If you can bear to stay in the Midwest for a couple years after you graduate, Stanford might be your best bet for a free post-graduate degree.
This year, the highly-regarded college stated that it will be paying the full $160,000 price tag for students who commit to working in the Midwest for at least two years after graduation.
Stanford defines the Midwest as the region composed of Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin. Apparently, these states are seen as parts of an “under-served region” that deserves more business growth.
What we couldn’t figure out is why Stanford is treating the Midwest like it’s a destitute part of the country. The selected states have a higher average income in many of their counties compared to states in the southeastern U.S.
If Stanford’s only aim was to improve underdeveloped business regions in the country, it would likely not choose the Midwest as the first-ever region for the grant.
Stanford stated that it would be looking into expanding this scholarship program to southeastern states in future years, but we thought it would make more sense to start there rather than in the more prosperous Midwest.
We also wondered why Stanford would pay for students to gain an education and leave the college’s local community. Many colleges want their graduates to make a difference in the surrounding cities, not to be shipped clear across the country.
We found out that many tech companies are now coming to the Midwest due to the expensive California business environment. The Midwest is being dubbed “Silicon Prairie” by many companies now because of its affordability.
In short, Stanford saw that tech companies were moving to the Midwest and wanted some of its MBA students to go make a fortune in this budding business environment. Those now-rich professionals will then, if all goes to plan, donate even larger sums of money back to the school, which will offset the cost of the free MBA.
We don’t think it’s a bad program just because Stanford wants to make some donation money out of it in the long run, but we believe that’s the main reason why these states were selected.
We also wonder how our very own Kelley School of Business might feel about Stanford’s grant. Indiana University has one of the best business schools in the world, but a program like this could make Kelley look like it’s not doing enough to develop the Midwest. We even think other Midwestern business schools such as Michigan and Purdue might get similar impressions.
One last thing to keep in mind if you’re interested, though, is that you do have to actually follow through with it. If you promise to live in the Midwest for two years but choose not to after you’re done with your MBA, the grant is treated as a loan.
Overall, Stanford’s new grant program is a great opportunity for anyone who can tolerate a few more years of cornfields.
Even though it may be a way for the university to capitalize on a developing market, it will still help many graduate students obtain an education.
