Financial Aid for Minority Students

According to the Graduate Management Admissions Council, colleges and universities actively recruit women and people of color to MBA programs. Despite these efforts, minority students remain vastly underrepresented in MBA programs nationwide.

The cost of getting an MBA may deter some minority students from starting a program. Fortunately, there are many financial aid options to help you pay for tuition, fees, and other educational expenses. These opportunities include MBA minority scholarships, grants, and fellowships. Some colleges and universities even provide fully-funded programs for eligible candidates.

Read on to learn more about the financial resources available to you, as well as some tips to help you seek funding for your MBA program.

Types of Funding Available for Minority MBA Students

Federal and private funding can help you finance your MBA program.

Scholarships

Scholarships are a type of financial aid that schools, companies, governments, and other organizations sponsor. Because you don't need to repay scholarships, they're an ideal funding source.

Some organizations offer scholarships exclusively to members of certain groups, such as minorities. Others consider your background, work, or military experience. Search both regionally and nationally for scholarships to give yourself a wide range of options.

Undocumented students do not qualify for scholarships funded by the federal government but can apply for scholarships offered by companies, local governments, and other organizations.

You can learn more about scholarships on the Federal Student Aid Office website.

Grants

Grants provide funding for tuition, fees, and other expenses. While grants do not require repayment, governments, schools, and organizations typically award them based on financial need.

Grants for minorities usually fall into one of two categories: those for individuals who identify as a specific ethnicity or race, and those for non-racial or ethnic minorities, such as women. You may find additional information about federal grants at the Federal Student Aid Office website.

Work-Study

Federal work-study programs allow you to earn money while pursuing a degree. Full-time and part-time undergraduate and graduate students with demonstrable financial need may apply.

When possible, the program helps you get a job related to your major. You can work on campus for your institution or at a relevant off-campus organization. Your school's financial aid office can provide more information about the application process.

Federal Student Loans

Issued by the federal government, federal student loans allow students and parents to borrow money for educational expenses. Unlike private loans, federal loans offer payment postponement options, income-based repayment, and low fixed interest rates. Federal loans usually do not require a credit check.

Federal student loans may be subsidized or unsubsidized. Subsidized loans don't accrue interest while you attend school, up to six months after graduation, and throughout any deferment periods. However, you won't qualify for a subsidized loan as an MBA student. Instead, you can receive an unsubsidized loan, which will accrue interest the day you receive the loan.

Private Loans

Private lenders, such as banks or credit unions, offer private loans. Unlike federal loans, private lenders set the terms and conditions of loans. Undocumented students and those who don't qualify for federal aid can finance their MBA program with these loans.

Private loan recipients must pay interest while they attend school, and interest rates may increase during the repayment period. Private loans may also require a cosigner, and some do not offer forbearance or deferment options. You can explore loan terms by visiting the lender directly or through the Consumer Financial Protection Bureau website.

Filing the FAFSA

The Free Application for Federal Students Aid (FAFSA) is the form you fill out to receive all forms of federal student aid. You must complete the FAFSA to apply for federal student aid, including loans, work-study programs, and grants. The FAFSA is available in English and Spanish and provides access to the largest source of student financial aid.

FAFSA filing deadlines depend on when you plan to attend school. You may submit the FAFSA until June 30, 2024, to receive funding for the 2023-2024 school year, but each state sets its own deadlines, which you can view on the FAFSA website.

Both U.S. citizens and eligible noncitizens may complete the form. The Financial Aid Office website maintains a list of all eligible noncitizen categories. To receive financial aid, an applicant must hold a high school diploma, GED certificate, or evidence of homeschooling. Candidates who are men must register with the Selective Service System. Individuals with a drug conviction or a student loan default may not receive aid.

Applicants need a social security number, an A-Number (if not a U.S. citizen), federal tax returns, and a federal student aid ID to complete the FAFSA. Some applicants may need to provide bank statements and investment records. The amount of aid a student receives depends on several factors, including expected family contribution, enrollment status, and estimated cost of attendance.

Additional Financial Resources for MBA Students