Best Scholarships & Financial Aid for MBA Students – 2025 Guide

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A master of business administration (MBA) degree program provides aspiring entrepreneurs and business professionals with advanced industry knowledge and skills, an expanded network of work peers and mentors, and credibility in the field. Considering these benefits, MBAs may certainly broaden your career prospects. However, pursuing graduate degrees in business can become expensive. Fortunately, many academic institutions and organizations offer generous MBA scholarships from partial funding to full-ride grants.

Full-time MBA degree programs may cost between $65,000 and $80,500 yearly in the United States (US) (International Education and Financial Aid, 2022). Notably, this tuition range is much higher than the $45,760 median annual wage of all occupations in the country in 2021 [US Bureau of Labor Statistics (BLS), 2022], making it rather difficult to afford for many students. With that, you may want to know how to start preparing for MBA.

To help you get started on your financial-aid research, our team created this comprehensive guide to the different MBA scholarships offered by US universities, colleges, and organizations.

MBA Scholarships Table of Contents

Stanford Graduate School of Business’s Need-based Fellowship
Harvard Business School’s Need-based Tuition Assistance
Wharton Fellowship Program
Columbia Business School MBA Scholarships
Northwestern University’s Austin Scholars
Northwestern University’s Finance Fellows
University of ChicagoBooth’s Full-Time MBA Scholarships and Financial Aid
Massachusetts Institute of Technology’s MBA Fellowships and Assistantships
Goldman Sachs MBA Fellowship
The Yellow Ribbon Program
Tips for Securing MBA Scholarships

The Different Kinds of MBA Scholarships

In the academic year 20202021, graduate students were awarded an average of $26,920 in financial aid, $8,860 of which are grants (Ma & Pender, 2021). What many do not know or even try to do is apply to as many scholarship programs as possible, so long as they are qualified. Doing so may increase your chances of receiving the financial support that you need even if you do not get a full-ride or full-tuition scholarship. With that said, business professionals may look into the four general categories of MBA scholarships: merit-based scholarships, need-based scholarships, scholarships for specific demographic groups or MBA specializations, and employer MBA sponsorships.

Merit-based Scholarships

MBA program scholarships that are merit-based are awarded to students that have demonstrated distinguished accomplishments in academics or in extracurricular activities, including the arts, sports, and leadership. Academic institutions that offer merit-based scholarships include Northwestern University for students of its Kellogg School of Management and the University of Chicago for students of its Booth School of Business.

Need-based Scholarships

Need-based scholarships for MBA degree programs are financial rewards given to students mainly based on their financial situations. Scholarship-granting bodies in this category may include academic institutions, government agencies, nonprofit organizations, and private organizations. Applicants must expect to provide these institutions with their financial documents, including income tax returns and financial statements. Notably, students’ academic performance and involvement in extracurricular activities may also be taken into consideration. Among the universities that offer need-based scholarships are Stanford University and Harvard University.

Scholarships for Specific Demographic Groups or MBA Specializations

Demographic-based MBA scholarships are offered primarily to students from marginalized communities, such as women, people of color, LGBTQIA+ community members, and people with disabilities. Some examples of these include Northwestern University’s Africa Scholars for students from Africa and the Reaching Out MBA Fellowship for members of the queer community. The University of Chicago also offers Global Innovator Fellowships to students who aim to work toward establishing novel ways to make a difference in the lives of vulnerable groups.

MBA grants may also be given based on students’ academic and career interests and goals as well as their chosen specializations. Under this category, Northwestern University offers the Finance Fellowship and the Charles J. Schaniel Scholarship for MBA accounting program applicants, while the University of Chicago has the Canfield Private Equity Fellowship.

Employer MBA Sponsorships or Financial Aid

Employer MBA sponsorships are corporate scholarships provided by organizations to their employees who seek to advance their education and training. These scholarship programs are designed for employee retention while ensuring that employee scholars are continuously gaining new knowledge and consistently improving relevant skills.

In turn, employees may be contractually obligated to deliver quality performance, take on key projects, or stay with their company for a certain number of years, among other possible terms and conditions. If you’re looking for what companies will pay for your MBA, some examples of corporate scholarships for students of accredited online MBA programs include the Goldman Sachs’ MBA Fellowship.

How do executive online MBA programs complement MBA scholarship opportunities?

Executive online MBA programs offer a flexible and cost-efficient pathway for professionals seeking to advance their education without disrupting their careers. Unlike traditional full-time options, these programs allow you to continue working while leveraging scholarship funds, thereby reducing the overall opportunity cost. Additionally, the dynamic curriculum and innovative delivery methods foster real-time application of business strategies that can enhance leadership skills and professional growth. Graduates often benefit from an expanded network of industry experts and peers, which reinforces the value of financial aid in accelerating career progression. Combining scholarship support with an executive online MBA can be a strategic move, providing both economic advantage and continuous development in today’s competitive business landscape.

What Are the Typical Eligibility Requirements for MBA Scholarships?

Eligibility for MBA scholarships is determined by a combination of academic performance, leadership experience, professional achievements, and, in some cases, demonstrated financial need. Applicants are often required to present high standardized test scores, a strong academic record, and evidence of community engagement or industry-specific experience. In addition, several programs request supporting documents such as personal statements, recommendation letters, or detailed financial disclosures to evaluate your suitability for the award. It is essential to review each scholarship’s criteria to ensure your profile aligns with the sponsor’s objectives. For candidates exploring alternative educational avenues, consider reviewing online schools that accept FAFSA for integrated financial aid options and flexible study programs.

What common pitfalls should you avoid during MBA scholarship applications?

Avoid submitting generic applications that fail to address each scholarship’s unique criteria. Ensure that every document is complete and tailored to demonstrate both academic and professional distinction, and refrain from overlooking critical deadlines. Double-check all financial disclosures and supporting materials for accuracy. Additionally, recognize that focusing exclusively on business education might limit your perspective; consider exploring complementary options such as medical careers with little schooling if they align with your overall career objectives.

How do MBA scholarships affect your long-term financial planning?

Evaluating the impact of an MBA scholarship on your financial trajectory is essential. Scholarship awards can significantly reduce reliance on high-interest student loans, thereby freeing up funds for investments, savings, or reinvestment in professional development. It is crucial to understand the specific conditions, such as renewal criteria and post-graduation obligations, that may affect your long-term fiscal strategy. Assessing how these awards interact with other financial instruments—like need-based grants or employer sponsorships—enables a more balanced and sustainable approach to managing both immediate tuition costs and future financial goals. For a broader perspective on aligning your educational investments with market opportunities, consider exploring the best degrees for the future.

Best MBA Scholarships for 2025

For undergraduate business students, funding their schooling may already be difficult despite the boom of online degrees in business administration. While earning an MBA may be a mammoth achievement, it is also a massive investment of time, money, and effort. In 2018, almost 50% of MBA graduates from elite business schools globally incurred a minimum of $100,000 of student debt to afford their graduate program (Nasiripour, 2019). Fortunately, MBA scholarships and grants lessen the financial burden that is the other side of the career coin.

While most students do not get full-ride scholarships, many still win scholarships to cover a portion of the tuition, educational materials, or internships, among other academic requirements. Explore some of the best MBA scholarships that our team at Research.com compiled based on the top business schools and organizational programs in the US.

1. Stanford Graduate School of Business’s Need-based Fellowship

Eligible students of Stanford University’s Graduate School of Business (GSB) enjoy several scholarship programs by the university. One of these coveted MBA scholarships is the Need-based Fellowship. Stanford estimates that 50% of its MBA students are given MBA funding through this program. The university’s Financial Aid Office assesses the demonstrated financial needs of applicants by determining the difference between the cost of attendance (COA) and students’ financial standing based on assets and income; contributions from family, friends, and employers; and other grants received.

Award Amount: $42,000 per year on average
Eligibility: Financial need as determined by the difference between COA and the student’s financial standing
When you can apply: You may apply after admission to the MBA program.

2. Harvard Business School’s Need-based Tuition Assistance

Harvard Business School’s (HBS) Need-based Tuition Assistance is a financial award that is open to local and foreign applicants. Similar to Stanford, about 50% of HBS students receive the scholarship for MBA program purposes. The university financial aid team’s set formula to define financial need considers the following areas: gross income from the previous three years, assets, socioeconomic background, undergraduate debt, and external MBA scholarships.

Award Amount: $42,000 per year on average
Eligibility: Financial need as determined by the student’s financial standing
When you can apply: You may apply after admission to the MBA program.

3. Wharton Fellowship Program

The University of Pennsylvania has the Wharton Fellowship Program to cover the tuition and fees that MBA student-scholars are unable to afford even with corporate sponsorships and other external grants. The financial awards provided by the fellowship program are indicated in admitted students’ admission and financial aid letters. However, eligible students who have received other MBA scholarships that result in the excess of funding for their participation in the program will have their Wharton Fellowship award amount minimized or scrapped.

Award Amount: Amount varies based on student need.
Eligibility: Distinct personal background; Academic achievement; Exceptional professional development; Community involvement; and Good academic standing for renewal

4. Columbia Business School MBA Scholarships

Columbia University’s MBA Scholarships are partial-tuition scholarship grants that consider domestic and international students admitted to the business school. These scholarships are primarily need-based but may still take into account academic performance, extracurricular achievements, or particular donor-set requirements for some. Moreover, similar to Stanford and Harvard, approximately 50% of MBA students who apply win the grant, with an average award amount of $20,000.

Award Amount: $10,000 to $30,000
Eligibility: The applicant’s ability to pay for MBA program expenses is considered.
Application Deadline: January Entry: October 15 or two weeks from the admission date, whichever is later August Entry: Two weeks from the date of invitation to interview

5. Northwestern University’s FC Austin Scholarship

One of the most substantial scholarships at Northwestern University, FC Austin Scholarship is a full-tuition grant given to students who have exhibited outstanding academic and professional accomplishments. Austin scholars also go through leadership training and fellowship, such as (1) Mentorship with some of the business school’s esteemed professors, (2) Fireside chats with industry leaders, and (3) Networking opportunities with peers and alumni.

Award Amount: Full tuition
Eligibility:Students must be admitted to Kellogg School of ManagementStudents must be enrolled in either the two-year program or the MMM program, a dual-degree program focused on business education and design innovationStudents must have an undergraduate degree from an accredited academic institution
Students must be admitted to Kellogg School of Management
Students must be enrolled in either the two-year program or the MMM program, a dual-degree program focused on business education and design innovation
Students must have an undergraduate degree from an accredited academic institution
Application Deadline: Students are evaluated for the program based on their graduate-degree application.

6. Northwestern University’s Finance Fellows

Northwestern University offers a range of merit-based and need-based grants awarded to admitted MBA students. Another one of the university’s scholarship programs is Finance Fellows, a full-tuition grant for two-year program students who aim to specialize in finance. The program provides exclusive networking and mentorship opportunities with alumni, faculty members, and industry leaders.

Award Amount: Full tuition
Eligibility: Students must submit an essay as part of the Financial Aid form.
Application Deadline: April

7. University of ChicagoBooth’s Full-Time MBA Scholarships and Financial Aid

While many of the students in the University of Chicago pay for their MBAs with student loans, the academic institution’s Full-Time MBA Scholarships and Financial Aid also help some of them lighten their financial load. Chicago Booth School of Business gives away merit-based scholarships and fellowships to admitted MBA students.

Merit-based scholarships are revealed at the same time as the release of admission results. Scholars are determined based on the following factors:

Academic achievements
Prospective specialization
Interview quality
Competitive advantage
Professional goals
Life experiences

Award Amount: Award amount varies, depending on the scholarship program.
Eligibility: All MBA applicants are considered for merit-based scholarships based on their submitted information.
Application Deadline: You may contact Chicago Booth for specific scholarship application deadlines.

8. Massachusetts Institute of Technology’s MBA Fellowships and Assistantships

Massachusetts Institute of Technology (MIT) offers hopeful applicants a variety of different MBA Fellowships and Assistantships. Many of these scholarships are donations from alumni and other donors. Students—US citizens, permanent residents, and foreign students—are usually notified of becoming scholarship recipients at the same time as the release of admission results.

Notably, some fellowship programs have been established by independent organizations. Thus, they require different application procedures. These MBA scholarships include the McKinsey Award and the Kennedy Memorial Trust Scholarship.

Award Amount: Award amount varies, depending on the fellowship program.
Eligibility: Some fellowships automatically consider all MBA applicants through their program-admission application. Other fellowships, such as corporate sponsorships, require separate applications.
Application Deadline: You may contact MIT for specific scholarship application deadlines.

9. Goldman Sachs MBA Fellowship

The Goldman Sachs MBA Fellowship is offered to exceptional first-year MBA students who are also applying for paid summer internships at the company. If fellows receive positive performance reviews of their internship and are offered a full-time position, they will be given an estimated $40,000 in addition to the initial award amount and any applicable signing bonus.

Award Amount: $35,000, apart from the summer associate salary
Eligibility:Applicants must be in the first year of their MBA program.Applicants must also be applying to become a summer associate at Goldman SachsApplicants must be members of the LGBTQIA+ community, Black, Hispanic/Latinx, Native American/Indigenous, or women.
Applicants must be in the first year of their MBA program.
Applicants must also be applying to become a summer associate at Goldman Sachs
Applicants must be members of the LGBTQIA+ community, Black, Hispanic/Latinx, Native American/Indigenous, or women.
Application Deadline: You may contact Goldman Sachs for the application deadline.

10. The Yellow Ribbon Program

The Yellow Ribbon GI Education Enhancement Program, or the Yellow Ribbon Program, is a stipulation in the Post-9/11 Veterans Educational Assistance Act of 2008. Higher-education institutions in the US that decide to participate in the program cover part of the tuition expenses of a select number of qualified students on a first-come, first-served basis, while the US Department of Veteran Affairs (VA) matches the award amount of the academic institution.

Award Amount: Award amount varies, depending on the academic institution.
Eligibility (At least one requirement must be met): Students have served a minimum of 36 months on active duty and were honorably discharged.Students received a Purple Heart on or after September 11, 2001, and were honorably discharged regardless of length of service.Students have served a minimum of 30 continuous days without any break on or after September 11, 2001, and were discharged or released from active duty for a service-related disability.Students are active-duty service members who have served a minimum of 36 months on active duty.Students are spouses who are using the transferred benefits of an active-duty service member who has served a minimum of 36 months on active duty.Students are dependent children using benefits transferred by a veteran.Students are Fry Scholars.
Students have served a minimum of 36 months on active duty and were honorably discharged.
Students received a Purple Heart on or after September 11, 2001, and were honorably discharged regardless of length of service.
Students have served a minimum of 30 continuous days without any break on or after September 11, 2001, and were discharged or released from active duty for a service-related disability.
Students are active-duty service members who have served a minimum of 36 months on active duty.
Students are spouses who are using the transferred benefits of an active-duty service member who has served a minimum of 36 months on active duty.
Students are dependent children using benefits transferred by a veteran.
Students are Fry Scholars.
Application Deadline: Early in the third quarter of the year

Tips for Securing MBA Scholarships

Securing an MBA scholarship can be a challenging process, but with strategic planning and effort, you can maximize your chances of obtaining financial aid. Here are some actionable tips to help you stand out:

Understand Eligibility Requirements: Start by thoroughly researching the eligibility criteria for each scholarship. Whether it’s merit-based, need-based, or demographic-focused, ensure that your application aligns with the requirements.
Tailor Your Application Materials: Customize your essays, recommendation letters, and resumes for each scholarship. Highlight specific achievements, leadership capabilities, and career goals that reflect the values and objectives of the scholarship provider.
Build a Strong Personal Brand: Showcase your uniqueness by emphasizing your leadership experiences, community involvement, and professional achievements. Use your personal statement as an opportunity to narrate your journey and aspirations authentically.
Leverage Networking Opportunities: Reach out to alumni, current scholars, or members of the granting organization to gain insights. Networking can help you understand what qualities or achievements resonate most with the program.
Prepare Well for Interviews: Some scholarships may require an interview. Make sure to practice answering common questions about your career goals, motivation for applying, and how you intend to utilize the scholarship to achieve your objectives.
Organize Your Application Timeline: Create a schedule to manage deadlines effectively. Missing a submission date can eliminate your chances, so utilizing tools like calendar alerts or project management apps can keep you on track.

By implementing these strategies, you can increase your competitiveness and likelihood of receiving financial support for your MBA journey and see what can you do with an accounting degree.

What Factors Should You Consider When Comparing MBA Scholarship Offers?

When evaluating different MBA scholarship opportunities, consider the award amount, renewal conditions, and any binding post-graduation commitments. Assess the specific eligibility criteria along with additional requirements such as maintaining a minimum GPA or fulfilling work obligations that might impact your long-term career flexibility. Compare the scholarship’s scope relative to program expenses, including tuition, fees, and associated costs. For applicants seeking cost-efficient alternatives, reviewing options at cheapest online schools for working adults can provide insights into supplemental funding resources. Additionally, consider the reputation of the awarding institution and its alignment with your professional goals to ensure lasting value from the scholarship offer.

The Importance of Scholarships for MBA Students

MBAs are designed to support your educational and career advancement. Pursuing your MBA while being financially supported is the best-case scenario for you as a promising business professional, especially because you are allowed to apply for and receive virtually as many scholarship grants as you are eligible to claim. Furthermore, many scholarship and fellowship programs, corporate sponsorships, and external funding sources have been established to prioritize marginalized groups, such as Northwestern University’s MBA scholarships for women. The university’s Forté Foundation Scholarship awards grants to female students who have shown a passion for helping women of all ages through community programs or individual mentorship.

Cost-efficient online MBA schools may also help further reduce tuition and additional fees. Undeniably, scholarships and financial aid provide career opportunities to exemplary individuals who otherwise might never be able to continue their education. For instance, a field worth exploring is an MBA in HR.

How can you strategically apply for multiple MBA scholarships?

Applying for multiple MBA scholarships requires careful planning to ensure that you’re maximizing your chances and meeting deadlines. Here are key strategies to help you stay organized and increase your likelihood of receiving financial aid:

Research and Create a Scholarship List: Start by researching a wide range of scholarship options, including school-specific, merit-based, need-based, demographic-specific, and employer-sponsored scholarships. Create a detailed list with eligibility criteria, award amounts, application deadlines, and required documents to keep track of each opportunity.
Align Scholarship Criteria with Personal Qualifications: Evaluate each scholarship's focus, such as academic achievements, financial need, or specific demographics, and choose ones that align with your strengths and background. For example, if you have a strong professional background in finance, prioritize scholarships for finance specializations.
Prioritize High-Value Scholarships: Identify and prioritize scholarships with substantial awards or full-ride options to maximize financial assistance. Use this focus to structure your application timeline around high-value scholarships first, and then apply for smaller awards as time permits.
Prepare Strong, Tailored Applications: Customize each application by emphasizing relevant experiences, achievements, and career goals aligned with the specific scholarship criteria. Seek feedback on your essays, highlighting your commitment to business and personal growth, to ensure you stand out among applicants.
Set Up Reminders and Track Deadlines: Use a calendar or task management app to set up reminders for each scholarship’s deadline, submission requirements, and follow-up. Tracking deadlines will help you manage time effectively, ensuring that no application is missed due to overlapping deadlines or document requirements.
Gather References and Required Documents in Advance: Secure recommendation letters early, ideally from academic or professional mentors who can speak to your qualifications and goals. Organize all essential documents, such as transcripts, financial records, and standardized test scores, for easy access when applying.

How Does Your Undergraduate Degree Affect Your MBA Scholarship Opportunities?

When applying for MBA scholarships, admission panels assess more than just recent professional achievements. Your undergraduate academic environment—including the rigor of your courses and the reputation of your institution—can influence how competitive your application appears. Applicants from highly challenging programs are often viewed as better prepared for the demands of a graduate business curriculum. Conversely, graduates of less demanding programs, such as the simplest degree course, may need to emphasize compensatory strengths through exceptional test scores, proven leadership skills, and relevant professional experiences.

Can pursuing an advanced degree alongside an MBA provide a competitive edge?

Candidates with MBA scholarships may benefit from further academic pursuits that enhance analytical skills and foster innovative thinking. Complementary advanced studies often lead to a deeper understanding of research methodologies and an expanded professional network, which can be advantageous in roles demanding strategic insights. For instance, enrolling in an online PhD program offers a pathway to combine business expertise with rigorous research, thereby strengthening your competitive profile in evolving industries.

Advance Your Business Career with MBA Scholarships

The myriad options in scholarships, financial aid, and sponsorships may seem like your MBA program will be guaranteed free of charge. However, the number of students working to get admitted to graduate programs and applying for financial assistance each year makes business school extremely competitive, especially with the abundance of available jobs for MBA graduates. Carefully researching the programs you may be qualified to get into and diligently preparing your requirements, such as scholarship cover letters, may increase your chances. Achieving your personal and professional goals starts with deliberate hard work.

Key Insights

Financial Aid Significance: MBA scholarships provide essential financial support for students, making expensive programs more accessible and reducing the need for significant student loans.
Variety of Scholarships: Scholarships are available in various forms, including need-based, merit-based, demographic-specific, and employer-sponsored, catering to a wide range of student needs and backgrounds.
High Tuition Costs: The annual cost of full-time MBA programs in the U.S. can range between $65,000 and $80,500, highlighting the importance of securing scholarships to alleviate financial burdens.
Generous Awards: Top business schools like Stanford, Harvard, and Wharton offer substantial need-based and merit-based scholarships, often covering a significant portion of tuition fees.
Employer Sponsorships: Many companies offer MBA sponsorships to employees, providing financial aid in exchange for a commitment to stay with the company for a specified period or take on key projects.
Diverse Eligibility Criteria: Scholarships often consider various factors, including financial need, academic achievements, professional background, community involvement, and specific career goals.
Competitive Application Process: Applying for MBA scholarships is highly competitive, requiring thorough research, careful preparation of documents, and often multiple applications to increase chances of success.
Long-term Benefits: Securing an MBA scholarship not only eases financial pressure but also enhances career prospects, professional networks, and overall credibility in the business world.

FAQ

What types of MBA scholarships are available? MBA scholarships come in several forms, including need-based, merit-based, demographic-specific, and employer-sponsored scholarships. These cater to different student needs and backgrounds, providing various opportunities for financial aid.
How much does a full-time MBA program typically cost in the U.S.? The annual cost of a full-time MBA program in the United States ranges from $65,000 to $80,500. This high tuition underscores the importance of securing scholarships to manage financial burdens.
What are some examples of need-based MBA scholarships? Notable examples of need-based MBA scholarships include Stanford Graduate School of Business’s Need-based Fellowship and Harvard Business School’s Need-based Tuition Assistance. These programs assess financial need based on factors such as income, assets, and external grants.
What are merit-based MBA scholarships? Merit-based MBA scholarships are awarded to students who demonstrate outstanding academic performance, leadership, and extracurricular achievements. Examples include Northwestern University’s Finance Fellows and University of Chicago-Booth’s Full-Time MBA Scholarships.
Can international students apply for MBA scholarships in the U.S.? Yes, many MBA scholarships are open to international students. Programs like Harvard Business School’s Need-based Tuition Assistance and Columbia Business School MBA Scholarships consider both domestic and international applicants.
How can employer MBA sponsorships benefit employees? Employer MBA sponsorships provide financial aid for employees seeking to advance their education. In return, employees may be required to commit to staying with the company for a certain period or take on specific projects, ensuring mutual benefits for both parties.
What are some examples of scholarships for specific demographic groups? Scholarships for specific demographic groups include Northwestern University’s Africa Scholars for African students and the Reaching Out MBA Fellowship for LGBTQIA+ community members. These scholarships aim to support marginalized communities in their educational pursuits.
How competitive are MBA scholarships? MBA scholarships are highly competitive due to the significant number of students applying for financial aid each year. Thorough research, diligent preparation of application documents, and applying to multiple programs can increase the chances of securing a scholarship.
What long-term benefits do MBA scholarships offer? Securing an MBA scholarship provides financial relief, enhances career prospects, and expands professional networks. It also adds to a student’s credibility in the business world, contributing to long-term professional success.
What should I consider when applying for MBA scholarships? When applying for MBA scholarships, consider eligibility criteria, the reputation of the scholarship program, the application process, and deadlines. Prepare necessary documents meticulously and explore multiple scholarship opportunities to maximize your chances of success.