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That was one of the ideas advanced by Arizona State by LastDon

when they went to the free MBA model. Based on public statements and what we have heard firsthand, they thought that (1) more international students who might not have been able to afford two years in the US would come, (2) people wouldn't feel as much pressure to make as much money as possible, as quickly as possible (this one goes to your point), and (3) the graduates would feel a stronger sense of duty to give back to the school and the community.

It is still too early to tell about 2 and 3, but point 1 has certainly proven to be true. Plenty of my friends from overseas would not be here if not for the scholarship. Hell, I only came from Detroit and the only schools I considered were those that offered full or nearly full scholarships. The difference is that ASU is free for all, including those with substantially lower test scores and/or GPAs who managed to make a positive impression on the admissions people. I had a few options for a free or nearly free MBA, but plenty of my classmates had one option.

Based on the impressions I have formed through interaction and observation, I think we do seem to have a lot of 'serve the world community' types who might not be as driven by starting salary as, say, I am. I am not enough of an expert to know how much of that is influenced by the funding model, but I am fairly confident that the percentage is greater than zero.