Furthering your career by acquiring a Master of Business Administration (MBA) is a great way to become a more valuable player in your field. However, the cost of MBA programs is usually on the higher side, presenting a challenge for some prospective graduate students. Luckily, you can find opportunities for financial aid for MBA programs.
There are many ways domestic students and international students can secure scholarships and grants for MBA programs in the US. It’s important as a grad student to know how to find scholarships and grants for MBA programs. The information in this article can make your education more affordable. Read on to learn more.
Does FAFSA Cover MBA Programs?
FAFSA is absolutely capable of funding MBA programs. The Free Application for Federal Student Aid (FAFSA) is a federal financial aid office that gives out federal student loans to students seeking any degree. Filing for FAFSA is the only way to get a federal student loan, as colleges use your FAFSA data to determine your federal aid eligibility, as explained on the FAFSA website.
How to Find Financial Aid for MBA Programs
- Start planning early. It is wise to figure out how you plan to cover college tuition costs before starting school. You should talk to your school counselor about your options and make sure that you complete any required forms well before their deadlines. Determine your private and federal student aid eligibility before making plans.
- FIll out a FAFSA form. Filing for FAFSA is free and is the only way to get federal student loans for any level of education. Filing for FAFSA should be the first step you take when trying to obtain financial aid.
- Consider private loans. The two primary sources of financial aid for graduate students are federal and private loans. Private student loans typically come from banks, private lenders, or financial institutions and vary in benefits, loan fees, and payment plans. It is essential to review all your loan details carefully and keep copies of all documents.
- Decide what type of aid to apply for. Should you apply for federal student loans, private student loans, or grants and private scholarships? Aid is given to those with financial need or those with merit, ranging from good grades to athleticism. You should reflect on your circumstances and decide which types of aid to apply for.
- Seek financial counseling. It’s always smart to seek counsel from those who are knowledgeable about your situation and can help you make informed decisions. School and career counselors can offer valuable advice. Financial counseling is also crucial when making important financial decisions like taking out a large loan.
Financial Aid: The Best Scholarships and Grants for MBA Programs
| Scholarship or Grant Name | Provider | Amount |
|---|---|---|
| AAUW Selected Professions Fellowships scholarship | American Association of University Women | $18,000 |
| John L. Carey Scholarship Award | American Institute of Certified Public Accountants Foundation | $5,000 |
| Ritchie-Jennings Memorial Scholarship | Association of Certified Fraud Examiners | $10,000 |
| The Keller Scholarship | Duke University | Full tuition remission |
| FWSF Financial Leadership Scholarships | Financial Women’s Association of San Francisco | $15,000 |
| Government Finance Officers Association Scholarship | Government Finance Officers Association | $10,000 |
| NBMBAA Graduate Scholarship Program | National Black MBA Association | $5,000 |
| William R. Berkley Scholarship | NYU Stern School of Business | Full tuition remission |
| University of Chicago Booth School of Business | University of Chicago | Full tuition remission |
| University of Houston Scholarship | University of Houston | $10,000 |
The Best Financial Aid Resources for MBA Programs
Graduate business education has become increasingly expensive. According to the National Center for Education Statistics, the average cost of attendance for one year in a graduate program is $18,416. However, many foundations and schools are generous enough to offer scholarship funds to those who need them. Below are some of the best grants and scholarships for MBA programs.
AAUW Selected Professions Fellowships Scholarship | American Association of University Women (AAUW)
The American Association of University Women has funded the education of countless women over the 130 years since its establishment. This scholarship is only available to women pursuing full-time study in a professional degree program in a field in which women are underrepresented. These fields of study include STEM, law, business, and medicine.
John L. Carey Scholarship Award | American Institute of Certified Public Accountants Foundation (AICPA)
The American Institute of Certified Public Accountants offers financial aid to liberal arts and non-business degree holders seeking graduate studies in accounting and CPA licensure. The purpose of these grants is to encourage non-accounting students to consider a career in accounting.
Ritchie-Jennings Memorial Scholarship | Association of Certified Fraud Examiners (ACFE)
You must be currently enrolled at an accredited four-year college or university in order to qualify for the Ritchie-Jennings Memorial Scholarship. Candidates also have to be studying either accounting, finance, business administration, or law. Candidates should have an interest in a career in examining and stopping fraud.
The Keller Scholarship | Duke University
Through the Keller Scholarship, Duke University’s Fuqua School of Business offers full-tuition merit-based scholarships to its brightest and most outstanding MBA candidates. While academic prowess is important, Duke University also seeks leadership credentials in its candidates. They want to award people who have an impact in and outside of the classroom.
FWSF Financial Leadership Scholarships | Financial Women’s Association of San Francisco (FWSF)
The Financial Women’s Association of San Francisco aims to give women in the Bay Area opportunities to advance in finance. This annual scholarship award encourages female graduate scholars to attend an institution in the Bay Area in preparation for a career in finance. The scholarships are granted based on leadership and communication skills and academic prowess.
Government Finance Officers Association Scholarship | Government Finance Officers Association (GFOA)
The Government Finance Officers Association offers scholarships to people seeking a state or local government finance career. The association gives out five scholarship awards every year to recognize and encourage outstanding performances by students preparing for careers in governmental finance.
NBMBAA Graduate Scholarship Program | National Black MBA Association (NBMBAA)
NBMBAA is a grant association that offers deserving MBA students of color scholarships to nationally ranked business schools. The scholarship funds are for schools that the program is partnered with, such as Arizona State University, The Ohio State University, and University of San Francisco. This organization also provides full tuition reimbursement for some institutions such as University of Florida.
William R. Berkley Scholarship | NYU Stern School of Business
In July of 2021, the New York University’s Stern School of Business unveiled a gift in the sum of $50 million, the largest scholarship gift in the school’s history. This gift was granted by the Berkley Family Foundation and will enable 60 scholars from across the United States to attend Stern Undergraduate College completely tuition-free.
University of Chicago Booth School of Business | University of Chicago
University of Chicago offers a broad range of merit scholarships open to all incoming Chicago MBA candidates. These scholarships cover the full tuition cost and have high scholarship program rankings among business schools.
University of Houston Scholarship | University of Houston
University of Houston offers up to $10,000 toward the tuition of candidates in MBA programs. Some of these include scholarships donated by at least 12 foundations and corporate subsidiaries in Texas. The US News & World Report ranks this program as number 97 among business schools in the United States.
Business Schools That Accept Financial Aid
Duke University Fuqua School of Business
Duke University’s Fuqua School of Business offers financial aid to candidates deemed exceptional students. The Keller scholarship is a merit-based scholarship that covers the full tuition of the program. This grant is offered based on academic abilities and the candidate’s leadership potential.
F. W. Olin Graduate School of Business
The Olin Graduate School of Business offers full-tuition scholarships with a focus on diverse candidates. If you seek financial aid as a Hispanic student, the Olin Graduate School of Business will put you first. It definitely helps to be a part of associations such as the National Association of Black Accountants or the Association of Latino Professionals for America.
Stanford University – Stanford Graduate School of Business
The Stanford Graduate School of Business is one of the best business schools in the country, and it offers full-tuition scholarships to students of specific backgrounds. It also provides need-based scholarships to international students, students of color, and those who may be in a tough financial situation.
University of Florida – Warrington College of Business Administration
University of Florida College of Business Administration offers full-tuition scholarships to students who need financial aid. The university realizes that many bright minds do not have financing options for the standard cost of the MBA program. Candidates do not need to submit a financial aid application, as they will be considered automatically for the scholarship.
University of Notre Dame – Mendoza College of Business
University of Notre Dame Mendoza College of Business offers financial aid to students based on many factors. The university considers a lot when selecting candidates, such as work experience, academic performance, and leadership and communication skills. It also helps to have a history of good social and environmental impact.
Should You Apply for MBA Programs Financial Aid?
Every MBA-seeking candidate should apply for financial aid, especially if you have trouble covering the cost of tuition. Getting financial backing for your education is advisable if you need it, whether through a private lender or federal student aid. At the very least, you should explore your payment options while applying for MBA programs.
Financial Aid for MBA Programs FAQ
Yes, there are plenty of financial aid options specifically for women. Women’s financial aid can come in many forms, such as scholarships, grants, and even academic prizes. All of these seek to help educate women across the country.
Yes, there are financial aid options for minority students. Many universities and grants focus on offering minority students financial aid and scholarships. As a minority student, you should consider joining associations representing your identity, making it easier for universities to identify you as a candidate for college aid.
In order to get federal financial aid, you must be an American citizen or an eligible noncitizen, which means you are a refugee or have been granted asylum, among other criteria. You must also have genuine financial needs and be enrolled as a student in an eligible degree or certificate program.
Yes, international students can get financial aid. However, if you’re not a citizen or eligible noncitizen of the US, you will not be eligible for a federal loan. Nonetheless, numerous grants and scholarships are available to international students seeking MBAs in the US.
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