Schwarzman Scholars Funding Package
One of the most generous fellowship packages in the world: no application fee, no tuition, no room and board charges — a full year at Tsinghua University in Beijing without spending your own money.
ScholarshipUnion Editorial
8 min read
Updated Oct 5, 2026
Everything Schwarzman covers
The fellowship is designed so that money is never a barrier. If you are selected, the programme pays for essentially everything related to your year in Beijing. The official FAQ lists tuition, fees, room and board, travel to and from Beijing at the beginning and end of the academic year, in-country study tours, required course books and supplies, a Lenovo laptop, health insurance and a personal stipend.
| Category | What is covered | Details |
|---|---|---|
| Tuition & fees | Full tuition for the one-year Master’s in Global Affairs at Tsinghua University | No partial awards. Every scholar receives full tuition coverage regardless of nationality or financial need. |
| Room & board | Single room at Schwarzman College plus all meals in the college dining hall | The college is a purpose-built residence with private rooms, common areas, gym and filtered air. Meals are covered as part of room and board. |
| International travel | Round-trip airfare to and from Beijing at the start and end of the programme | Travel to and from Beijing at the beginning and end of the academic year is covered. |
| In-country study tour | The Deep Dive field trip to another region of China | A multi-day immersive trip outside Beijing, fully covered. Past destinations have included cities across China’s diverse provinces. |
| Health insurance | Comprehensive health insurance for the duration of the programme | Covers medical care in China. Scholars do not need to arrange separate international health insurance. |
| Personal stipend | Reported at roughly $4,000 for the academic year (unofficial) | Intended for personal expenses, weekend outings and incidentals beyond what meals and housing cover. The official site does not publish the amount. |
| Books & laptop | Required course books and supplies, plus a Lenovo laptop | The programme provides a laptop to each scholar. Course materials and required readings are covered. |
| Interview travel | Economy airfare or train fare, plus one night in a hotel if needed | Arranged and covered by the programme, along with group meals, for interviews in London, New York or Beijing. |
Zero application fee
This is worth stating plainly because it is unusual at this level. Most competitive fellowships and graduate programmes charge anywhere from $75 to $250 just to submit an application. Schwarzman charges nothing. The programme is free to apply to, free to attend and free to complete.
That means there is genuinely no financial barrier to applying. If you meet the eligibility requirements and are willing to invest the 100 to 200 hours a strong application takes, the only cost is your time. For a fully funded year at one of Asia’s top universities, that is a remarkably good deal.
The flip side: the lack of a fee contributes to the high applicant volume. For the Class of 2026-27, just over 5,800 people applied for 150 places, an acceptance rate of about 2.6%. The programme absorbs the review cost for every single one.
Cost comparison: applying
| Programme | Application fee |
|---|---|
| Schwarzman Scholars | $0 |
| Rhodes Scholarship | $0 |
| Knight-Hennessy | $0 (separate Stanford application required) |
| Harvard MBA | $250 |
| Wharton MBA | $275 |
| Stanford GSB | $275 |
The $4,000 stipend reality
Living in Beijing →Adequate for China, but do not expect luxury. If the reported figure of about $4,000 is right, the stipend comes out to roughly $380 per month over the 10.5 months in Beijing. In Beijing, where your room, meals and healthcare are already covered, that is enough to live comfortably but not extravagantly. You are not paying rent or buying groceries. This money is for everything else: weekend outings, snacks, personal items, occasional travel within China, a phone plan, and so on.
- Subway rides across the city: 3–9 RMB each ($0.40–1.25)
- Street food and local restaurants: 15–40 RMB per meal ($2–6)
- SIM card with data: ~100 RMB/month ($14)
- Coffee at a local shop: 20–35 RMB ($3–5)
- Weekend day trip by train: 50–200 RMB ($7–28)
- VPN subscription: ~$5–10/month
- Western restaurants and bars in Sanlitun: 100–300 RMB per outing
- Weekend trips to Shanghai or Xi’an: 500–1,500 RMB
- Western-brand clothing or electronics
- International flights during breaks (not covered)
- Gifts and souvenirs to bring home
- Dining out frequently at expat-oriented places
The stipend is enough to live on. It is not enough to live large.
If you eat local, use public transit and do not try to maintain a Western spending pattern, $4,000 for the year is perfectly adequate. Our estimate is that $120 to $250 per month covers personal expenses at that level. But if you are used to international restaurants, taxis and travelling every weekend, you will burn through the stipend quickly and need personal savings.
If you have a spouse or partner
This question comes up frequently, and the answer is straightforward but limiting. Your spouse or partner may accompany you to Beijing, but scholars are expected to live in the College and participate fully, and the programme provides no additional support for a partner.
- No additional funding. The fellowship covers one person. There is no spousal stipend, no additional meal plan and no extra travel allowance.
- Must live off-campus. Schwarzman College rooms are single occupancy, and partners may not live or stay overnight in the College. They will need their own housing in Beijing, which we estimate at 4,000 to 8,000 RMB per month ($550–1,100) depending on location and quality.
- No visa facilitation. Tsinghua’s international office provides the paperwork for your own student visa, but the official FAQ says the programme cannot facilitate or sponsor visas for spouses or partners. Your partner will need to navigate their own visa process, which may involve a tourist visa (L visa) with periodic exits and re-entries, or other visa categories.
Bringing a partner to Beijing is doable, but it takes planning and personal funds. As a rough estimate, budget at least $800 to $1,500 per month for your partner’s housing, food and transport. Some partners find short-term work teaching English, but work authorisation is complicated. Others use the year to study Mandarin or pursue remote work. It works best when both people go in with clear expectations and independent plans.
The $600 million campaign
This programme exists because of one of the largest philanthropic gifts in modern higher education history, and understanding where the money comes from matters.
The origin
Stephen A. Schwarzman, co-founder and CEO of Blackstone, personally donated $100 million in 2013 to launch the programme. The programme describes its fundraising as a $600 million campaign, backed by a global group of donors. The goal was to create the 21st-century equivalent of the Rhodes Scholarship, but focused on China rather than Oxford.
That backing is designed to support the programme for the long term. The programme’s stated goal is a network of more than 10,000 scholars over 50 years.
Major donors
The campaign attracted contributions from some of the world’s most prominent companies and foundations. The mix of American, Chinese and multinational donors reflects the programme’s positioning as a bridge between East and West.
Free vs. $250,000+
Compare →The financial case for Schwarzman is hard to argue with. Here is how the total cost stacks up against comparable programmes.
- One year, Master’s in Global Affairs
- Tuition, housing, meals, flights all covered
- Personal stipend on top (reported ~$4,000)
- No debt, no loans, no repayment
- Two years, MBA degree
- Tuition ~$80K/year plus living
- Opportunity cost of 2 years’ salary
- Average debt: $100K–175K
- Rhodes: fully funded, 2–3 years at Oxford
- Knight-Hennessy: fully funded at Stanford
- Yenching: fully funded, 2 years at Peking U
- All have competitive acceptance rates
The comparison is not apples to apples, of course. An MBA from Harvard opens different doors than a Master’s in Global Affairs from Tsinghua. The MBA network is deeper in finance and consulting; the Schwarzman network is broader geographically and stronger in the public sector, international development and China-related careers. But if you are choosing between spending $250,000 on a degree and spending nothing, the calculus deserves honest consideration. Many Schwarzman alumni go on to pursue MBAs later, without fellowship debt hanging over them.
What is not covered
The package is generous, but it does not cover everything. Know these gaps before you go.
- Partner or family housing. If your spouse, partner or family accompanies you, their housing is entirely your responsibility. College rooms are single occupancy only.
- Personal travel beyond programme trips. The Deep Dive and programme-organised excursions are covered. Personal travel during breaks, weekends or after the programme ends comes out of your own pocket.
- Dependent visa support. The programme handles your student visa, not visas for partners, children or other dependents travelling with you.
- Pre-programme expenses. Passport fees, visa photos, medical check-ups for the visa application and pre-departure shopping are on you.
- Expenses beyond the stipend. If your personal spending exceeds the ~$4,000 stipend, you will need personal savings. The programme does not top up the stipend.
- Post-programme transition. Once the academic year ends, funding stops. There is no transition stipend for the months between completing the programme and starting your next role.
The bottom line on Schwarzman funding
This is one of the most financially generous fellowships available to young professionals anywhere. You pay nothing to apply, nothing to attend, and you leave with zero debt, a master’s degree from a globally ranked university, and a network that spans 100+ countries. The ~$4,000 stipend is modest but workable given that your major expenses are already covered.
The only real financial consideration is a partner or dependents. In that case, plan for significant out-of-pocket costs, and do so honestly before accepting the offer. Beijing is cheaper than New York or London, but it is not free for a second person.
For most applicants, the package removes every excuse not to apply. The only question left is whether you are a strong enough candidate, and whether this programme aligns with where you want your career to go. Start with how to apply, or see the acceptance rate by applicant pool.