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.
How Much Does an Online MBA Cost?
Generally, the cost of a college education differs depending on the university that offers the programs. An MBA program is no exception. Students will find that tuition costs will vary from university to university. The Education Data Initiative put the average cost of an MBA at $61,800. It can even exceed $100,000 if one will look at MBA tuition costs for prominent universities like the Harvard Business School.
Oftentimes, the tuition can be affected by whether one is an out-of-state or in-state students. This is also the case for online MBA programs. Some universities offer the program at an out-of-state cost while others allow online students to enjoy in-state tuition.
An annual survey by U.S. News found that the most affordable online executive MBA programs cost $302.80 per credit hour for out-of-state students. Students may also want to factor in the cost of online fees, textbooks, and other resources. This can make earning an online MBA quite expensive.
What Costs Does An MBA Scholarship Cover?
Students who are interested to take advantage of an MBA scholarship must make sure to understand what it exactly entails. An MBA scholarship, just like any other scholarship, is awarded to qualified students who want to pursue an MBA. Most of the time, this type of scholarship is funded by the school or another organization from a particular business field.
An MBA scholarship may be given based on students’ needs. Fortunately, students may find plenty of financial assistance opportunities to help them fund their MBA education online. If you choose the top accelerated online MBA programs, you can earn your MBA faster than conventional MBA students. Like them, you have access to financial aid like scholarships, grants, and loans.
MBA scholarships applicants should be low-income students who can prove financial scarcity that warrants their need for financial assistance. They may be required to show proof of income and provide a copy of their income tax return.
However, most MBA scholarships are merit-based. Qualified students are often chosen based on their academic qualifications. One indicator for academic achievement and ability is students’ GMAT score and GPA from their undergraduate degree, although it is important to note that some of the best online MBA programs have no GMAT requirements.
Unlike student loans, a scholarship does not require repayment. It is a coveted incentive that many graduate students aim for, allowing them to avoid acquiring huge student loan debt even before they graduate. This means that competition is high when it comes to MBA scholarships.
Applying for an MBA Scholarship
Choose the nation’s top MBA online programs and save on tuition! Apply for an MBA scholarship!
Many scholarships specify traits in candidates that will qualify them for the list. They may be judged based on their academic merit. This will often involve providing a minimum GPA requirement, usually between 3.0 to 3.5. MBA students may also be asked to submit other needed requirements such as resumes, personal statement, and letters of recommendation.
Some scholarships may be geared towards certain demographics, such as a particular race or gender. This requires applicants to provide supporting documents. Keep these tips in mind:
Conduct a thorough research.
It is important that students interested in a certain scholarship should know what they are getting into. This means finding out what the scholarship is all about and the possible requirements to qualify for it. Doing this will save them the time and effort as they will know whether or not they actually meet the requirements or if the scholarship actually meets their needs.
Check out past scholarship awardees.
Usually, organizations that offer scholarships list past recipients on their websites. Interested MBA students must do their due diligence by looking into the past winners to give them the idea about how to qualify for the said scholarship. They will find what they may have in common with the previous recipients, telling them exactly what the award committee may be looking for in candidates.
Take the requirements and requirement deadlines seriously.
Most scholarships require a personal essay and interview. MBA students need to make sure that they ace the essay requirement, as it is often the best chance they get to demonstrate their unique qualifications beyond their impressive list of accomplishments.
Make use of your previously conducted research and incorporate your findings in your answers to prove you are the right fit for the scholarship. The same goes for the interview. MBA students must prepare their answers beforehand by researching possible questions that the committee will likely ask.
Consider all options.
Scholarships vary in terms of the award amount. Some may give thousands of dollars and others may keep the award to a few hundred. It is understandable to focus on the bigger rewards, but many students fail to consider the competition. It might be more beneficial to apply for smaller scholarships, especially if they can be bundled up with other small scholarship awards.
Best MBA Scholarships
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.