3 Top Sources of MBA Scholarships

According to Investopedia, MBA students can expect to pay up to $100,000 - $200,000 for their MBA program. As a result, many incoming MBA students have to decide between taking out student loans to pay for their program and sacrificing funds allocated towards family and personal obligations.

"Higher education costs in the United States have outgrown the rate of inflation, and getting an MBA has associated tuition expenses along with rent and book costs," said Marvin Dumon of Investopedia.

The good news is that incoming MBA students have alternative options to going into debt and perhaps piling on more debt on top of their undergraduate degree student loans. A great alternative is to search and apply for MBA scholarships. While this is a great alternative, the major challenge for future MBA students is where to find MBA scholarships with a busy schedule. Below are the top 3 sources of MBA scholarships:

1. Search for local MBA scholarships 

Usually, the only local scholarships that you hear about in the community are focused on high school seniors, so graduate students tend not to search for scholarships on the local level. This is a huge mistake for those graduate students living in communities with graduate student scholarships. The key is to check with the Chamber of Commerce, local community organizations, library, local places of worship, local banks, and local businesses located in the community.

2. Search for internal and external MBA scholarships on college/university websites 

First, incoming MBA students have to understand the world of scholarships including the concepts of internal and external MBA scholarships. Internal MBA scholarships are for MBA students attending that specific college or university. External MBA scholarships are for MBA students who don't necessarily attend that specific college or university. Even if incoming MBA students haven't selected a MBA program yet, it is beneficial to search for external MBA scholarships in the financial aid section of their desired college or university.

3. Search for MBA scholarships in business-related organizations 

Typically, industries will create organizations to keep industry members updated on the trends in the industry and changes to regulations, etc. Additionally, these organizations will create career development, mentoring, and college funding opportunities to further support the advancement of the industry. This is a great source for MBA scholarships. The key is to search for a list of business-related organizations and check for college scholarship opportunities on their website.

In conclusion, future MBA students must be willing to invest their time in searching for MBA scholarships in preparation for appying for these scholarships. Future MBA students can save time by going to specific resources of MBA scholarships including local scholarships, colleges/universities, and business-related organizations.

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