MBA Scholarships: Complete Guide for Online and Campus MBAs
Paying for an MBA can feel stressful, especially when tuition keeps going up. The good news is that there are many MBA scholarships available, and most students don’t realize how many options exist.
Whether you are planning a full-time MBA, a part-time program, or an online MBA, scholarships can help lower the cost a lot.
In this guide, you’ll find clear and updated information on scholarships for MBAs.
You’ll also learn where to find these scholarships and how to apply the smart way, so you don’t miss out on money you deserve.
What Counts as an MBA Scholarship?
An MBA scholarship is money that helps pay for your MBA and does not need to be paid back. These awards can come from business schools, private groups, nonprofits, or employers.
Some scholarships are based on grades or leadership, while others focus on financial need, background, or career goals. Many MBA programs review you for scholarships automatically when you apply.
MBA Scholarships vs. Grants vs. Loans
| Type | Do You Pay It Back? | Who Offers It | How It’s Awarded |
|---|---|---|---|
| MBA Scholarships | No | Business schools, companies, nonprofits | Merit, need, background, or career |
| Grants | No | Schools, government, private groups | Mostly based on financial need |
| Loans | Yes | Banks, government lenders | Borrowed money with interest |
Quick takeaway: Scholarships and grants lower your MBA cost, but loans increase what you owe later.
Where Most MBA Funding Really Comes From
Most MBA students don’t rely on just one source to pay for school. Funding usually comes from a mix of school support, outside help, and work-related benefits. Knowing where to look first can save you time and stress.
- Business school scholarships: These are the biggest source of MBA funding. Many schools offer merit and need-based awards, and you are often considered automatically when you apply.
- Outside scholarships and fellowships: These come from nonprofits, companies, and professional groups. They usually offer smaller amounts but can be stacked with school aid.
- Employer sponsorship and benefits: Some employers help pay for an MBA if it supports your role. This may include tuition help or study leave.
Most students combine two or more of these options to lower their total MBA cost.
Top MBA Fellowship Programs
MBA fellowships are some of the most valuable funding options available. They are usually offered through partner business schools and can cover a large part of tuition, and sometimes even full costs.
1. Forté MBA Fellowships
Forté fellowships are offered to women who show strong leadership and career potential. These awards are given through partner business schools, not directly by Forté.
The amount can range from partial tuition to full tuition, depending on the school. Fellows also get access to career events, leadership programs, and a strong alumni network.
Many schools automatically consider female MBA applicants for this fellowship during admission.
2. The Consortium Fellowship
The Consortium Fellowship is one of the most well-known MBA funding programs. It focuses on increasing diversity and inclusion in business education and leadership.
Students apply to both The Consortium and member business schools at the same time. Many recipients receive full-tuition fellowships, while others get partial awards.
Fellows also gain access to networking events, leadership training, and top employer connections.
3. ROMBA LGBTQ+ Fellowship
The ROMBA Fellowship supports LGBTQ+ MBA students and active allies who show leadership and community involvement.
The fellowship usually includes a minimum cash award along with access to conferences and career resources. It is offered through partner business schools, so award amounts can vary.
ROMBA Fellows also benefit from a strong professional network that helps with internships and job placement after graduation.
4. Toigo MBA Fellowship
The Toigo Fellowship is a strong option if you want to build a career in finance. It’s known for pairing funding with real career support, like coaching, leadership training, and a powerful network.
Many fellows also get help connecting with internships and hiring firms. It’s often aimed at candidates from underrepresented backgrounds who are committed to finance.
5. Knight-Hennessy Scholars (Stanford MBA Eligible)
Knight-Hennessy is a big-name program at Stanford that can fully fund graduate study, including the MBA. You apply to Knight-Hennessy and to Stanford GSB separately, and the deadlines are early.
Along with money, the program focuses a lot on leadership growth and community. Scholars join events, workshops, and team projects across Stanford. It’s very competitive, but it can be life-changing if you get in.
6. Stanford Reliance Dhirubhai Fellowship (for Indian Nationals)
The Reliance Dhirubhai fellowship supports Indian students admitted to the Stanford MBA. A key part is the commitment to return to India after the MBA to contribute there. It’s designed to help strong candidates who may not want debt to block their plans.
The fellowship is limited to a small group each year, so it’s selective. If you fit the goal and have a clear “why India” plan, it’s worth a serious look.
7. Pat Tillman Scholarship (Military, Veterans, Spouses)
The Tillman Scholarship supports active-duty service members, veterans, and military spouses in graduate programs, including MBAs. It’s more than just funding – it also offers leadership development and a national community.
The program tends to look for people with service values, impact, and long-term goals. If your story includes leadership under pressure and giving back, this can be a great match.
8. National Black MBA Association (NBMBAA) Scholarship Program
NBMBAA offers scholarships that can support students pursuing business degrees, including MBAs. Many awards are linked to leadership, academics, and community involvement.
Some programs also connect you to networking and career opportunities through the association. Membership is often part of the process, so check the rules early.
9. Goldman Sachs MBA Fellowship (Corporate Fellowship Track)
Some companies run MBA fellowships tied to internship programs, and Goldman Sachs is one example. These fellowships are usually meant to build a pipeline of future leaders and may include a cash award plus career support.
In many cases, the fellowship connects with a summer associate role and future hiring. The exact details can vary by school and year, so it’s smart to check the business school’s scholarship page too.
10. Military Fellowships at Business Schools (School-Based Options)
Many MBA programs offer their own military fellowships for veterans and service members. These can be tuition awards, stipends, or both, and they often come with leadership roles and extra support on campus.
Some schools also partner with military-focused groups to offer full-tuition scholarships for a limited number of students.
If you have a military background, always check each school’s “MBA scholarships and fellowships” page. These offers can be some of the most generous funding options available.
How to Apply and Win MBA Scholarships
Winning MBA scholarships is not just about having great scores. It’s about planning early, telling your story clearly, and applying the smart way so you don’t miss key opportunities.
- Start early and track deadlines: Many scholarships close months before classes begin. Early applicants often get more funding options.
- Apply in earlier admission rounds: Schools usually have more scholarship money available in Round 1 and Round 2 than in later rounds.
- Show clear career goals: Scholarships favor students who know where they’re headed and how the MBA fits into that plan.
- Highlight leadership and impact: This can come from work, school, volunteering, or community roles, not just job titles.
- Tailor essays for each scholarship: Small changes that match the scholarship’s values can make a big difference.
A little planning and effort upfront can save you thousands during your MBA.
Where to Find MBA Scholarships Fast
Finding MBA scholarships is easier when you know where to look.
| Source | What You’ll Find | Why It Helps |
|---|---|---|
| Business School Websites | Merit, need-based, and fellowship awards | Most accurate and updated funding details |
| Scholarship Databases | Lists of MBA and graduate scholarships | Quick way to find multiple options in one place |
| Professional Associations | Industry and background-based scholarships | Often less competitive and more targeted |
| Employer HR Portals | Tuition support and sponsorships | May cover part of your MBA cost |
| MBA Forums And Communities | Shared tips and scholarship leads | Real insights from current MBA students |
Using more than one source helps you find scholarships faster and avoid missing good opportunities.
Conclusion
MBA scholarships can make a big difference in how much you pay for your degree.
With so many options available, the key is knowing where to look and starting early. Even smaller awards can add up and reduce your need for loans.
Take time to research, track deadlines, and apply to more than one scholarship. Don’t assume you won’t qualify. Many students miss out simply because they never apply.
Start viewing your options today and take one more step toward earning your MBA with less financial stress.
