Getting an MBA from a top business school in the United States can be very expensive, with tuition and fees often costing over $100,000 in total. However, there are a number of generous MBA scholarships available that can help offset the costs. These scholarships are offered by the business schools themselves, external organizations, companies, foundations, and the government. They are awarded based on various criteria such as academic merit, leadership potential, personal background, intended career path, and financial need.

In this article, we will highlight some of the most prestigious and generous MBA scholarships in the USA, along with key information on eligibility and how to apply.

Stanford GSB Knight-Hennessy Scholarship

The Knight-Hennessy Scholars program is Stanford Graduate School of Business’s flagship scholarship. It covers the entire cost of the 2-year MBA program which includes tuition, fees, room, and board. The estimated value is over $250,000.

Eligibility: Applicants must have an undergraduate degree and demonstrate leadership potential, personal achievement, civic commitment, and vision for social impact. There is no requirement related to nationality or career background.

Application: A separate application is required consisting of short essays, references, resume and transcripts. Finalists are invited for interviews.

Consortium Fellowship for Underrepresented Minorities

Offered through the Consortium for Graduate Studies in Management, this merit-based fellowship aims to enhance diversity in business education and leadership. The amount covers full tuition at one of the Member schools.

Eligibility: Applicants must have an undergraduate GPA of at least 3.5 and be African American, Hispanic/Latino or Native American.

Application: The common application serves as the fellowship application when selecting Consortium as your recommender. An additional essay specific to the Fellowship is required.

Harvard Business School Rock Fellowship

This needs-based fellowship reduces the debt burden of attending Harvard Business School through loan repayment assistance after graduation. Recipients get tuition grants while enrolled along with no-interest loans to cover additional expenses.

Eligibility: Strong applicants of all background who demonstrate exceptional financial need.

Application: Applicants are automatically considered via the HBS financial aid application. A separate fellowship essay is also required.

Warren Alpert Foundation Scholarship at Harvard Business School

This full-tuition scholarship plus living stipend is offered annually to 200 high-achieving students across the country via their business schools. HBS receives 4 spots.

Eligibility: Must be nominated by HBS with outstanding admissions applications demonstrating exceptional leadership potential and interpersonal skills.

Application: Nominations are made by the HBS Admissions Board. No separate application available.

Chicago Booth Scholars Program

The Scholarship of over $100,000 towards the cost of the Chicago Booth MBA provides merit-based assistance to students from groups underrepresented in business leadership.

Eligibility: Members of underrepresented US ethnic groups who excel academically and show potential as business leaders.

Application: Same essays and short-answer questions required of all Booth applicants. Students apply through the normal application process.

Wharton Lauder Institute of International Management Studies

This joint-degree program culminates in both an MBA from Wharton and a Masters in International Studies from Penn’s School of Arts and Sciences. The program is fully funded including tuition, housing, travel, living expenses and allowance.

Eligibility: Outstanding applicants who wish to pursue a career in international business or public policy. Fluency in one foreign language required.

Application: Single application through the Wharton Admissions site. Requires essays specific to the Lauder program.

Yale School of Management Silver Scholarship

Awarded at the time of admission, this merit-based, full-tuition scholarship is awarded to select top applicants each admissions cycle. It carries prestige as one of the highest achievements in business school admissions.

Eligibility: Yale SOM looks for well-rounded candidates with outstanding leadership potential based on prior experience and recommendations. No financial need component.

Application: Same essays required for all Yale SOM applicants – no separate application. Candidates are identified by regional admissions teams.

S.D. Bechtel, Jr. Foundation Fellowship at Stanford GSB

This fellowship provides full funding for the first year and half tuition the second year of the Stanford MBA program. Intended for leaders pursuing careers in environment, education or organizational effectiveness.

Eligibility: Outstanding applicants who plan to dedicate their careers to public or community service in the USA. Must be nominated by GSB.

Application: Nominations by the Scholarship Committee are based on the strength of the admissions application.

Walter A Haas Stanford GSB Fellowship

This fellowships for the full two years at Stanford covers MBA tuition plus living expenses. It allows recipients to graduate debt-free.

Eligibility: For candidates of all backgrounds demonstrating exceptional leadership achievements and potential through their careers, community service, or talent in the arts or athletics.

Application: Finalists are nominated by Stanford GSB scholarship committee based on the overall admissions application.

Goldman Sachs Thomas G. Labrecque SmartStart MBA Scholarship

Offered exclusively to first-year MBA candidates at participating business schools, this merit-based scholarship includes up to $35,000 in financial assistance. Recipients receive guaranteed 2013 summer internship offer in the Securities Division of Goldman Sachs. Schools eligible in the western region include Stanford, Berkeley Haas and UCLA Anderson amongst others.

Eligibility: Highly qualified underrepresented minority students who have accepted offers to enroll at one of the designated business schools and successfully complete the SmartStart selection process. Recipients must meet ongoing eligibility criteria around performance and grades while enrolled.

Application: Business school admissions is required first, followed by application directly to the SmartStart program. This includes submission of resume, transcript, awards and test scores.

Forte Foundation Fellowships at Consortium Schools

Dedicated to supporting women pursuing business education, Forte sponsors merit-based fellowships for female applicants accepted to the following schools (among others): Stanford GSB, Chicago Booth, Columbia, Dartmouth Tuck, Duke Fuqua, Georgetown McDonough, MIT Sloan, Northwestern Kellogg, NYU Stern and Wharton. Awards are based on strengths of the admissions application plus the endorsement of the school.

Eligibility: Women possessing outstanding leadership potential based on prior academic and professional experience. Must have gained acceptance to a Consortium business school to receive endorsement.

Application: School endorsement is required through the admissions process. Separate application also required directly through the Forte Foundation detailing career goals, leadership potential and recommendations.

Whitehead Institute Exceptional Leadership Awards

Offered to a select group of students entering MIT Sloan each fall, this merit-based scholarship provides full tuition plus living stipend. It allows recipients to gain education without financial barriers as preparation to make positive societal change.

Eligibility: MIT Sloan MBA candidates demonstrating exceptional entrepreneurial leadership qualities including courage, humility and perseverance. From all backgrounds and industries.

Application: Beginning with completed application for MIT Sloan, selected candidates are invited to submit supplemental essays for Whitehead consideration. Requires letters of recommendations and applicant interview.

Consortium Social Impact Scholarships

Awarded to entering MBAs at select Consortium Member Schools, these merit scholarships support leadership potential in social impact through components like the Forte Foundation, Toigo Foundation and the Association of Latino Professionals For America (ALPFA). Award amounts vary by school ranging from $10,000 per year to full tuition.

Eligibility: Varies by foundation but largely supports leadership journeys of women, underrepresented minorities and those serving communities in need.

Application: Begins with completed application to Consortium Member School. May require supplemental essays, interview, or selection by committee/foundation panel.

Full-Tuition and Generous Merit Scholarships at Most Top MBA Programs

In addition to some of the more prestigious and specialized scholarships covered already, many leading business schools also offer full-tuition or partial scholarships to top admits each application cycle. These merit-based awards given out at school discretion recognize the strongest candidates judged on qualities like academics, professional excellence, leadership potential and contributions to community.

While amounts and specificity vary between schools, those offering full or significant tuition grants include UC Berkeley Haas, UCLA Anderson, University of Michigan Ross, UT Austin McCombs, USC Marshall, Vanderbilt Owen, Wash U Olin, Cornell Johnson and more.

Eligibility: Very top MBA candidates based on completed admissions application, test scores, grades and overall profile. Awards are school-specific based on aligning values and priorities.

Application: For most scholarships – no separate application as decisions are made directly from the general required admissions components. However, some schools have short supplemental essays or interviews.

U.S. Military & Government Scholarships and Benefits

Current and former members of the U.S. uniformed military services may qualify for specialized MBA scholarships, tuition assistance or veteran education benefits. These are in recognition of service commitments and offer financial support for ongoing career progression. Some popular options include:

Post 9/11 GI Bill® – Pays for 36 months of education expenses in part or full including tuition, housing, books and fees. Amount depends on length of service.

Yellow Ribbon Program – Supplements Post-9/11 benefits to bridge the gap if uncapped costs like MBA tuition exceed the GI Bill®

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