MBA Scholarships

Another way to pay for MBA school is through MBA scholarships and assistantships.

Although they are common, they are not necissarily the primary way most MBA students fund their education.

However, because scholarships and assistantships are viable choices, we need to take a look at your ptions.

Scholarships typically come from the school or a third-party organization and are awards given based some kind of achievement.

Assistantships usually come from the school in exchange for teaching or research work.

Both options involve money or awards that do not have to be paid back. So there is no stipulations about interest rates or payback terms.

Here is a little more detail about each financial aid option...

• Scholarships - These are awards given based on test scores, grades, life experience, or other achievements. Sometimes, these may be called fellowships or tuition waivers/reductions.
• Assistantships - These are awards that are given to students with a commitment to provide some sort of teaching or research work in return. Although assistantships fall in the category of work study, they are not the same as federal work study aid.

Both scholarships and assistantships can cover part or all tuition, fees, and supplies. They can also award a stipend (a specified amount of "gift" money) for books or living expenses. You can inquire about these awards at the school where you will be attending.

MBA scholarships and assistantships are usually granted to qualifying students after they are admitted. Due to the limited nature of such awards, scholarships and assitantships are issued until they are gone. That makes it important to apply to an MBA program earliear than later.

You may be wondering where federal grants fit into the picture. Graduate programs are typically not eligible for Pell grants. Federal Pell grants are only available at the undergraduate level.