Here, parasite, have $112

Just before you take the GMAT, the test system gives you the option of sending your score to as many as five schools. These five reports are "free," but they come with a catch ... you don't know your score before you choose the recipients - you send it blind.

When I took the test, I didn't know whether I would apply, let alone where I wanted to go. But, like everyone else, I didn't know how well I'd do. Self-consciously, I was afraid to expose myself like that. Besides, I didn't need one more distraction as I took a hugely important test. Thus, I opted not to send my score to anyone and put the whole issue out of my mind.

Unfortunately, GMAC, the folks who publish the GMAT, are viciously opportunistic. Rather than give you those five free reports later, they make you pay $28 per school to send scores post test. Four schools amount to $112 - a fee I just paid. This is, of course, the first of many fees I'll incur for the privilege of applying to these programs, and a tiny fraction of the amount that I'll eventually spend on my MBA. Still, I can't help but get a little indignant about shelling out more than one hundred dollars to an organization that has, by all rights, made plenty of money on me already ($250 for the test, $23 for the Official Guide).

These additional GMAT report fees are part of a parasitic industry feeding off of thousands and thousands of would-be students who want the chance at a business education. Like all successful monopolistic enterprises, the GMAC charges these fees with impunity and we, as applicants, have no choice but to hand them our credit card numbers. I'm fortunate to have the means to absorb this cost, but not everyone is so lucky. I know I've said this more than once, but the GMAC folks are one more reason the poor stay poor while the rich get richer. Shame on them.

So, how would I fix it?

First, I see the need for a charitable fund that focuses on helping people through the cost of application, including test and reporting fees, books and reference materials, school visit and interview costs, and application fees. Even before I visit all four schools, I will have spent over $1,200. There are plenty of organizations willing to help you fund your education once you get accepted, but who is helping people (mostly young people) vault the initial application barrier? This charity wouldn't just need to give applicants money, however. It could also serve as their advocate by negotiating with schools to reduce or forgive steep application fees.

Second, the GMAC needs some competition. While ETS (the company that writes the SAT) recently relinquished control of writing the GMAT to ACT Inc (yes, they write the ACT), there's still only one option for test takers. Were there at least one more, both companies would, in theory, be forced into reasonable competition. That, in turn, would mean lower costs for test takers. With someone willing to undercut them, do you think the GMAC would get away with charging $250 per test and $28 per report? I seriously doubt it.