Scholarships For MBA Students

Updated on July 16, 2024

Merit-based scholarships and need-based grants are available from universities, nonprofit organizations, state and federal governments, and other sources.

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Scholarships, Grants and Other Funding Options for Minority Students

The top choice for funding a master of business administration (MBA) program is through student loans. Since MBA programs can be expensive, students should look for funding options that can help cover the costs of graduate school without the need to pay them back.

Merit-based scholarships and need-based grants are available from universities, nonprofits, governments, and others. Fellowships, tied to global issues, can cover all MBA costs. Explore this guide to discover what’s out there, and pick up a few tips on how to finance your MBA.

Scholarships for MBA Students

Earning an MBA is one way to gain a competitive edge in the corporate world. However, MBA programs can cost thousands of dollars. Fortunately, there are numerous scholarships designed to help MBA students pay for grad school. Three of the most popular types of MBA scholarships are:

Need-based awards geared toward promising students who can demonstrate financial need
Merit-based awards for students who excel academically
Targeted awards aimed at increasing the number of minorities and other underrepresented groups in the field

There are various permutations of each type of funding, with applicants of all backgrounds able to find financial awards geared toward them.

General

African American

Asian and Pacific Islander

Hispanic and Latinos

Native American

Women

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Tips for Landing MBA Scholarships

Before securing MBA scholarships, students need to apply. And before applying, they need to research. So, where exactly should they start? Getting into an MBA program is the jumping off point for most fruitful scholarship searches, enabling students to get an idea of what they will be asked to pay and what the school can offer in scholarships. This section provides tips for landing a scholarship and funding an MBA degree, from applying to schools to accepting awards.

Apply early
With so many highly qualified applicants, MBA scholarships can be competitive, especially those offered by top-choice schools. A student can get a head start on the competition by sending in a completed application as early as possible, which also demonstrates to the school that the student is serious about attending.
Be a great candidate
The best way to land an MBA scholarship is to be the candidate schools are looking for. That often means having a high GMAT score, a strong undergraduate GPA and solid work experience. For need-based scholarships, it’s essential for students to prove they qualify for financial aid, typically by filling out the Free Application for Federal Student Aid (FAFSA^® )
Get accepted first
Once accepted, MBA programs consider all students when awarding scholarships. This means students should take extra caution to ensure they present themselves well in their applications.
Negotiate
It’s not unusual for qualified candidates to receive acceptance letters from multiple MBA programs, each with its own scholarship offer. Students may be able to negotiate for more scholarship money from their top choice. It can simply be a matter of saying, “I have other acceptance letters and scholarship offers. Can you do better?”
Research, research, research
It’s important for students to research MBA scholarship programs offered by as many sources as possible to get an idea of what qualifications they meet. For instance, there are scholarships for minorities, scholarships from clubs and member organizations, and other options.
Talk to MBA graduates
Former students are good sources of information about scholarships. Talking to recent MBA alumni about possible funding opportunities can be helpful. Many schools offer online and in-person information sessions for their MBA programs, which are ideal for networking about potential scholarships, grants and fellowships.
Triple-check all of the requirements
Each scholarship has its own guidelines for applicants. Students should make sure they qualify for each specific scholarship before applying. For instance, scholarship guidelines can require recipients to be from a specific ethnic background or be dues-paying members of an organization.

Ask an Expert: Do’s and Don’ts for MBA Scholarships

Eric Sargent
Enrollment Advisor, University of Miami’s Online Enrollment Department

Eric Sargent graduated from the University of Virginia in 2013 with a Bachelor of Arts in History and is working toward an online MBA. He is an enrollment advisor for the University of Miami’s Online Enrollment Department, where he advises students in the graduate business programs, including the MBA program.

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Other Ways to Finance Your MBA

What if you have trouble landing a scholarship? With the prospect of paying thousands of dollars in tuition looming, you’ll need a solution. Fortunately, scholarships aren’t the only way to pay for an MBA program. In fact, there are many other sources for funding for those who know where to look. Here are several ways for students to finance an MBA that don’t involve scholarships.

Federal student loans

Federal Direct and Direct GRAD PLUS Loans are unsubsidized loans that are disbursed into students’ accounts and accrue interest while they attend school. Federal student loans have fixed interest rates, low fees and flexible repayment options. Students should fill out the Free Application for Federal Student Aid as a first step to obtaining student loans.

Private loans

Private loans, also called private alternative loans, are offered by private lenders to help students pay for tuition and educational expenses. Private loans are not subsidized and have fixed interest rates and fees. Students qualify for private loans based on their credit score and credit history.

Teaching or research assistantships

Assistantships provide monies to students in return for working as assistants to professors, either in the classroom or in a research capacity. Although this can require heavy oversight of undergraduate students or a lot of time in the library, each school has its own rules regarding assistantships. To get detailed guidelines, students should check with the academic department, research center or administrative office at the schools they are applying to.Corporate fellowships

Corporations often award tuition fellowships to talented students who may excel in an MBA-related career. In return, students agree to work as interns or full-time employees for these corporations after graduation. Fellowships commonly target underrepresented groups as a way of increasing workplace diversity.

Employer reimbursement programs

Various employers offer reimbursement plans as a benefit to their employees. Some pay per course, while others pay a fixed percentage of a student’s total tuition. There may be stipulations requiring students to achieve a certain grade to qualify for reimbursement; information is usually available from the human resources department.

Savings

Some students prepare for an MBA program by saving money for years before they get started. Whether it’s by putting away a percentage of each paycheck or taking a part-time job on weekends, saving money during and after an undergraduate program can help cover expenses for an MBA later on.

Additional Scholarship Resources

For students who need additional help financing their MBA education, there are even more resources available online. Scholarship websites allow students to locate MBA scholarships — either by clicking on links or by searching databases with filters that might include school type, major, ethnicity, gender and location. In addition to these scholarship websites, most MBA programs provide a list of external funding resources for students to explore. The following websites provide helpful scholarship resources for MBA students:

The College Board
Students can set filters to search MBA scholarships in this database, which includes more than 2,200 programs.

Collegenet.com
This site has a searchable database that allows students to find available MBA scholarships to pay for grad school.

Fastweb.com
The largest free scholarship search engine requires students to complete a profile to access a database of over 1.5 million scholarships, including MBA scholarships.

Federal Student Aid
The U.S. Department of Education publishes this website with information about how to pursue grants, scholarships and fellowships.

Finaid.org
By entering the keyword “business,” students can browse a list of scholarships for MBA students.

FindTuition.com
Students can search this database of 1.7 million scholarships and explore links to MBA scholarships.

Forte Fellows Program
The Forte Fellows Program offers fellowships to women pursuing a full-time, part-time or executive MBA at one of its sponsored business schools. The first step is to submit an MBA application to a participating school. In addition to financial benefits, recipients are exposed to leading companies.

GoodCall
This database allows students to filter results by application method, school level, major, ethnicity, gender, location and institution as they search for MBA scholarships.

Hispanic Scholarship Fund
The Hispanic Scholarship Fund offers many merit-based scholarships for individuals of Hispanic heritage entering graduate school to study for various degrees, include MBAs.

LGBT Student Scholarship Database
This database offers general aid options for LGBT students, including those in MBA programs.

Peterson’s
The graduate scholarship search page of this website allows students to filter results for a list of available MBA scholarships.

Post-9/11 GI Bill
This is a VA-administered program for prospective students who have at least 90 days of aggregate active duty service since September 11, 2001, and are still on active duty (or were honorably discharged or discharged with a service-connected disability after 30 days). The program pays all tuition and fees for in-state public schools or a portion of the tuition and fees for all other schools. Many colleges and universities that offer MBA degrees participate in the Yellow Ribbon Program, a component of the GI Bill that makes additional funds available to current and former members of the military.

ProFellow
More than 700 fellowships are available on this website. Students can filter the results for MBA-related awards.

SallieMae
Scholarships for a variety of college programs, including MBAs, are linked to this searchable database.

Scholars4Dev.com
International students can access a list of MBA scholarships, grants and fellowships designed for them.

Scholarshipdb.net
MBA students can search this free, comprehensive scholarship database from national and international sources, including universities and research organizations.

Scholarships.com
This general scholarship site includes a page of links to individual MBA scholarships.

Unigo
Students can access a list of links to individual MBA scholarships at this site.