MBA grants can help you achieve your dreams of getting a master’s degree in Business Administration in the US. Get on this post to know more!
You already know that earning your MBA degree is going to be a big investment, both in terms of money and time. And to some extent, this realization is making your heart pound! On one hand, you feel like you are ready to face the next phase in your education, and this excites you more than anything. But, on the other hand, you are checked by a startling reality – You cannot afford to pay for the MBA degree!
But what if you don’t have to pay for it?
What if there are programs put in place just for you, to make it easy for you to get your desired degree?
What if it all can be a whole lot easier?
To those questions, we’d simply say “It’s all very much possible.” And we’d be saying that with good resason!
There are a number of MBA grants available to help finance your degree. And accordingly, we’ll walk you through the process of applying for these MBA grants. From finding the right program, to writing the perfect essay. So, are you ready, then?
Well, let us help you take the next step in your career without breaking the bank!
What is an MBA?
Wait! You sincerely don’t know what an MBA is? That’s not possible, friend. You definitely know what an MBA is, right?
Well, even if you really do not, we won’t judge you for that. Because we know no one is an island of knowledge!
The MBA is the most popular graduate management degree in the world. No wonder it sees a huge influx e very year, with thousands of ambitious professionals applying to various MBA programs.
The MBA, as a specialist degree, provides you with core management knowledge, allowing you to gain a holistic understanding of enterprise across disciplines such as marketing, finance, and accounting, while also honing your soft leadership and management abilities.
That would mean that a MBA can give you the skills and knowledge you need to become a leader in your field and make a real impact on your company.
But this comes at a steep cost, as a MBA can be expensive – the average cost of a two-year program is over $100,000. That’s why many students turn to MBA grants to help finance their education.
Who Is Eligible For An MBA Grant?
So you’ve decided to take the plunge and pursue an MBA. Congratulations to you! Now comes the next question: How are you going to pay for it?
While there are a number of ways to finance your education, one option that is often overlooked is the MBA grant. An MBA grant is a financial award that helps pay for tuition, books and other related expenses associated with obtaining a master’s degree in business administration.
And unlike scholarships and student loans, MBA grants do not have to be repaid. Who then is eligible for an MBA grant?
The answer depends on the organization offering the MBA grants. However, most MBA grants are open to students who meet certain criteria, such as academic achievement, professional experience or community service.
Read on to know more about MBA grants!
How Much Money Can You Get From An MBA Grant?
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MBA grants can provide funding for your entire degree, or just a portion of it. The average grant amount is around $10,000, but there’s no limit to how much money you could receive. It really depends on the grant and the school you’re interested in.
Some grants are specifically for women or minority students, while others are open to everyone. Make sure to do your research and find the grant that’s right for you, before starting the application process.
It’s however worth mentioning, that not all MBA programs offer grants. Therefore, you’ll likely have to apply for MBA grants separately, so, be sure to ask the school you’re interested in about their grant opportunities.
15 Free MBA Grants You Can Apply To This Weekend
1. Association of Insurance Compliance Professionals (AICP) Scholarship Program
This is a scholarship awarded on the basis of merit. Applicants must possess a 3.0 GPA, participate in extracurricular activities, and be enrolled in a field linked to insurance or business.
Students pursuing a master’s degree in Human Resources or a Human Relations-related field are eligible for these MBA grants. The scholarship is also awarded on the basis of merit, and so, applicants must have a 3.0 GPA, participate in extracurricular activities, and be enrolled in a field linked to insurance or business.
Full-time and part-time MBA students who have a keen interest in government finance can apply for these scholarships.
Students participating in a two-year master’s degree program in a field relevant to the US Department of State Foreign Service are eligible for this scholarship. This is indeed a difficult scholarship program, that requires you to work in the Foreign Service after graduation.
This is a yearly scholarship that is given out near the end of the year. You are eligible to apply if you are enrolled in a degree program and have a GPA of at least 3.0.
Women enrolling in an MBA program are eligible for the Forte Fellows Program. To be eligible for a fellowship, you must apply to one of the participating institutions who run the program.
Anyone who has served in the military and is pursuing a master’s degree in management can apply for the Military MBA Scholarship. The scholarship can only be given to students who are enrolled in one of the participating military MBA schools External link. Before you apply, check to see if your school is on the list.
The MBA Scholarship at Columbia Business School is given to students who are enrolled at Columbia Business School.
If you plan to enroll in a full-time MBA program at New York Universirty, make sure you apply for one of their scholarships. MBA scholarships at New York University External links usually cover the entire or portion of the tuition.
The Orbis Investment Fellowship is designed for first-year business school students. Candidates have to be enthusiastic in the field of investment management.
Full-Time MBA Scholarships at Bauer College of Business External link are merit-based scholarships for Bauer College students who have excelled academically.
The QS Academic Excellence Scholarship External link is given to students who have exhibited a high level of academic excellence. By the time the winner is announced, applicants must have attended a QS event, studied at the master’s level, and been accepted into a master’s program. Furthermore, any scholarship funds must be used to pay for your tuition. A 500-word response to two questions is required for the application.
Scholarships from the Daughters of the American Revolution Individuals who demonstrate academic distinction, commitment to their field of study, and/or financial necessity are given external links.
14. Hispanic Scholarship Fund
Students having Hispanic ancestry and a minimum GPA of 2.5 are eligible for the Hispanic Scholarship Fund External link. Applicants of any age are encouraged to apply, but you must be enrolled full-time in your degree program.
15. Selected Professions Fellowship
Focus Professions Group Fellowships are offered to women of color in their second year of study in an authorized MBA program through the Selected Professions Fellowship External link program.
Now that you know the various MBA programs that you can apply to, how then do you go about it?
More MBA Funding Opportunities
How To Apply For An MBA Grant
Applying for an MBA grant is a fairly straightforward process. However, you’ll need to provide some basic personal and academic information, as well as answer a few essay questions in most cases. Also, It’s important to read the instructions carefully and follow all the steps, since missing one could result in your application being rejected.
You should also be prepared to provide supporting documentation, such as transcripts or letters of recommendation.
With this in mind, what we can say is that, the sooner you start the application process, the better. This is because many MBA grants have deadlines that are quickly approaching.
So, what are you waiting for, then? Better, start your application today!
Tips For Writing Successful MBA Grant Applications
It is also important to note that, writing a likeable grant application could help your chances of securing a MBA grant. So, in view of that, here are a few tips to help you write a successful MBA grants application:
1. Demonstrate your dedication to and passion for business administration.
2. Outline your career goals and how MBA grants will help you achieve them.
3. Explain why you need financial assistance to pursue an MBA.
4. Highlight your academic achievements and professional experience.
5. Make a strong case for why you should be chosen for the grant.
Earning your MBA is a major accomplishment that can lead to a much brighter future, both professionally and financially. However, the cost of tuition can be prohibitive for many people, which is why obtaining a MBA grant can be such a valuable opportunity.
But, if you’re ready to take the next step in your career, be sure to explore all of your options for funding your education, including scholarships, grants, and loans. And with the right planning and preparation, you can make your dream of earning a MBA a reality.