A master’s in business administration (MBA) can help students advance their careers and increase their earning potential. According to Payscale, MBA graduates earned an average annual salary of $91,000 as of November 2021.
However, higher education comes with a cost. CNBC notes that almost half of MBA students enrolled in top programs borrowed at least $100,000 to cover tuition and fees. Many MBA candidates cannot work while earning their degrees, making it difficult to finance their education.
This guide explores how MBA students can get help paying for their degree. Read on to learn more about financial aid options like scholarships, loans, grants, and work-study programs.
Paying for Your MBA
Paying for an MBA can be challenging. Fortunately, students can access various aid options to help cover their graduate program costs.
Many resources provide funding for students with financial need. Others award applicants with excellent academic records. Some students may qualify for awards available to minority groups. In most cases, MBA students can stack several types of financial aid, further reducing out-of-pocket expenses.
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Grants, Loans, Work Study, and Employer Assistance for MBAs
MBA candidates can pursue financial aid such as grants, loans, and work-study programs. Below, we cover several types of financial aid opportunities for MBA students.
Grants
Like scholarships, grants do not need to be repaid. However, while many scholarships choose recipients based on merit, grants are typically need-based.
Federal Loans
MBA students can access several types of federal student loans. Federal loans may have fixed interest rates along with later repayment dates than private loans. Federal loans may also offer consolidation options.
Private Loans
Private loans come from third-party lenders. These loans may be easier to secure than federal loans, though they offer less flexibility.
Work-Study
Sometimes students can work campus jobs in return for payment. Depending on the type of work-study, this payment may go directly toward the student’s tuition and fees.
Employer Assistance
Some businesses may offer to pay for some or all of their employees’ MBA program expenses.
Learn more about these non-scholarship financial aid options in our financial aid guide
Online MBA Programs for You
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Scholarships for MBA Programs
Since scholarships do not require repayment, these awards can help MBA students graduate with less debt. Scholarships usually cover tuition, fees, and book costs. Some awards also help students with personal expenses like transportation, food, and housing.
Each scholarship sets its own application requirements. Students should research which opportunities they qualify for before gathering application materials.
Because scholarships offer free money, applicants should expect significant competition. Smaller scholarships may get fewer applicants than larger awards. Also, some scholarships are renewable.
Tips for Finding and Applying for MBA Scholarships
Before filling out scholarship applications, look for awards that fit your qualifications. Make sure each application includes all required materials and helps you stand out from other applicants.
Finding MBA Scholarships
- Find relevant MBA scholarship boards. Online boards for MBA hopefuls can connect students with funding opportunities, including scholarships.
- Search based on personal factors. Some scholarships consider applicants based on factors such as race, ethnicity, gender, and family history. These niche scholarships may offer less competition than others.
- Look for lesser-known scholarships. Some scholarships do not receive enough applications to award funds. Students can often find these lesser-known scholarships through local businesses and organizations.
- Consider smaller scholarships. While a $10,000 scholarship significantly helps with tuition payments, do not ignore smaller scholarships. Earning several $1,000 scholarships can make a big difference in overall tuition costs.
Your MBA Scholarship Application
- Review all application requirements before applying. Make sure you know what each scholarship requires before starting your application. Starting an application you do not qualify for costs time and energy.
- Expect to submit certain materials. Many scholarships require a resume, college transcripts, and letters of recommendation. Prepare these materials early on so you can focus on applications.
- Boost your application through experience. Volunteer and work experience can elevate your scholarship applications. Be sure to include all required information, such as start and end dates, for all experiences you list in the application.
- Find solid references for letters of recommendation. Some scholarships score applicants based on the strength of each application section. You can boost your score with letters of recommendation. Find suitable candidates who speak highly of you and your work.
- Pay attention to deadlines. Note that all scholarships set different application deadlines. Some scholarships may require you to apply before you begin an MBA program. Others only accept applications from currently enrolled students. Make sure you complete an application before any deadlines.
Scholarship Types for MBA Students
Students can access various scholarship types. Some scholarships only accept applicants who study a particular field, show academic merit, or exhibit financial need. Other scholarships benefit students from specific backgrounds. Many awards combine several prerequisites.
Corporate Scholarships
Many private companies administer scholarship programs. These corporate scholarships usually cater to students pursuing a specific degree or career. Some corporate scholarships focus on specific geographical areas. Applicants can find these scholarships through local organizations.
Featured Scholarships
Wiley Accounting and Finance Student Scholarship
Who Can Apply: Part-time and full-time students majoring in accounting or finance
Amount: $1,000
AfterCollege Business Student Scholarship
Who Can Apply: Students pursuing a business degree
Amount: $500
Citizens Bank Scholarships
Who Can Apply: All students
Amount: $2,500-$15,000
Sport Clips Help a Hero Scholarship
Who Can Apply: Active-duty, retired, or honorably discharged Armed Forces, National Guard, and Reserve members
Amount: Up to $5,000
Scholarships From Professional Organizations
Some professional organizations offer scholarships. Recipients must often plan to pursue a specific degree or career. Some professional organizations require students to hold membership before applying for a scholarship.
Featured Scholarships
AICP Scholarship
Who Can Apply: Graduate students interested in insurance
Amount: $1,500
ALPFA Scholarships
Who Can Apply: Full-time students who hold ALPFA membership
Amount: $2,000-$5,000
Ritchie-Jennings Memorial Scholarship Program
Who Can Apply: Full-time students studying accounting, business administration, finance, or criminal justice
Amount: $1,000-$10,000
ABWA Impact Scholarships – Stephen Bufton Memorial Educational Fund
Who Can Apply: Women attending accredited institutions
Amount: Varies
Discover resources for women earning an MBA
Location-Based Scholarships
Some organizations, businesses, and governments offer scholarships for local applicants. For example, a scholarship may require applicants to hold state residency. Some scholarships give preference to students from specific towns, counties, or regions.
Featured Scholarships
Margery D. Shinners Scholarship
Who Can Apply: Illinois women studying an association management-related field
Amount: Up to $1,500
Paul Hagelbarger Memorial Scholarship
Who Can Apply: Students studying accounting in Alaska
Amount: $2,000 and up
Edward T. and Mary A. Conroy Memorial Scholarship Program
Who Can Apply: Maryland residents who are spouses or children of deceased or disabled Armed Forces members, public safety workers, school employees, or 9/11 victims
Amount: Up to full tuition
California Association of Realtors Scholarship Foundation
Who Can Apply: Students at public California colleges and universities pursuing a real estate-related degree
Amount: Up to $4,000
Scholarships for Diverse Populations
Many businesses, organizations, and government agencies offer scholarships for diverse populations. Some scholarships award funds based on factors such as race, ethnicity, or country of origin. Other awards focus on gender, sexual orientation, or personal background.
Featured Scholarships
The Kosciuszko Foundation Tuition Scholarship
Who Can Apply: Full-time graduate students of Polish descent
Amount: $1,000-$7,000
Cafe Bustelo El Cafe Del Futuro Scholarship
Who Can Apply: Hispanic full-time students
Amount: $5,000
ALPFA Scholarships
Who Can Apply: Full-time students who hold ALPFA membership
Amount: $2,000-$5,000
Albert W. Dent Graduate Student Scholarship
Who Can Apply: Minority graduate students studying healthcare management full time
Amount: $5,000
Read more about financial aid for minority students here
Discover resources for LGBTQ+ students here
Scholarships Based on Enrollment Status
Some scholarships require a specific enrollment status. In many cases, students must maintain full-time enrollment. Other scholarships prefer part-time or nontraditional students.
Featured Scholarships
Government Finance Professional Development Scholarship
Who Can Apply: Part-time graduate students
Amount: $10,000
Alpha Kappa Alpha Educational Advancement Foundation Scholarships
Who Can Apply: Full-time students
Amount: Varies
The Lagrant Foundation Graduate Scholarships
Who Can Apply: Minority full-time students pursuing a graduate degree in advertising, marketing, or PR
Amount: $3,750
Scholarships by MBA Concentration
Some MBA scholarships only accept applicants working toward a specific concentration. Many awards target applicants pursuing concentrations such as marketing, accounting, or insurance.
Featured Scholarships
The Lagrant Foundation Graduate Scholarships
Who Can Apply: Minority full-time students pursuing a graduate degree in advertising, marketing, or PR
Amount: $3,750
California Association of Realtors Scholarship Foundation
Who Can Apply: Students at public California colleges and universities pursuing a real estate-related degree
Amount: Up to $4,000
Margery D. Shinners Scholarship
Who Can Apply: Illinois women studying an association management-related field
Amount: Up to $1,500
Albert W. Dent Graduate Student Scholarship
Who Can Apply: Minority graduate students studying healthcare management full time
Amount: $5,000
Paul Hagelbarger Memorial Scholarship
Who Can Apply: Students studying accounting in Alaska
Amount: $2,000 and up
Military Scholarships
Military scholarships support the nation’s veterans and active military. These scholarships may benefit active-duty service members, honorably discharged service members, or members of the National Guard or Reserve. Some awards cater to military spouses or children. Applicants usually need to submit proof of service. Many awards also require a letter of recommendation from a military superior.
Featured Scholarships
PNC Serving With Integrity Scholarship
Who Can Apply: Veterans pursuing a degree in finance, business administration, or a related field
Amount: $10,000
Army Women’s Foundation Graduate Scholarships
Who Can Apply: Women who served or currently serve in the military and their descendants
Amount: $2,500-$3,000
Military MBA Scholarship
Who Can Apply: Veterans pursuing an MBA
Amount: Varies
Sport Clips Help a Hero Scholarship
Who Can Apply: Active-duty, retired, or honorably discharged Armed Forces, National Guard, and Reserve members
Amount: Up to $5,000
Daughters of the American Revolution Scholarship
Who Can Apply: All students
Amount: $1,000-$5,000