Stanford will pay for your MBA

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A new fellowship at the Stanford Graduate School of Business, one of the top ranked business schools, covers tuition and fees for MBA students. But the program comes with a catch: Students must be willing to take a job in the Midwest.

Students often select the California-based Stanford because they know they'll get a great education and make contacts in Silicon Valley, where many of them presumably want to work after graduation. But the school has plans to funnel students to more "underserved regions," where the economy could benefit from an infusion of talent.

"When we look at our country, and we think about different places where there's still a lot of room for growth and development, the Midwest was a big part of that," Simone Hill, an assistant director for MBA admissions at Stanford, told Bloomberg.

In its inaugural year, the Stanford USA MBA Fellowship will pay three students about $160,000 over two years to attend the university. Within two years of graduating, recipients are required to find work in the Midwest, where they will "contribute to the region's economic development" for at least two years, according to the program website.

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