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5 MBA Scholarships for Undergraduate and Graduate Students Pursuing an MBA program

Earning an MBA is a route many young professionals take to land those highly sought-after C-suite jobs at large corporations. While going to business school is a valuable endeavor, it is also an expensive one. The average annual tuition costs at the top 15 ranked MBA programs often exceed $64,000. Amongst the 10 highest-ranked public business schools, the average in-state tuition was $46,000. To be able to afford such high sticker prices, you'll need help.

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The Importance of MBA Scholarships

The importance of scholarships for MBA undergraduate and graduate school students cannot be overstated. The average debt for a business school graduate is a whopping $66,300. In a 2018 survey of 10,000+ graduates of MBA programs from 126 schools, Bloomberg Businessweek reported that 18% of students borrowed at least $100,000 to finance their MBA.

Average MBA student debt at top ranked business schools:

At Bold.org, we’re here to help. Our list of scholarships for MBA students is designed to support business administration students pursuing careers in business without having to take out such massive student loans. Remember, there is no limit to the number of scholarships you can win, so be sure to apply early and often since every little bit matters when it comes to financial aid!

Students chatting at a table

Looking for MBA Scholarships? Check out our exclusive list of 5 MBA Scholarships below!

MBA Scholarships List

  1. Hustle Tech & Business News No-Essay Scholarship
  • Amount: $10,000
  • Eligibility: Any education level
  • Application deadline: Rolling monthly deadlines
  • Winners announced: June 1st, 2022
  • Description: The Hustle Tech & Business News No-Essay Scholarship is designed to support an aspiring young professional interested in business. This scholarship will be awarded to the person who gets the most out of their engagement with The Hustle Daily. Make sure to apply early for your best chance to win!
  1. Daily Upside Business News Scholarship
  • Amount: $1,000
  • Eligibility: Graduate students pursuing an MBA
  • Application deadline: Rolling monthly deadlines
  • Winners announced: March 1st, 2022
  • Description: The Daily Upside Business News Scholarship was created to give MBA students a distinct edge in the world of business. This scholarship will be awarded to the person who gets the most out of their engagement with The Daily Upside. Make sure to apply early for your best chance to win!
  1. Water Coolest Market News Scholarship
  • Amount: $1,000
  • Eligibility: Any education level
  • Application deadline: Rolling monthly deadlines
  • Winners announced: June 1st, 2022
  • Description: The Water Coolest Market News Scholarship seeks to support students with an interest in the financial markets. This scholarship will be awarded to the person who gets the most out of their engagement with The Water Coolest. Make sure to apply early for your best chance to win!
  1. Ducere Global Business School Scholarship
  • Amount: $1,000
  • Eligibility: Any students who have completed a bachelor’s degree and are interested in pursuing an MBA
  • Application deadline: Rolling monthly deadlines
  • Winners announced: June 1st, 2022
  • Description: The Ducere Global Business School Scholarship is designed to support the aspiring business leaders of tomorrow, today. Collaborating with global leaders and business experts, Ducere’s online global business school delivers MBA programs with real career impact. Make sure to apply early for your best chance to win!
  1. Breanden Beneschott Ambitious Entrepreneurs Scholarship
  • Amount: $1,000
  • Eligibility: Any education level
  • Application deadline: February 2nd, 2022
  • Winners announced: February 28th, 2022
  • Description: The Breanden Beneschott Ambitious Entrepreneurs Scholarship aims to do its part in supporting our next generation of aspiring entrepreneurs. This scholarship will be awarded to one ambitious individual who has a vision to improve the world through entrepreneurship. To apply, write an essay articulating a problem you see in the world that Mechanism should explore.
Students in business lecture

Pursuing an MBA - Is It Worth It?

While going to business school is certainly expensive, the long-term benefits absolutely outweigh the short-term costs. In the same 2018 Bloomberg Businessweek survey, it was reported that MBA graduates of schools where at least 20% of students reported having had to borrow six-figure sums disclosed a median starting pay ranging from $80,000 to $140,000.

Furthermore, according to US News, within 10 years of earning an MBA degree, the average business school graduate had an estimated $390,751 return on investment, even after subtracting the tuition and opportunity costs of attending an MBA program.

Despite the seemingly steep upfront costs, you come out well ahead in the end. Plus, when comparing the average student loan debt for law graduates and medical school graduates ($145,500 and $246,000 respectively) the $66,300 in student loan debt for MBA graduates doesn’t seem so bad anymore.

The Covid-19 pandemic presented a unique situation for MBA programs. Amidst incredible uncertainty, these programs offered more flexibility for admitted students to push back their start dates, extended general application deadlines, and even waived the GMAT and GRE test scores requirement.

As a result, during the 2019–20 admissions cycle, 70% of U.S.-based MBA programs reported increases in applications from the previous cycle. It seems that the demand for graduate degrees, specifically from business schools, tends to rise amid periods of economic uncertainty. The Great Recession of 2008 saw a similar spike in business school applications, as young professionals hoped to stand out in a difficult job market.

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