Rising tuition costs have many prospective students wondering how they will cover the cost of an MBA program, let alone the fees associated with the application process. Fortunately, one organization has opened a scholarship program that can help these individuals pay for the Graduate Management Admission Test (GMAT).

Beat the GMAT, an online platform for MBA admissions and preparation advice, has announced the availability of financial aid packages for students who are preparing to take the test, which is used in the admissions process by most business schools.

Individuals who are planning to pursue MBA degrees at campus-based or online schools may be eligible to apply for the awards, which include a voucher to cover the cost of GMAT registration fees as well as a test preparation course. The organization will disburse a total of six scholarships, which are estimated to be worth more than $8,500 each.

Since inception four years ago, the program has awarded $60,000 to 28 prospective MBA candidates. May 20 is the deadline for qualified students who plan to enroll in a campus-based or online college degree program to submit their application materials.