Education may be one of the most important investments you make. What’s the return on your tuition payments? Employers hire our graduates because they trust ISET education. Should you have a good academic record and show plenty of potential, we aim to ensure that a lack of financial resources is not a barrier to studying at ISET. There are many scholarships and financial aid packages available.
Tuition & Financial Aid
Students from Armenia, Azerbaijan and Georgia are considered regional students.
FREE PREPARATION: all regional students accepted into the Master's program will be invited to study tuition-free both at ISET's summer math camp (3 weeks in August 2017) and during the first miniterm (8 weeks in September-October 2017).LIVING STIPENDS: outstanding regional students are granted monthly stipends in the amount of USD 75-200, depending on performance.HOUSING: students from Armenia and Azerbaijan are eligible for housing in an ISET-rented apartment, provided they meet the minimum requirement of a C+ GPA in miniterm 1, and demonstrate continuous improvement thereafter, to be assessed by the Financial Aid Committee. To be eligible for housing assistance in the second year of studies, students would have to meet a minimum GPA requirement of B- at the conclusion of the first year of studies. In case of demonstrated need, Georgian students whose families
reside outside Tbilisi will also be considered for housing support.
TUITION FEES AND FINANCIAL AID: tuition fees for the first year of study at ISET are determined based on academic performance in the first miniterm, measured by GPA. Tuition fees for the second year of study are determined based on academic performance in the entire first year of studies. Table 1 below shows how financial aid (tuition waivers) are set at each performance level for both years of study.
Note 1: Students receiving Georgian government grants may apply them toward the cost of tuition at ISET.
Note 2: As indicated below, in Table 1, Armenian and Azerbaijani students receive an extra reduction in tuition (waiver), in the amount of USD 1,000, to compensate them for relocation expenses.
STUDENT LOANS: ISET offers a low-cost bank loan program to help students cover the cost of their education.
|GPA||Reduction||Amount to be Paid by Georgian Students|
(Per Year in USD)
|Amount to be Paid by Armenian and Azerbaijani students|
(Per Year in USD)
|≥ 3.00 B||75%||2500||1500|
Tuition & Financial Aid
TUITION DEPOSIT: If you are offered admission to the MA in Economics program, you will receive an admission letter. To secure your place, you must make a non-refundable tuition deposit in the sum of 1,000 USD (this sum is later deducted from your first tuition payment).
TUITION FEES AND FINANCIAL AID: Tuition fees at ISET are determined based on your GRE or GMAT scores (please see table 2 below). Additional tuition reduction is possible based on your academic performance at ISET.
Note: If you are unable to provide GRE or GMAT scores, your tuition will be determined based on the results of your entrance exams. Your admission offer will include a minimum financial aid package.
FREE PREPARATION: all international students accepted into the Master's program will be invited to study tuition-free both at ISET's summer math camp (3 weeks in August 2017) and during the first miniterm (8 weeks in September-October 2017).
HOUSING: international students will be considered for housing support in ISET rented apartments.
LIVING STIPENDS: outstanding students are granted monthly stipends in the amount of USD 75-200, depending on performance.
(quantitative scaled score)
|Annual Tuition |
Merit and Need-Based Financial Aid
|Amount||Eligibility||Year of Study at ISET||Number of Scholarships Available|
|MERIT BASED SCHOLARSHIPS|
|GoG grants||Up to 2250 GEL||Georgian citizens||Both 1st and 2nd||Unlimited|
|Armenia and Azerbaijan StEM scholarship||$500||Citizens of Armenia and Azerbaijan||1st (after mini-term 3)||2|
|Ivlita Jibuti and Mariam Kutelia Scholarships for the Best Improvers||$500||No limitations||1st (after mini-term 3)||2|
|Mzia Mikeladze Memorial Award||1000 GEL||No limitations||1st (after mini-term 3)||2|
|NEED BASED SCHOLARSHIPS AND STUDENT LOANS|
(Eric Livny and PMCG)
|$1000||Proof of need||1st (after mini-term 2)||Up to 3|
|Basis Bank students loans||Unlimited||No limitations||Both 1st and 2nd||Unlimited|
|PHD STUDENT SUPPORT|
|Ph.D. support grants||$1000||Enrollment in a prestigious Ph.D. program in Western Europe or North America||Upon graduation||2|
|Ph.D. application support
(GRE, TOEFL, application fees)
|Up to $1000||Highly ranked, candidates for admission to Ph.D. programs||2nd||5|
Students receiving Georgian government grants may apply them toward the cost of tuition at ISET. Number of students receiving Georgian government grants in the class of 2017 is 5 and in the class of 2018 is 11.
Armenia and Azerbaijan StEM Growth Scholarship
This scholarship awarded to Armenian and Azerbaijani students who improve their GPA in Statistics, Econometrics and Math (StEM). This scholarship is offered by ISET faculty member Karine Torosyan.
Two scholarships, each in the amount of USD 500, is awarded to the two first year students of ISET, one Armenian and one Azerbaijani, who will improve their GPA the most in statistics, econometrics and math. Their grades in statistics, econometrics and math are summed up and the improvement is measured by the change in GPA between the 1st and the 3rd mini-term.
The scholarship covers the students’ tuition fees. All first year students from Armenia and Azerbaijan whose GPA is below 3.83 are automatically considered for the scholarship.
Ivlita Jibuti and Mariam Kutelia Scholarships for the Best Improvers
This memorial scholarship was established in honor of ISET students Ivlita Jibuti and Mariam Kutelia, who became victims of the catastrophic flooding in Tbilisi on June 13th 2015. These beloved students were exemplary in improving their academic performance.
Two scholarships, each in the amount of USD 500, are awarded to the two first year students of ISET, who improve their GPA the most. The improvement is measured by the change in GPA between the 2nd and the 3rd mini-term.
The scholarship covers the students’ tuition fees. All first year students with a GPA below 3.83 are automatically considered for the scholarship.
Mzia Mikeladze Memorial Award
ISET is rewarding outstanding first year students with the Mzia Mikeladze Memorial Award. This memorial award was established in honor of Mzia Mikeladze (1961-2012), who served as Deputy Director of ISET since the school’s inception in 2006.
The award, in the amount of GEL 2,000, is awarded to two first year students (GEL 1,000 for each candidate), who exhibit outstanding leadership and character through a demonstrated track record of service to ISET and the community at large.
The award winners are selected via elections. The recipients of the award are announced at the ISET graduation ceremony.
PMCG Need Based Scholarships
The Policy and Management Consulting Group (PMCG), an international development consulting company, primarily focused on transitional and developing countries, a friend
company and a partner of ISET, is willing to help ISET students and offers need-based scholarship for first year student(s).
Students are asked to demonstrate the need of financial assistance, to describe background and social problems and explain reasons why they are unable to cover tuition. Application packages are sent to PMCG. The decision is made by the donor and scholarships are awarded during a public event, organized by ISET.
In 2016, two first year students of ISET received need-based scholarships in the amount of USD 2,700: Tinatin Mumladze – USD 1,000 and Kristine Bakradze USD 1,700.
Eric Livny’s Personal Contribution
ISET’s President Eric Livny established a personal stipend of USD 1,000 for students in need. In 2016/17 Eric's donation went to a first year student from Azerbaijan, Gunash Kamzaevi.
Starting from February 2016, in cooperation with Basis Bank, ISET offers its students exclusive low-cost bank loan program to help them cover the cost of education. Students have the opportunity to repay loans after their graduation. During the grace period students will have to pay only the interest on the loan.
Students are able to choose the duration of the Grace Period, also select the preferable currency (GEL / USD) and the duration of the loan as well. ISET students have a personal bank officer, who receives, analyzes and replies to each loan request individually.
At present 10 students are benefiting from the program. The loans issued amount to GEL 46,000.
PH.D. SUPPORT GRANT
ISET is administering grant funds from anonymous donors to provide support to Ph.D. students while studying abroad. Although there are no limitations to how the awarded money should be spent (living expenses, travel, purchasing software and hardware etc.), the successful candidate will have to demonstrate the importance of these funds for his or her studies.
Any ISET graduate currently enrolled in a Ph.D. program in North America or Western Europe are eligible for the scholarship. While preference would be given to those at the dissertation stage of the Ph.D. programs, those at the early stages of the program, including those who have just been accepted, are encouraged to apply as well.
Two grants are available, each in the amount of USD 1,000. A committee of resident ISET faculty and administration, in cooperation with the donor, will evaluate the grant applications and select a winner.
Since 2010, nine ISET graduates have benefitted from this program and it is expected that a call for applications will continue to be issued each September.