Why MBA Scholarships Are Important

MBA scholarships are a necessity for business students. One year's worth of MBA tuition is often equal to one year's salary. Scholarships can offset the cost and make it easier to avoid student loans.

Types of MBA Scholarships

Scholarships go by many different names. They may be called fellowships, awards, grants, or just plain old scholarships.  Scholarships can also be classified based on who is awarding them or who is receiving them.

Common examples include:

• Professional Scholarships: These scholarships are often awarded by professional groups or trade associations. For example, the National Black MBA Association provides financial support to business students through an annual scholarship program.  
• Essay Scholarships: Though more commonly available to undergraduates, essay scholarships are sometimes open to graduate-level students. These scholarships are typically awarded by small businesses or education-related organizations.
• Need-Based Aid: Financial aid is available to needy students in the form of grants or scholarships. This type of aid is often awarded directly by the school to students who have faced financial difficulties and can prove serious financial hardship.
• Merit-Based Awards: These scholarships are given to students with above-average achievements. They may be awarded by schools who are trying to attract top MBA candidates, as is the case with Tippie's merit-based award packages, or by other organizations, like Education-Portal, who simply want to recognize achievements and encourage the pursuit of higher education.

• Diversity Fellowships: In an effort to create a more diverse student body, many business schools offer diversity fellowships to students with backgrounds that are commonly less represented. For example, MIT Sloan School of Management has a diversity fellowship program for students with unique work experiences, educational experiences, or national backgrounds.
• Other Fellowships: There are a lot of different types of fellowship programs out there. Many of them are merit-based and available to incoming or second-year business students with outstanding academic credentials, accomplishments, or experience. However, some fellowships are designed for specific groups, such as the Forte Fellowship (for women) and the Gustavo A. Pierini Fellowship (for graduate students from Argentina and Brazil).
• Loan Forgiveness Programs: Although technically not considered a scholarship, loan forgiveness programs can reduce the financial impact of MBA debt. Some business schools, such as the Stanford Graduate School of Business, do not let a small thing like finances keep students from their school. They provide loan forgiveness programs for needy MBA graduates or students entering public service or non-profit sectors after graduation.

Searching for MBA Scholarships

The hardest part about the scholarship application process is finding scholarships to apply for. Most of them are not well-publicized, which means you are going to have to do some digging to unearth all of the opportunities that are available to you.

Start by using your favorite search engine to look for scholarships. Include the following (one at a time) in your search terms to find the opportunities that apply to you:

• Gender
• Ethnicity
• Citizenship status (U.S. citizen, international student, etc.)
• Field of study (accounting, finance, etc.)
• Career path (accountant, hotel manager, etc.)
• Accomplishments (leadership, community involvement, etc.)
• Undergraduate alma mater
• Target graduate school

You can also use scholarship search sites, such as Scholarships.com or Fastweb, to look for general scholarships or awards in your area of study.

Next, visit the websites of your target schools. Many business schools list scholarships and fellowships that are available to current and incoming students. You may also want to consider talking to current students and alumni about MBA scholarship opportunities inside and outside of the school. The school's financial aid office can also be a valuable resource when you are looking for school-specific scholarships.

Applying for MBA Scholarships

Application requirements vary by scholarship program. Make sure that you understand the rules and eligibility requirements before applying each individual scholarship. You don't want to waste time applying for awards you aren't eligible for.

As with any scholarship program, you will be competing with other applicants. Use the tips below to give yourself an edge when applying for MBA scholarships:

• Apply to business school early. Some schools award scholarships and fellowships on a first-come, first-served basis.
• An MBA application sometimes doubles as a scholarship or fellowship application. Make sure your application essay puts your best foot forward.
• Proof of financial need is sometimes required for need-based scholarships. Be prepared to provide documentation and explain why you are deserving of the funds.
• Follow application instructions. Many people miss out on MBA scholarships because they did not adhere to the rules.
• Give yourself plenty of time to meet scholarship deadlines. Many programs require essays, recommendation letters, and other materials. Do not underestimate how long it takes to come up with these things.