Reduce MBA Costs With Scholarships and Fellowships
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Differences Between Scholarships and Fellowships
Types of Scholarships for MBA Programs
Military MBA: This organization offers a merit-based scholarship to MBA applicants with experience in the military. Daniel B. Goldberg and Miller Public Finance Scholarship: Funded by the Girard Miller Foundation, this award goes to students getting ready for a career in state and local government finance. Golden Key Graduate Student Award: The Golden Key International Honour Society offers various scholarship opportunities for graduate students. Beinecke Scholarship Program: Part of the Sperry Fund, this program awards scholarships to men and women attending graduate programs.
Available Fellowships for MBA Programs
The Leonard Lauder Fellowship: This fellowship goes to students of Wharton’s Lauder Institute and covers Lauder fees for two years. Forté Foundation Fellowship: The Forté Foundation funds these fellowships for women attending Forté sponsor schools. Each school selects the fellowship recipients. Toigo MBA Fellowship: The Robert Toigo Foundation provides this fellowship to diverse men and women who represent its commitment to excellence, leadership, and change. Along with funding, this fellowship provides mentoring, career coaching, networking, and other benefits.
Steps to Apply for an MBA Scholarship
Filling out the application with your personal and academic details Providing your transcripts and resume Listing any extracurricular activities, awards, community involvement, or other notable achievements Writing personal essays in response to the given questions Providing letters of recommendation from your professors or employer
Most important Factors for Earning a Scholarship
GMAT score. A good GMAT score can help put you in the running for merit-based scholarships. Transcripts. Scholarship committees will review your grades to get a sense of your academic background. Extracurricular activities. Your involvement outside the classroom may play a factor, such as volunteering in your community. Relevant professional experience. A scholarship evaluator will look at your work and other relevant experiences when reviewing your application. Future goals. Some scholarship awards may go to students with specific future goals, such as working in government or a nonprofit organization. Financial need. Some scholarships take financial need into account and go to students in need of financial assistance.
GMAT Score Required for MBA Scholarship
Ways of Paying for MBA Program
Personal savings. If you have personal savings you can draw upon, you can put that toward your program and reduce the amount you’ll have to borrow in loans. Income from a part-time job. Working while you’re in school can also help you pay for living expenses. Federal student loans. The government offers Direct unsubsidized loans and grad PLUS loans to graduate students. Both come with fixed interest rates and are eligible for a variety of repayment plans. Private student loans. Private student loans may also be worth considering, especially if you have great credit and can qualify for a competitive rate. Many lenders let you check your rates online with no impact on your credit score.
Student Loan Tips
Once the pandemic-related pause on federal student loan payments ends, going back to making payments may be hard on budgets. One solution is to refinance to a lower interest rate, longer loan term, or both, depending on your situation. (The tradeoff is that you’ll be forfeiting federal benefits such as repayment programs.) Find and compare your student loan refinance options. Paying extra each month on your student loan can reduce the interest you pay and so lower your total loan cost over time. (The law prohibits prepayment penalties on federal or private student loans.) Depending on their income, qualified borrowers can deduct the interest they pay for student loans, both federal or private, up to $2,500 per year. The deduction phases out for modified adjusted gross incomes of $70,000 to $85,000 for single individuals and $145,000 to $175,000 for people married and filing jointly.
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