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Budgeting for GMAT Costs
There are plenty of ways to prepare for a big test. Obviously you will study the material, but you may also practice focus and relaxation exercises, eat intentionally, and make sure you get lots of sleep. One aspect of GMAT preparation you may have overlooked is the GMAT costs. There are several financial costs associated with the exam, and depending on your particular situation you may need to budget for them. Here is a list of the various costs associated with your GMAT appointment so you can plan ahead.
Scheduling Fee: $250
This scheduling fee is the same for everyone who takes the exam, regardless of location or country. The only way this number might be different is if you live in a region that adds tax to the charge. This fee pays for you to sit once for the GMAT exam. You will be charged an additional $10 fee if you reserve your spot over the phone, so take advantage of online registration!
If you need to reschedule your exam sitting, you must do so at least a week prior to your appointment or you will lose your scheduling fee (and need to pay another $250). If you reschedule with 7 days notice or more, GMAC charges a $50 fee for the change. You cannot reschedule if your appointment is within 24 hours. Instead, your account will label you a “no-show.” However, this won’t show in any way on your score report.
Cancellation: $80 refund
If you decide to cancel your GMAT appointment, GMAC does not refund all of your GMAT costs. Instead, you receive an $80 refund (out of your original payment of $250). However, this is only true if you cancel 7 days or more before your appointment, Just as with rescheduling, if you change your plans within a week of the exam, your original payment is gone.
Extra Score Reports: $28
Included in your exam fees are five score reports. If you require more than that, you must pay for the extras. Each additional score report will cost you $28.
Reinstated Scores: $50
The double-edged sword of the ability to cancel scores is the possibility that you may want them back. If you find yourself in this situation, take heart! You can in fact reinstate scores that you have formerly canceled. Unfortunately, that process includes a $50 fee.
Retaking the GMAT: $250
If you decide to retake the GMAT exam, it will cost you. Unfortunately there is no discount for repeat test takers. Remember, you have to wait at least 16 days to retake the exam, and you cannot take it more than 5 times in a calendar year. All scores from the past 5 years will appear on your score reports.
As you add up these costs, you see that is important to budget and plan well for your GMAT exam. Not only should be sure you set aside the money, but choose your test date wisely and protect it so you don’t need to cancel or reschedule. In addition to these fees, don’t forget your costs for quality study materials and a good GMAT prep course. The boost in your score is worth every penny. Looking for the best GMAT prep on the market? Check out EMPOWERgmat’s prep course for record-breaking score improvement.