eNews 
Scholarships and fellowships can make a tremendous difference for MBA students, often being merit-based awards that don’t need to be paid back.
Many MBA scholarships are school-specific, while others can be national awards that could range from a few thousand dollars up to the entire tuition amount.
Admissions consultants commonly recommend raising your GMAT score as one of the best ways to increase your chances of receiving scholarships; however, don’t disregard other avenues as well.
Scholarships for Diversity
Diversity in business is a hotly debated subject, yet only 4% of top executives are Black; women, Hispanics and Native Americans remain underrepresented both in the workplace and business school classes. To address the problem some US business schools offer scholarships specifically targeting minority students; others provide fellowship programs which offer additional funding to individuals belonging to certain communities or affinity groups; many full-time MBA students can take advantage of such scholarship offers.
Education Advancement Foundation Graduate Scholarships are awarded to students with a minimum GPA of 3.0 who have demonstrated community service and dedication towards helping others. Hispanic Scholarship Fund grants are given out to Hispanic students who maintain at least 2.5 GPA; Lawrence Litvak Social Innovation Fellowship is open to full-time MBA students interested in social change; LunaCap Foundation supports Mexicans (born anywhere) or military veterans studying business school in the US.
Gender or ethnicity-specific scholarships exist, such as the C200 Scholar Awards for women demonstrating academic excellence and leadership potential, while NABA National Scholarship program welcomes any NABA member student; while Robert Toigo Foundation Scholarship targets MBA applicants possessing deep finance capabilities.
Many scholarships require specific application material. Strong work references and letters of recommendation, along with a solid resume and personal statement outlining career goals, values and professional growth over time is critical when applying. Furthermore, it may be wise to have someone review your essay prior to submission date as this can help catch any grammar errors and give another perspective on how well your essay reads and communicates its ideas.
Some scholarships may be highly competitive, so applicants should apply early and follow each scholarship provider’s submission requirements carefully. It would also be wise to submit as many applications for financial support possible (even those not specifically tailored toward minority students) so as to maximize your odds of receiving some form of support financially.
Scholarships for In-State Students
Cost of an MBA education can be prohibitively high for some students; it is the second largest expense after purchasing a home. Thankfully, scholarships exist to help ease costs; scholarships do not require repayment and can cover tuition, books and living expenses. To find the appropriate one for yourself, it is important to search specifically for scholarships that match your qualifications; some require certain GPA or test scores while others only accept applicants who study particular fields or demonstrate financial need. Applications should be made as soon as possible as certain scholarships only offer limited awards – so make sure your apply early!
When applying for scholarships, make sure you include all required materials, such as letters of recommendation and an excellent essay. Some scholarships will score your application based on each section; to improve each part, brainstorm on paper first before diving in – using your notes later as guides in writing your essays!
Many state schools offer MBA students merit scholarships, though competition for them can be fierce. You can improve your odds by demonstrating how your degree will help achieve a particular goal or by finding ways to distinguish yourself – such as volunteering or extracurricular involvement – which could boost your chances of securing one of these awards.
Some scholarships are open to students from diverse backgrounds, while others cater specifically to minority or female-dominated fields. For instance, the Lagrant Foundation Graduate Scholarship primarily targets minority students studying advertising marketing and PR disciplines – it accepts US citizens, permanent residents and DACA students; to qualify you must maintain at least a 3.25 GPA while attending full time study.
Military veterans can apply for scholarships through the Yellow Ribbon Program, which covers some or all of your tuition and fees at an in-state public school. They may also qualify for Thomas R. Pickering Foreign Affairs Fellowship Program scholarships that cater to students pursuing two-year MBAs who plan to work in foreign service positions.
Scholarships for International Students
Scholarships for international students are one way of making the cost of an MBA more manageable. Scholarships may be awarded based on various criteria, including academic performance, work experience and GMAT scores; full coverage scholarships may even exist, though such opportunities are relatively rare; to maximise your chance of securing one it’s essential that research be done beforehand to identify any available scholarships and then submit applications accordingly.
IMD offers merit-based scholarships to international students. For instance, their Hilti Scholars Program assists 6 MBA scholars from STEM backgrounds each year and covers approximately 50% of tuition expenses. As this scholarship is merit based and not need-based, its impact does not change whether you are accepted to IMD; you can apply for it as part of the regular admissions process.
Stanford Graduate School of Business provides international students with various scholarships that range from partial tuition coverage to full tuition coverage, depending on the strength of their application. Awards like the Leadership Accelerator Scholarship recognize outstanding admitted candidates who demonstrated leadership potential during their admissions journey, while other awards, like Stanford Reliance Dhirubhai Fellowship cover full cost tuition for outstanding Indian admitees.
Columbia Business School provides admitted Full-Time MBA students with numerous financial awards to assist with financing their Full-Time MBA education. Scholarships at Columbia are usually merit-based; however, some named scholarships may include need components. All awards are open to domestic and international applicants alike, and will be reviewed upon admission decision.
New York University provides numerous scholarships for incoming MBA students to assist with the costs of their program. These awards are competitive and applicants are evaluated for them when applying for admission; scholarships range from $10,000 up to full tuition coverage.
Students awarded scholarships will become eligible for resident tuition status at Mays Business School and save approximately $24,000 off of the total cost of an MBA program. Even those not selected as scholarship recipients will be considered for second-year scholarships based on application, interview results and any criteria specified by donors.
Scholarships for Working Students
Scholarships are available for working students looking to enroll in full-time MBA programs, from school-specific to open programs. Each scholarship has its own guidelines that should be carefully read before making their application; previous and current students could provide useful insight. Corporations often award tuition fellowships tied directly to future employment prospects post graduation.
Some scholarships exist specifically to aid women entrepreneurs, while others target minorities or those working in traditionally male-dominated fields. There are even scholarships targeted specifically at helping female entrepreneurs. Many scholarships provide financial assistance as well as mentorship and leadership development programs which can prove invaluable to aspiring female leaders.
Many MBA scholarships are specific to one school and students should apply to as many as possible; however, some that are unaffiliated with any particular one could be better for some individuals. One such scholarship is the Dan Reichard Jr. Scholarship which offers financial support to public transportation management students; other MBA scholarships available include Staver Law Group National Scholarship and HubShout Internet Marketing Scholarships.
The MBA Fellows ProgramExternal link:open_in_new offers full tuition fellowships to select MBA schools such as Stanford Graduate School of Business, the UC-Berkeley Haas School of Business and Wharton School at University of Pennsylvania. This program is sponsored by Consortium for Higher Education and Minority Affairs.
Scholarships may help reduce the costs of an MBA degree, but they are no replacement for strong GMAT exam scores or competitive applications. But student loan debt avoidance can be transformative for entrepreneurs struggling to balance work and life – having freedom to follow your passion without worry over loan repayment could make all the difference in terms of business success or failure. One such scholarship, The C200 Scholars Scholarship External Link:open_in_new provides funding specifically to women enrolling in MBA management programs.
