MBA Scholarships in the USA for International Students

Pursuing a Master of Business Administration (MBA) can significantly accelerate your career trajectory and boost your earning potential. However, the cost of an MBA program can be a significant financial burden. Fortunately, numerous MBA scholarships in the USA are available to international students, offering a valuable means to finance their education.

Understanding the Landscape of MBA Financing

Financing an MBA can often be challenging, but international students have several financial aid options to help cover program costs. These options often benefit students with financial need or exceptional academic merit. Some resources may also be available to minority applicants. Graduate students can take advantage of several financial aid options to help cover program costs. Looking for an affordable MBA?

MBA students can apply for financial aid like scholarships, grants, loans, and employer assistance.

Grants: Like scholarships, grants do not need to be repaid.
Federal Loans: MBA students can apply for federal loans with flexible repayment options and fixed interest rates.
Private Loans: Unlike federal loans, private loans come from third-party lenders. They often lack the flexibility of federal loans.
Work Study: Certain business schools allow learners to work on campus in return for payment.
Employer Assistance: Some companies may fully or partially fund an employee's MBA program.

The Role of Scholarships

Scholarships are financial awards that do not have to be repaid. They can help MBA students take on less debt. Award amounts vary widely. Larger scholarships may offer over $10,000, while smaller awards may offer only $1,000. Every scholarship application sets different requirements. Because scholarships are free, competition can be tough. Students should not ignore smaller scholarships. Because they tend to draw fewer applicants, smaller awards may offer better chances of acceptance.

Strategies for Finding and Securing Scholarships

Smaller scholarships: Consider scholarships that offer smaller amounts.
Local scholarships: Contact local organizations in your city to find lesser-known scholarships.
Keep track of deadlines: Each scholarship may set a different deadline. Many scholarships accept applications before you start your MBA program, while others require applicants to be current students.
Collect and review required materials: Scholarships may ask for college transcripts, letters of recommendation, and resumes.
Ask for letters of recommendation: You can boost your scholarship application with strong recommendation letters.
Add work experience to your application: Work and volunteer experience can strengthen your scholarship application.

Types of MBA Scholarships

Scholarships are of several types. Some awards only welcome applicants from certain backgrounds or those with exceptional academic merit. Others favor applicants from a specific field of study. Many scholarships fall under more than one category. Scholarships are either need-based or merit-based.

Scholarships for Underrepresented Groups

These scholarships aim to promote diversity in business education by supporting students from traditionally underrepresented backgrounds.

Hispanic Scholarship Fund: This scholarship supports Hispanic students pursuing graduate degrees.
Minorities in Government Finance Scholarship: This scholarship is for U.S. and Canadian minority students preparing for careers in state and local government finance.
Prospanica Scholarship: Prospanica Foundation’s Scholarships are designed for undergraduate and graduate students who want to achieve their full educational potential and make meaningful contributions to society. They look for entrepreneurial thinkers who know that true accomplishment is much more than individual success, it uplifts the entire Hispanic community.
The Congressional Hispanic Caucus Institute: This premier scholarship opportunity is afforded to Latino students who have a history of performing public service-oriented activities in their communities and who plan to continue contributing in the future.
Consortium Fellowship: The Consortium for Graduate Study in Management seeks to enhance the representation of African Americans, Hispanic Americans and Native Americans in business education and management. citizens and permanent residents from these underrepresented groups, as well as other people who can demonstrate a commitment to the Consortium's mission, are eligible. Applicants must apply to NYU Stern through the Consortium application to be considered for this full tuition fellowship.

Scholarships for Women

These scholarships encourage women to pursue leadership roles in business by providing financial assistance for their MBA studies.

American Association of University Women: AAUW awards fellowships to underrepresented minority women who intend to pursue a full-time course of study in an MBA program. Award amounts range from $5,000 to $12,000.
Advancing Women in Business Scholarship: The NYU Stern Advancing Women in Business Scholarship is a merit-based scholarship that is awarded to students entering the Two Year Full-time MBA program that demonstrate a deep and abiding commitment to advancing women in business. This scholarship covers full tuition and mandatory fees for the two years of the Full-time MBA program. The award is partially funded by alumnae and members of the Stern Executive Board.
Forté Fellowship: The Forté Foundation is a consortium of major corporations, top business schools and influential nonprofit organizations dedicated to educating and advancing women in business. Stern designates Forté Fellows at the time of admission to exceptional candidates who have already been selected to receive a merit based scholarship and are committed to promoting gender equity in business.
Elizabeth Elting Advancing Women's Leadership Fellowship: The Elizabeth Elting Advancing Women's Leadership Fellowship was established in 2019 by Stern alumna, philanthropist, and entrepreneur Elizabeth Elting (MBA '92). Ms. Elting is the Founder and CEO of the Elizabeth Elting Foundation, a charitable endeavor dedicated to breaking down the barriers that hold back women and marginalized people. She also serves as a member of the Stern Executive Board. Each year, the Elizabeth Elting Advancing Women's Leadership Fellowship is awarded to two two-year Full-time MBA students and two one-year Andre Koo Tech MBA students. The Fellowship covers $50,000 per academic year for the two-year Full-time MBA and $50,000 for the one-year Andre Koo Tech MBA. Recipients of this award display extraordinary academic merit, an impressive record of leadership experience, an entrepreneurial spirit, and a dedication to advancing women in business. Stern designates Elizabeth Elting Fellows at the time of admission to exceptional candidates.

Scholarships for Veterans

These scholarships recognize the sacrifices of military veterans and help them transition to business careers.

Post-9/11 GI Bill: The new Post 9/11 GI Bill provides education benefits for service members who have served on active duty for 90 or more days since Sept. 10, 2001. These benefits are tiered based on the number of days served on active duty, creating a benefit package that gives current and previously activated National Guard and Reserve members the same benefits as active duty service members.
Montgomery G.I. Bill: The Montgomery G.I. Bill is intended for veterans who entered the service after July 1, 1985, served two years of continuous active duty, accepted a $100-a-month reduction in their military pay for the first twelve months of service, and received an honorable discharge.
Fertitta Veterans MBA Program and Scholarship: NYU Stern offers the Fertitta Veterans MBA Program and the Fertitta Veterans MBA Scholarship, a merit-based scholarship that reduces tuition to a flat-rate of $30,000 per academic year. The Fertitta Program now also includes an expanded Yellow Ribbon Program and the Fertitta Veterans Living Stipend.

Scholarships for LGBT Students

These scholarships support LGBT students in their pursuit of business education and leadership roles.

Point Foundation: Point Foundation provides financial support, mentoring, leadership training and hope to meritorious students who are marginalized due to sexual orientation, gender identity or gender expression.
ROMBA Fellowship: Reaching Out MBA (ROMBA) is an organization that educates, inspires and connects LGBTQ+ MBA students at business schools in the United States. Stern designates ROMBA Fellows to exceptional candidates who have already been selected to receive a merit-based scholarship and who have a demonstrated interest or commitment to opportunities for LGTBQ+ leaders in business.

School-Specific Scholarships

Many business schools offer their own scholarships to attract talented international students.

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Columbia Business School Scholarships: Columbia Business School offers partial-tuition scholarships to many qualified candidates, both domestic and international. Scholarships are mostly need-based, however, certain named scholarships have a merit component or have specific criteria designated by the donor. To assess a student's eligibility for need-based aid, the School takes into consideration all possible resources (including cash, savings, investments, money market, IRA and retirement accounts, CDs, trust funds, real estate equity, GI and Social Security benefits, income of student and spouse, other familial resources, income tax refunds, sponsorships from companies, as well as prior educational debt levels). We encourage all MBA applicants to look for scholarship resources outside of the school as well.
NYU Stern School of Business Scholarships: NYU Stern offers a variety of scholarships, including:
- Stern MBA scholarships: The majority of Stern MBA scholarships are full or half tuition awards. All applicants (domestic and international) are considered. No additional materials are required. Scholarship decisions are made at the time of admission and are final.
- Named Faculty Scholarship: The Named Faculty Scholarship is designed to pair some of our most meritorious students with some of Stern’s most distinguished and prestigious faculty. This scholarship which covers full tuition and fees matches admitted students based on their background and interests with a designated faculty member in that field. Named faculty scholars have the opportunity to develop close ties to their designated faculty members.
- Leadership Accelerator Scholarship: This merit-based scholarship is awarded to applicants at the time of admission only who have demonstrated high leadership potential throughout their application. The Leadership Accelerator’s philosophy is that leadership development requires students to repeatedly put themselves outside their comfort zone, to take risks and fail, and to learn from these experiences through skillful reflection.
- William R. Berkley Scholarship: The William R. Berkley Scholarship Program supports exceptional college seniors who wish to pursue their MBA full-time at NYU Stern. This scholarship is available for candidates who are admitted to the NYU x NYU / Stern program. Admitted students automatically receive a $10,000 Early Advancement Award to be applied to their Full-time MBA tuition upon enrolling at NYU Stern and are eligible for consideration of further NYU Stern scholarships, including a specially designated one-year Berkley Early Advancement Fellowship covering full tuition and fees in the year in which they enroll at Stern.
Harvard Business School Scholarships: HBS Scholarships are gifts that do not need to be paid back, with awards ranging from $2,000 to $87,000 per year. Approximately 50 percent of students receive a need-based scholarship from HBS and the average scholarship is approximately $100,000 over two years. 10 percent of students (those with the greatest financial need) receive full tuition scholarships.

External Funding Resources

Institute of International Education (IIE): IIE, which seeks to foster educational exchange, has great resources for exchange students.
International Education Financial Aid (IEFA): IEFA is the premier resource for financial aid, college scholarship, and grant information for US and international students wishing to study abroad. At this site, you will find the most comprehensive college scholarship search and grant listings plus international student loan programs and other information to promote study abroad.
International Research and Exchanges Board (IREX): IREX administers various fellowships for non-degree studies as well as one- and two-year graduate degree studies in the US for foreign nationals within 11 areas of study. Their international student loan program is designed to increase the opportunities for international students who wish to study at approved colleges and universities.
Harvard Business School External Funding for International Students: Harvard Business School partners with external organizations to offer scholarships, grants, and fellowships for international students.
University of Pennsylvania International Student Financial Aid: International students at Penn can apply for need-based financial aid during the admission process. Institutional funding includes grants and work study.

Country-Specific Resources

Educational Loans for German Students: a resource on student loans for German students
Instituto Ling: a resource for scholarships available to Brazilian students.
Fundacao Estudar: a resource for scholarships available to Brazilian students.
La Caixa: a resource for scholarships available to Spanish students.
Becas M.O.B.

Other International Scholarship Opportunities

Willamette University Global Reach Scholarship: Oregon-based Willamette University offers renewable, merit-based scholarships to international MBA students. Scholarships cover 10%-100% of tuition.
INSEAD Scholarships: French business school Institut Européen d'Administration des Affaires offers over 140 MBA scholarships. Specific awards focus on factors like diversity, gender, social impact, and location.
Esade Excellence Awards: Full-time MBA students at Esade Ramon Llull University in Spain can apply for the Esade Excellence Awards. The evaluation process considers the candidate's academic, professional, and personal achievements. Application materials include essays, GMAT or GRE scores, university transcripts, and letters of recommendation.
IES Abroad Scholarships: IES Abroad offers over 130 study abroad and internship programs for undergraduate and graduate students. The organization also provides financial aid, including scholarships. Scholarships apply to semester or yearlong programs and focus on factors like diversity, specific location, and field of study.
IMD MBA Scholarships: The International Institute for Management Development, a Swiss business school, awards need-based and merit-based MBA scholarships. Scholarship amounts range from 30,000-50,000 Swiss francs.
UGL Global Masters Scholarship: University College London offers this £15,000 scholarship for master's candidates in all fields of study. The one-year scholarship accepts applications from international students from low-income backgrounds.

Key Considerations for International Students

Shared Investment: Business school is a valuable investment in your future.
Need-Based vs. Merit-Based: Scholarships are either need-based or merit-based.
External Scholarships: The financial aid team encourages you to explore different avenues of funding-including external scholarships, student loans, and Complementary Fellowships -to supplement any need-based HBS Scholarship and meet the Cost of Attendance.
Employer Sponsorship: Carefully consider and fully understand the repayment terms required by your sponsor. Students who receive employer loans or sponsorships are generally not eligible for HBS Scholarships.
Financial Aid Can Help: "As a first-generation college student, I understand firsthand what it’s like to have to figure out how to pay for school. Education is an investment, and I’m here to tell you that it IS possible to afford an HBS MBA.

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