MBA in USA – Scholarships and Financial Aid

One of the primary challenges faced by students is the cost of studying MBA in the U.S. There are, however, a variety of ways to fund your education, including fellowships, scholarships, assistantships, and education loans.

For instance, the average MBA scholarship from Harvard is USD 40,000 annually. Furthermore, the Harvard MBA scholarship is a privilege that does not have to be repaid, and nearly half of the class is granted one each.

Learn more about how to get an MBA Scholarship from Harvard.

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Most of the best MBA programs in the USA grant merit-based scholarships in general. In addition to that, targeted scholarships such as diversity scholarships are also offered by business schools.

Here is a link to an article that goes over the list of scholarships available for Indian and International students at Top business schools.

Financial Aid For Indian Students in the United States

The majority of Indian students pursuing an MBA in the United States end up receiving a scholarship covering 20 percent to 80 percent of their tuition fee.

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There are several education loans that you can apply for in the USA. Here is an article about How you can get a student loan for an MBA in USA.

A high scholarship amount can be obtained with the help of a high GMAT score.

Fellowships are another way through which students can get financial help. Here is an article about the Stanford Reliance Dhirubhai Fellowship, where 3 Indians receive INR 70 lakhs each to study at the Stanford GSB MBA program.

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Types of MBA Scholarships

The following are the various forms of MBA scholarships and other financial supports offered to Indian, international, and other students at business schools.

1.Merit-Based Scholarships

2.Need-Based Scholarships

3.Diversity and Gender-based Scholarships

4.External Scholarships

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Merit-Based MBA Scholarships

Merit-based scholarships are usually offered to students by evaluating their standard test scores or exceptional professional achievements of students with excellent academic performance based on undergraduate GPA. The students who demonstrate their commitment and services to the community are also offered merit-based MBA bonds.

The following are some merit-based awards from top business schools:

• Kellogg Scholarship (Kellogg School of Management)
  Tahir Fellowship (UC Berkeley Haas School of Business)
  George J. Stigler Fellowship (Chicago Booth School of Business)
  K. Birla MBA Scholarship (London Business School)

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Need-Based MBA Scholarships/Fellowships

What are need based scholarships?

A few leading business schools like Harvard and Stanford only provide their students who have received admission with need-based Scholarships/Fellowships.

The need at Harvard Business School is determined based on the candidate’s income and any other assets acquired in the previous 3 years.

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Diversity & Gender-based MBA Scholarships

MBA scholarships based on diversity and gender help to promote diversity within the MBA student body. These grants help improve representation and promote the interests of traditionally underrepresented communities in MBA programs.

Examples of MBA Scholarships based on diversity are:

• Forté MBA Fellowships for Women
• Reaching Out LGBTQ MBA Fellowship
• Consortium for Graduate Study in Management

Stanford GSB provides students with particular backgrounds with the following scholarships:

• Charles P. Bonini Partnership for Diversity Fellowship
• Stanford Reliance Dhirubhai Fellowship

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External MBA Scholarships

MBA scholarships are also offered to students by many external organisations that traditionally employ MBA graduates. In addition to funding awards, these grants also provide access to resources such as special programs, networking, and recruitment.

Some examples of External MBA scholarships are:

• McKinsey Emerging Scholars Program
• Khosla Booth Private Equity Fellowship
• Orbis Investment Management MBA Fellowship

External MBA Scholarships are also granted by several non-profit and charity groups such as:

• The Aga Khan Foundation
• C. Mahindra Education Trust

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Other Forms of Financial Aid

In addition to MBA scholarships, Indian and international students are provided with various other financial assistance forms to support their financial needs to pursue an MBA degree. Other popular forms of financial assistance include:

• Teaching Assistantships/Research Assistantships
• Loans

Research and Teaching Assistantships

Assistantships are a way to support your educational costs financially by working part-time at university positions. You can either receive a monthly stipend or a reduction in the tuition amount depending on the type of assistantship.

Teaching assistantship includes facilitating a teacher in administrative or educational tasks such as scoring assignments, ushering office hours, etc. Teaching assistants typically assist teachers in undergraduate or graduate courses in some cases.

Research assistantship includes the support of faculty members for a research project. The type of work depends on the particular project of research.

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