One of the biggest concerns that MBA candidates have throughout the admissions process is how to afford their degrees. As a student, not only do you have to worry about tuition – which, these days, can set you back more than $100,000 – but you also have to consider the costs of living and not working for one or two years.
We know that, especially for international students, funding your MBA can be an overwhelming puzzle. That’s why, in this post, we break down your options for funding so you can decide how to best finance your dream MBA.
To increase your chances of receiving a scholarship, make sure to thoroughly research and understand the eligibility criteria for each scholarship, and submit a strong application (when required) that highlights your qualifications and achievements. Additionally, reach out to the school’s financial aid office for guidance on scholarship opportunities and the application process. Keep in mind that scholarship availability and criteria may change, so it’s essential to stay updated with the latest information.
Harvard
Harvard does not grant merit scholarships, only need-based aid. You will apply once you are admitted. Financial aid is granted on a need-based basis.
They also have a generalized list of scholarships, which you can find here. These are external scholarships and are not directly awarded by HBS.
Stanford
Most of Stanford’s scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application.
Stanford’s most famous additional scholarship is the Knight Hennessy scholarship. It is a full application (like applying for another school), including letters of recommendation, essays, and interviews. The deadline is early October each year. You must apply to Stanford GSB in Round 1 to be eligible. We have prepared a guide on how to apply here.
Stanford also offers additional scholarships, which can be found here.
You can only apply for financial aid once you are admitted. Financial aid is granted on a need-based basis.
Wharton
Wharton’s fellowships and scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application.
Wharton also provides a list of external scholarships here. Wharton plays no part in awarding these scholarships, and they must be applied for separately.
You can only apply for financial aid once you are admitted. Financial aid is granted on a need-based basis.
MIT Sloan
Most of MIT’s fellowships and scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application.
Uniquely, MIT also extends teaching assistantships to a small number of MBA students. You cannot apply and are not eligible until your second semester.
There are also several scholarships MIT offers that require separate applications. You can find that list here.
You can only apply for financial aid once you are admitted. Financial aid is granted on a need-based basis.
Chicago Booth
Most of Booth’s scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application.
There are only two scholarships that require a special application. The first is the Yellow Ribbon scholarship, open to veterans of the United States military. You can find more information here. The second is the Civic Scholars program, open to students who will work in the public or non-profit sector after graduation. You can find more information here.
You can only apply for financial aid once you are admitted. Financial aid is granted on a need-based basis.
Kellogg
Most of Kellogg’s scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application.
There is also one additional scholarship, the Finance Fellows, that you need to apply for. Please find the essay and submission information here.
You can only apply for financial aid once you are admitted. Financial aid is granted on a need-based basis.
Columbia
Columbia’s scholarships are merit-based fellowships and scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application.
Columbia also provides a list of external scholarships here. Columbia plays no part in awarding these scholarships, and they must be applied for separately.
You can only apply for financial aid once you are admitted. Financial aid is granted on a need-based basis.
Berkeley Haas
Many of Berkeley’s scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application.
Berkeley does offer several scholarships that do require additional applications. The links for these can only be found in the online application, so they have been linked here for your convenience. You need to apply through your own Berkeley Haas application, however.
The deadlines for these for 2023-2024 can be found here:
You can only apply for financial aid once you are admitted. Financial aid is granted on a need-based basis.
NYU Stern
Most of Stern’s scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application.
NYU Stern also offers two scholarships that require separate applications, the Moral Contract Scholarship and the Harvey Beker Scholarship. First-semester MBA students are provided with information on how to apply. Non-students are not able to apply.
Uniquely, NYU Stern also allows students to take on teaching assistantships, which allow students to receive up to $31,200 in tuition remission. Students must have completed at least 9 credits at Stern and be in good academic standing (GPA at least 3.0) to be eligible for a Teaching Fellowship or Graduate Fellowship.
You can only apply for financial aid once you are admitted. Financial aid is granted on a need-based basis.
Duke Fuqua
Duke’s fellowships and scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application.
You can only apply for financial aid once you are admitted. Financial aid is granted on a need-based basis.
Cornell Johnson
Most of Cornell’s scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application.
Cornell also offers 25 full-tuition scholarships through its Roy H. Park Fellowship. The program is only open to US Citizens and applicants must complete a separate essay and interview. More information can be found here.
Cornell also provides a list of external scholarships here. Cornell plays no part in awarding these scholarships, and they must be applied for separately.
You can only apply for financial aid once you are admitted. Financial aid is granted on a need-based basis.
Michigan Ross
Most of Michigan Ross’ scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application.
Ross does offer a limited number of scholarships that require an additional application. Application requirements vary (as well as eligibility). More information can be found here.
Uniquely, Ross also extends teaching assistantships to a small number of MBA students. Requirements can be found here.
Finally, if you are planning to pursue a career in the non-profit or public sectors, you may be eligible for the Impact Advantage program, which can provide up to $37,500 in loan repayment support. Details can be found here.
You can only apply for financial aid once you are admitted. Financial aid is granted on a need-based basis.
London Business School
Most of LBS’s scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application.
LBS also provides a list of external scholarships here. LBS typically plays no part in awarding these scholarships, and they must be applied for separately.
LBS does not offer financial aid in the manner US schools do. However, they do offer a list of loan providers that candidates may wish to consider.
INSEAD
Most of INSEAD’s scholarships require a separate application. This application can only be accessed after you have been invited to interview, and all applications are due by a set date for each admissions round. The time between opening the official application portal and the deadlines is often short, so we recommend that you already take a look at the list of INSEAD scholarships to determine which you plan to apply for.
Unlike US schools, INSEAD does not offer specific financial aid. Those requiring need-based aid should apply for the relevant need-based scholarships after being invited to interview.
INSEAD also offers a list of loan providers that candidates may wish to consider.
IESE
IESE offers a range of scholarships, all of which only require that applicants write a single scholarship essay when completing the IESE application. Separate applications for individual scholarships are not required. You can find the scholarship essay question and our tips here.
IESE does not offer financial aid in the manner US schools do. However, they do offer a list of external scholarships and loan providers that candidates may wish to consider.
Oxford Saïd
Many of Oxford’s scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. These require no additional application. However, there are additional scholarships that do require an additional application, as indicated on the list linked above.
Oxford Saïd does not offer financial aid in the manner US schools do. However, they do offer a list of external scholarships and loan providers that candidates may wish to consider.
Cambridge Judge
Most of Cambridge’s scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. If any additional materials need to be sent to be considered for certain scholarships, the Cambridge Judge admissions committee will notify you of what must be done when you are called to interview.
Cambridge also provides a list of external scholarships here.
HEC Paris
Some of HEC Paris’ scholarships are merit-based scholarships that are offered at the discretion of the admissions committee at the time of your offer of admission. However, those who wish to be considered for the Forté or L’Oreal scholarships must submit their application materials within the MBA application form by their chosen deadline.
HEC Paris also provides a list of external scholarships here and has tips on securing financing based on your country of origin here.
ESADE
ESADE offers a number of Excellence Awards scholarships each year. When applying, applicants should indicated which Excellence Award they would like to be considered for and submit any additional application information required. Many scholarships do not require additional materials.
Additionally, ESADE also allows its full-time MBA students to participate in MBA Project Fellowships during their studies. These typically last for 4 to 12 weeks and offer a stipend. Spots are announced through the ESADE Career Services portal, where admitted students will be able to apply.
Unlike many other European schools, ESADE does also allow students to apply for need-based scholarships. A separate application is required and the applicant must be able to demonstrate their financial need.
ESADE also provides a list of external scholarships here and has tips on securing additional loans here.
Top Tips for Success
To increase your chances of receiving a scholarship, make sure to thoroughly research and understand the eligibility criteria for each scholarship, and submit a strong application (when required) that highlights your qualifications and achievements. We have prepared a dedicated post on writing successful MBA scholarship essays, which you can read here!
Additionally, reach out to the school’s financial aid office for guidance on scholarship opportunities and the application process. Keep in mind that scholarship availability and criteria may change, so it’s essential to stay updated with the latest information. You can also check out this post, which includes more information on multiple types of loan programs and major scholarship programs.
Finally, if you’re not satisfied with the scholarship offer you have received, it’s always possible to negotiate with the schools and see if you can increase your scholarship amount.
Get expert help to write a winning scholarship essay
Considering all the work you’ve put into the MBA application process, writing even more essays for scholarships may feel like an overwhelming task. This is especially true considering that each essay will likely require its own set of expectations and examples.
Luckily, Ellin Lolis Consulting’s team has the experience and storytelling power to help you turn your ideas into successful essays that earn you the scholarships you’re applying for. From brainstorming the right stories that will impress the scholarship committee to polishing your essay’s structure and grammar (and even helping you negotiate scholarship offers!), we are here to ensure perfection.
For example, Fernando used our services and was admitted to Michigan Ross’s Erb dual degree program on a full scholarship. Here’s what he had to say:
“Ellin’s amazing contributions to my application led me to be admitted to my top program on a full scholarship. I can comfortably say that the return on my investment was bigger and faster beyond my wildest dreams!
If you are looking for an MBA consultant that is capable of understanding your story comprehensively rather than giving quick glances to your essays, go with Ellin.”
To learn more about our essay editing options and how we can help you write an outstanding scholarship essay, click here.
Real MBA Essays That Got People In
School-specific sample essays that got our clients accepted
