MBA Scholarships: Top Ways to Fund Your Business Degree

Looking to earn your MBA without draining your savings? MBA scholarships can make it happen. Here are five that stand out:

• Fulbright Foreign Student Program - for international students pursuing graduate study in the U.S.
• Forté Fellows Program - supports women pursuing full-time MBA programs.
• The Skoll Scholarship - for social entrepreneurs studying at Oxford’s Saïd Business School.
• Stanford Reliance Dhirubhai Fellowship - for Indian students needing financial aid to study at Stanford.
• DAAD Scholarships - for international students pursuing an MBA in Germany.

This article highlights top scholarships for MBA students and how to land them without stress.

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How to Get a Scholarship for MBA?

While it might sound like a long shot, getting one of those game-changing MBA scholarships is actually way more within reach than most students think. You just need a smart game plan. Whether you're an undergrad or already deep into your career, here’s how you can increase your chances of getting that much-needed financial support:

• Start early  -  Research any scholarship program well before applying to graduate school. Deadlines can sneak up fast, especially for top business schools.
• Target the right fit  -  Look for college-specific MBA scholarships that align with your background, goals, or demographic. For example, the National Black MBA Association offers scholarships for minority students.
• Polish your MBA essay  -  A strong personal statement can make or break your application. And remember, if you need help, our MBA essay writing service has your back every step of the way.
• Highlight what you bring to the table  -  Talk about your academic achievement, any leadership roles you’ve had, or ways you’ve contributed to your community. Merit scholarships often go to applicants who show a balance of strong academics and real-world experience.
• Line up a solid reference  -  A thoughtful recommendation from someone who knows your work ethic - like a professor or manager - can really add weight to your application.

There are options out there, from full tuition awards to help specifically for international students. The key is understanding how the process works so you can make your MBA program a lot more affordable.

Standout MBA Scholarships and Fellowships to Know About

We all know very well that paying for graduate school can be a challenge for many, but numerous  MBA fellowships and scholarships can help you overcome those financial challenges. These programs aim to support MBA students from all kinds of backgrounds and origins. The programs offer a mix of financial aid, mentorship, and career-building opportunities.

Military MBA Merit Scholarship

This scholarship supports veterans and active-duty service members and recognizes their commitment and leadership skills. 

• Eligibility: U.S. military personnel - active duty, honorably discharged, or retired
• Grade Level: Graduate students entering an MBA program
• Award Amount: Varies by school, up to full tuition in some cases
• Official Website 

Goldman Sachs MBA Fellowships

Designed for MBA candidates interested in private wealth management, finance, or human resource management, this fellowship includes both financial support and a summer internship.

• Eligibility: Students entering a full-time MBA program who demonstrate excellence and interest in business
• Grade Level: First-year MBA students
• Award Amount: $35,000 plus summer associate salary
• Official Website 

Knight-Hennessy Scholars

This program, hosted by Stanford University, offers a full tuition scholarship for students across various disciplines, including those pursuing an MBA at the Stanford Graduate School of Business.

• Eligibility: Domestic applicants and international students applying to Stanford
• Grade Level: Students entering graduate programs, including the MBA
• Award Amount: Covers tuition fees, living expenses, and more - up to three years
• Official Website

National Black MBA Association Scholarship

This scholarship program stands out by supporting minority students that are pursuing careers in business administration, and are aiming to increase representation in the business school community.

• Eligibility: Must be a member of the National Black MBA Association and enrolled in an accredited MBA program
• Grade Level: Full-time MBA students or students entering an MBA program
• Award Amount: Varies; some awards offer up to $10,000
• Official Website

Forté Fellows Program

This scholarship program stands out with its support to female students. It's focused on advancing women in business. The applicants must be enrolled in a full-time MBA program at a participating school of business. What's more is that this program is not just about financial aid - it also gives female students access to a strong network and leadership development resources.

• Eligibility: Female students admitted to a participating accredited MBA program
• Grade Level: Graduate students entering a full time MBA program
• Award Amount: Varies by school; often includes scholarship funds and access to exclusive Forté events
• Official Website

Siebel Scholars Program

The Siebel Scholars Program honors students who’ve shown strong academics and leadership in their grad programs, especially at well-known business schools like Wharton and Chicago Booth.

• Eligibility: Students at the top of their class at participating institutions
• Grade Level: Final-year students in a graduate school program, including MBA students
• Award Amount: $35,000
• Official Website

Hispanic Scholarship Fund (HSF) MBA Scholarships

The Hispanic Scholarship Fund is known for providing financial support to undergraduate and graduate students, including those pursuing an MBA program. Its aim is to give Hispanic students access to higher education through financial support and resources.

• Eligibility: Must be of Hispanic heritage, a U.S. citizen, and enrolled in an accredited college or graduate program
• Grade Level: Graduate students, including MBA candidates
• Award Amount: $500 to $5,000, based on academic performance and financial need
• Official Website

MBA Diversity Fellowship

This fellowship is offered by several business schools to support minority students and promote diversity within the business education space. Recipients are usually selected during the admissions process.

• Eligibility: Open to underrepresented minority groups applying to a participating full time MBA program
• Grade Level: Prospective MBA students or newly admitted grad students
• Award Amount: Varies by institution; may include full tuition or partial financial aid
• Official Website

Before we move on to our next section, read our article about easy essay scholarships.

College-Specific MBA Scholarships

Plenty of well-known business schools offer their own scholarship programs to make the cost of an MBA more manageable. These college-specific MBA grants usually take into account things like your grades, leadership experience, and how much financial support you might need. Here are some that are definitely worth checking out:

Harvard Business School Fellowships

Harvard Business School offers need-based fellowships to MBA students who demonstrate financial need. The financial aid office evaluates each case individually, helping students manage tuition fees during their time in the full time MBA program.

• Eligibility: Based on financial need; open to domestic applicants and international students
• Grade Level: Admitted MBA students
• Award Amount: Average award is $40,000 per year
• Official Website

Stanford MBA Fellowship

Stanford University provides both need- and merit-based support to students in its business school. The program includes the well-known Stanford Reliance Dhirubhai Fellowship for students from India, as well as other options for full time MBA students.

• Eligibility: Varies by fellowship; includes financial need and regional background
• Grade Level: Graduate students admitted to Stanford’s MBA program
• Award Amount: Up to full tuition, depending on the fellowship
• Official Website

Wharton MBA Fellowship

The Wharton School awards merit scholarships to MBA candidates based on leadership potential, professional background, and academic performance. There's no separate application - all applicants are automatically considered.

• Eligibility: All applicants to the full time MBA program
• Grade Level: Incoming graduate students
• Award Amount: Varies; some awards cover full tuition
• Official Website

Kellogg School of Management Scholarships

Kellogg has a range of scholarships for MBA students, with some focused on things like diversity, strong academics, or leadership experience. While many are merit based scholarships, a few also take financial need into account.

• Eligibility: Varies; typically based on merit, leadership, or background
• Grade Level: Incoming students in the full time MBA program
• Award Amount: Varies by scholarship; some cover partial or full tuition
• Official Website

MIT Sloan Fellows Program

This program supports mid-career professionals pursuing a one-year, full-time MBA-equivalent degree. MIT Sloan has several fellowships in order to reduce tuition fees for selected candidates with standout professional and academic backgrounds.

• Eligibility: Professionals with at least 10 years of work experience
• Grade Level: Admitted fellows in the Sloan Fellows MBA program
• Award Amount: Varies; some fellowships offer substantial financial aid
• Official Website

Columbia Business School Scholarships

Columbia Business School offers both merit scholarships and need-based aid to students enrolled in their MBA program. The financial aid office reviews eligibility and awards support accordingly.

• Eligibility: Based on merit and/or financial need
• Grade Level: Incoming and current MBA students
• Award Amount: Varies; some awards offer significant financial support
• Official Website

The Average Tuition for an MBA

The cost of an MBA program really depends on where you go and how you study - whether it’s online, part-time, or full-time. At top business schools, tuition fees for a full-time MBA usually fall somewhere between $70,000 and $100,000 a year. And that’s just tuition - it doesn’t cover things like housing, books, or other expenses. Some online MBA options cost less, but the total still adds up. That’s why exploring MBA funding opportunities - including scholarships, fellowships, and financial aid - is key for many graduate students looking to manage the cost of higher education.

Sum Up

If you're planning to apply for an MBA program, here are the key takeaways from the article:

• Different types of MBA scholarships provide various types of support: need-based, merit-based, and school-specific. 
• There are quite a lot of fellowships that offer mentorship and career development chances
• Top schools like Harvard, Stanford, and Wharton offer their own funding opportunities
• Hispanic Scholarship Fund and the National Black MBA Association provide support specifically to underrepresented students
• It's for the best for MBA students to start early and make an application that stands out. This way, you significantly increase your chances

We understand that applying for MBA scholarships can be a daunting process. If things get too much to deal with, remember that you’re not alone. That is the turning point where EssayHub comes in with academic assistance. Whether you’re working on a personal statement or need an MBA essay writing service, our team has got your back.