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Find Your MBA Program

Useful MBA Scholarship & Financing Resources

February 2, 2016 4:43 am

In This Section

  1. MBA Scholarships
  2. Calculator Tools
  3. Private Lenders
  4. Grants/Alternative Options
  5. Additional Resources

Deciding to obtain an MBA is a major obligation. You’re going to spend a great deal of time and effort in and out of the classroom over the next two years in pursuit of your degree. The financial obligation is just as important. In fact, the average cost of an MBA is now estimated to be between $100 and $200,000.

To help you out, here are 50 of the best resources for helping you plan how to afford and finance the cost of your MBA:

MBA Scholarships

  • Stephen Bufton Memorial Educational Fund: The country’s oldest and most respected business school fund for women, SBMEF provides assistance to hundreds of female MBA students each year.
  • National Black MBA Association: This non-profit organization offers MBA scholarships ranging from $1,000 to $10,000 each year for members of the National Black MBA Association who demonstrate academic excellence.
  • National Society of Hispanic MBAs: Developed to foster Hispanic American leaders, the NSHMBA offers scholarships between $2,500 and $10,000 to qualified Hispanic US citizens and permanent residents each year.
  • National Association of Black Accountants: Every year, between 40 and 70 scholarships are awarded each year to black students pursuing accounting-related MBAs.
  • Government Finance Officers Association: Available for any US or Canadian minority citizen, GFOA provides $5,000 to qualifying students preparing for a career in government finance.
  • National Association of Women MBAs: Any women who held a 3.0 or better GPA in their undergraduate work and register as an NAWMBA member are eligible for a $2,250 scholarship.
  • Alpha Kappa Alpha Education Advancement Foundation: The only requirement for these MBA scholarships is that students have a strong history of serving their community.
  • Healthcare Information and Management Systems: Any member of the HIMSS can be considered for a $5,000 scholarship, as long as they’re pursuing a career in healthcare information system.
  • American Institute of CPAs: AICPA offers several different scholarships for prospective MBA students that hold a CPA or plan to pursue a career in the field of accounting.
  • Military MBA: Provided for those who have served in the US Military, Military MBA offers prospective candidates up to $20,000 in scholarships at qualified universities.
  • LAGRANT Foundation: Any minority student working towards an MBA in marketing, advertising, public relations, or another related field is eligible for up to $5,000.
  • Jack Kent Cooke Foundation: JKCF offers financial relief to any recent college graduate who wants to continue their education by pursuing an MBA or another graduate degree.
  • Point Foundation: Every year, the Point Foundation provides outstanding graduate and undergraduate LGBTQ students the ability to make a difference by offering a generous scholarship.
  • Association of Management Consulting Firms: Any student that shows a true commitment to management consulting is eligible for a scholarship of $2,500 or $5,000.
  • Harry S. Truman Scholarship Foundation: Each year, this foundation provides students a maximum of $30,000 towards graduate studies focused on the public service sector.
  • Tillman Military Foundation: TMF offers scholarships to all active and veteran service members, regardless of their branch.
  • International MBA: If you’re considering getting your MBA abroad, International MBA offers tuition assistance based on merit and academic performance.
  • 25 Best Scholarships for MBA Students: Begin your research by investigating the following scholarship opportunities, which include awards set aside for ethnically diverse students, women, veterans, and both full-time and part-time students

Useful Tools

  • CommonBond: This student loan calculator lets you figure out exactly how much you need to borrow and estimates your payment schedule.
  • Mapping Your Future: A different kind of financial calculator, this lets you figure out how much you can afford to borrow given your expected future earnings.
  • VolunteerMatch.org: The majority of MBA scholarships require some level of community involvement. VolunteerMatch.org gives you opportunities for involvement based on your skills and interests.
  • The Writing Faculty: Many MBA scholarships require a well-written essay. TWF offers essay coaches specifically for prospective graduate school students.
  • Mint.com: Mint is a great way to organize and track your personal finances, including any student loans. This tool allows you to figure out exactly what kind of loan you can fit into your life.
  • Salary.com: They offer a useful cost-of-living wizard that lets you figure out the cost of living in a variety of different US markets.
  • BankRate: Their student loan calculator lets you figure out how to pay your loans off quickly, avoiding paying tons of interest for your MBA.
  • International Student: To help you write a killer scholarship essay, International Student provides samples and guidelines of scholarship essays that get results.

Private Student Loan Lenders

  • State-Specific Lenders: There are private lenders specific to each state, and they usually provide better loans than national lenders.
  • SoFi: SoFi provides competitive student loan rates and additional perks like negotiating training, interview coaches, and resume review services.
  • Discover Student Loans: Discover offers variable and fixed interest rates, along with discounts for good grades and enrolling in automatic payments.
  • Sallie Mae Bank: As one of the largest student lenders in the United States, Sallie Mae offers a variety of options for prospective MBA students.
  • Citizens Bank: The TruFit Student Loan offers incredibly low variable rates, up to 8 years of deferment and no application or origination fees.
  • Wells Fargo: Wells Fargo Graduate loans offer competitive rates with plenty of discounts and the ability to finance additional expenses such as laptops, books, and housing.
  • SunTrust: SunTrust offers loans specifically tailored towards graduate business students, with extremely competitive rates.

Grants and Alternative Options

  • Free Application for Federal Student Aid: The US government provides financial relief for prospective undergraduate and graduate students, including MBA programs.
  • Grants.Gov: Fill out one simple form here and your application will be submitted to hundreds of applicable grant opportunities.
  • Financial Aid Finder: FAF is a terrific resource whether you’re looking to apply for scholarships, grants, or loans to fund your MBA education.
  • Business Insider: If you’re currently working, many employers will assist you in your endeavor to further your education. This article discusses 15 companies that do just that.
  • Federal Student Aid: PLUS loans are federal loans provided to qualified graduate and professional students.

Additional Resources

  • Unigo: A leading resource for prospective undergraduate and graduate students, Unigo provides a comprehensive list of MBA scholarships for a wide variety of students and programs.
  • Fastweb: This handy search tool allows you to enter in your strengths, skills, and the program you are applying for to find scholarships and financial aid you qualify for.
  • Peterson’s: This is another useful search-based tool that allows you to search for academic scholarships based on your profile and interests.
  • FinAid: Known as the SmartStudent Guide to Financial Aid, you’ll be able to search for scholarships and figure out exactly how to qualify for them.
  • Bloomberg Business: Every school offers its own specific scholarships for MBA students, and this article discussed 20 of the best MBA programs for students seeking financial aid.
  • Credible: This website allows you to quickly search and compare student loan rates or refinancing options.
  • SimpleTuition: A quick form allows you to compare private student loans and see if you qualify for any scholarships or aid.
  • Student Scholarship Search: The experts here put together a free eBook on how to make the most out of financial scholarships.
  • College Scholarships: CollegeScholarships.org maintains a blog on financial aid, which covers advice ranging from finding the right loan to qualifying for the most exclusive scholarships.
  • Top MBA: One of the leading resources for prospective, current, and alumni MBA students, Top MBA offers plenty of information about financing your education.
  • MBA.com: The official website of MBA preparation, MBA.com also offers plenty of information on how to pay for your degree.
  • Nelnet.com: They allow you to fill out a single application to send to multiple private lenders, giving you a chance to quickly and easily compare rates and terms.
  • MBA Salary: By the end of five years after earning your MBA, you can expect to make a full 80 percent more than you made before earning your MBA
  • Value of a MBA: Is it Worth It?: While the cost of an MBA can create a lot of apprehension for prospective students, the overwhelming evidence from 2015’s graduates suggests that it’s not only possible to find a better job, but that the financial opportunities are much richer..

Take the First Step

In an increasingly global, competitive marketplace, having MBA-level management and leadership skills are absolutely critical to your career progression. With a top level, online MBA degree, you will become a business leader who can run a leaner, more efficient business, create a better business dynamic in your company, and also discover new, better paying business opportunities to expand your career.

Use our website to learn about all of the online MBA options available to you today.