UNC MBA Scholarships: A Comprehensive Guide

Investing in an MBA is a significant decision, and understanding the available financial aid options is crucial. At UNC Kenan-Flagler Business School, a commitment exists to help students make the most of their academic experience by providing numerous funding opportunities. This article delves into the various scholarships and fellowships available to prospective and current MBA students at UNC Kenan-Flagler, as well as external funding options.

Merit-Based Fellowships at UNC Kenan-Flagler

Approximately 50% of UNC Kenan-Flagler students receive merit-based fellowships, some of which fully cover the program’s tuition and fees. All applicants are automatically considered for these fellowships during the admissions process; no separate application is required. Candidates are notified of their selection for a fellowship award at the same time they receive their admissions decision. Fellowships are awarded for the duration of the two-year program, provided that fellowship criteria are met. No new fellowship awards are given to students in the second year of the program.

UNC Kenan-Flagler awards merit-based fellowships based on the following criteria:

A superior record of achievement in academic and career settings
Diverse experiences
Strong leadership potential and interpersonal skills

Premier Fellowships

In addition to general merit-based fellowships, UNC Kenan-Flagler also awards premier fellowships that cover full tuition and fees.

The Vetter Dean’s Fellows Program

The Vetter Dean’s Fellows Program offers unique opportunities for students to grow professionally and personally while deeply engaging with and contributing to the UNC Kenan-Flagler community. Vetter Fellows participate in special events and leadership development programming throughout the year, including:

Read also: Camp Scholarships Guide

An incoming student retreat
A fully-funded global learning experience
Small group discussions with leaders and special guests of the business school
Intimate events with recruiters
A professional development stipend

Applicants interested in becoming a Vetter Dean’s Fellow may apply for consideration as part of their application for admission.

Student Awards

In addition to financial aid and merit-based fellowships awarded at the time of admission, students enrolled in the MBA program can be nominated for one of the following student awards.

External Scholarships and Fellowships

Many private organizations and government programs offer fellowships, grants, and scholarships that can help you fund your degree. UNC’s Funding Information Portal organizes these resources and offers a convenient way for you to research these opportunities.

Consortium Fellowship

UNC Kenan-Flagler Business School has been a proud member of The Consortium for Graduate Study in Management (CGSM) since 1973. The school considers Consortium applicants for The Consortium tuition fellowship based on the same criteria as other merit-based fellowships. As a partner institution, UNC Kenan-Flagler refers MBA students to be considered for Consortium membership.

Academic Scholarships at UNC

UNC offers Academic Scholarships to a small number of outstanding students each year. These scholarships are based on a detailed and comprehensive review of the application for admission. There is no minimum GPA or test score required for consideration, nor is there any GPA or test score that guarantees a scholarship offer.

Read also: Benefits of NSHSS Scholarships

Criteria include:

Academic achievement
Leadership qualities
Commitment to service
Potential for success at the University

Scholarships range in value from $3,000 to full cost of attendance. Students selected for an Academic Scholarship will see their scholarship offer letter in their MyCarolina portal. Non-resident students who receive a full scholarship (tuition, fees, housing, and meals) are charged for tuition at the NC resident rate, beginning their first fall semester.

Some Academic Scholarships take financial need into consideration. There are three UNC scholarships that have supplemental requirements in addition to completing the admissions application. UNC also hosts private scholarship foundations, which may require supplemental applications or interviews.

Additional Funding Options

Military Benefits

UNC-Chapel Hill, including UNC Kenan-Flagler Business School, is approved by the Department of Veterans Affairs as a training facility for students receiving military education benefits. The school is a participant in the Yellow Ribbon Program for students who don’t qualify for in-state tuition and supports the Post 9/11 GI Bill. To confirm eligibility for Yellow Ribbon benefits, applicants should apply for financial support through the VA to secure a Certificate of Eligibility. All residency decisions, and appeals, are determined by RDS.

Employer Tuition Assistance

Students should check with their employers’ personnel or human resources division regarding tuition. Many employers offer tuition benefits, including tuition reimbursement and low-cost loans.

Read also: Scholarship Guide

Federal Loan Programs

To apply for federal loan programs, students should start by completing the Free Application for Federal Student Aid (FAFSA). The FAFSA must be completed each academic year in order to remain eligible for federal student aid. Students can apply for federal student aid if they meet certain criteria established by the university and the Department of Education.

Federal Direct Graduate PLUS Loan: This credit-based loan can be used in addition to the Direct Unsubsidized Loan to cover tuition and other personal or living expenses, up to the cost of attendance, per academic year.

External Scholarship Opportunities: A Deeper Dive

Securing an MBA scholarship can significantly ease the financial burden of pursuing a graduate degree. While UNC Kenan-Flagler offers various internal scholarships and fellowships, exploring external opportunities can further enhance your funding options. Here’s a detailed look at strategies and resources for finding and securing external MBA scholarships:

The Importance of a Strong Application

Prospective MBA students hoping to receive full scholarship funding or some form of financial support from their business school should focus on constructing a competitive application. A college or university will award MBA scholarships and fellowships in order to encourage prospective MBA students to attend their business school. Business schools want great applicants to attend their programs, because it reflects well on them and their degree program, but also because you’ll be a valuable asset to the MBA program as a whole.

Key Factors Influencing Scholarship Awards

Several factors influence a school's decision to award MBA scholarships. These include:

GMAT Score: A high GMAT score is one of the best indicators of MBA students’ academic achievement and ability. It is one of the best indicators of MBA students’ academic achievement and ability. As MBA rankings infer academic excellence from high GMAT scores, business schools look to admit high-scoring students in the hopes of either maintaining or increasing their ranking on the list.
Unique Qualities and Experiences: Each applicant has their own qualities that make them stand out, and you have to highlight those in your application. If you don’t make it clear what you, uniquely, can bring to the table, your prospective business school will have no other way of knowing what an asset you can be to their MBA program. In your application, for example, make sure to include what specific experience you have - in a business-related field or otherwise.
Career Prospects: MBA programs also seek out students pursuing careers they are likely to be successful in after they graduate; they anticipate that these students will be helpful, active members of their alumni networks upon graduation. Ideally, successful MBA graduates will repay their MBA scholarships in the form of networking opportunities and sizable donations to the school.
Diversity: Schools are always looking to boost their demographics, and they use MBA scholarships to help them do so.
Financial Need: At almost every business school, merit-based scholarships are available, but at Harvard Business School and Stanford Graduate School of Business, scholarships are awarded based on need-based criteria. Applicants must have proven financial need in order even to be considered for financial aid packages.

Strategies for Securing MBA Scholarships

Aim High on the GMAT: A high GMAT score significantly increases your chances of securing merit-based scholarships.
Craft a Compelling Application: Highlight your unique experiences, skills, and career aspirations in your application. Make it clear what you, uniquely, can bring to the table
Target Schools Strategically: Smaller or less prestigious business schools want to use the quality of their MBA students to boost their ranking, and so they are likely to offer more scholarship money to entice MBA candidates who will display excellence in terms of their academic achievement throughout business school and in terms of their professional development after they graduate.
Negotiate Your Scholarship: If you receive offers from multiple schools, use them to negotiate a better package with your top choice. The best way to do that is to secure financial aid packages or MBA scholarships from your top-school’s peer competitors. These schools are competing for MBA applicants, and if you tell your top choice that another school has awarded you a better deal, chances are they will increase your package if they want to have you attend their school.

Specific External Scholarship Programs

Forté Fellows Program: UNC Kenan-Flagler participates in the Forté Fellowship Program. The Forté Foundation is an organization of top business schools and corporations seeking to increase the number of women in business. Each year, the admissions committee selects a number of Forté Fellows based on exemplary leadership and achievement. No separate application is required for consideration.
National Black MBA Association: Some degree programs offer MBA scholarships to encourage students from underrepresented groups to apply to their MBA program. For example, the National Black MBA Association offers MBA scholarships - although they also provide scholarships to both undergraduate and graduate students enrolled at Historically Black colleges or universities.
External Scholarships: These scholarships require a separate application to be filled out and turned in. These are merit-based scholarships that graduate students can apply for after gaining admission into the school. These applications require an extra personal essay explaining why you are a good fit for the school and the scholarship.

Additional Scholarship and Fellowship Opportunities

Jenkins MBA Scholarship

Applicants who have demonstrated academic excellence and leadership potential may be considered for the Jenkins MBA Scholarship.

Jenkins MBA Graduate Assistantship

Applicants who have demonstrated academic excellence and leadership potential are eligible to receive a Jenkins MBA Graduate Assistantship. Benefits include full or partial tuition coverage, health insurance and a stipend. Awards are typically made during the admission process before students begin the MBA program.

Dr. Emol A. Fails Scholarship

Funded through an endowment provided to NC State by the Emol A. Fails Estate, this is a $2,500 fellowship awarded to engineers pursuing advanced studies in management. Requirements: Engineer Intern (EI) or licensed Professional Engineer (PE) employed in the practice of engineering. NC State University does not administer these scholarships, and the requirements and other related information may change at any time.

Bryan Fellowship Awards Program

The Bryan School seeks to attract graduate students of exceptional academic ability and talent through the Bryan Fellowship Awards Program. Recipients of these fellowships are recognized as Bryan Fellows and receive fellowship awards valued at a minimum of $2,000. These fellowships are renewable, provided the recipient maintains educational program performance standards expected of Bryan Fellows.

Stanley and Dorothy Frank Entrepreneurship Fellowship

The Stanley and Dorothy Frank Entrepreneurship Fellowship is a $1,000 award given annually to one entering MBA student who has experience starting and owning a business, or if no candidate meets this criterion, may be awarded to an individual who has been employed in a management-level position in a business entity and plans to begin his/her own business in the future.

Graduate Assistantships in the Bryan School of Business and Economics

The Bryan School offers graduate assistantships to full-time students in the MBA programs. Applicants for assistantships must have been unconditionally admitted into the MBA degree program. Those pursuing a full-time courseload who are interested in pursuing an assistantship may receive priority consideration if they submit an application by March 1.

ARCH MI Scholarship

The ARCH MI scholarship seeks to recognize high potential MBA students. This scholarship is made possible by a generous donation from the ARCH MI Capital Group based in Greensboro. Scholarships range from $1500 to $2500 per student per year. Awards may or may not be renewable.

MBA Excellence Scholarships

The MBA Excellence Scholarships are awarded to individuals with a high potential to succeed as organizational leaders. Factors for selection include academic achievement, service and leadership and college and community involvement. Scholarships are awarded on a yearly basis and can be renewed for up to two academic years.

The Balbirer-Hirsch Family Scholarship

The Balbirer-Hirsch Family Scholarship is an annual $1,000 scholarship awarded to three entering full-time MBA students. The award is merit-based and is renewable for the second year based on satisfactory academic performance.

Bryan School of Business and Economics Scholarships

The Bryan School of Business and Economics awards a limited number of scholarships each year. Students (new and continuing) who have high-quality academic records, meet specific award requirements and/or have financial need may apply for Bryan School scholarship support. Awards may or may not be renewable.

Edmund S. Muskie Graduate Fellowship Program

Requirements: Demonstrated financial need that can be certified by the Office of Financial Aid.

Important Dates

Orientation is scheduled for July 24 - August 5, 2023 and is mandatory for all incoming Full-Time MBA students. Students must attend the entirety of the program. We automatically register you for Mod I & II. The academic calendar can be found on the UNC Kenan-Flagler website and is subject to change.

Tuition and Fees

Tuition and fees are finalized the summer before each fall semester. This cost is an estimate, pending approval of the state budget. Tuition is expected to increase between 3-10% each academic year. Additional costs include a $345 orientation fee, which is included on the fall semester tuition and fee bill generated by the University Cashier’s Office, and the $975 MBA Student Association dues, which are paid directly to the MBASA during the first week of classes. Admitted applicants will be required to submit a $1,500 non-refundable enrollment deposit to reserve a space in the program.

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