The cost of pursuing a Master of Business Administration (MBA) degree can be daunting, especially for students who are already burdened with student loans. However, scholarships can make a significant difference in reducing the financial burden of obtaining an MBA degree. In this article, we will explore various scholarships available to students pursuing an online MBA program.
Types of Online MBA Scholarships
There are several types of scholarships available to students pursuing an online MBA program. These include merit-based scholarships, need-based scholarships, diversity scholarships, and program-specific scholarships. Let’s take a closer look at each type.
Merit-based scholarships are awarded based on a student’s academic achievements, leadership qualities, and extracurricular activities. These scholarships are highly competitive and require students to have a high GPA and standardized test scores.
Need-based scholarships are awarded to students who demonstrate financial need. These scholarships are awarded based on a student’s income, family size, and other financial factors.
Diversity scholarships are awarded to students from underrepresented communities, including minorities, women, and LGBTQ+ students. These scholarships aim to increase diversity in the business world and provide opportunities for students who may not have otherwise been able to pursue an MBA degree.
Program-specific scholarships are offered by universities and business schools to students who enroll in their online MBA program. These scholarships may be based on academic achievements, financial need, or other criteria.
How to Find Online MBA Scholarships
Finding online MBA scholarships can be a challenging task, but it is not impossible. Here are some tips to help you find scholarships that may be applicable to you:
Start by researching online. Many websites, including scholarship search engines and online MBA program websites, provide information on available scholarships.
Many corporations offer scholarships to employees pursuing an MBA degree. Check with your employer to see if they offer any scholarships or tuition reimbursement programs.
Professional organizations, such as the National Black MBA Association and the National Society of Hispanic MBAs, offer scholarships to their members. Check if your professional organization offers any scholarships or grants.
Top Online MBA Scholarships for 2023
The Forté Foundation
The Forté Foundation offers scholarships to women pursuing an MBA degree. The scholarship amount ranges from $10,000 to $25,000 per year.
The Consortium for Graduate Study in Management
The Consortium for Graduate Study in Management offers scholarships to underrepresented minorities pursuing an MBA degree. The scholarship covers full tuition and fees and provides a stipend for living expenses.
The National Black MBA Association
The National Black MBA Association offers scholarships to African American students pursuing an MBA degree. The scholarship amount ranges from $1,000 to $10,000.
Pursuing an MBA degree can be expensive, but scholarships can help to reduce the financial burden. There are several types of scholarships available to students pursuing an online MBA program, including merit-based scholarships, need-based scholarships, diversity scholarships, and program-specific scholarships. It is essential to research and apply for scholarships to increase your chances of receiving financial aid.