Tuition & Financial Aid
Education may be one of the most important investments you ever make. What’s the return on your tuition payments? Employers hire our graduates because they trust in the quality of education ISET provides.  As long as 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.

Local and Regional Students

Tuition & Financial Aid


For student from Armenia, Azerbaijan and Georgia

ISET PLACEMENT FEEIf 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 payment of placement fee: early addmissions - 300 USD, late admissions - 350 USD (this sum is not deducted from the tuition payment).

FREE PREPARATION: all regional students accepted into the Master's program will be invited to study tuition-free during the Math Camp (2 weeks in August) and the first miniterm (8 weeks in September-October 2021).

TUITION FEEmaximum tuition payable by a student is USD 3,000. Thanks to the generosity of ISET supporters, the School is able to offer merit-based scholarships/tuition waivers. 

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) to compensate them for relocation expenses.

FINANCIAL AID: Table 1 below shows how financial aid (tuition waivers) are set at each performance level for both years of study.





Table 1:
General Merit Scholarships for First-Year and Second-Year Students

GPA Rank Georgian graduating from institution in Tbilisi
or abroad *,**
Arm., Azer, Geo grads from institution
outside Tbilisi **
Internationals **
1st 600 0 3500
2nd 900 300 3500
3rd 1200 600 3500
4th-5th 1500 900 4000
6th-7th 1800 1200 4000
8th-9th 2100 1500 4000
10th-12th 2400 1800 4000
13th-15th 2700 2100 4000
16th+ 3000 2400 4000

 

Notes: The “Rank,” for first-year tuition determination, will be based on the performance in the first mini-term at ISET. For the second-year tuition determination, the ranking will be based on the cumulative GPA of the first-year.  The actual number of offered scholarships is proportionate to the actual number of students in the class, at the ratio of 1/3.

* Georgian students succeeding to receive state grants based on the National Examination scores will further reduce their tuition obligation.

**Outstanding students (GPA > 3.9) will receive additional tuition waivers set by ISET administration of up to 250 USD per academic year. 


International Students Tuition Fees

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 counts towards your tuition payment).
TUITION FEES: Tuition fees at ISET is set in the range of 3.500 - 4.000 USD/year, as indicated above, in Table 1.
FREE PREPARATION: all international students accepted into the Master's program will be invited to study tuition-free during the Math Camp (2 weeks in August) and the first miniterm (8 weeks in September-October 2021).

Merit and Need-Based Financial Aid

Government Grants
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 2020 is 12 and in the class of 2021 is 10.

Teaching Assistantship
Second-year students of the MA Program benefit from paid teaching assistantships, where they serve as teaching assistants (TA) to the professors in first-year courses. Roughly every year ISET offers about 30 TA positions.

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. In 2017 the scholarship was split among three students: Aristakesyan Lida, Pivazyan Giorgi and Kamzaevi Gunash.

A student is not eligible for this scholarship if s/he is receiving support in any other form (merit-based scholarship, tuition waiver, etc.).

Ivlita Jibuti and Mariam Kutelia Stipend for the Best Improver
This memorial stipend 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.

One stipend in the amount of USD 200, is awarded to the first year student 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 stipend covers the student’s tuition fee. All first year students are automatically considered for the stipend.

A student is not eligible for this stipend if s/he is receiving support in any other form (merit-based scholarship, tuition waiver, etc.).

H.S.H. Prof Dr Heinrich von und zu Liechtenstein’s and Mark Haynes Daniell’s Scholarship Fund
ISET MA program’s top six (6) accepted students enjoy support from His Serene Highness Prince Professor Dr Heinrich von und zu Liechtenstein’s and Mark Haynes Daniell’s scholarship fund. Dr. Lichtenstein and Mr. Daniel donated to ISET in support of tuition scholarships for the top first year MA students. In total, US$12,300 has been donated, providing a full scholarship waiver for the top accepted student and the partial waiver for the following 5 students. Please see Table 1: General Merit Scholarships for First-Year and Second-Year Students. ISET is grateful to its generous supporters and takes pride in its dedicated and bright student community.

 

Hayk Vardanyan Memorial Scholarship for ICARE Students
This memorial scholarship was established in honor of ISET and ICARE alumnus Hayk Vardanyan, who lost his life in November 2020 during the conflict between Armenia and Azerbaijan. The scholarship is awarded to ICARE student or alumni to study at the master’s degree Program in Economics at ISET, as these two institutions were the home institutions of Hayk Vardanyan. The scholarship will fully cover the cost of tuition for the two years of study at ISET’s MA Program.

Living Stipend in the Name of Artak Voskanyan
This memorial stipend was established in honor of ISET Student Artak Voskanyan, who lost his life in a car accident in his native Armenia. He is remembered as friendly, motivated and keen to be involved in as many activities as possible. The stipend was established by Artak's friends and family. 
The monthly stipend, in the amount of GEL 100/month, will be awarded to a second year Armenian student of ISET with the highest GPA (cumulative of the first year) who is not receiving any other stipend. If all Armenian students receive stipends, the awardee will be determined solely by the highest GPA. The stipend is awarded every year from September to June (10 months), as help with living expenses. Starting from September 2018, the first Artak Voskanyan stipend is awarded to Davit Hovsepyan from the ISET Class of 2019.

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 scholarships.
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. Since 2016 four first-year students received PMCG need-based scholarships. The sum of granted scholarships amount to USD 5,977. In 2018 three students received PMCG Scholarships: Giga Gotsiridze, Nino Shoshiashvili, Ia Tchankvetadze.
A student is not eligible for this scholarship if s/he is receiving support in any other form (merit-based scholarship, tuition waiver, etc.).

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. In 2018 two ISET Graduates received the grant: Saba Devdariani (California Institute of Technology) and Tamar Jugheli (University of Groningen). 

CONTACT US

16, Zandukeli St,
0108 Tbilisi,
Georgia

Telephone: (+995 32) 250 71 77
Email: info@iset.ge

WHERE TO FIND US