MBA Scholarships Guide

MBA Scholarships, Grants and Other Funding at a Glance

For cost context, the National Center for Education Statistics reports average graduate tuition and required fees of $20,513 a year across all institutions in 2021–22, the most recent year in its Digest of Education Statistics.

The IRS describes the educational assistance exclusion in Fact Sheet FS-2026-10 (April 2026), including that the $5,250 limit will be indexed for inflation for tax years beginning after 2026. The Department of Veterans Affairs publishes current GI Bill rates and explains its Yellow Ribbon Program, which requires the 100% benefit level and a participating school.

MBA Grants for Graduate School of Business Students

Like scholarships, grants do not have to be paid back. The largest federal grant, the Pell Grant, is not available for an MBA: federal Pell Grant rules (34 CFR 690.6) limit it to a student's first bachelor's degree, with narrow exceptions for teacher certification and workforce programs. The 2026–27 Federal Student Aid Handbook also limits the Federal Supplemental Educational Opportunity Grant to undergraduate students. Grant-like money for MBA students instead comes from the scholarships and fellowships below, from schools and from employers.

The main federal aid for MBA students is the Direct Unsubsidized Loan. Under the Federal Student Aid loan-limit guidance:

• Graduate students can borrow up to $20,500 a year in Direct Unsubsidized Loans, up to a $100,000 graduate aggregate limit. Subsidized and Unsubsidized Loans you already borrowed for graduate study count toward that $100,000; undergraduate loans and Grad PLUS loans do not.
• A separate $257,500 lifetime limit covers all federal student loans you have received, including undergraduate and Grad PLUS loans (Parent PLUS loans taken out for a dependent student are excluded). Amounts already repaid, forgiven or discharged still count toward this lifetime limit.
• Grad PLUS loans are no longer available to new graduate borrowers from July 1, 2026.
• A student who was enrolled in the program as of June 30, 2026, and received a Direct Loan for it before July 1, 2026, keeps the earlier loan terms for three academic years or the rest of the program, whichever is shorter.

Higher "professional" limits of $50,000 a year apply only to programs on the Department of Education's interim professional-degree list, first posted in June 2026 under court orders in ongoing litigation and most recently updated October 23, 2026. The department says these designations may change as the litigation proceeds. The list includes no business programs, so MBA students fall under the graduate limits. Federal Student Aid set the interest rate for graduate Direct Unsubsidized Loans first disbursed July 1, 2026, through June 30, 2027, at 8.07%, and the loan origination fee at 1.057%. Before borrowing, weigh the cost against what the degree is likely to return; our guide to whether an MBA is worth it covers that trade-off.

MBA Scholarships and Fellowships

These awards are open to MBA or other graduate business students and are listed as each sponsor describes them on its own site. Amounts, eligibility and deadlines change from cycle to cycle, so confirm the details on the sponsor's page before applying.

1. GFOA Goldberg-Miller and Clark Burrus Scholarships

The Government Finance Officers Association offers GFOA scholarships to U.S. and Canadian citizens and permanent residents planning a career in state, provincial or local government finance.

• Goldberg-Miller Public Finance Scholarship: one $30,000 award (listed at its 2025 level) for a full-time graduate student whose field relates to state or local government finance.
• Clark Burrus Public Service Academic Scholarship: one $10,000 award (2025 level) for full- or part-time graduate or upper-level undergraduate students in fields that include business administration with a focus on government or nonprofit management. GFOA describes it as an award for outstanding students from historically marginalized groups.

GFOA says the 2026 application window is closed and the 2027 window opens in November. Past GFOA scholarship winners cannot apply again.

2. Association of Insurance Compliance Professionals (AICP) Scholarship Program

The AICP Scholarship Program awards up to four $2,000 scholarships a year, plus a free AICP membership, to undergraduate or post-graduate students who have an interest in insurance as a career or field of study, a declared major in insurance, finance, management, risk management or another business-related field, and a 3.0 cumulative GPA. Applicants must describe their current and future efforts to pursue education or a career in the insurance field. Applications for the 2026 cycle were due May 15. The awards are not renewable, but recipients may reapply.

3. American Public Transportation Foundation Scholarships (Including the Dan M. Reichard, Jr. Scholarship)

The American Public Transportation Foundation awards at least 30 public transportation scholarships a year of $5,000 to $12,000, including the named Dan M. Reichard, Jr. Scholarship. Students seeking advanced degrees may apply if they have a 2.0 GPA and an interest in a public transportation career; returning applicants need a sponsor from an American Public Transportation Association member. The 2026 cycle ran from March 6 to June 5, 2026.

4. Daughters of the American Revolution: Mary Elizabeth Lockwood Beneventi MBA Scholarship

The DAR's Beneventi MBA Scholarship is a one-time scholarship with a preferred amount of $2,000 for a full-time graduate student at an accredited college or university who is majoring in business administration and has at least a 3.25 GPA. It is not automatically renewable, but recipients may reapply for consideration each year. The DAR's scholarship FAQ says applicants must be U.S. citizens, DAR membership and chapter sponsorship are not required for most awards, and applications are due January 31.

5. Educational Advancement Foundation Graduate Scholarships

The Educational Advancement Foundation's EAF graduate scholarships include a Graduate Merit award for full-time graduate students with at least a 3.0 GPA and a Graduate Financial Need award with at least a 2.5 GPA; both look for community service. Under the foundation's 2026 criteria, these general scholarships are one-time awards: past recipients of an EAF general scholarship should not apply, and while you may apply for more than one, you can receive only one general scholarship. The foundation's separate endowment and fellowship awards are renewable and follow their own criteria. The foundation lists an August 15 deadline and says it supports students without regard to sex or race.

6. Military MBA Merit Scholarships

Military MBA's merit scholarships are open to any U.S. resident with a bachelor's degree who has served in the military and is a prospective MBA student, not someone already enrolled in or holding an MBA. The award must be used for a graduate business degree at one of Military MBA's member schools, and it cannot be combined with another full scholarship. The current round's deadline is December 15, 2026.

7. Pat Tillman Foundation Tillman Scholars

The Pat Tillman Foundation selects up to 60 Tillman Scholars a year, with an average award of $10,000 per academic year based on need and educational expenses. Under its eligibility rules, veterans and active-duty service members from all branches, including the National Guard, and their current or surviving spouses may apply if they are full-time undergraduate or graduate students at an accredited U.S. school. The foundation's FAQ says applications for the 2027–28 academic year open December 3, 2026. Renewal is not automatic: selected scholars must maintain at least a 3.0 GPA to be considered for renewal each year.

MBA Scholarships for Women and Underrepresented Students: What's Changed

Several MBA awards that once limited eligibility to women or to particular racial or ethnic groups now describe broader eligibility. In a July 29, 2025, guidance memorandum for recipients of federal funding, the U.S. Attorney General described scholarships set aside exclusively for students of a specific racial group as unlawful under federal antidiscrimination law; the memo presents its recommended best practices as non-binding suggestions. The memo states the department's position; it is not a ruling on any award listed here. The awards in this group are described exactly as each sponsor states eligibility today, so check the sponsor's current page before you apply.

8. Forté Fellows

Forté Fellows are chosen by the Forté Foundation's member business schools, not through a separate Forté application: you apply to a member school, and each school decides who will represent it as a Forté Fellow. The foundation describes the program as part of its commitment to advancing women in business and says students of all nationalities, genders and gender identities are eligible. Every member school makes awards for full-time students, and part-time and executive awards are available at select schools.

9. The Consortium for Graduate Study in Management Fellowship

Applicants to the Consortium's member schools may be eligible for full or partial tuition funding, and funding decisions are made by the member schools. The Consortium's membership guidelines ask applicants to show a clear commitment to its mission, and its MBA page lists application deadlines of October 15 and January 5.

10. Reaching Out MBA (ROMBA) Fellowship

The ROMBA Fellowship is awarded to MBA students committed to building communities of leadership, inclusion and belonging, including work to advance equity for the LGBTQ+ community. Partner schools select their Fellows; Reaching Out MBA says it manages no application form specific to the Fellowship, and any monetary scholarship depends on the school.

11. Hispanic Scholarship Fund

HSF says its HSF Scholar Program is open to students of all races who identify as being of Hispanic heritage. Being selected as an HSF Scholar makes a student eligible for a scholarship depending on available funds; awards range from $500 to $5,000 based on relative need. For the 2026 cycle, applicants had to be U.S. citizens, permanent legal residents or DACA recipients, plan to enroll full-time at an accredited public or not-for-profit four-year university or graduate school in the U.S. for 2026–27, have at least a 2.5 GPA and file the 2026–27 FAFSA. The 2026 cycle ran from January 5 to February 15, 2026.

12. Prospanica Scholarships

Prospanica's General Scholarship pays up to $5,000 per award to members enrolled or planning to enroll in a master's or Ph.D. program at an accredited business school in the U.S. or Puerto Rico; undergraduates may also apply. A Prospanica membership and member ID are required, and Prospanica offers a membership fee waiver form for applicants experiencing financial hardship. Prospanica says applicants are evaluated on merit and that race and national origin are not used in decisions. The 2026 cycle ran from February 1 to May 3, 2026, and past winners may reapply.

Scholarships for Online and Part-Time MBA Students

Some awards above, such as the Clark Burrus scholarship, also accept part-time students. These two are built around them.

13. SHRM Foundation Graduate Scholarships

The SHRM Foundation offers graduate scholarships of $5,000, a $10,000 Cheslie C. Kryst memorial graduate scholarship and the $20,000 Susan R. Meisinger Scholarship for Graduate Study in HR. Applicants must be current SHRM members whose membership stays active through the eight-week review period, enrolled in an HR-related master's or doctoral program at a regionally accredited institution with at least one full semester remaining, or accepted and ready to start within six months. For MBA students, the foundation's scholarship calendar lists business administration or management with an HR concentration as a qualifying program. Applicants need a 3.5 GPA (or a 3.0 undergraduate GPA if not yet enrolled), and full-time, part-time and online programs all qualify. Each award keeps its own criteria in its application. The 2026 graduate window ran from January 12 to March 13, 2026; each scholarship is a one-time award, and past applicants may reapply.

14. GFOA Betty Jo Harker Professional Development Scholarship

Listed on the same GFOA scholarships page, the Betty Jo Harker Professional Development Scholarship offers four $10,000 awards (2025 level) to part-time graduate students in fields that include business administration with a focus on government, who have worked at least two years for a state or local government. The 2027 application window opens in November.

How to Apply for MBA Scholarships

1. File the FAFSA. Graduate and professional students are considered independent for federal aid, so you report your own finances, not your parents'. Federal Student Aid says the final 2027–28 FAFSA forms are available. File the FAFSA for the award year you will enroll in; some sponsors require it, and the Hispanic Scholarship Fund's 2026 cycle required the 2026–27 FAFSA.
2. Line up school-based awards with your admissions rounds. Forté, Consortium and ROMBA fellowships are awarded through member schools, and the Consortium's deadlines (October 15 and January 5) fall during the admissions season. Ask each program's admissions or financial aid office how it awards merit scholarships and which partner fellowships it offers. If you are still preparing applications, our guide on getting into business school covers the application itself.
3. Join required associations before deadlines. SHRM Foundation graduate awards require SHRM membership that stays active through the review period, and Prospanica requires a membership and member ID, so join well before the application window opens.
4. Ask your employer about tuition assistance. Under Section 127, an employer plan can pay up to $5,250 a year tax-free toward graduate courses or your student loans.
5. Avoid scholarship scams. The Federal Trade Commission's guide to scholarship scams (updated December 18, 2025) warns against any service that guarantees a scholarship, charges a processing fee or asks for a bank or credit card number to hold an award.

MBA Scholarships: Frequently Asked Questions

Can you get a full scholarship for an MBA?

Some routes can cover full tuition, but none is guaranteed. The Consortium says applicants to its member schools may be eligible for full or partial tuition funding, schools make their own merit awards, and eligible veterans can combine the Post-9/11 GI Bill with Yellow Ribbon funds at participating schools (see the table above).

Will FAFSA pay for an MBA?

The FAFSA gives MBA students access to federal Direct Unsubsidized Loans, not grants: the Pell Grant is limited to first bachelor's degrees. The loan limits and current rate are in the grants section above. To judge how much borrowing your expected pay can support, see our guide to MBA salary and careers.

Are there scholarships for online and part-time MBA students?

Yes. The SHRM Foundation states that full-time, part-time and online programs all qualify, GFOA's Betty Jo Harker award is for part-time graduate students in government, and Forté says part-time and executive fellowships are available at select member schools. Employer tuition assistance, covered in the table above, can also help working students.

What financial aid is available for an MBA besides loans?

Options besides loans include scholarships and fellowships from foundations, associations and schools, employer educational assistance and, for veterans and service members, the Post-9/11 GI Bill and the Tillman Scholars program. The at-a-glance table above compares them.