A Master of Business Administration (MBA) is an investment that can position graduates ahead of their peers in a competitive job market. When paired with professional work experience, an MBA can lead to career advancement, open doors to new opportunities, and increase salary expectations. And while MBA graduates walk away from their programs with a toolkit of knowledge and business skills to bring to their careers, they may also accumulate some significant expenses along the way.
While an MBA program may be priced competitively, the cost of tuition, books, and other potential expenses can add up quickly. To ease this financial burden, students considering or enrolled in an MBA program should proactively seek MBA scholarship and grant opportunities. These sources of academic funding can provide helpful financial support.
Information about scholarships, grants, and financial aid opportunities for MBA students is provided below. Each one has specific eligibility requirements and application instructions.
These grants are part of the Federal Student Aid program.
Amount awarded: The maximum amount awarded for the 2018-19 academic year is $6,095. This amount changes each year.
Eligibility requirements: A Pell Grant is awarded based on a student’s financial need, the costs associated with attending a specific school or program, and student status. A student’s status refers to whether he or she is attending school full time or part-time and the number of semesters the student plans to attend during the academic year.
Application process: Students interested in a Pell Grant should visit the Federal Student Aid website and fill out the Free Application for Federal Student Aid (FAFSA) form.
These grants are part of the Federal Student Aid program.
Amount awarded: Depending on financial need, students can receive up to $4,000 a year.
Eligibility requirements: These grants are awarded to applicants who display the most financial need.
Application process: The financial aid department in each participating school administers this program. Interested applicants must fill out the Free Application for Federal Student Aid form so that their colleges or universities can review their financial information.
The Association of Insurance Compliance Professionals (AICP) serves the insurance compliance industry and offers the Rick Guggolz Memorial Scholarship to support educational opportunities for individuals pursuing a career in the insurance field.
Amount awarded: $1,500.
Eligibility requirements: At a minimum, graduate applicants must be taking two courses at an accredited institution and have a 3.0 GPA.
Application process: An applicant must submit a completed application, a transcript of his or her recent grades, a letter of recommendation, a professional resume, and a narrative describing the student’s connection to or interest in the insurance field.
Daughters of the American Revolution (DAR) is a nonprofit service organization dedicated to preserving American history. Among the many scholarships DAR administers, the Mary Elizabeth Lockwood Beneventi scholarship is specifically for MBA students.
Amount awarded: $2,000.
Eligibility requirements: Applicants for this scholarship must be full-time graduate students in a business administration program at an accredited college or university with a minimum GPA of 3.25.
Application process: Students must submit an online application and applicant checklist, including proof of United States citizenship, a letter of recommendation, their most recent transcripts, a list of extracurricular activities, and a statement of career objectives.
The Government Finance Officers Association (GFOA) has several scholarships available that support its mission to provide future government finance officers with further education opportunities. Two MBA scholarships are the Government Finance Professional Development Scholarship and the Minorities in Government Finance Scholarship.
Amount awarded: Between $10,000 and $15,000.
Eligibility requirements: Applicants must be planning a career in state, provincial, or local government in the field of finance. Applicants must also be permanent residents or citizens in either Canada or the United States.
Application process: While the above-mentioned scholarships each have specific requirements, in general, applications are evaluated based on academic records, letters of recommendation, and the connection between coursework and career plans in government finance.
Military MBA provides an education network for noncommissioned officers and military officers looking to advance their careers by pursuing an MBA.
Amount awarded: $5,000 for each applicant, totaling $20,000 in awards for 2018 applications.
Eligibility requirements: This scholarship is available to prospective MBA students who have not yet actively enrolled in an MBA program. Applicants must be U.S. residents who have served in the military and hold a bachelor’s degree.
Application process: Applicants for this scholarship must fill out an online application form available on the Military MBA website and submit supporting documents by mail, which must include official grade transcripts and two letters of recommendation.
The National Black MBA Association (NBMBAA) provides collegiate and corporate scholarships that create educational opportunities and economic growth for black professionals.
Amount awarded: Ranging from $2,000 to $10,000.
Eligibility requirements: Applicants for corporate scholarships must meet the minimum GPA and area of concentration requirements.
Application process: Applicants can apply directly to the NBMBAA website.
The American Association of University Women (AAUW) provides grants to women who are pursuing further education to support a career change, advance their current careers, or re-enter the workforce.
Amount awarded: Between $2,000 and $12,000
Eligibility requirements: Applicants must be U.S. citizens, have earned a bachelor’s degree five years prior to the award year, and either be enrolled in or plan to enroll in an accredited university or college.
Application process: Applicants for this scholarship must prepare a written proposal. The proposal must meet specific criteria, such as the reason for seeking additional education, the potential for career success, and financial need. More information about the proposed criteria is available on the AAUW website.
While the skills and well-rounded business knowledge students gain through an MBA program are invaluable, the financial costs associated with this graduate degree can be a burden. Financial aid, scholarships, and grants are powerful resources to help MBA students achieve both their academic and career goals.
At Ohio University, we understand how important an MBA can be to advancing your career. We also know that your MBA should be affordable, engaging, and academically-rigorous. That’s why we have designed an online MBA that is comprehensive and challenging, yet flexible to fit your lifestyle. When you earn your MBA online from Ohio University you are making a conscious decision to improve your professional value and position yourself for current and future business opportunities.
Ohio University Blog, “Cognitive Computing is Changing Business- Are You Ready?”
Ohio University Blog, “Benefits of Tailoring Your Degree to Fit Your Career Needs and Goals”
Ohio University Blog, “How Leading Companies Are Embracing the Experience Economy”
American Association of University Women, Career Development Grants
Association of Insurance Compliance Professionals (AICP)
Daughters of the American Revolution, AICP Scholarship Program
Investopedia, “The Real Cost of an MBA”