1. Start with “free” money
You can use your savings to help pay for business school. Talk to a financial advisor if you have questions about how much of your savings you want to use for school.
Business school-based scholarships and grants
Some business schools may have scholarships, grants, or assistantships that their students can apply to. Grants are often need-based while scholarships can be need- or merit-based. Assistantships are typically merit-based. Students may be able to get tuition remission and/or a stipend for 10 – 15 hours of work on-campus. Look at the websites of the schools you’re applying to and talk to their financial aid offices to find out more.
Some business associations offer scholarships, fellowships, and grants for MBA students. You can reach out directly to the organizations for more information or ask school department heads for recommendations on which scholarships, awards, or grants may be right for you. Here are a few of the organizations with scholarship programs:
- Forté Foundation for Women: Full-time, part-time, or executive female business students can apply for fellowships through this program. Students must be enrolled in one of 50+ partner schools to qualify.footnote 2
- National Black MBA Association: Through this association, graduate students can compete in the National Black MBA Case Competition for the opportunity to win a $50,000 prize and gain access to job opportunities in the business field.footnote 3
- Prospanica: Graduate business students of Hispanic or Latino heritage are eligible for a select number of scholarships ranging from $2,000 to $5,000 awards from this organization.footnote 4
You can also search thousands of scholarships by visiting our free Scholarship Search tool.
If you’re already in the workforce, you may be eligible for a company-sponsored MBA. Part-time tuition reimbursement or remission programs tend to be the most common, but select companies offer full-time options.
In these programs, companies will pay for some or all your MBA program’s costs. In exchange, you must return to the company and complete 2 – 3 years of work once you’ve graduated. To qualify for these types of programs, you usually need to have worked at the company for 2 – 4 years and have proven yourself to be a high-performing worker.
If your employer doesn’t currently offer tuition sponsorship or remission, you can try talking to management and the HR team to see if they would consider it. Many businesses see the value of an MBA and may be willing to contribute to school costs.