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 a cent of your own money.
The fellowship is designed so that money is never a barrier. If you are selected, the program pays for essentially everything related to your year in Beijing.
| 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. Three meals daily included. |
| International Travel | Round-trip airfare to and from Beijing at the start and end of the program | Economy class. The program books or reimburses flights from your home country to Beijing and back. |
| 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 program | Covers medical care in China. Scholars do not need to arrange separate international health insurance. |
| Personal Stipend | Approximately $4,000 for the academic year | Disbursed in installments. Intended for personal expenses, weekend outings, and incidentals beyond what meals and housing cover. |
| Books & Laptop | Required textbooks and a laptop computer for academic use | The program provides a laptop to each scholar. Course materials and required readings are covered. |
| Interview Travel | Economy airfare or train, meals, and hotel for the in-person interview | Covers travel to the interview city (New York, Beijing, or London depending on your applicant pool). Economy class flights or train tickets, hotel accommodation, and meals during the interview period. |
This is worth stating plainly because it is unusual at this level. Most competitive fellowships and graduate programs charge anywhere from $75 to $250 just to submit an application. Schwarzman charges nothing. The program 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 you are willing to invest the 100 to 200 hours it takes to put together a strong application, 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. With 5,000+ applications per year and no cost to submit, the pool is large and the acceptance rate sits around 3%. The program absorbs the review cost for every single one.
Adequate for China, but do not expect luxury. Here is what that money actually looks like on the ground in Beijing.
The personal expense stipend comes out to roughly $330 to $350 per month over the academic year. In the context of living in Beijing where your room, meals, and healthcare are already covered, this 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, phone plan, and so on.
Bottom line: 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. Many scholars report spending $120 to $250 per month on personal expenses and feeling fine about it. But if you are used to eating at international restaurants, taking taxis, and traveling every weekend, you will burn through the stipend quickly and need personal savings. The stipend is enough to live on. It is not enough to live large.
This is a question that comes up frequently, and the answer is straightforward but limiting. Your spouse or partner may accompany you to Beijing. However, the program provides no additional support for this arrangement.
The fellowship covers one person. There is no spousal stipend, no additional meal plan, and no extra travel allowance.
Schwarzman College rooms are single occupancy. Your partner cannot live in the building. They will need to find their own housing in Beijing, which typically runs 3,000 to 8,000 RMB per month ($400-1,100) depending on location and quality.
The program arranges your student visa (X1 visa) but does not assist with dependent visas. 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 exploring other visa categories.
Practical reality: Scholars who have brought partners to Beijing report that it is doable but requires planning and personal funds. Budget at least $800 to $1,500 per month for your partner's housing, food, and transportation. Some partners find short-term work teaching English, but work authorization 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.
This program exists because of one of the largest philanthropic gifts in modern higher education history. Understanding where the money comes from matters.
Stephen A. Schwarzman, co-founder and CEO of Blackstone, personally donated $100 million in 2013 to launch the program. He then led a fundraising campaign that brought the total endowment to over $600 million. The goal was to create the 21st-century equivalent of the Rhodes Scholarship, but focused on China rather than Oxford.
The endowment is large enough to fund the program in perpetuity. This is not a grant-dependent initiative that might lose funding. The financial foundation is designed to last decades, which means the program and its alumni network will continue growing for the foreseeable future.
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 program's positioning as a bridge between East and West.
The financial case for Schwarzman is hard to argue with. Here is how the total cost stacks up against comparable programs.
The financial 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 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 at least deserves honest consideration. Many Schwarzman alumni go on to pursue MBAs later, and they do so without the fellowship debt hanging over them.
The package is generous, but it does not cover everything. Know these gaps before you go.
If your spouse, partner, or family accompanies you, their housing is entirely your responsibility. Schwarzman College rooms are single occupancy only.
The Deep Dive and program-organized excursions are covered. Any personal travel during breaks, weekends, or after the program ends comes out of your own pocket.
The program handles your student visa. It does not help with visas for partners, children, or other dependents traveling with you.
Costs incurred before the program starts, such as passport fees, visa photos, medical check-ups for the visa application, or pre-departure shopping, are on you.
If your personal spending exceeds the ~$4,000 stipend, you will need personal savings. The program does not top up or supplement the stipend amount.
Once the academic year ends, funding stops. There is no transition stipend for the months between completing the program and starting your next role.
This is one of the most financially generous fellowships available to young professionals anywhere in the world. 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 if you have 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 financial package removes every excuse not to apply. The only question left is whether you are a strong enough candidate, and whether this particular program aligns with where you want your career to go.
With no application fee and a fully funded program, the only investment required is your time and effort. Make sure your application reflects your best self.