.. You can only get a GMAT fee waiver from a business school, not from GMAC itself, and each business school has its own process and application for doling out fee waivers.

However, if cost is truly a concern, applying for a GMAT fee waiver can be a good decision. To learn more about how to apply for a GMAT fee waiver, read our guide to GMAT fee waivers.

#4: Apply for an Application Fee Waiver

While GMAT fee waivers can be confusing and hard to apply for, business school application fee waivers are much easier to find. Almost all business schools offer fee waivers for economically disadvantaged students. If you’re struggling financially, MBA application fees can add up quickly. Applying for application fee waivers is a great way to reduce costs.

You can find out more information about applying for application fee waivers by visiting a program’s website or calling their office. Each business school has its own process for applying for fee waivers, so make sure you do your research on how and when to apply so that you’re eligible for this financial relief if you need it.

#5: Target Weak Areas With Extra Help

Spending a little bit of money can help you target you prep to conquer problem areas. For instance, you can purchase a book that only focuses on Data Sufficiency questions, if those are the questions that you struggle with.

You can also pay for a small amount of tutoring time that focuses on specific areas you struggle with. Hiring a tutoring for a few hours can really transform your practice. A good tutor will be able to help you learn new strategies for solving problems and help identify and correct mistakes you’ve been making.

What’s Next?

Check out our GMAT study plans to get started with your prep.

Learn more about GMAT fee waivers to help manage costs.

Check out our guides to the best GMAT prep books and best GMAT online practice (coming soon).

The post Free GMAT Prep: 12 Practice Tests, Questions, and Apps appeared first on Online GMAT Prep Blog by PrepScholar.

If you’re concerned about finances as you’re applying to business school, affording the GMAT fee can be a serious challenge. After all, the GMAT is expensive: It costs $250 to take the exam, and you’ll have to pay the full fee every time if you want to take the test more than once.

Unfortunately, GMAC doesn’t offer GMAT fee waivers directly to applicants, but you do have options for getting your GMAT fee waived or reduced. In this article, I’m going to talk about your options for GMAT fee waivers, how to get them, who qualifies, and other money saving tips to make your GMAT prep more affordable and accessible.

What GMAT Fee Waivers Are Available to Me?

GMAC doesn’t offer GMAT fee waivers directly to applicants, so if you’re looking to have your GMAT fees reduced or waived, you’ll need to work directly with schools.

GMAC provides GMAT exam vouchers to schools based on request. Each school can request up to 10 GMAT exam vouchers per year. These vouchers waive the GMAT exam fee for an applicant.

GMAC encourages schools to offer these fee waivers to economically disadvantaged students, but it’s up to each individual school to decide who gets a fee waiver.

How Can I Get a GMAT Fee Waiver?

Schools offer GMAT fee waivers in one of two ways. First, some schools offer GMAT fee waivers to their currently enrolled students or alumni. Second, some schools offer fee waivers to applicants to their business programs. Both ways require you to submit a supplemental GMAT fee waiver application. Let’s examine each of those options a little more closely.

Method 1: Getting a GMAT Fee Waiver From Your Undergraduate Institution

Some schools, like MIT, offer GMAT fee waivers to undergraduate students and 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.

You can find more information about whether or not your school offers fee waivers to enrolled students or alumni by visiting the school’s Financial Aid Office website or calling the office directly.

Method 2: Getting a GMAT Fee Waiver From the Business Program You’re Applying To

Other programs, like the University of Rhode Island, 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. You do, however, need to apply to these schools as an MBA candidate.

You can find more information about whether or not the schools you’re applying to offer GMAT fee waivers by visiting the school’s Financial Aid Office website or calling the office directly.

If you’re still an undergraduate student or a very recent alum (<2 years from graduation), I would recommend applying for a fee waiver from your undergraduate institution first, if your undergraduate institution offers fee waivers. You’ll be able to more easily access information about fee waivers by visiting your on-campus financial aid office and you may even have relationships with financial aid counselors that you can use to your benefit when submitting your application.

If your undergraduate institution doesn’t offer fee waivers, make sure to research the policies of the programs that you’re applying to so that you can find out which programs offer fee waivers.

Regardless of whether you apply for a fee waiver from your undergraduate institution or from a program you’re applying to, make sure that you complete the GMAT fee waiver application as soon as possible. Remember, each school only offers a maximum of 10 fee waivers and many are on a first-come, first-serve basis.

Who Qualifies for a GMAT Fee Waiver?

According to GMAC, fee waivers are designed for economically disadvantaged students. However, GMAC states that each individual school is free to come up with its own definition for “economically disadvantaged.” What does this mean?

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.” 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.

Which Schools Offer GMAT Fee Waivers?

Unfortunately, there is not a comprehensive list of schools that provide GMAT fee waivers. Business programs need to apply every year to get more fee waivers, so the availability of fee waivers changes often. For the most up-to-date information, you can check the financial aid section of a program’s website or call the admissions office to find out more.

How Else Can I Save Money Preparing for the GMAT?

While obtaining a GMAT fee waiver can be difficult and time-consuming, there are plenty of other ways that you can save money while preparing for the GMAT.

#1: Use Free and Low-Cost Study Materials

There are many free and low-cost study materials out there, ranging from complete GMAT study plans to extremely specific quant section drills and covering everything in-between. There are free PDFs, free apps, free websites… basically, there’s a lot of free information out there. Furthermore, spending just $20-30 can be enough to get access to a bunch more great resources. Check out our guide to the best GMAT books or our guide to the best online practice for the GMAT to learn more.

#2 Keep Extra Fees Down

You can rack up expenses extremely quickly as you study for the GMAT. You can spend money sending your scores to more schools or taking the exam more than once. Do your research so that you know exactly which schools to send your free score reports to, and study with the aim of hitting your goal score the first time around. Doing so will save you from spending extra money down the road.

#3 Apply for Application Fee Waivers

Many schools offer application fee waivers for students with demonstrated economic need. You’ll need to apply for an application fee waiver, much like you’ll need to apply for a GMAT fee waiver, but because each school determines its own number of application fee waivers, you may have a better chance of getting this fee waived.

Application fee waivers are also much more common than GMAT fee waivers, so you have a better chance of scoring one if finances are a concern.

What’s Next?

Curious about other free GMAT prep options? Check our guide to the best GMAT apps, many of which are free.

Not sure when to take the GMAT? We help you determine the best time for you to take the exam in our complete guide for when to take the GMAT.

Carrier pigeon? Snail mail? Email? In our complete guide to sending GMAT scores, we breakdown how and when your GMAT scores will be delivered to business schools.

The post Can You Get a GMAT Fee Waiver? appeared first on Online GMAT Prep Blog by PrepScholar.