MBA Scholarships For International Students In US

It’s obvious to see why so many MBA students value scholarships so highly. First and foremost, notwithstanding a few exceptions, top-tier graduate business education in the United States has become prohibitively expensive. Second, the growing role of debt in financing higher education—including MBA programs—has ramifications that many people are concerned about.

The Stern School of Business, New York University, was the first full-time MBA program to cross the $200,000 total cost benchmark in 2014. Students had previously never expected that a master’s degree in business administration would cost more than $200,000. These exorbitant cost estimates are now standard at the best private colleges and some public institutions. 

However, the following list of scholarships and financial aids available will help you cover the cost of an MBA. 

 

MBA Scholarships are available in a variety of forms.

The following are the various types of MBA scholarships available to Indian, international, and other business school students:

• Scholarships awarded on the basis of merit
• Scholarships based on financial need
• Scholarships based on gender and diversity
• Scholarships from external sources

MBA Scholarships awarded based on merit

Merit-based scholarships are awarded to students who have excelled academically, as measured by their college GPA, standardized test results, or professional achievements. MBA scholarships are also available for candidates who have exhibited community engagement and service. The following are a few examples of merit-based scholarships granted by prominent business schools:

• Kellogg Scholarship (Kellogg School of Management) 
• Dr. Tahir Fellowship (UC Berkeley Haas School of Business) 
• Kelley Merit Fellowships (Kelley School of Business)
• Booth Merit Scholarships (Chicago Booth School of Business) 
• The Forward Focus MBA Scholarship (Arizona’s W.P. Carey School of Business)

MBA Scholarships/Fellowships based on Financial Need

Need-based scholarships and fellowships are available to students who have been accepted by the top-ranked and prestigious business schools, such as Harvard and Stanford. Need is determined at Harvard Business School based on the candidate’s salary over the previous three years and any additional assets.

Need is defined as follows at Stanford Graduate School of Business:

Cost of attendance of MBA program – Assets and income – Support from friends and family – External scholarships = Financial Aid Need.

The Stanford Graduate School of Business offers full-tuition fellowships to students with the following backgrounds:

• Stanford Reliance Dhirubhai Fellowship (Application is required to be eligible.)
• Charles P. Bonini Partnership for Diversity Fellowship (Application is required to be eligible.)

Scholarships based on gender and diversity

MBA scholarships that are based on diversity and gender aim to encourage diversity among MBA students. These scholarships assist in boosting the representation of traditionally underrepresented communities in MBA programs and advance their interests.

The following are some MBA scholarships awarded based on diversity:

• Women’s Forté MBA Fellowships  (An MBA application to a participating school is required to be eligible.)
• LGBTQ MBA Fellowship (Reaching Out) (Demonstrate LGBT+ leadership roles to be eligible)
• Consortium for Graduate Study in Management (Application is required to be eligible.)
• Joel Dean Scholarship (University of Virginia – Darden School of Business)
• The Wallman Fellowship (University of Chicago’s Booth School of Business)

External MBA Scholarships

MBA scholarships are available from several organizations that regularly hire MBA graduates. Scholarships provide access to unique programs, networking, and recruiting opportunities in addition to financial incentives.

External MBA scholarships include the following:

• Khosla Booth Fellowship in Private Equity (Application is required and decision will be based on application essays.)
• MBA Fellowship at Orbis Investment Management (Application is required and decision will be based on application essays.)

 

A management degree has been seen as a significant value add for career advancement in recent years. However, some students may not be able to meet the financial requirements for this degree program. Thus, many colleges and organizations now provide numerous scholarships to encourage qualified, competent, and financially disadvantaged individuals to pursue master’s degrees in business administration. So, carefully evaluate which scholarships you want to apply for. And if you need any help, we are there for you!

If you plan to pursue your MBA from abroad, MentorMpact provides the best guidance you can ever get! MentorMpact works with the students and for the students. We value your trust in us, and we creatively partner with you to accomplish your dream school admission. Our approach resonates with proper mentorship. And we ensure the best for our clients. For more information, visit MentorMpact.