Whether you're interested in marketing, management, or entrepreneurship, scholarships can be a great option for funding your MBA. Scholarships rank among the most desirable funding sources for higher education since they never need to be paid back.
Our guide to online MBA scholarships offers tips on identifying potential awards, strategies for completing applications, and information on other options to fund your MBA. You'll also find our comprehensive list of MBA scholarships, arranged both alphabetically and by category.
Popular Online MBA Programs
Scholarships for Online MBA Programs
Since scholarships do not require repayment, these awards can help online MBA students graduate with less debt. Scholarships usually cover tuition, fees, and book costs. Some awards also help with personal expenses like transportation, food, and housing.
Each scholarship sets its own application requirements. Students should research which opportunities they qualify for before gathering application materials.
Because scholarships offer free money, applicants should expect significant competition. Smaller scholarships may get fewer applicants than larger awards. Also, some scholarships are renewable.
How to Find Online MBA Scholarships
Find relevant online MBA scholarship boards An online search is often the best way to find listings of business scholarships. Keep in mind that not all boards list all online MBA scholarships, so it pays to browse different sites and make sure you find all the available options.
Search for awards based on personal factors While you should always cast a wide net, try to look for scholarships that cater to your specific background or personal interests. Considering personal factors can help you find more scholarship opportunities that you have a better chance of qualifying for.
Look for lesser-known and niche scholarships More obscure scholarships are often less competitive. Look for local scholarship options and awards that may appear further down in search engine results. Your college may also have information about lesser-known opportunities.
Consider scholarships with smaller award amounts Online MBA scholarships with smaller award amounts may also attract fewer applicants, which means less competition. Collecting several smaller awards may be easier than one major award, even if you end up filling out more applications.
Watch out for scams When researching online, always make sure a scholarship opportunity is legitimate before you apply. Any scholarship site that asks for application fees or guarantees free money is most likely a scam and should be avoided.
How to Apply for Online MBA Scholarships
Review all application requirements before applying Make sure you know what each scholarship requires before starting your application. Starting an application you do not qualify for costs time and effort.
Prepare to submit certain materials Many scholarships require a resume, college transcripts, and letters of recommendation. Prepare these materials early on so you can focus on applications.
Boost your application through experience Volunteer and work experience can elevate your scholarship applications. Be sure to include all required information, such as start and end dates, for all experiences you list in the application.
Get solid references for letters of recommendation Some scholarships score applicants based on the strength of each application section. You can boost your score with letters of recommendation. Find suitable candidates who speak highly of you and your work and who can write well.
Adhere to deadlines Note that all scholarships for online MBA programs set different application deadlines. Some scholarships may require you to apply before you begin a program. Others only accept applications from currently enrolled students. Make sure you complete an application before any deadlines.
Types of Scholarships Available to MBA Students
Online MBA scholarships are as diverse as MBA programs themselves, serving all types of students. This list highlights the various categories of business scholarships, from corporate-backed awards to those that target specific MBA specializations or student backgrounds. Along with a description of each type of scholarship, you'll also find information on featured awards that are worth looking into.
Corporate Scholarships
Many private companies administer scholarship programs that can benefit online MBA students. These corporate scholarships usually cater to individuals pursuing a specific degree or career and/or those already employed in the field. Some corporate scholarships focus on specific geographical areas.
Abbott & Fenner Scholarships
Who Can Apply: High school juniors and seniors, and currently enrolled postsecondary students
Amount: $1,000
Citizens Bank Scholarship
Who Can Apply: All students
Amount: $2,500-$15,000
Location-Based Scholarships
Some organizations, businesses, and governments offer scholarships for local applicants. For example, a scholarship may require applicants to hold state residency. Some scholarships give preference to students from specific towns, counties, or regions.
Margery D. Shinners Scholarship
Who Can Apply: Illinois women studying an association management-related field
Amount: Up to $1,500
Paul Hagelbarger Memorial Scholarship
Who Can Apply: Students studying accounting in Alaska
Amount: $2,000 and up
Edward T. and Mary A. Conroy Memorial Scholarship Program
Who Can Apply: Maryland residents who are spouses or children of deceased or disabled Armed Forces members, public safety workers, school employees, or 9/11 victims
Amount: Up to full tuition
California Association of Realtors Scholarship Foundation
Who Can Apply: Students at public California colleges and universities pursuing a real estate-related degree
Amount: Up to $4,000
Military Scholarships
Military scholarships support the nation's veterans and active military. These scholarships may benefit active-duty service members, honorably discharged service members, or members of the National Guard or Reserve. Some awards cater to military spouses or children. Applicants usually need to submit proof of service. Many awards also require a letter of recommendation from a military superior.
Army Women's Foundation Graduate Scholarship
Who Can Apply: Women who served or currently serve in the military and their descendants
Amount: Varies
Military MBA Scholarship
Who Can Apply: Veterans pursuing an MBA
Amount: Varies
Sport Clips Help a Hero Scholarship
Who Can Apply: Active-duty, retired, or honorably discharged Armed Forces, National Guard, and Reserve members
Amount: Up to $5,000
Daughters of the American Revolution Scholarship
Who Can Apply: All students
Amount: $1,000-$5,000
Scholarships Based on Enrollment Status
Some scholarships require a specific enrollment status. In many cases, students must maintain full-time enrollment. Other scholarships prefer part-time or nontraditional students.
Government Finance Professional Development Scholarship
Who Can Apply: Part-time graduate students
Amount: $10,000
Alpha Kappa Alpha Educational Advancement Foundation Scholarship
Who Can Apply: Full-time students
Amount: Varies
The LAGRANT Foundation Graduate Scholarship
Who Can Apply: Minority full-time students pursuing a graduate degree in advertising, marketing, or PR
Amount: $3,750
Scholarships for Diverse Populations
A variety of industries and sectors offer scholarships and other aid for diverse populations. Some scholarships award funds based on factors such as race, ethnicity, or country of origin. Other awards focus on gender, sexual orientation, or personal background.
The Kosciuszko Foundation Tuition Scholarship
Who Can Apply: Full-time graduate students of Polish descent
Amount: $1,000-$12,000
Cafe Bustelo El Cafe Del Futuro Scholarship
Who Can Apply: Hispanic full-time students
Amount: $5,000
ALPFA Scholarship
Who Can Apply: Full-time students who hold ALPFA membership
Amount: Varies
Albert W. Dent Graduate Student Scholarship
Who Can Apply: Minority graduate students studying healthcare management full time
Amount: $5,000
Scholarships From Professional Organizations
Some professional organizations offer scholarships. Recipients must often plan to pursue a specific degree or career. Some professional organizations require membership before applying for a scholarship. Additionally, these scholarships often only cover conference registration fees, and sometimes travel, for the organization's conferences. So be sure to read the fine print.
AICP Scholarship
Who Can Apply: Graduate students interested in insurance
Amount: $2,000
Ritchie-Jennings Memorial Scholarship Program
Who Can Apply: Full-time students studying accounting, business administration, finance, or criminal justice
Amount: $2,000-$10,000
ABWA Impact Scholarship – Stephen Bufton Memorial Educational Fund
Who Can Apply: Women attending accredited institutions
Amount: $2,000-$10,000
Scholarships by MBA Concentration
Some scholarships designed for online MBA programs only accept applicants working toward a specific concentration. Many awards target applicants pursuing concentrations such as marketing, accounting, or insurance.
The LAGRANT Foundation Graduate Scholarship
Who Can Apply: Minority full-time students pursuing a graduate degree in advertising, marketing, or PR
Amount: $3,750
California Association of Realtors Scholarship Foundation
Who Can Apply: Students at public California colleges and universities pursuing a real estate-related degree
Amount: Up to $4,000
Margery D. Shinners Scholarship
Who Can Apply: Illinois women studying an association management-related field
Amount: Up to $1,500
Albert W. Dent Graduate Student Scholarship
Who Can Apply: Minority graduate students studying healthcare management full time
Amount: $5,000
Paul Hagelbarger Memorial Scholarship
Who Can Apply: Students studying accounting in Alaska
Amount: $2,000 and up
School-Specific Scholarships
Colleges and universities often offer scholarships for their own students. Some businesses and organizations also create scholarships for students at specific institutions. These scholarships often help learners with financial need. MBA students looking for scholarships specific to their schools should contact their financial aid office to learn more.
Scholarship Options for Online MBA Students
For a comprehensive selection of scholarships, consult our alphabetical list below. Keep in mind this list is long but by no means complete. You can find plenty of other online MBA scholarship opportunities with a bit of online research. Also, don't forget to talk to your school for more information on potential scholarship opportunities.
More Ways to Pay for Your Online MBA
In addition to scholarship programs, online MBA candidates can pursue financial aid such as grants, loans, and work-study programs. Below, we cover several types of financial aid opportunities for online MBA students.
Grants
Like scholarships, grants do not need to be repaid. However, while many scholarships choose recipients based on merit, grants are typically need-based. Filling out your Free Application for Federal Student Aid (FAFSA) automatically determines your eligibility for federal grants.
Federal Loans
MBA students can access several types of federal student loans. Federal loans may have fixed interest rates and later repayment dates than private loans. They may also offer consolidation options. As with grants, filling out the FAFSA determines your eligibility for different federal loans, such as unsubsidized loans and PLUS Loans.
Private Loans
Private loans come from third-party lenders. These loans may be easier to secure than federal loans, though they often charge higher interest rates and may require a minimum credit score to qualify. Compared to federal loans and grants, private loans are generally more expensive and less flexible in their repayment policies. Plus, you may need a creditworthy cosigner.
Work-Study
Sometimes you can work campus jobs in return for payment. Depending on the type of work-study, this payment may go directly toward your tuition and fees. As with grants and loans, filling out your FAFSA can help you determine your eligibility for work-study jobs.
Employer Assistance
Some businesses may offer to pay for some or all of their employees' MBA program expenses. Check with your employer to find out what education funding options they offer. Employer assistance may require you to commit to a set period of employment after you finish your MBA.
Questions About Scholarships for Online MBA Degrees
Yes, online MBA students can access many scholarships. Some programs only extend scholarships to students pursuing an MBA. Other scholarships focus on factors like background, financial need, and academic merit.
