MBA degrees can cost over $60,000 per year.
While an MBA can boost your career and future earnings, many struggle with the upfront expense. Some programs are more affordable, with total costs under 10,000,buttopbusinessschoolscanchargeover10,000,buttopbusinessschoolscanchargeover75,000 for a full-time MBA. Even public business schools can be pricey—some exceed $60,000 annually for both in-state and out-of-state students, based on U.S. News survey data. If you’re considering an MBA, here are 17 ways to fund it.
*(Cambridge, MA.—Tuesday, January 12, 2010)—A view of Harvard Yard from the Science Center at Harvard University, photographed on January 12, 2010. Staff Photo by Rose Lincoln/Harvard News Office.*
Business School Fellowships
Some business schools provide generous fellowships—essentially free money that doesn’t need repayment. For instance, nearly half of each class at UNC’s Kenan-Flagler Business School gets fellowship aid, sometimes covering full tuition, fees, and even a $5,000 stipend.
Graduate Scholarships
Gordon Berridge, an admissions director at Bentley University’s McCallum Graduate School, says many schools offer merit-based MBA scholarships with no work requirement. These awards consider academic achievements, GMAT/GRE scores, and potential contributions to the class. NCAA athletes with remaining eligibility (like from a redshirt year or COVID-19 extensions) might join a grad program while continuing their sport, Berridge adds.
Graduate Assistantships
Working as a grad or teaching assistant is another way to fund business school. These roles usually involve research or administrative tasks and are often reserved for full-time students with little work experience. According to Salary.com, the average grad assistant earns around $32,371, with pay varying by school and hours worked.
Tutoring
Many MBA programs offer tutoring, especially for students without a business background. Melody Jones of Vantage Point MBA Consulting says second-year MBA students often tutor for 20–20–30/hour, providing flexible income.
External Scholarships
Jones notes niche scholarships exist for groups like Native Americans or women in STEM fields. Stanford publishes a yearly list of such awards, some with few applicants. “If you’re willing to put in the effort—like writing an essay—there’s money out there,” she says.
Industry Scholarships
Experts suggest looking for field-specific scholarships, like those for accounting. For example, the Educational Foundation for Women in Accounting offers $1,500 to women pursuing advanced accounting degrees.
Employer Sponsorship
Some companies sponsor MBAs for high-performing employees, often requiring a post-graduation commitment. Others offer partial tuition reimbursement. Firms like Deloitte, Capital One, and Disney help cover MBA costs.
Federal Student Loans
Grad students can access federal direct unsubsidized loans (up to $20,500/year) or Grad PLUS loans (covering remaining costs). Rates are higher than undergrad loans, and applicants must complete the FAFSA. “Borrow only what you need,” advises Amanda Elliott of Colorado State University—Global.
Private Student Loans
Banks and lenders offer fixed or variable-rate loans, sometimes with lower rates than federal options. Jones says MBA loans are less daunting than undergrad debt since post-MBA salaries often allow repayment within five years.
In-Semester Internships
Paid internships at local companies can provide income and even lead to full-time jobs. Jones notes these are usually part-time and more about career growth than earnings.
Individual Retirement Accounts (IRAs)
Withdrawing from an IRA for MBA expenses avoids the 10% penalty but still incurs income tax. Jones advises against it unless absolutely necessary, as it sacrifices long-term retirement growth.
529 College Savings Funds
These tax-advantaged plans can fund grad school. Families can save undergrad leftovers for MBA costs, though experts recommend setting up a separate 529 for grad school.
Federal Grants & Special Awards
Programs like the Fulbright Business Grant support overseas MBAs in countries like Finland or Spain. Rhodes Scholars can pursue an MBA at Oxford, while groups like Reaching Out MBA fund LGBTQ+ applicants.
Side Hustles
Flexible gigs like ride-sharing, food delivery, or Airbnb rentals can supplement income. Jones notes Airbnb depends on local laws but can work well for traveling MBA students.
Veterans Benefits
The “Forever GI Bill” covers up to 36 months of grad school, often fully funding in-state public programs. The Yellow Ribbon Program helps with remaining costs at some schools.
Negotiating with Financial Aid Officers
Talking directly with aid officers increases grant chances. Be honest about financial needs and mention better offers from other schools.
Apply Early for Aid
Funds dwindle as the admissions cycle progresses, so submit the FAFSA early—even if you think you won’t qualify, as schools use it for scholarship decisions.
Renewing One-Year Scholarships
Some MBA scholarships last only one year. Students can request renewals or boost their chances by excelling academically.
