MBA Scholarships and Financial Aid

For many young professionals, earning an MBA is a crucial step toward better career opportunities in the business world. But let’s be honest—getting an MBA isn’t cheap. Thankfully, scholarships can help ease or even cover the entire cost.

Financial aid for MBA students comes in many forms, from merit-based scholarships to loans. There are even part-time MBA scholarships for those juggling their studies with work or other responsibilities.

This guide covers everything you need to know about MBA scholarships and financial aid in the U.S. We’ll break down full-time, online, and part-time MBA scholarships, plus specialized options like scholarships for women and international students. Beyond listing opportunities, we’ll also share tips on how to find and apply for them.

With so many scholarship websites out there, figuring out which ones you qualify for can be overwhelming. Our goal is to simplify the process and help you explore ways to fund your MBA.

How Much Does Business School Cost?

Before diving in, let’s clarify what an MBA is and what this guide covers. So, what exactly is an MBA?

A Master’s of Business Administration (MBA) is a graduate degree offered by business schools, alongside other programs like accounting or management. While an MBA isn’t the only advanced business degree available, this guide focuses specifically on MBA scholarships and financing.

According to Forbes and the Education Data Initiative, the average MBA tuition in 2022 was $61,800. Costs vary widely depending on the school’s prestige, funding, and whether it’s public or private. For example:

• Harvard MBA tuition: $74,910 per year
• UT Austin MBA tuition: 52,550(Texasresidents)or52,550(Texasresidents)or58,720 (non-residents)

Attending a state school can be a smart way to reduce costs.

Keep in mind, the total cost of attendance is usually much higher than tuition alone—housing, living expenses, and other fees add up. Scholarships can help offset these expenses.

Other factors, like the cost of living near your school, can also impact your budget. Even applying for an MBA can be pricey when you factor in GMAT fees and potential travel for interviews. So, when researching schools and scholarships, don’t forget to account for these extra costs.

Can I Get an MBA on Scholarship?

Absolutely! Many students rely heavily on scholarships to fund their MBA. Some even land full-tuition scholarships, though these are highly competitive. Still, there are plenty of other MBA scholarships available through schools and external organizations.

MBA Loans

Loans are another common way to finance an MBA. If you completed undergrad in the U.S., you’re probably familiar with the FAFSA (Free Application for Federal Student Aid). MBA applicants also submit the FAFSA to determine eligibility for federal loans. Private loans are another option.

The downside? Loans must be repaid—with interest. While an MBA can boost earning potential, a high salary isn’t guaranteed. That’s why scholarships (which don’t require repayment) are always the better choice. The more scholarships and grants you secure, the better your return on investment.

MBA scholarships in the U.S. typically fall into two categories:

1. Private scholarships (funded by organizations or individuals)
2. School-sponsored scholarships (offered by the MBA program itself)

Most MBA programs offer some form of scholarships, though award amounts vary. Some schools are known for being especially generous with funding.

Business Schools with Generous Scholarship Programs

Not all MBA programs offer the same level of financial support. Some schools provide more scholarships than others, but figuring out which ones can be tricky. For example:

• Harvard MBA shares average aid amounts.
• UCLA MBA doesn’t disclose scholarship stats.

That’s why thorough research is key. When browsing school websites, look for an MBA financial aid calculator—not all have one, but many list average award amounts. Schools with long scholarship lists offer more opportunities, but stay organized to track your options.

Here are three schools known for generous MBA scholarships:

1. Kellogg School of Management (Northwestern University)

Kellogg is a top-ranked business school with dozens of merit- and need-based scholarships. Some even include mentorship and networking opportunities. Second-year students can also qualify for additional funding.

Notable Scholarships:

• F.C. Austin Scholarship: Covers up to two years of tuition + mentorship (all applicants automatically considered).
• Financial Fellows Program: A newer, two-year full-tuition scholarship with networking opportunities (requires an extra essay).
• Forté Foundation Fellowship: One of the top MBA scholarships for women.
• McGowan Fellowship: Awarded to just 10 students nationwide each year (includes mentorship).

2. University of Chicago Booth School of Business

Booth is a leader in finance education and MBA scholarships. All applicants are automatically considered for merit-based awards, including scholarships for international students.

Notable Scholarships:

• Global Innovator Fellowship: For students passionate about global business innovation (no separate application required).
• Kilts Marketing Fellowship: Includes alumni mentorship for future marketing leaders.
• Civic Scholars Program: Full tuition for students working in nonprofits or government (available for part-time MBA students).

3. Columbia Business School

Most of Columbia’s scholarships are need-based, averaging 20,000∗∗(typically∗∗20,000∗∗(typically∗∗10,000–$30,000). About half of applicants receive aid, but it’s not guaranteed. Columbia also offers a few merit-based scholarships, including:

• Meyer Feldberg Distinguished Fellowship: A prestigious two-year, full-tuition award with alumni networking.
• Project Charity Trust Fellowship: For EU students committed to philanthropy.

Fully Funded MBA Programs

Full-ride scholarships are rare, but they exist. Many MBA programs automatically consider applicants for scholarships, but some require separate applications. One well-known option is the Consortium for Graduate Study in Management, which offers full-tuition scholarships to promote diversity in business.

Do Online MBA Programs Offer Scholarships?

Yes! Many online and part-time MBA programs provide scholarships, though options vary by school. Always check what’s available before applying. Here are a few examples:

• USC Marshall Online MBA: Merit scholarships (5,000–5,000–20,000) with no separate application (just meet the deadline).
• Florida International University (FIU): Performance-based scholarships (3,000–3,000–10,000) for students in their second year.
• Babson College: Merit scholarships (3,000–3,000–7,500) with no separate application.

Specialty MBA Scholarships

Beyond general scholarships, there are awards for specific groups, including:

MBA Scholarships for Women

• Forté Fellowships: For women at partner schools (e.g., Harvard, Stanford, Columbia).
• AAUW Scholarships: Supports women of color in business.
• Jane M. Klausman Scholarship: Awards $5,000 to women in business (through Zonta International).

MBA Scholarships for International Students

• MPower Scholarship: Up to $10,000 for students at partner schools.
• Harvard HBS Scholarships: Country-specific awards (e.g., Spain, Japan, Nigeria).
• AAUW International Fellowships: For women planning to return to their home countries after graduation.

7 Tips for Winning MBA Scholarships

1. Start early – More time = more opportunities.
2. Research thoroughly – Check school and external scholarship websites.
3. Build a strong resume – Highlight leadership and community impact.
4. Craft a compelling narrative – Align your story with the scholarship’s mission.
5. Apply for smaller scholarships – They add up!
6. Tailor your essays – Match the scholarship’s values.
7. Meet deadlines – Late applications won’t be considered.

Final Thoughts

An MBA is a big investment, but scholarships, fellowships, and loans can make it more affordable. Whether you’re looking for full-tuition awards, part-time funding, or specialty scholarships, there are options out there. Start researching early, apply widely, and don’t overlook smaller awards—every bit helps!