Are you planning to apply for an MBA program in the US but feel intimidated by the huge expenses with six-figure fees coupled with travel and living expense? Do not worry because there are scores of scholarship and funding options available.
Several of the B-schools, in their quest for talent and diversity in the class, offer generous amounts to international students.
Let’s take a look at some of these scholarships. At Harvard Business School (HBS), almost 65% of the students receive some sort of financial assistance. Need-based awards in the form of scholarships and fellowships can be found in the range of $5,000 to full tuition plus monthly stipends.
Arizona State University’s W.P. Carey School of Business offers the Forward Focus MBA Scholarship to full-time MBAs including internationals. Funded by university donors, it covers 100% of the tuition fees.
The Fellowships are gifts that do not need to be paid back, and nearly 50% of the class receives a fellowship award. The average HBS Fellowship is approximately $37,000 per year, or $74,000 total. All students are encouraged to apply for an HBS Fellowship after being admitted to the program.
Wharton Business School has a wide range of fellowships for students from all backgrounds that could cover tuition fees of $20,000 up to full tuition plus living expenses. In partnership with Quorum Federal Credit Union, the school provides a non-cosigned loan product for incoming international students. It does not require a U.S. cosigner. Some of the US banks will also permit international students to borrow through them provided you have a creditworthy U.S. citizen cosigner, Wharton says on its scholarship webpage.
International students are limited to borrowing up to 80% of the MBA student budget for the first and second year of the program, according to the terms and conditions of the Quorum Federal Credit Union.
In the case of Stanford Business School, need-based Fellowships are offered to all admitted candidates in need and approximately half of the students receive such funds. The average GSB fellowship is approximately $35,000 per year or $70,000 in total awards.
Kelley Merit Fellowships — The fellowships are available to students who show strong academic and leadership skills and range from $10,000 to $25,000 for each academic year. Awards given to first-year students can be renewed in the second year.
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The Forté Fellows Program is aimed at increasing the number of women applying to and enrolling in MBA programs. Students of all nationalities are eligible for consideration. The scholarship value varies and can be in the range of $15,000 – $25,000 or more. In the US, HBS, MIT Sloan, Dartmouth College and Georgetown McDonough, have given about $142 million to more than 6,300 Forté Fellows.
Arizona State University’s W.P. Carey School of Business offers the Forward Focus MBA Scholarship to full-time MBAs including internationals. Funded by university donors, it covers 100% of the tuition fees.
Kelly School of Business offers Global Fellowships of $25,000 with priority given to students from Latin America or those with work experience at companies in the region.
MBA students can also apply for Government/institutional funded scholarships. The Fullbright Foreign Student Program, funded by the US government, is available to graduate students including those at business schools who study for a minimum of one year.
The OPEC Fund for International Development provides scholarships to those studying master’s degrees at accredited universities around the world. The awards are worth up to $50,000, covering tuition fees and a monthly allowance for living, accommodation, travel and other expenses.
