Forms Of MBA Scholarships

Various business schools offer different types of scholarships or financial aid to Indians and other International students. The different form of scholarships is discussed below.

Merit-Based Scholarships

Students having outstanding academic performance are given merit-based scholarships. The performance is evaluated based on exceptional professional achievement, undergraduate GPA, or standardized test scores. These scholarships are also given to those students who did community service and demonstrated commitment. Some top business schools offering merit-based scholarships are Kellogg School of Management, UC Berkeley Haas School of Business, London School of Business, Chicago Booth School of Business, etc.

Need-Based MBA Scholarships/Fellowships

Some top business schools also offer need-based scholarships and fellowships to those students receiving admission. Some examples are Stanford and Harvard. The need is calculated and determined at Harvard School of Business on the candidate’s income for the last three years.

Other assets of the candidate are also taken into account. At Stanford Business School, assets and income; contributions from friends, parents, or employers; external fellowships, and scholarships are considered.

Diversity and Gender-based MBA scholarships

These types of scholarships promote diversity in the MBA program’s student body. The underprivileged community’s interest and representation are increased in the MBA programs by these types of scholarships. Some of the examples are Forte MBA Fellowships for Women, Reaching Out LGBTQ MBA Fellowship, Consortium for Graduate Study in Management, etc.

External MBA Scholarships

MBA scholarships are also offered to many students by those traditionally employing MBA graduates. Such scholarships help with financial assistance and grant access to other resources such as networking, recruiting, and special programming.

Some examples are Orbis Investment Management MBA Fellowship, McKinsey Emerging Scholars Program, Khosla Booth Private Equity fellowship, etc. Some Charitable and non-profit organizations, such as the Aga Khan Foundation and KC Mahindra Education Trust, also grant external MBA scholarships.

Other types of financial aid

International and Indian students can avail of other types of financial aid besides the MBA scholarships to help with the cost of the MBA program. These include teaching assistantships, research assistantships, and loans.

• Assistantships help reduce the financial burden of educational expenses while working part-time at the university. This way, the candidates also get some experience. A reduction in the tuition fee or a monthly stipend may be provided depending on the type of assistantship. In the teaching assistantship, a professor is assisted in the tasks of teaching or administration. In a research assistantship, faculty members are administered in a research project.
• Educational Loan options are also available to all students for help in higher studies. Apart from these, there are also various other types of loans, such as studying in the country or overseas. The scholarship programs can be searched on the website of a particular business school. The details of everything will be given in the scholarship section of the website.

Top Most Scholarships for Indian and International Students in MBA Programme

The best thing about gaining scholarships is that one should personally visit all the schools or universities’ websites. It will help the students to know all the scholarship details nicely. The various scholarships offered by the universities or schools are always notified on their respective websites. Some of the scholarships provided by the topmost universities for MBA Programmes are stated below.

MBA Scholarship from Harvard: The school offers need-based scholarships, wherein they provide $34,000 approximately every year. However, they give scholarships based on different backgrounds or interests, such as the Horace W. Goldsmith Fellowship for non-profit and for students belonging to or interested in a career of science, The Robert S. Kaplan (MBA 1983) Life Sciences Fellowship.

MBA Scholarship from Wharton: Various fellowships are available under Wharton under different categories, such as social impact fellowships for not-for-profit or public sector, economy fellowships for students from economies that are emerging, forte fellowships for female students, Joseph Wharton fellowships for outstanding achievements, etc.

MBA Scholarship from Stanford: Five students get the Stanford Reliance Dhirubhai Fellowship to cover the fees and tuition of the two-year program. But, the student has to return to India upon graduation and work in any other organization.

MBA Scholarship from Columbia Business School: There are two types of scholarship provided in the Business school: Need-based and merit-based. Renewal takes place in the need-based scholarship awarded to up to $7,500 to $30,000. The merit-based scholarship consists of a Toigo fellowship for under-represented seeking careers in finance and a forte foundation scholarship for women.

Scholarships from Chicago Booth: Several fellowship awards and scholarships are given in Chicago Booth, such as the Distinguished Fellows Program, the Zonis Fellowship for international students from an emerging economy, Forte Foundation, Fellowship, the India Trust Fellowship, Canfield Private Equity Fellowship, etc.

Apart from the listed above, several colleges and universities provide various scholarships, fellowships, and teaching assistantships. One can also avail of loans and study but have to render their service to the home country afterward if they cannot return the loan and is from a lesser economic background. So, it is up to the person where they want to study and know all the information about the country and the place regarding other costs.

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