Financial aid packages for MBA programs can vary depending on a school’s location, endowment and even prestige. In general, competitive MBA programs may use generous financial aid packages to help recruit top candidates. While most schools offer the option of federal direct Stafford loans or federal direct Graduate PLUS loans to MBA students seeking aid, other universities may use merit-based awards to bring in exceptional applicants. This is how the financial aid process plays out in certain regional MBA programs, and the generosity of some universities may surprise you.
NORTHEAST
New York City
Full-time MBA students at Columbia Business School may be considered for merit-based fellowships at the time of application. Corporate-sponsored fellowships are also available.
Full-time MBA students at New York University’s Stern School of Business are also eligible for merit-based scholarships, including the Dean’s Scholarship, the Faculty Scholarship, the Kenshin Oshima Scholarship, the Military Veterans Scholarship, the Stern Scholarship and the Story Mining & Supply Scholarship. In addition, the school offers the Consortium Fellowship to applicants from underrepresented groups, while the Forté Fellowship is awarded to exceptional female candidates, and the Toigo Fellowship is given to underrepresented students pursuing finance careers. Furthermore, full-time students are eligible for additional fellowships, including the Harvey Beker Scholarship, the National Science Foundation and NYU ASPIRE Scholarship and the Stern Military Service Scholarship. Lastly, full-time students who have successfully completed at least nine credits of coursework may apply for teaching fellow or graduate assistant positions, which offer aid in the form of tuition remission.
Boston
MIT Sloan
Full-time MBA students at the MIT Sloan School of Management may apply for many scholarships and fellowships based on need or merit. Some of these offerings include the Class of 2004 Diversity Fellowship (for students from underrepresented backgrounds), the Forté Fellowship (for outstanding female candidates), the MIT-China Scholarship Council Fellowship (for citizens of the People’s Republic of China) and the MIT Public Service Center and Social Impact Fellowships (for students who are working to address societal problems). In addition, second-year MBA students may qualify for merit-based awards such as the Seley Scholarship, the Henry B. DuPont III Scholarship, the Petersen Award, the Siebel Foundation Award and the McGowan Fellowship. Lastly, teaching and research assistantships may help students pay for tuition.
Meanwhile, full-time MBA students at Northeastern University’s D’Amore-McKim School of Business are automatically considered for scholarships when they apply, awards that can cover between 25 and 100 percent of tuition. Part-time and executive MBA applicants are also eligible to receive awards for partial- or full-tuition reimbursement.
Philadelphia
Full-time MBA students at Drexel University’s LeBow College of Business are eligible for merit scholarships ranging from $1,000 to the full cost of tuition. Dean’s Scholar awards are available for students from the continental United States. Admitted students who provide their Intent to Enroll form by November 1st receive a $5,000 Alumni Award, and those who provide the form by January 1st receive a $3,000 award. Lastly, students may qualify for a graduate teaching, research or administrative assistantship, which can provide further financial assistance.
Meanwhile, at Temple University’s Fox School of Business, executive MBA students are automatically considered for merit scholarships at the time of application. In addition, students from the same company may receive a two- to four-percent tuition break through the Corporate Partner Scholarship Program. Full-time and part-time MBA students are also automatically considered for merit scholarships, and undergraduate alumni of Temple University automatically receive a five-percent tuition discount on the MBA.
SOUTH
Atlanta
Is your sibling enrolled at Clark Atlanta University? This could mean a discount on your MBA tuition. For the Clark Atlanta University School of Business’s full-time and executive MBAs, students are eligible for Sibling Discounts, which result in a 33.3-percent reduction on tuition for siblings who are currently enrolled.
At Emory University’s Goizueta Business School, full-time MBA students are eligible for a variety of aid, including federal Stafford loans, Graduate PLUS loans, private loans and international student loans. Beyond these, research and assistantships, merit-based scholarships and fellowships from the Goizueta Business Fund for Excellence are also available. Evening MBA students may receive federal loans and merit-based scholarships. Lastly, applicants to the executive MBA program are automatically considered for scholarships, which are given to a few exceptionally strong candidates.
TEXAS
Dallas
UT Austin McCombs
Full-time MBA students at the University of Texas at Austin’s McCombs School of Business may receive a merit-based recruiting scholarship ranging from $2,000 to the full cost of tuition. Additional scholarships and fellowships are also available, including the Continuing Student scholarship for students in their first year who may qualify for need- or merit-based aid.
At the University of Texas at Dallas’s Naveen Jindal School of Management, approximately 75 percent of students receive financial aid, and awards average $8,000. The school offers several scholarships for MBA students, and third-party scholarships, grants and veterans’ awards, as well as federal financial aid, are also accepted.
Houston
Full-time MBA students at Rice University’s Jones Graduate School of Business
are eligible to receive a limited number of merit scholarships. In fact, all admitted full-time MBA students at the school are automatically considered for these scholarships, which can cover 10 to 100 percent of tuition.
The University of Houston’s C.T. Bauer College Of Business also offers its full-time and professional MBA students more than 100 merit-based scholarships (such as the MBA Bauer Excellence Scholarship). Student recipients of these awards can receive up to $10,000 per year. In addition, need-based grants are available for qualified students.
CALIFORNIA
Los Angeles
At Claremont Graduate University’s Peter F. Drucker and Masatoshi Ito Graduate School of Management, full-time MBA students may receive merit fellowships based on GMAT scores, GPA, professional background and leadership experience. Executive MBA students, for their part, may qualify for Drucker EMP fellowships, which provide students with financial assistance. These fellows also represent the executive MBA class at public engagements and recruiting events. Lastly, part-time MBA students may receive fellowships and merit-based scholarships, and the school has partnerships to support the Yellow Ribbon Program and former City Year corps members.
At UCLA’s Anderson School of Management, meanwhile, full-time MBA students may receive merit scholarships, and fellowships are available based on career development, community involvement and financial need. In addition, students who are admitted through the Consortium process, a TK, may be considered for fellowships that cover full tuition and fees. Lastly, foreign graduate students, in particular Japanese students, are eligible for fellowships from the George and Kimiko Nozawa Endowment in U.S. Japan Studies.
San Diego
At the University of San Diego School of Business Administration, full-time MBA students can receive merit scholarships based on accomplishments such as outstanding GMAT scores or exceptional professional experience. These $5,000 minimum scholarships are awarded at the time of admission. Furthermore, students may receive graduate assistantships for $1,200 in tuition assistance.
At the UC San Diego Rady School of Management, fellowships may be available for full-time MBA students who have life science backgrounds, as well as those who have had to overcome significant barriers to pursue higher education. Furthermore, applicants with a military background may have their application fee waived and may also use their GI Bill benefits for the degree.
San Francisco
Stanford Graduate School of Business
The Stanford University Graduate School of Business offers full-time MBA fellowships for students who demonstrate financial need. Additional fellowships include the Charles P. Bonini Partnership for Diversity Fellowship Program, which entitles recipients a nine- to 12-month internship prior to enrolling in the MBA program, in exchange for a full-tuition grant for two years of study.
Next, the Stanford Africa MBA Fellowship Program covers tuition and fees for citizens of African countries who demonstrate financial need. The Reliance Dhirubhai Fellowship Program, meanwhile, provides financial support for the two-year MBA program to Indian students who agree to return to India for at least two years to serve an Indian organization. In addition, the TOMODACHI-Uniqlo Fellowship provides support—up to the full cost of tuition—for at least three Japanese students. The Orbis Investment Management Fellowship offers a $10,000 cash award to cover tuition or educational expenses for an incoming MBA student who demonstrates knowledge of and passion for investing. Lastly, McKinsey & Company offers a scholarship opportunity for pre-MBA students that includes cash awards, consultant mentorship, networking opportunities and a celebratory event in Chicago.
At Golden Gate University’s Edward S. Ageno School of Business, the Economic Assistance Grant is a one-time donation of $1,500. Both endowed and gift scholarships are also awarded to students who meet the academic merit or other criteria established by the donors. For example, students who demonstrate a commitment to community service and social justice can qualify to receive graduate student grants and scholarships.
DC METRO AREA
Baltimore
At Johns Hopkins University’s Carey Business School, full-time, flexible and executive MBA students may receive scholarships based on academic merit and leadership abilities by completing the Carey Business School Foundation Scholarship Application and submitting an essay.
The nearby University of Maryland’s Robert H. Smith School of Business offers full-time MBA students financial assistance via research and teaching assistantships. Graduate assistantships offer students a partial tuition waiver and stipend.
Washington, DC
At the George Washington University’s School of Business, all full-time MBA applicants are automatically considered for merit-based scholarships, which are awarded in amounts from $15,000 up to the full cost of tuition. The school also partners with the American Association of University Women (AAUW) and awards educational grants to exceptional AAUW members.
The Howard University School of Business offers full-time and part-time MBA students the Howard University Trustee Tuition Scholarship, which is a merit-based award for students with high academic achievement.
MIDWEST
Chicago
NWU Kellogg
At Northwestern University’s Kellogg School of Management full-time MBA students may qualify for many scholarships. For instance, the F.C. Austin Scholarships are awarded to 20 students who pursue careers in management, and these cover half of the tuition for each year. In addition, the Peter L. Frechette Scholarship covers full tuition for one student. The David F. and Margaret T. Grohne Family Foundation Fellowship also covers full tuition, with preference given to students with a non-business undergraduate major. Also, the Donald P. Jacobs International Scholarships provide international students $15,000 on a merit basis, whereas the Kellogg Forté scholarship offers exceptional women $20,000 per academic year. Finally, Diversity Scholarships are available from Goldman Sachs, Morgan Stanley and Merrill Lynch.
At the University of Illinois at Chicago Liautaud Graduate School of Business, part-time MBA students may apply for graduate assistantships for a partial tuition waiver and stipend. Partial tuition and fee waivers are also available based on academic merit. A science and technology fellowship may also be available for students with a demonstrated interest in tech commercialization.