Did you know that 40% of MBA students in the USA receive scholarships, significantly reducing their financial burden? These scholarships open doors to prestigious business schools, making top-tier education more accessible.
MBA scholarships in the USA are vital for those looking to advance their careers, shift industries, or pursue leadership roles. Whether need-based or merit-based, these opportunities allow you to focus on your studies rather than finances.
In this guide, we'll explore the best MBA scholarships, their benefits, and application tips to help you move closer to your dream business school!
Pursuing an MBA in the USA can be a transformative experience, but it often involves significant costs. Fortunately, there are numerous scholarship opportunities available to help ease the financial burden.
Let’s dive into some of the top scholarships for MBA offered by leading institutions, to help you explore your options.
Top MBA Scholarships in the USA Offered by Leading Business Schools
An MBA provides access to numerous career opportunities, yet the financial investment can be substantial. However, many esteemed business schools in the United States offer scholarships to reduce this financial burden and make pursuing an MBA more accessible.
Whether merit-based or need-based, these scholarships help make your educational and career goals more achievable.
Take a look at the top MBA scholarships from leading business schools in the USA and explore how you can benefit from these opportunities.
Business School
Scholarship Name
Type
Award Details
Harvard Business School
Harvard Business School MBA Scholarships
Need-Based
Awards up to $46K (INR 39.7L) per year.
Stanford Graduate School of Business
Stanford Graduate School of Business Fellowships
Need-Based
60% of students receive awards averaging $44K (INR 37.9L) annually.
The Wharton School, University of Pennsylvania
Wharton School MBA Fellowships
Partial to Full
Offers partial to full-tuition fellowships.
Kellogg School of Management, Northwestern University
Kellogg Merit-Based MBA Scholarships
Merit-Based
Covers up to full tuition, with awards averaging $32K (INR 26.5L) annually.
MIT Sloan School of Management
MIT Sloan MBA Fellowships
Merit-Based
Awards up to full tuition; average award $30K (INR 24.9L) annually.
Columbia Business School
Columbia Business School MBA Scholarships
Need-Based
Partial tuition awards ranging from $10K–$30K (INR 8.3L–INR 24.9L) per year.
Awards up to full tuition; average award $30K (INR 24.9L) annually.
UC Berkeley Haas School of Business
UC Berkeley Haas MBA Scholarships
Merit and Need-Based
Up to full tuition; average award $35K (INR 29L) annually.
Yale School of Management
Yale MBA Scholarships
Need-Based
Awards vary based on financial need.
Dartmouth Tuck School of Business
Dartmouth Tuck MBA Scholarships
Merit and Need-Based
Scholarships range from $10K–$30K Full Tuition (INR 8.6L– INR 25.9L).
Note: Ensure to check the official websites of each business school for the most accurate and updated scholarship details.
Did you know there’s a fellowship exclusively for Indian students pursuing an MBA at Stanford? Explore the Stanford Reliance Dhirubhai Fellowships and take a step closer to your dream of studying at Stanford!
External MBA Scholarships and Fellowships
Pursuing an MBA is a significant investment, but external scholarships and fellowships can ease the financial burden while offering mentorship and networking opportunities.
Explore the opportunities that align with your aspirations and make your MBA journey more accessible.
1. Forté Fellows Program
Reward Amount: Up to $30K (INR 33.23L) (varies by partner schools)
Empowering women in business leadership, this scholarship provides financial support and exclusive access to a network of influential women leaders and career resources to help you excel in your MBA journey.
2. Reaching Out MBA (ROMBA) Fellowship
Reward Amount: Up to $20K (INR 17.2L) (varies by partner schools)
Designed for LGBTQ+ individuals, this fellowship offers both financial aid and access to an inclusive, global network of business leaders, providing a future of inclusive leadership.
3. National Black MBA Association (NBMBAA) Scholarships
Reward Amount: Awards vary, typically $1K–$50K (INR 83K– INR 43.1L)
By providing financial assistance and access to a professional network, this scholarship supports Black MBA students in achieving academic and career success.
4. Consortium for Graduate Study in Management Fellowships
Reward Amount: Full tuition (varies by partner schools; approx. $100K–$150K (INR 83L–INR 1.24Cr)
The Consortium Fellowship provides you with full tuition and access to mentorship, career-building resources, and a powerful network. If you’re passionate about increasing diversity in business, this opportunity is for you.
5. Prospanica Scholarships
Reward Amount: Up to $5K (INR 4.1L)
Prospanica Scholarships are designed to support Hispanic students like you in pursuing your MBA. You’ll receive financial aid while enhancing your leadership skills to drive meaningful change in the business world.
6. Fulbright Foreign Student Program
Reward Amount: Covers full tuition, living expenses, and travel (Approx. $50K–$75K annually (INR 41.5L–INR 62.3L))
The Fulbright Program provides comprehensive funding for international students like you, covering tuition, living expenses, and travel. It also offers a unique opportunity for global cultural exchange alongside your MBA studies.
7. Paul & Daisy Soros Fellowships for New Americans
Reward Amount: Up to $90K (INR 74.8L) for two years
The Paul & Daisy Soros Fellowship supports you if you're an immigrant or the child of immigrants in the U.S., offering substantial financial backing for your MBA while helping you thrive academically and professionally.
8. The Point Foundation Scholarships
Reward Amount: Varies; includes tuition assistance and stipends (Approx. $10K–$25K (INR 8.3L–INR 20.7L))
The Point Foundation empowers LGBTQ+ students with financial aid, mentoring, and leadership development opportunities, enabling you to excel in your MBA and make an impact in your community.
9. Zonta International Jane M. Klausman Women in Business Scholarships
Reward Amount: Up to $5K (INR 4.3L)
Designed to empower women pursuing leadership roles in business, this scholarship supports your education and career development as you work to reshape the business world.
10. Asia-Pacific Scholarship Consortium (APSC)
Reward Amount: Partial to full scholarships (varies by partner schools; approx. $1K–$20K (INR 86K–INR 17.6L)
For students from the Asia-Pacific region, this scholarship helps fund your MBA studies in the U.S., promoting cross-cultural leadership and preparing you for success in global business.
Securing an MBA scholarship can significantly reduce the financial burden of pursuing your degree while opening doors to new opportunities. Here’s a practical guide to help you stand out and maximize your chances of winning scholarships in the USA.
1. Apply Early Many scholarships have limited funds. For example, applying early for the Harvard MBA scholarship can increase your chances of securing funding before the competition intensifies.
2. Write Tailored Essays Customize your essay to the scholarship provider’s values. For instance, if applying for a merit-based scholarship, highlight your academic achievements and future aspirations.
3. Secure Strong Recommendations Reach out to mentors who can provide detailed endorsements. A recommendation from a supervisor detailing your leadership in a company project will make a strong impact.
4. Demonstrate Leadership Potential Share experiences where you led teams or drove projects. For example, leading a successful community initiative or a workplace project can illustrate your leadership.
5. Explore Diverse Scholarships Look beyond school-based scholarships. External opportunities like the Forté Fellowship for women in business offer unique funding options.
6. Maintain Academic Excellence A high GPA and strong GMAT score can boost your eligibility. For example, a 3.8 GPA coupled with a top GMAT score makes you a competitive candidate for merit-based scholarships.
7. Highlight Financial Need (If Applicable) Be transparent about your financial situation. For instance, if you come from a low-income background, explaining this can strengthen your case for need-based scholarships.
8. Engage in Community Service Involvement in social causes can make a difference. For example, volunteer work at local NGOs can show your commitment to giving back, an aspect many scholarships value.
9. Network with Alumni and Scholars Connecting with past scholarship recipients can offer insights. An alumni mentor from the University can guide you better on the application process.
10. Follow Instructions Carefully Ensure your application is complete and on time. Late applications are often disqualified, so double-check that everything is submitted by the deadline.
By following these tips, you can enhance your chances of securing an MBA scholarship and achieving your dream of studying at a top business school.
Estimated Monthly Living Costs in the USA
As an international student planning to study in the USA, managing your living expenses is essential for maintaining financial stability and focusing on your academic journey.
A well-planned approach can reduce stress and allow you to make the most of your experience in the USA.
Below is a detailed breakdown of typical monthly expenses to guide your financial planning:
Expense
Average Monthly Cost
Housing (shared)
$800–$1,200 (INR 66,400– INR 99,600)
Food and Groceries
$300–$500 (INR 24,900– INR 41,500)
Transportation
$70–$150 (INR 5,800– INR 12,450)
Utilities
$100–$200 (INR 8,300– INR 16,600)
Miscellaneous
$100–$300 (INR 8,300– INR 24,900)
Total (approx.)
$1,370–$2,350 (INR 1.13L–INR 1.93L)
Note: Currency conversions to INR are subject to change based on fluctuations in exchange rates. Please refer to the latest exchange rate for accurate calculations.
Managing Living Expenses While Studying in the USA
Studying in the USA comes with incredible academic opportunities, but managing your living expenses is just as important. Whether you have a scholarship or not, here’s how you can stay on top of your finances and make the most of your student journey.
With a Scholarship A scholarship can ease your financial burden by covering tuition and, sometimes, living expenses. Here's how to manage effectively:
Budget Wisely: Even with a scholarship, budget for essentials like rent, groceries, and transportation. Use apps like Mint or YNAB to track your expenses and avoid overspending on non-essentials.
Use Stipends: Full-ride scholarships often include stipends. Prioritize rent, utilities, and food first, then save for emergencies. Cooking at home can help stretch your stipend.
Explore On-Campus Opportunities: Many scholarships allow on-campus employment. Working as a library assistant or research associate can supplement your income, with some positions offering additional benefits like free housing.
Without a Scholarship If you're funding your education independently, managing finances is key. Here’s how to stay on track:
Opt for Affordable Housing: Shared apartments or university dorms can reduce housing costs. Renting with roommates can lower rent significantly.
Work Part-Time: On an F-1 visa, you can work up to 20 hours per week on campus. Jobs like teaching assistants or bookstore clerks can help cover expenses.
Create a Detailed Budget: List all expenses—rent, groceries, utilities—and use budgeting tools to track spending.
Explore Student Discounts: Take advantage of discounts on clothing, electronics, and entertainment via services like UNiDAYS or Student Beans.
Consider Education Loans: If scholarships aren’t available, research education loans for international students. Look for loans without a cosigner and flexible repayment terms to manage costs after graduation.
Take control of your education financing today! UseupGrad’s Education Loan Calculator to plan your loan payments, interest costs, and repayment timeline with ease. Try it now and make informed decisions for your future!
How upGrad Supports Students in Securing MBA Scholarships?
At upGrad, we understand that pursuing an MBA is a significant financial investment, and we’re here to make this journey more accessible for you. Here’s how we support you in securing MBA scholarships:
Scholarship Insights We offer detailed guidance on merit-based, need-based, and program-specific scholarships to help you find the best financial aid options aligned with your goals.
Application Support Our experts provide personalized mentorship, assisting you with impactful essays, compelling documentation, and meeting application requirements to craft a winning application.
Financial Aid Assistance In addition to scholarships, we offer insights into income-based and merit-based financial aid, along with education loan options through our partner financial institutions.
Placement and Career Assistance upGrad supports your success beyond scholarships, offering job fairs, career counseling, and industry networking to help you maximize your MBA investment.
With upGrad by your side, you can focus on what truly matters—unlocking opportunities at top business schools and achieving your career aspirations.
1. What are the eligibility criteria for MBA scholarships in the USA?
Eligibility criteria typically include academic excellence, leadership potential, professional achievements, and sometimes financial need. Some scholarships also focus on demographics like international students or underrepresented communities.
2. Can international students apply for MBA scholarships in the USA?
Yes, many MBA scholarships are open to international students. These include need-based, merit-based, and external scholarships offered by institutions, organizations, and foundations.
3. How can I improve my chances of receiving a scholarship?
Start early, craft tailored essays, secure strong recommendation letters, and highlight leadership roles and achievements. Additionally, maintain a competitive GPA and GMAT/GRE scores if required.
4. Are there scholarships for online MBA programs?
Yes, several institutions offer scholarships for online MBA programs. These can be merit-based, need-based, or employer-sponsored, depending on the program.
5. Are there MBA scholarships specifically for women?
Yes, scholarships like the Forté Fellows Program and Zonta International Jane M. Klausman Women in Business Scholarships are specifically designed to support women pursuing MBA degrees.
6. What are some external MBA scholarships available for minorities?
Programs like the National Black MBA Association (NBMBAA) Scholarships, Prospanica Scholarships, and Consortium Fellowships aim to promote diversity and provide financial aid to minority students.
7. Are need-based scholarships available for MBA students?
Yes, need-based scholarships are offered by top business schools like Harvard, Stanford, and Columbia to support students with demonstrated financial need.
8. How much financial aid can I expect from an MBA scholarship?
The amount varies widely, ranging from partial tuition coverage to full tuition, and in some cases, stipends for living expenses. Specific details depend on the scholarship provider.
9. Do all scholarships require essays or interviews?
Not all scholarships require essays or interviews, but many do. Essays help assess your goals and alignment with the scholarship's values, while interviews may evaluate your leadership potential and achievements.
10. Can I apply for multiple MBA scholarships simultaneously?
Yes, you can apply for multiple scholarships, provided you meet the eligibility criteria for each. This increases your chances of receiving financial aid.
11. Do MBA scholarships cover living expenses?
Some scholarships, especially full-ride scholarships or those with stipends, cover living expenses in addition to tuition fees. Check the terms of each scholarship to confirm.
With over a decade of expertise in international education, Jyotsna has held impactful roles at the British Council, Unilodgers, a prominent UK university, and IDP Education, empowering countless students by not only enhancing their educational experiences but also by offering them guidance in securing essential scholarships and financial aid. She is dedicated to helping students achieve their academic goals through tailored guidance and financial support.
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