Earning an MBA is a route many young professionals take to land highly sought-after 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 is $46,000.
MBA scholarships can help undergraduate and graduate students as they look into joining an MBA program. Scholarships for MBA students can help limit the amount of debt students are left with, and Bold.org is here to help you through the process of finding these undergraduate and graduate scholarships.
Business school is certainly expensive, but the long-term benefits absolutely outweigh the short-term costs. 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 steep upfront costs, MBA students will reap the benefits further down the road. 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 as formidable.
The Covid-19 pandemic presented a unique situation for MBA programs, which has presented opportunities for MBA scholarships. Amidst incredible uncertainty, MBA programs extended general application deadlines, offered more flexibility for admitted students to push back their start dates, and even waived the GMAT and GRE test score requirements.
As a result, during the 2019–20 admissions cycle, 70% of U.S.-based MBA programs reported increases in applications from the previous cycle. 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.
Current MBA students and MBA candidates should look into opportunities for financial aid that can help cover the tremendous student loans incurred while earning their degrees. MBA scholarships are offered to different students at different levels. Some scholarships are specifically for MBA students in undergraduate school or enrolled to attend in the future, while others are specific for graduate students enrolled in MBA programs.
Depending on academic achievement and success in business school, students have different opportunities. An MBA scholarship can come in a variety of ways, and Bold.org seeks to show opportunities for how you can access scholarship programs meant for current and prospective MBA students.
Because of the high cost of earning MBA degrees, scholarships are key to covering tuition fees. Scholarship money is available in a variety of ways. For starters, Bold.org's comprehensive scholarship database offers specialized MBA scholarships that can't be found anywhere else. Other online platforms also offer merit scholarships that support undergraduate students and MBA students pursuing a graduate degree.
Individual scholarships often offer their own form of financial aid. Many of these scholarships are need-based or on the basis of academic excellence. Get in touch with the financial office at your school to see if there are scholarships specific to your career path, degree, or education level. Oftentimes, these major schools offer undergraduate options along with general MBA graduate scholarships. Use your resources to discover the options available for MBA students.
Scholarships on Bold.org span a wide range of degrees and interests. MBA students enrolled in business programs can apply for specific scholarships for business majors, such as the Ducere Global Business School Scholarship. This scholarship for MBA students is specific to online students older than 24. Other broader scholarships for business majors include the Tom Schwarz Scholarship, which is open to Georgia students of different majors, including business.
For other students seeking a career in entrepreneurship, there are scholarships meant to support future entrepreneurs. The AptAmigo Innovation Scholarship is available for undergraduate students enrolled in entrepreneurship programs. The WiseGeek Entrepreneurship Matters Scholarship is open to a wider variety of students from different majors and education levels but puts an emphasis on entrepreneurial endeavors and supports creative business majors in their schooling.
Bold.org hosts various options, such as the ones listed above. More scholarships are being added to Bold.org every week, opening up new chances for MBA students to earn financial aid for their education.
While Bold.org gives great starting options, there are other resources that MBA students can use in looking for scholarships. Individual schools often give scholarships to students involved in their programs. Explore the scholarship options at your decided school to find scholarships that are more specialized to students in your program. For information on university-specific scholarships, talk to your academic advisors or your college's financial office.
Between local scholarships in your area, colleges specific to your school, and Bold.org's scholarships for MBA students, you will have a good starting point for securing financial support.
The importance of MBA scholarships for undergraduate and graduate school students cannot be overstated. The average debt for a business school graduate is $66,300. In a 2018 survey of 10,000+ graduates of MBA programs from 126 schools, it was reported that 18% of students borrowed at least $100,000 to finance their MBA degree.
At Bold.org, our MBA scholarships will help. When you look at the MBA scholarships listed above, you'll notice they are designed to support business administration students pursuing careers in business. The goal is for students to reduce the amount of student debt they have when leaving college. Remember, there is no limit to the number of MBA scholarships you can win, so be sure to apply early and often. Every little bit matters when it comes to financial aid!
As you search for scholarships to help fund your MBA, there may be questions that arise. To help you with these first steps, we've included some of the most frequently asked questions about MBA scholarships.
The biggest and most daunting step in getting MBA scholarships is actually finding them. Use Bold.org as a resource for finding MBA scholarships that can help reduce your student debt. Apply for as many scholarships as you can in order to increase your chances of getting financial support for your MBA program. The more scholarships you apply for, the more likely you will be to win. Additionally, if you apply for scholarships with more eligibility requirements, there will be fewer applicants. This will give you a higher chance of being successful in earning scholarships.
There is no limit to the number of scholarships you can get on Bold.org. Therefore, we encourage students to apply for as many scholarships as they are able to do so that they can combine scholarship funding from different scholarships to alleviate financial stress in college. Keep in mind that colleges have different requirements for students to win scholarships.