Tuition & Financial Aid
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.

Regional Students

Tuition & Financial Aid


Students from Armenia, Azerbaijan and Georgia are considered regional students.

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 in the sum of 350 USD.

FREE PREPARATION:  all regional students accepted into the Master's program will be invited to study tuition-free during the Math Camp (3 weeks in August) and the first miniterm (8 weeks in September-October 2019).

TUITION FEEAnnual tuition is USD 3,000. However, thanks to the generosity of ISET supporters, the School is able to offer merit-based and need-based scholarships, tuition waivers, subsidized loans, and housing assistance.

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 600, 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.

HOUSING: ISET will provide free living space in shared ISET-rented apartments for first-year Armenian and Azerbaijani students. For other interested students, if empty beds are available in ISET-rented apartments, ISET will rent out available beds for $100/month.

STUDENT LOANS: ISET offers a low-cost bank loan program to help students cover the cost of their education. 

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

Rank Tuition Waiver Actual Tuition (USD) Tuition for AZ/AM (USD)
1 100% 0 0
2 95% 300 0
3 90% 600 0
4 85% 900 300
5 80% 1200 600
6 75% 1500 900
7 70% 1800 1200
8 65% 2100 1500
9 60% 2400 1800
10 55% 2700 2100
11, 12, 13, ... 50% 3000 2400

 

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. Students from Armenia or Azerbaijan are entitled to an additional 10% tuition reduction, at any rank, as it appears in the table.

*Tuition Waiver is calculated based on the nominal tuition of $6,000.

International Students

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 counts towards your 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). Tuition reduction of USD 200/100/75 each term is possible based on the academic achievement.
 
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 during the Math Camp (3 weeks in August) and the first miniterm (8 weeks in September-October 2019).   

HOUSING: if empty beds are available in ISET-rented apartments, ISET will rent out available beds for $100/month.
 
Table 2: Tuition fees for international students:
GRE
(quantitative score)
GMAT
(quantitative scaled score)
Annual Tuition 
(in USD)
<155 <46 5000
≥155 ≥46 4500
≥160 ≥49 4000
≥165 ≥51 3500
≥169 ≥53 3000

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 13 and in the class of 2019 is 7.

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.

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. Winners of the Scholarship in 2018 are Oganesyan Akop and Paronyan Hovakim.

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. Winners of Mzia Mikeladze Scholarship in 2018 are Abesalom Dundua and Mariam Dundua.

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.

Eric Livny’s Personal Contribution
Former President of ISET 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.

Student Loans
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. 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