Grants for MBA Students
Although grants are available for students pursuing a Master's in Business Administration (MBA), opportunities are limited (usually regional or national grants) and highly competitive. Since MBAs have obtained a bachelor's degree, they are ineligible for a Federal Pell Grant. Plus, non-profit and professional organizations along with businesses often target undergraduate business students--as most students work before pursing their MBA and thus have earned money to contribute toward their education. In short, MBA students must maximize grant awards provided by their schools.
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Basics
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If you currently are working, check with your employer for information about employer-sponsored tuition reimbursement programs. Also contact your school's financial aid office and ask about available grants both before and after you receive a decision notice. If you wait until after you are accepted, you might be ineligible for certain grants, namely as those with early deadlines. You likely must complete a FASFA (Free Application for Student Financial Aid) to receive financial aid (grants, loans and scholarships) from your school.
Black MBAs
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The National Black MBA Association (nbmbaa.org) provides scholarships of up to $15,000 to full-time minority MBA students. The application consists of an essay, transcripts and resume. Past essay questions have asked applicants to describe how African-Americans can become more marketable internationally and to make recommendations about attracting minority MBA candidates.
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Hispanic MBAs
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The National Society of Hispanic MBAs (nshmba.org) awards $5,000 to full-time and $2,500 to part-time MBA students. Applicants must be at least 50 percent Hispanic, U.S. citizens or lawful permanent residents, and have a grade point average over 3.0.
Women CPAs
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The American Woman's Society of Certified Public Accountants (awscpa.org) offers the Becker CPA Review scholarship to business students--including MBAs, who intend to sit for a Certified Public Accountant exam. The application requires an essay that describes why you deserve the award. Students must be either U.S. citizens of lawful permanent residents. The grant is valued at about $3,000 and consists of a CPA review course.
Fulbright
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Some grants for MBA students promote academic study or research. For instance, MBAs can apply for a Fulbright grant (us.fulbrightonline.org), which is sponsored through the U.S. Department of State. In generally, Fulbright awards allow students to travel abroad but do not cover graduate school tuition. However, Fulbright Business Grants provide students with opportunities to study in Mexico, Spain and the Netherlands and include the cost of full-time tuition.
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