MBA Scholarships and Financial Aid
Financial support for top MBA programs comes in two forms: scholarships and loans. Most students fund their studies using a combination of personal or familial savings, income, loans and scholarships.
Generally, most schools – especially the bigger, more prestigious institutes – offer generous scholarships and convenient, affordable loans. In leading programs, the number of students receiving financial aid from the school itself often exceeds 50%. It is important to note that scholarships are not especially prevalent, and one is more likely to be granted one at a business school that is ranked between 20-50 in the U.S. and Europe.
SCHOLARSHIPS
Most programs offer student scholarships. These fall under three categories: need-based scholarships, merit-based scholarships, and fellowships.
Need-based scholarships are dependent on the financial situation of the applicant. These are usually only granted to citizens of the state. These scholarships are relatively rare, but are still a viable option for students who struggle to finance their studies. The criteria for need-based scholarships differ at each institute, but they all take into account income, savings, assets, and sometimes, familial status and its implications.
In addition, ARINGO consultants have live access to the documents that all other consultants are working on. For example, when an ARINGO consultant works on a certain client essay, he or she can view how other consultants approached this essay – a fairly unique tool among admission consulting firms.
Merit-based scholarships are granted based on skills and past excellence. These talents and experience are expected to contribute to the program as a whole. These scholarships are generally only announced after an applicant is accepted into the program. From a school’s perspective, merit-based scholarships ensure that a promising applicant chooses their program over other options.
These scholarships are granted after a committee reviews several key factors, including work experience, GMAT scores, and grades during B.A. studies. However, most schools work to promote a diverse student body, and will generally choose skilled women or applicants with unique ethnic backgrounds for these scholarships.
It is important to note that as a school is ranked higher, their process for merit-based scholarships becomes more selective and more challenging.
ARINGO clients are offered merit-based scholarships with a combined value of over half a million dollars each year. These have a very wide range, including:
Harvard: $55,000, $150,000, $80,000, $100,000, $90,000, $62,000, $100,000, $64,000, $81,000, $36,000, $40,000
Wharton: $100,000, $165,000, $165,000, $150,000, $150,000, $150,000, $150,000, $150,000, $150,000, $100,000, $130,000, $145,000, $145,000, $70,000, $5000, $50,000, $30,000, $60,000, $40,000, $26,000, $26,000, $18,000, $44,000, $18,000, $80,000, $40,000, $50,000, $30,000, $50,000, $25,000, $30,000, $20,000, $20,000, $20,000, $20,000, $10,000, $10,000
Chicago Booth: $80,000, $35,000, $204,000, $204,000, $204,000, $204,000, $204,000, $120,000, $120,000, $50,000, $204,000, $204,000, $204,000, $204,000, $204,000, $90,000, $40,000, $40,000, $204,000, $204,000, $204,000, $204,000, $204,000, $204,000, $204,000, $204,000, $204,000, $204,000, $204,000, $10,000, $60,000, $170,000, $170,000, $170,000, $170,000, $120,000, $169,000, $169,000, $200,000, $200,000, $200,000, $160,000, $80,000, $40,000, $160,000, $80,000, $60,000, $40,000, $145,000, $140,000, $130,000, $130,000, $130,000, $120,000, $110,000
Stanford: $113,000, $133,000, $160,000, $60,000, $67,000, $20,000, $20,000, $30,000
Columbia: $80,000, $40,000, $77,000, $80,000, $100,000, $63,000, $30,000, $15,000
INSEAD: €20,000, €20,000, €15,000, €20,000, €10,000, €15,000, €15,000, €12,000, €10,000, €20,000, €14,000, €18,000, €13,000, €70,000, €60,000, €7,000
Kellogg: $100,000, $150,000, $40,000, $90,000, $40,000, $20,000, $120,000, $150,000, $20,000, $40,000, $120,000, $70,000, $20,000, $70,000, $80,000, $25,000, $70,000, $100,000, $110,000, $100,000, $70,000, $8,000, $22,000, $70,000, $60,000
MIT Sloan: $25,000, $110,000, $20,000, $25,000, $25,000, $20,000, $20,000, $85,000, $20,000, $20,000, $20,000, $40,000, $160,000, $70,000, $169,000, $100,000, $20,000, $5,000
NYU Stern: $50,000, $30,000, $20,000, $20,000, $190,000, $140,000, $140,000, $40,000, $150,000, $24,000, $158,000, $40,000, $28,000, $28,000, $28,000, $28,000, $127,000, $71,000, $10,000, $50,000, $25,000, $45,000, $10,000
Berkeley: $60,000, $50,000, $100,000, $123,000, $123,000, $15,000, $40,000, $40,000, $80,000, $30,000, $45,000
Duke: $100,000, $80,000, $30,000, $30,000, $70,000, $63,000, $100,000, $50,000, $140,000, $50,000, $40,000, $30,000, $40,000, $35,000, $20,000, $20,000, $10,000, $32,000, $20,000, $29,000, $36,000, $16,000, $35,000, $18,000, $5,000, $21,000
Michigan: $80,000, $130,000, $40,000, $150,000, $12,000, $40,000, $80,000, $20,000, $20,000, $20,000, $10,000, $128,000, $128,000, $20,000, $20,000, $67,000, $40,000, $20,000, $30,000, $30,000, $20,000, $60,000, $10,000, $40,000, $40,000, $12,000, $41,000
Cornell: $15,000, $30,000, $60,000, $60,000, $40,000, $40,000, $50,000, $50,000, $40,000, $40,000, $60,000, $30,000, $75,000, $75,000, $30,000, $20,000, $20,000, $40,000, $14,000, $32,000, $60,000, $50,000, $40,000, $30,000, $12,000, $45,000, $31,000, $30,000, $25,000, $20,000, $10,000, $40,000, $20,000, $35,000
Cornell Tech: $15,000, $5000, $25,000, $55,000, $35,000, $35,000, $20,000, $60,000, $60,000, $55,000, $50,000, $75,000, $65,000, $15,000, $15,000
Tuck: $80,000, $20,000, $60,000, $20,000, $50,000, $40,000, $60,000, $60,000, $60,000, $60,000, $20,000, $20,000, $15,000, $30,000, $20,000, $40,000, $20,000, $10,000
Washington: $175,000, $12,000, $63,000
Babson: $130,000, $20,000, $15,000, $19,000, $10,000, $40,000, $65,000
Carnegie Mellon: $15,000, $50,000, $50,000, $16,000, $70,000, $80,000, $50,000, $25,000, $120,000, $30,000, $20,000, $20,000, $50,000, $30,000, $52,000, $44,000, $80,000, $16,000, $10,000
Darden: $80,000, $140,000, $63,000, $3000, $126,000, $3000, $10,000, $120,000, $63,000, $34,000, $50,000
London Business School: £69,000, £20,000, £30,000, £30,000, £25,000, £25,000, £20,000, £40,000, £25,000, £20,000, £20,000, £20,000, £20,000, £20,000, £20,000, £20,000, £25,000, £20,000, $18,000, $16,000, $40,000, $19,000
UCLA Anderson: $120,000, $140,000, $120,000, $120,000, $80,000, $100,000, $70,000, $50,000, $100,000, $100,000, $50,000, $100,000, $30,000, $40,000, $40,000, $40,000, $30,000, $60,000, $50,000, $40,000, $40,000, $120,000, $50,000, $140,000, $40,000, $70,000, $40,000, $15,000, $60,000, $100,000, $112,000
UNC: $120,000, $80,000, $20,000, $100,000, $40,000, $30,000, $100,000, $120,000, $100,000, $50,000, $110,000
USC: $80,000, $140,000, $10,000, $80,000, $80,000, $60,000, $120,000, $117,000
Yale: $140,000, $145,000, $40,000, $30,000, $30,000, $20,000, $24,000, $30,000, $50,000, $30,000, $40,000, $20,000, $40,000, $60,000, $20,000, $80,000, $20,000, $20,000, $123,000, $80,000
Texas: $70,000, $40,000, $20,000
Georgetown: $20,000, $30,000, $130,000, $29,000, $60,000, $80,000
Emory: $70,000, $50,000, $32,000, $18,000, $48,000, $32,000, $40,000
Indiana: $120,000, $100,000, $90,000, $44,000, $20,000, $90,000, $40,000, $10,000, $7,500
Boston College: $50,000
Northeastern University: $70,000
GWU: $93,000
IE: €22,000, €30,000, €15,000, €28,000, €15,000, €13,600, €21,300, €14,200, €20,400, €10,000, €6,800, €17,400, €10,000, €7,000
IESE: €20,000, €20,000, €10,000; €25,000, €30,000, €20,000, €15,000, €40,000, €30,000, €30,000, €30,000, €30,000, €30,000, €30,000, €20,000, €20,000, €20,000, €15,000, €10,000, €15,000, €15,000
ESADE: €30,000, €12,000, €22,000, €22,000, €13,000, €20,000
HEC Paris: €5000, €20,000, €15,000, €26,000, €20,000, €10,000, €26,000, €16,000, €15,000, €33,000, €14,000, €24,000, €12,000, €12,000
Cambridge: £30,000, £15,000, £15,000, £25,000, £10,000, £10,000, £7,000, £5,000, £5,000
Oxford: £30,000, £20,000, £20,000, £20,000, £12,000, £20,000, £75,000, £30,000, £20,000, £15,000, £100,000, £50,000, £14,000
Rotman: $20,000, $25,000, $20,000, $25,000, $10,000, $30,000, $10,000, $10,000
Imperial College: $15,000, $15,000
Illinois: $40,000
HKUST: $16,000, $25,000
Rice: $40,000, $100,000, $100,000, $58,000, $29,000
BU: $60,000, $50,000, $30,000, $30,000
Foster: $50,000, $30,000, $100,000, $20,000, $15,000, $60,000
Simon: $60,000, $34,000, $100,000
Carlson: $30,000
Notre Dame: $60,000, $111,000, $30,000
McGill: $10,000
Ivey: $60,000
Olin: $210,000, $191,000, $100,000, $190,000, $50,000
Georgia Tech: $15,000
Fordham: $90,000, $147,000, $100,000
Michigan State: $109,000
Owen: $50,000, $130,000, $160,000
Bayes: £30,000
Manchester: £16,000, £16,000
City: $14,000
RSM: €14,000
HULT: $20,000, $25,000
Employer Sponsorship
A less-known option for financing an MBA is partial employer sponsorship. This option is usually associated with Executive MBAs, where a business executive continues his or her career while enhancing their knowledge through a business program simultaneously. Company involvement or financial aid generally limits one’s options to schools that offer part time schedules and accommodate full-time employees.
Scholarships for Women
There are a number of scholarships designated to women applicants, with the goal of increasing gender equality and diversity in leading MBA programs around the world. These scholarships are offered by both the institutes themselves, as well as external organizations such as:
http://www.fortefoundation.org/site/PageServer?pagename=mba_fellows#.VfEbf_mqqkq
Resources
Scholarships offered by schools:
- Chicago Booth – http://www.chicagobooth.edu/programs/full-time/admissions/scholarships
- Columbia – http://www8.gsb.columbia.edu/programs/mba/financial-aid/scholarships
- Kellogg – http://www.kellogg.northwestern.edu/programs/full-time-mba/tuition-financial-aid.aspx
- NYU Stern – http://www.stern.nyu.edu/programs-admissions/full-time-mba/financial-aid/scholarships
- Berkeley Haas – http://www.haas.berkeley.edu/finaid/MBA/haas-scholarships.html
Scholarships offered by external organizations:
Good luck!
The ARINGO Team