The cost of attending business school and earning your MBA can easily climb to more than $30,000 a year, which is why many students look for scholarships for MBAs. Designed specifically for those enrolling in an MBA program, these scholarships can cover your books and other expenses or cover a significant portion of your tuition. While some scholarships are only open to women or minority students, others are open to all MBA candidates.
National Academy of Human Resources Graduate Scholarship
Human resource professionals work in HR departments for major corporations and nonprofit organizations. They are the ones responsible for advertising for new employees, interviewing candidates and hiring workers, but they also create packages for existing employees with benefits like paid time off and health insurance. One of the top scholarships for MBAs is the National Academy of Human Resources Graduate Scholarship. You must be a member of the Society for Human Resource Management, but those who complete their applications by the November 1 deadline may receive a scholarship worth $5,000.
Group O Hispanic Scholarship
Group O is one of several companies that offers private scholarships for MBAs. Owned by a Hispanic man, this company awards scholarships to qualifying Hispanic students who want to earn an MBA. The top student recognized each year receives $10,000 for the coming year. According to U.S. News & World Report, the United States Hispanic Chamber of Commerce Foundation also offers a scholarship for Hispanic MBA students every year.
American Association of University Women Scholarships
Some of the top MBA scholarships for women come from the American Association of University Women. Also known as the AAUW, it recognizes all types of MBA students, including women who recently graduated from college and those who have children at home. Winners can actually use their scholarship funds to cover nontraditional expenses such as transportation to their colleges or daycare for their children and dependents. The deadline for applying is around the middle of December. The AAUW also offers a number of grants for women who need help paying for business school.
Under Our Roof Scholarship Program
The Under Our Roof Scholarship Program is a unique program offered by the Pride Foundation for LGBT students. It is one of the only scholarships for MBAs that offers helps for lesbian, gay, bisexual and transgender students. Though it is only available in a handful of states, the program starts near the beginning of October. Prospective candidates can download a flyer to learn more before filling out the application. The Pride Foundation also has online scholarship workshops available that guide students through the process of completing the applications and help them understand what the foundation looks for in candidates.
Mutual of Omaha Sales and Marketing Student Scholarship
Though the Mutual of Omaha Sales and Marketing Student Scholarship is only worth $500, receiving a few smaller scholarships can pay for a lot of your costs. This scholarship is open to students who want to work in either marketing or sales after graduation. If you plan on choosing a concentration in marketing, this is a great scholarship for you. The company awarded more than $1 million in scholarships since launching this program and hands out separate scholarships for sales majors and marketing students. You’ll need a minimum 3.0 GPA and a copy of your most recent resume to apply.
Not all MBA students can afford to pay for business school out of their own pockets, and many students do not want to graduate with thousands of dollars in student loan debt. If you want to go to business school and need financial help, apply for any of these scholarships for MBAs.