Earning an MBA in New York isn’t cheap. Room and board alone can cost around $21,375 a year, and that’s on top of tuition. In fact, Columbia Business School recommends MBAs prepare for a total first-year budget of $104,712. With that number in mind, it’s no wonder that so many MBAs are concerned about financial assistance.
The good news is that financial aid can take many forms for MBAs. For many students, federal loans are available in addition to MBA scholarships and graduate teaching assistantships. It sounds great, but of course we know it’s not as easy as all that. So, what NYC MBA programs should you target if you want to maximize your chance of receiving financial assistance?
Out of the 13 programs listed on our website, we outlined the top 5 NYC MBA programs for funding assistance.
Stern School of Business at New York University
The Stern School is one of the top NYC MBA programs for funding. In fact, approximately 20 percent of Stern’s full-time MBA class received a merit-based scholarship. Even more impressive, most of Stern’s MBA scholarships cover either full or half tuition, meaning that if you receive an award, it will have a measurable impact. And, applicants are automatically considered for financial aid when they apply, with no extra work required as part of the application process. Some examples of available funding at Stern:
- Stern Scholarship: This one-year scholarship covers full tuition for the first year of study.
- Howard Gilman Foundation Scholarship: This scholarship is specifically for performing arts students who want to make the change to business.
Beyond scholarships, Stern also offers MBA students the opportunity to receive $21,600 in tuition remission by working as a Teaching Fellow (TF) or a Graduate Fellow (GF). MBAs are eligible after completing nine credits and keeping at least a 3.0 GPA.
Columbia Business School
Columbia Business School is another great example of an MBA program with many options for funding. However, unlike Stern, most of Columbia’s scholarships are need-based and range in amounts from $7,500 to $30,000. MBAs attending Columbia will need to submit a scholarship application and all related materials before being considered for aid.
In addition to need-based scholarships, Columbia also offers MBA Fellowships. These fellowships do not require a separate application and, in some cases, they can be renewed for a second year. Most of the fellowships cover full or partial tuition. A few of the best fellowships:
- Columbia Fellows: This partial-tuition scholarship is awarded to entering MBAs who have demonstrated the greatest potential to lead the world’s enterprises.
- C. Kopf Fellowships: Kopf Fellows are chosen based on their demonstrated interest in international business.
Rutgers Business School at Newark and New Brunswick
Not only does Rutgers offer both a full-time and part-time MBA program, but the school also offers scholarships for both. The only difference is that part-time MBAs must complete three semesters and have a strong GPA before being eligible. There are a myriad of scholarships available to MBAs at Rutgers, and many of the scholarships are specific to a particular program or focus. No additional application is required to be eligible. A few of the many scholarships available:
- Alfred J. Battaglia Memorial Fellowship: This fellowship is specifically available for MBAs enrolled in the Supply Chain Management Program.
- Ralph Bunche Fellowships: This outstanding award provides $15,000 plus tuition remission for full-time under-represented minority MBA students.
- Serkes Family Endowed Fellowship: This fellowship provides financial assistance to both full-time and part-time MBAs based on need.
Gabelli School of Business at Fordham University
The Gabelli School offers a full range of financial aid options for MBAs. Students are eligible for financial aid, scholarships, graduate business loans and graduate assistantships. When it comes to scholarships, there are three available, and each requires its own unique application. The scholarships are as follow:
- Hitachi Minority Scholarship: Available for full-time minority MBA students based on merit and need.
- Emily L. and Robert E. Smith Scholarship: Available for female graduate students pursuing either full-time or part-time study.
- Linda Perrin Taber Pollack and Roy Howard Pollack Scholarship: Granted to MBA students in their second year of study who demonstrate academic merit and financial need.
MBAs who don’t receive a scholarship or financial aid from Gabelli are still eligible to receive up to $21,060 in tuition payment by being hired as a graduate assistant. Graduate assistants must be registered for nine or more credits and be willing to work either 10 hours or 20 hours per week each term.
Zarb School of Business at Hofstra University
MBAs who attend the Zarb School of Business will find a wide variety of scholarships and fellowships available to help cover tuition and expenses. Many full-tuition scholarships are available for merit-based applicants regardless of financial need. MBAs interested in financial aid and scholarships will need to submit a separate application. But the odds are in your favor if you put in the extra effort to apply, since 85 percent of Hofstra students qualify for some kind of financial aid. A few of their standout scholarships include
- Kenneth Brodlieb MBA Endowed Scholarship: This award is available to full-time MBA students who have achieved academic excellence.
- Sinclair Charitable Trust Endowed Scholarship: This scholarship is awarded to financially disadvantaged MBA students.