Starting in 2001, GMAC created a voucher program for the GMAT to assist potential business school applicants with the cost of the exam itself. Currently, the GMAT costs $250 to take, which is a significant amount of money for many undergraduate and graduate school students. The idea behind the program is to help economically disadvantaged students take the exam at little to no cost.
How to apply? To qualify, you must apply for a GMAT voucher BEFORE you register for the exam. Upon registering, you will be prompted to enter your GMAT Voucher Code. The code is to be obtained from business schools directly. Each school is entitled to a minimum of 10 vouchers a year, and each voucher is worth $50. Schools can distribute them as they see fit to offset a student’s cost, so it’s possible to be awarded anywhere from $50 – $250 in vouchers.
You should first contact the financial aid office of the school to which you are applying to learn about their specific requirements. It is at their discretion to offer the voucher code, and each school may have slightly different requirements. The voucher code is valid for one GMAT exam only, so if you know you cannot pay for the exam a second time, it’s best to wait until you feel you are adequately prepared to take the exam.
Some scholarships and fellowship organizations are also eligible to give out GMAT vouchers, but it is up to students to research and find these institutions. Unfortunately, GMAC does not provide a list. For more information about the GMAT Voucher Program, you can contact GMAC directly at: firstname.lastname@example.org.