Perhaps more than any other discipline, MBA students understand the importance of having funding. Yet, finding MBA scholarships may seem daunting as there is relatively little information about where students should begin looking. One of the first steps students should take is to complete a FAFSA application to help them determine if they qualify for any state or federal financial aid. In addition, students can check out the list below for MBA scholarships that might interest them:
Fortes Fellows Program: This award is for MBA students who have a minimum of a 3.6 grade point average. In order to qualify, applicants must also meet minimum GMAT entrance exam score requirements, which are currently over 700 points on the exam (the exact score required changes each year). Candidates must demonstrate leadership abilities as well as a strong desire to working with or mentoring girls and women. Students must be attending on the approved Business Schools, which can be found here: http://www.fortefoundation.org/site/PageServer?pagename=sponsors#.V1tfLSRH3-Y.
Graduate Women International Grants: These awards range from $3,150 to $6,300 and are an excellent choice for students who want to attend a business school abroad. The scholarship can be used at any graduate program abroad, provided that the candidate has not lived or studied in that country previously.
American Association of University Women: These scholarships are awarded to minority women; given that they are underrepresented in the MBA field. Only students in their second year of study can apply for this award. The award ranges in value from $5,000 to $18,000 and all application materials must be received prior to the January 10th deadline. Only full-time students are eligible to apply. Applications are chosen based on a combination of the following criteria: financial need, academic merit, personal characteristics and professional promise. The funds may be used to defray the cost of tuition, living expenses, travel, and childcare. In order to apply for this scholarship, students must first create a free online account. As a second step, all applicants take a brief eligibility quiz which they must pass in order to have their application reviewed. Next, they complete an application, compile three letters of recommendation, submit official transcripts and a resume, write a narrative, and complete a proposed budget. Additional information and tips on the application process can be found at the following website: http://www.aauw.org/what-we-do/educational-funding-and-awards/selected-professions-fellowships/spf-application/.
Chicana/Latina Foundation Scholarship Program: This scholarship provides awards worth $1,500 to female students who identify as Chicana or Latina. Approximately 30 scholarships are offered each year, but the exact amount depends on funds available. Students must be planning to attend graduate school, hold at least a 3.0 grade point average, have been a resident of California for a minimum of two years, and plan to attend a CA college.
Recent articles have suggested that unlike many other programs, MBA programs may be able to match offers. This means that if you receive a full-ride from a less desirable school, you may want to reach out to your top choice to ask if they would be willing to match the financial aid package.