Pursuing an MBA can be an excellent way to advance your career and increase your earning potential. However, MBA programs also come with a hefty price tag. With tuition and fees frequently exceeding $60,000 per year at top business schools, finding ways to pay for your MBA is crucial.
The good news is that there are numerous scholarships and other financial aid options available specifically for MBA students. With a bit of research and planning, you can reduce the costs of your business education
Why Consider Scholarships for Your MBA?
Scholarships are essentially free money that you do not need to repay, making them one of the best ways to fund your MBA Unlike student loans, scholarships do not accrue interest or need to be paid back Here are some of the top reasons to apply for MBA scholarships
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Save money on tuition and expenses Scholarships reduce your overall costs, allowing you to graduate with less debt Even smaller scholarships of a few thousand dollars make a difference
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Gain prestigious recognition: Many scholarships are competitive and being selected is an impressive accomplishment that looks great on your resume.
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Open new opportunities: Scholarship programs often connect students with mentors, recruiters, and extensive alumni networks.
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Support diversity: Some scholarships aim to increase representation of women, minorities, international students, and other groups in business school and leadership roles.
Applying for scholarships takes time, but the long-term payoff for your career and finances makes it worthwhile.
Types of MBA Scholarships and Awards
There are various types of scholarships and financial aid programs available to MBA students:
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Business school scholarships: Many business schools offer merit-based and need-based scholarships through their own institutional funding. These are awarded directly by the schools.
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External scholarships: Various organizations, companies, professional associations, non-profits, religious groups, and more offer competitive MBA scholarships with specific eligibility criteria.
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Employer benefits: Some companies offer employees full or partial tuition assistance for advancing their education, including graduate business degrees. Check with your employer.
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Fellowships and assistantships: These programs provide tuition funding and a salary/stipend in exchange for working on research, teaching classes, or performing other tasks for the business school.
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Grants: Less common for graduate study, but some needs-based federal and state grants are available for MBA students, mainly through FAFSA.
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Student loans: Federal government and private student loans can also help finance your MBA, although these need to be repaid with interest. Scholarships should be your first funding priority.
Finding and Applying for MBA Scholarships
Searching for scholarships takes initiative and effort. Here are some tips to find and successfully apply for MBA scholarships:
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Start researching early: Look for scholarship opportunities at least 6-12 months before you plan to enroll, and keep applying after you start your MBA program. New scholarships become available all the time.
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Tap your network: Ask advisors, professional mentors, coworkers and others if they know of any scholarship programs you should consider. People in your desired field can provide insider advice.
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Check with your employer: Some companies offer partial or full tuition benefits as an employee benefit. Inquire with the HR department about policies for educational financial assistance.
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Look at business schools: Research MBA scholarships offered by each school you are interested in attending. Reach out to school admissions and financial aid offices with any questions.
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Search online databases: Use free scholarship search tools like Scholarships360, Fastweb, Scholarships.com, and more. Create alerts for new MBA scholarship opportunities.
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Connect with organizations: Professional groups and diversity organizations related to your background and interests may provide scholarships. For example, the National Black MBA Association offers scholarships for minority students.
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Follow directions: Carefully read all instructions for each application. Submit all required documents and meet deadlines. Bring your best writing skills for essays.
Top MBA Scholarship Programs
While each business school offers its own scholarships, here are some widely available national and corporate MBA scholarship programs to consider:
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Forté Fellowships: Fellowships of up to full tuition for women pursuing full-time MBA degrees at partner schools. Funded by the Forté Foundation.
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Prodigy Finance Loan and Merit Award: Loans and scholarships for international MBA students at over 100 top business schools globally.
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Financial Women’s Association Scholarships: Awards up to $15,000 for women in finance-related MBA programs in the New York area.
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Robert Toigo Foundation Fellowships: Merit-based awards of up to $10,000 for underrepresented minorities entering leading MBA programs.
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NSHMBA Scholarships: National Society of Hispanic MBAs offers various scholarships for Hispanic students totaling up to $15,000.
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Point Foundation Scholarships: Provides financial assistance to LGBTQ students earning graduate business degrees at select schools.
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Adobe Research Women-in-Technology Scholarship: $10,000 scholarships for female MBA students majoring in computer science or a related field. Funded by Adobe.
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Microsoft Scholarships: Technology company Microsoft offers varying annual MBA scholarships totaling $5,000 – $20,000.
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McDonald’s HACER Scholarships: Awards from $2,500 to $10,000 for Hispanic students in graduate business programs. Funded by McDonald’s.
Key Takeaways
Although business school is expensive, dedicated MBA students can find ways to significantly reduce costs through scholarships. Seeking out and applying to many scholarship sources maximizes your chances of being awarded funding. With persistence and creativity, you can find the financial assistance needed to earn your MBA degree and achieve your career aspirations.
How to pay for your MBA
If you are a prospective MBA student you are probably aware that getting your MBA can be quite expensive (for reference, the most expensive MBA at the MIT Sloan School of Management costs around $120,000 per year). This is why it is so important to put together a plan for paying for your MBA.
Below, we’ll walk through the basics of financing your MBA program so you can put together a plan to pay for your degree.
Whether you are applying for outside scholarships or college-specific opportunities, there are scholarships, grants, and fellowships available for MBA students. The best part about these funding opportunities is that they do not need to be repaid and are essentially free money to subsidize your degree. If finances are going to play a major factor in your MBA school choice, you should be sure to include MBA programs that offer generous scholarship and fellowship awards.
In addition to scholarships, tuition reimbursement can be a great way to subsidize your MBA. Tuition reimbursement is an employee benefit that companies offer to help provide financial support to employees who are furthering their education. If you want to learn more about employee tuition reimbursement and what companies offer it, check out our tuition reimbursement guide to learn more.
Many MBA students will have a few years of work experience, which means that they may have some savings (and in the case of students who are doing their MBA part-time, income to pay for their degree). Depending on your financial situation and budget, this can be a smart way to cover at least some of your MBA costs.
MBA students can pay for costs that are not covered by scholarships, fellowships, or personal savings with student loans. This can include student loans from the federal government, as well as private student loans. Students should note that to qualify for federal student loans, you will need to complete the Free Application for Federal Student Aid or FAFSA.
Writing the perfect essay
If you are interested in earning an MBA, there is a program for you. An MBA can drastically increase a graduate’s salary, but keep in mind that the degree itself is only part of the picture. The reputation of the university attended, academic performance, work experience/focus, and location all influence the overall value and MBA. Our list includes just a few of the top programs that offer scholarships and/or fellowships.
- Eligibility: Four-year bachelor’s degree from an accredited U.S. college or university. Average applicants have a 730 GMAT and 4.7 years’ of work experience
- Amount: Varies ($42,000 average scholarship)
- Deadline: Round 1: September 8, Round 2: January 5. and Round 3: April 29 (dates change by a day or two each calendar year, so check website)
- Eligibility: Four-year bachelor’s degree from an accredited U.S. college or university. Average applicants have a 3.6 GPA and 730 GMAT.
- Amount: Varies
- Deadline: Round 1: September 24, Round 2: January 12. and Round 3: April 1 (dates change by a day or two each calendar year, so check website)
- Eligibility: Four-year bachelor’s degree from an accredited U.S. college or university. Average applicants have a 3.4 GPA and 680 GMAT. Communication ability, motivation, maturity, career focus, and leadership are all considered
- Amount: Varies
- Deadline: Round 1: October 15, Round 2: January 15. and Round 3: May 15 (dates change by a day or two each calendar year, so check website)
- Eligibility: Wide variety of scholarships and stipends for academic achievement, U of Minnesota alums, women, diverse applicants, residents of Minnesota, veterans, and international students!
- Amount: Varies, up to full tuition.
- Deadline: Round 1: October 1, Round 2: December 1, Round 3: February 1, Round 4: April 1, Round 5 (Domestic applicants only): June 1 (Unless noted all scholarships do not require a supplemental application)
- Eligibility: Undergraduate degree from an accredited U.S. college or university. Average of 694 GMAT and five years’ work experience, as well as outstanding personal qualities
- Amount: Varies, up to full tuition and living stipend fellowships are offered
- Deadline: Round 1: October 13, Round 2: January 5. Round 3: April 12, and Round 4: May 24 (dates change by a day or two each calendar year, so check website)
- Eligibility: Admitted applicants have a GMA of 6.94 and 5.5. years’ work experience
- Amount: Varies
- Deadline: Rolling
How I got 3 FULL SCHOLARSHIPS for my MBA in the US (100% funding) | Study in America for FREE
Are there scholarships for MBA students?
MBA programs can also be quite expensive. Luckily, there are a number of MBA scholarships that can help students pay for their MBA degree! The Scholarships360 $10,000 “No Essay” Scholarship is open to all students who want some extra help paying for their education. Whether you are a high… Show More
Which business schools offer MBA scholarships?
Business schools around the world offer thousands of different scholarships. Some are merit-based, often based on GMAT scores, while others are aimed at specific groups of applicants. Here are some notable business schools with MBA scholarship opportunities. HKUST Business School
Can a full-time MBA student apply for a scholarship?
About the Donor: All accepted full-time ASU MBA students can apply for this full scholarship covering their total tuition, regardless of their financial situation. Arizona State University’s W. P. Carey School of Business believes that scholarships are much more than just money for school.
What are the different types of MBA scholarships?
There are many different types of MBA scholarship, which can be awarded based on different criteria, including merit, diversity, and financial need. According to the Graduate Management Admission Council (GMAC), 85 percent of business schools offer merit-based scholarships, while many others offer needs-based options.
