5 MBA Scholarships Everyone Should Know

5 MBA Scholarships Everyone Should Know

Seeking an MBA degree can open many doors to you in your career. The cost of attending one of these programs is often quite high, though, requiring many students to seek out MBA scholarships to cover some of the tuition costs. If you are considering pursuing an MBA, it is critical to learn about the types of scholarships that are available and begin applying for them to make the program more affordable. When you pair these scholarships with those offered by individual schools, you can reduce the number and amount of your student loans.

1.) General College Scholarship for Hispanic and Latino Candidates

Hispanic and Latino students pursuing their MBA should apply for this general college scholarship that can be used for any college program. This competitive scholarship is funded by the Hispanic Scholarship Fund and can provide recipients with scholarship funds in amounts that range from $1,000 to $5,000. Students who are of Hispanic or Latino descent who are permanent residents of the United States should fill out the Free Application for Federal Student Aid (FAFSA) to apply for this scholarship. Students must enroll in a full-time college program and have a GPA of 3.0 or higher.

2.) NBMBAA Graduate Scholarship Program

Funded by the National Black MBA Association, Inc., this graduate scholarship is designed to assist black students with paying for their MBA degree program. Students who are planning to enroll in an MBA program on a full-time basis and reside in the United States or Canada are encouraged to apply for this scholarship that can provide them with assistance ranging from $1,000 to $15,000 toward their degree. Applicants must be members of the NBMBAA and must show academic excellence, strong communication skills, leadership qualities and involvement in their community to qualify for a scholarship.

3.) Toigo MBA Fellowship

Minority MBA candidates may qualify for the Toigo MBA Fellowship, sponsored by the Robert Toigo Foundation. This $2,500 scholarship is available to members of ethnic minorities who are enrolled in a two-year MBA program or are seeking a JD/MBA, master’s in finance or master’s in real estate. Applicants must be United States citizens or permanent residents. In addition to the financial award given to students, the organization offers additional support, including a contact network, individual career guidance, leadership training and other assistance to help minority candidates launch a successful career in business, particularly finance.

4.) Women’s Career Development Grant

In many ways, women are still at a disadvantage in the business world. The Women’s Career Development Grant was created by the American Association of University Women to give women seeking an MBA an added incentive to earn this degree. These $2,000 to $12,000 grant awards are given to women seeking an advanced degree to further their current career, change careers or return to work. While the goal of this grant is to offer all women an equal chance in the business world, preferences are given to those pursuing an advanced degree, minority women and those who wish to work in non-traditional fields.

5.) Mary Elizabeth Lockwood Beneventi MBA Scholarship

The National Society of the Daughters of the American Revolution offers a $2,000 MBA scholarship in the name of Mary Elizabeth Lockwood Beneventi. This nonprofit organization is dedicated to American patriotism, the preservation of American history and securing a positive future through the education of the public. For this reason, they offer scholarships to candidates who are enrolled in a full-time MBA program and possess a GPA of 3.25 or higher. The organization evaluates financial need, merit and area of study to determine which applicants will receive awards.

Whether candidates pursue a traditional MBA or an online MBA program, applying for MBA scholarships can offer the financial assistance necessary to make this degree more affordable. When combined with school-specific scholarships, student loans, fellowships, grants and other forms of financial assistance, more individuals will have the resources to pursue this advanced degree and further their careers.

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