Earning an MBA online is a smart move if you want to advance your career while keeping up with work and personal commitments. But let’s face it—MBA programs can be expensive. The good news? Many online MBA programs offer scholarships to help reduce the cost!
If you’re searching for online MBA programs with scholarships, you’ve come to the right place. In this detailed guide, you’ll learn:
✔ What online MBA scholarships are
✔ Types of scholarships available
✔ How to apply for MBA scholarships
✔ Top online MBA programs that offer scholarships
✔ Other ways to cut down MBA costs
By the time you finish reading, you’ll have all the information you need to find and apply for the best MBA scholarships.
What Are Online MBA Scholarships?
MBA scholarships are financial awards that help students pay for tuition and other costs. Unlike student loans, scholarships don’t need to be repaid, making them a fantastic way to reduce the cost of your degree.
These scholarships can be provided by:
- Universities offering online MBA programs
- Private organizations and foundations
- Professional business associations
- Companies that want to support employees in higher education
If you’re planning to pursue an online MBA, applying for scholarships is one of the best ways to lower your costs.
Types of Scholarships for Online MBA Students
There are different types of scholarships available, depending on your academic performance, financial need, work experience, or background. Let’s go through each one.
1. Merit-Based Scholarships
These scholarships are awarded to students who have strong academic achievements, leadership skills, or outstanding professional experience.
📌 Examples of merit-based scholarships:
- Kelley Direct Momentum Scholarship (Indiana University) – For students with strong academic and career backgrounds.
- Harvard Business School Fellowships – Given to students with excellent leadership potential.
- MIT Sloan MBA Fellowships – For high-achieving students with exceptional academic records.
💡 Tip: If you have a strong GPA and leadership experience, highlight them in your application to increase your chances of getting selected.
2. Need-Based Scholarships
Need-based scholarships are awarded to students who demonstrate financial need. These scholarships are great for students who might not have the best academic scores but need help paying for school.
📌 Examples of need-based scholarships:
- Forté Foundation MBA Scholarships – Supports women in business who need financial assistance.
- ROMBA LGBTQ+ Fellowship – For LGBTQ+ students who need financial support.
- SNHU Opportunity Grant – Available to students with demonstrated financial need.
💡 Tip: To qualify for most need-based scholarships, you must fill out the Free Application for Federal Student Aid (FAFSA).
3. Diversity & Inclusion Scholarships
Many universities and organizations offer scholarships to students from underrepresented backgrounds. These scholarships are meant to increase diversity in business schools.
📌 Examples of diversity-focused scholarships:
- National Black MBA Association (NBMBAA) Scholarship – For Black students pursuing an MBA.
- Hispanic Scholarship Fund MBA Award – Supports Hispanic students.
- American Indian Graduate Center MBA Scholarship – For Native American students.
💡 Tip: If you belong to a minority group, research scholarships that support students from diverse backgrounds.
4. Military Scholarships & Discounts
If you’re in the military, a veteran, or a military spouse, there are many scholarships and tuition discounts available.
📌 Examples of military MBA scholarships:
- Post-9/11 GI Bill® & Yellow Ribbon Program – Covers tuition for eligible veterans.
- Military MBA Scholarship – Supports military service members.
- Sport Clips Help a Hero Scholarship – Provides up to $5,000 for military students.
💡 Tip: If you’re in the military, ask your school’s financial aid office about military scholarships and tuition discounts.
5. Employer-Funded Scholarships & Tuition Assistance
Many companies offer tuition assistance programs (TAP) or scholarships for employees pursuing an MBA.
📌 Examples of employer-sponsored MBA programs:
- Amazon Career Choice Program – Pays for employees’ tuition.
- Google MBA Fellowship Program – Supports students interested in tech and business.
- Deloitte Foundation MBA Scholarship – For students pursuing a career in consulting.
💡 Tip: If you have a job, check with your HR department to see if your employer will help pay for your MBA.
How to Find & Apply for Online MBA Scholarships
Finding and applying for MBA scholarships takes time, but these steps can help:
Step 1: Research Scholarships Early
Many scholarships have early deadlines, so start your search at least 6-12 months before your MBA program starts.
📌 Where to find MBA scholarships:
- Your university’s financial aid office
- Scholarship search websites like Scholarship Universe
- Professional business associations like Forté Foundation
- Employer-sponsored education programs
Step 2: Gather Your Application Materials
Most MBA scholarships require:
✔ A strong personal statement (essay about your goals and why you deserve the scholarship)
✔ A resume highlighting leadership and work experience
✔ Letters of recommendation from professors or employers
✔ College transcripts
💡 Tip: Make sure to customize your essays for each scholarship instead of using a generic application.
Step 3: Apply for Multiple Scholarships
Since scholarships are competitive, apply for as many as possible to increase your chances.
📌 Best strategy:
- Apply for both large and small scholarships.
- Include less competitive, niche scholarships.
- Follow all instructions carefully to avoid disqualification.
💡 Tip: Never wait until the last minute! Many scholarships have strict deadlines.
Top Online MBA Programs That Offer Scholarships
Many universities offer online MBA scholarships. Here are some of the best programs:
1. Indiana University – Kelley Direct Online MBA
- Offers merit-based scholarships up to $25,000.
2. University of North Carolina – Kenan-Flagler Online MBA
- Forté Fellowships for Women.
- Military and employer-based scholarships.
3. Southern New Hampshire University (SNHU) Online MBA
- Need-based scholarships and grants.
- Military discounts available.
4. University of Florida – Warrington College of Business
- Offers tuition waivers and scholarships.
- In-state tuition for online students.
💡 Tip: Choose an online MBA program that offers scholarships and tuition discounts to lower your costs.
Other Ways to Reduce MBA Costs
Besides scholarships, here are other ways to save money on an online MBA:
✔ Transfer credits from previous coursework.
✔ Look for work-study opportunities.
✔ Choose an affordable MBA program.
✔ Use employer tuition reimbursement.
Final Thoughts: Can You Get a Scholarship for an Online MBA?
Absolutely! Many online MBA programs offer scholarships to help students pay for tuition. Whether you qualify for merit-based, need-based, diversity, military, or employer-funded scholarships, there are many opportunities to reduce your costs.
✅ Best tips to secure an MBA scholarship:
1️⃣ Start researching scholarships early.
2️⃣ Apply to multiple scholarships.
3️⃣ Write strong essays and get great recommendations.
4️⃣ Look for employer tuition assistance programs.
By following these tips, you can earn an online MBA without breaking the bank! 🎓💰