Beginning next year, U.S. military veterans and active-duty MBAs at NYU Stern will receive scholarships reducing their tuition to a flat $30,000 per year. Those who qualify will still be able to accept additional support via veteran benefits and Yellow Ribbon funding.
The new program, which will continue in perpetuity, is made possible by a $15 million endowment from NYU Stern alumnus Lorenzo Fertitta (MBA ’93) and his brother Frank J. Fertitta III. The Fertitta family has a history of supporting military charities, including Veterans Village, the Fisher House Foundation, Nevada Military Support Alliance, the Intrepid Fallen Heroes Fund, and the Wounded Warriors Project.
In recent years, NYU Stern has increasingly sought out veterans in the admissions process. “We believe very strongly that veterans bring unique qualities to our MBA program,” Dean Peter Henry says. “We focus on both IQ and EQ, and we think veterans really embody that. They bring great leadership skills, and we value transforming challenges into opportunities — who understands that better than veterans?”
The Fertitta Veterans Program will begin in summer 2017, months before orientation begins. The summer session is designed to give veterans an early start on coursework and career programming, and extra time to adjust to a new environment.
“It’s natural that they would require an adjustment period,” Henry says. “So how do you best enable students — who are coming from a background that has equipped them with such extraordinary skills — to use these skills in a new setting? We believe providing a transition period is the right thing to do.”
He adds that veteran MBAs will also be connected with veteran alumni over the summer, so the alumni can mentor them and talk about what to expect in the transition period and throughout the two years at Stern. The summer session will end before orientation and the veterans will be fully integrated with their classmates for the remainder of their time at Stern, Henry says.
HIGHEST NUMBER OF VETERANS ON RECORD
This fall, Stern enrolled the highest number of incoming military students to its full-time MBA program on record, and Henry says he expects the trend to continue. At the moment, the school projects that around 20 incoming students will be eligible for the Fertitta Veterans Program each year.
“We’re thrilled to be able to honor men and women of the armed services,” Henry says. “We believe in producing leaders who can transform the 21st century, and we think veterans embody so many of the characteristics we think are essential.”