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Are you thinking about an online MBA but worry about the cost? There are many scholarships out there to help fund your studies. But how do you increase your chances of getting these scholarships? We’ll look into online MBA scholarships and give you tips to get the funding you need for your goals.
The cost of college keeps going up, making scholarships more crucial for getting advanced degrees1. Corporate scholarships are for people going after a certain degree or career, offering $1,000 to $15,0001. Some scholarships, like the Margery D. Shinners Scholarship for Illinois women in certain fields, give up to $1,5001. Military scholarships, such as the Military MBA Scholarship, help veterans get an MBA and vary in amount1.
Scholarships for part-time students, like the Government Finance Professional Development Scholarship, offer $10,0001. There are also scholarships for diverse groups, like the Cafe Bustelo El Cafe Del Futuro Scholarship for Hispanic students, giving up to $5,0001. Professional organizations, such as the AICP Scholarship, give $2,000 to students interested in insurance.
Understanding Online MBA Scholarships
The cost of higher education keeps going up, making financial help vital for many students wanting an online MBA. Luckily, there are many scholarships out there for those looking to advance their management skills through online programs.
Types of Online MBA Scholarships
There are many kinds of online MBA scholarships, each for different students2. Companies offer scholarships to students aiming for a certain degree or career, or those already working in the field2. Some scholarships are for students from specific places, like a certain state or area2. Others are for military members, veterans, and their families2. There are also scholarships for full-time or part-time students.
Many scholarships also help underrepresented groups, like women, minorities, and others2. Looking into the different types of online MBA scholarships can help students find the best fit for their situation.
| Scholarship Type | Award Amount |
|---|---|
| Government Finance Officers Association (GFOA) Scholarships | $5,000 to $15,0002 |
| Society for Human Resource Management (SHRM) Foundation Graduate Scholarships | $5,0002 |
| Association of Insurance Compliance Professionals (AICP) Scholarship Program | $1,5002 |
| Thomas R. Pickering Foreign Affairs Fellowship Program | Up to $37,000 annually2 |
| Columbia Business School MBA Scholarship | $7,500 to $30,000, with an average of $20,0002 |
| Selected Professions Fellowship | $5,000 to $18,0002 |
| NYU Full-Time MBA Scholarships | Can cover up to full tuition costs2 |
| AfterCollege Business Student Scholarship | $5002 |
| National Founder’s Graduate Business Student Scholarship | $5002 |
| Orbis Investment Fellowship | $15,0002 |
| Prospanica Scholarships | $2,000 to $5,0002 |
| Bauer College of Business Full-Time MBA Scholarships | Up to $10,0002 |
| Hispanic Scholarship Fund | $500 to $5,0002 |
| QS Community Scholarships for MBA Studies: Scholarship for Social Responsibility | $2,0002 |
| QS Scholarship for Academic Excellence | $10,0002 |
| QS Leadership Scholarship | $10,0002 |
| Daughters of the American Revolution Scholarships | Varying amounts based on criteria2 |
The table shows the wide range of online MBA scholarships available, with awards from $500 to over $37,0002. Finding the right scholarship can make getting an online MBA more affordable.
3 Every year, online MBA students get millions of dollars in scholarships from top business schools3. Some scholarships for online MBA programs can cover up to 25% of tuition, with awards from £5,000 to £15,0003. Scholarships at places like USC, Warwick Business School, IE Business School, Babson College, and EADA Business School Barcelona are given for merit, need, or diversity.
How to Get a Scholarship for Online MBA
Getting a scholarship for an online MBA program needs a good plan. Start by looking for all the scholarships you can apply for. Use online databases, college resources, and professional groups4. Women make up 41% of those taking the GMAT test4, but 46% of MBA graduates are women4. Scholarships can help bridge this gap.
Each scholarship has its own set of rules. You might need a resume, transcripts, letters of recommendation, and a personal essay. Talk about your academic wins, leadership skills, and why you’re passionate about your field. Some scholarships look at volunteer work and job experience too4. In 2014, minorities made up 33% of GMAT test takers4, and about 14% of businesses are owned by minorities5. These groups might find more scholarships.
Don’t forget about the deadlines for applying. It’s often easier to apply for several smaller scholarships than one big one. This way, you increase your chances of getting some help5. The best online MBA course costs $47,0005, and the average US MBA student borrows $62,000 a year6. Scholarships are crucial for funding online MBA studies.
| Scholarship Opportunity | Award Amount | Eligibility Criteria |
|---|---|---|
| Kelley School of Business Online MBA Scholarship | $100 – $600 per credit hour | GMAT/GRE score above 600, preferably over 700; strong undergraduate/master’s GPA; leadership experience; quantitative skills |
| IE Business School Scholarship Fund | Varies | Diverse student body; support for students affected by the pandemic |
| Prodigy Finance Student Loans | Varies | No collateral, guarantor, or co-signer required |
Using these tips and resources can boost your chances of getting the financial aid you need for your online MBA6. Scholarships and other funding can make distance learning and virtual MBA programs more affordable.
“Securing a scholarship for an online MBA can be a game-changer, providing the financial support to make your educational goals a reality.”
Maximizing Your Chances of Securing Funding
To boost your chances of getting a scholarship for an online MBA program, make sure your application stands out. First, carefully check the scholarship requirements and make sure you qualify7. Collect your documents like transcripts, letters of recommendation, and a resume early.
When writing your personal statement or essay, talk about what makes you special. Mention your academic wins, leadership roles, and why you want an MBA. Make sure your application fits the scholarship, showing how you match the organization’s goals and values7. Also, think about asking the scholarship provider for tips to make your application better.
Being thorough, having a strong application, and really wanting the program can help you get a scholarship7. Showing your career goals and skills can also boost your chances of getting financial help7. Applying early is smart, as some scholarships give them out as they come7.
Source Links
- https://www.onlinemba.com/resources/mba-scholarships/ – MBA Scholarships and Financial Aid Guide | OnlineMBA.com
- https://teach.com/online-ed/business-degrees/online-masters-business-administration/scholarships/ – MBA Scholarships
- https://findmbaonline.com/lists/top-10-online-mba-programs-for-scholarships – Top 10 Online MBA Programs for Scholarships
- https://www.gograd.org/financial-aid/scholarships/mba/ – MBA Scholarships: 50 Scholarships to Pay for a Campus Or Online MBA
- https://www.businessbecause.com/news/mba-cost/7931/fund-mba-online – 5 Ways To Fund Your Online MBA
- https://poetsandquants.com/2020/12/18/how-to-pay-for-your-online-mba/ – How To Pay For Your Online MBA
- https://findmbaonline.com/articles/how-to-secure-online-mba-scholarships-and-maximize-your-chances-of-success – How to Secure Online MBA Scholarships and Maximize Your Chances of Success
