Some MBA applicants can attend business school tuition-free through generous funding. While full funding is rare, it can come from scholarships, fellowships, need-based aid or employer sponsorships.
Experts say applicants can improve their chances by carefully researching funding options and submitting strong admissions materials, since merit-based awards are often tied to the quality of essays, interviews, resumes, grades and test scores.
“In addition to test scores and GPAs, business schools are looking for things that are not quantifiable in applicants. They are seeking evidence that helps them predict how you will contribute to and represent their program,” says Elissa Sangster, CEO of Forte Foundation, a nonprofit that offers MBA fellowships for women.
For students aiming to attend business school tuition-free or at a significantly reduced cost, several strategies can help make that possible.
[Read: How to Decide if an MBA Is Worth it]
MBA Scholarships
Prioritize MBA programs where a large share of students receive institutional aid, since those schools tend to have larger scholarship budgets.
“Applicants with standout GMAT or GRE scores and strong academic records are usually in the best position for major awards,” says Petia Whitmore, a former dean of MBA admissions and founder of My MBA Path, an MBA admissions consulting firm.
Some examples:
— Harvard Business School in Massachusetts awards need-based scholarships to roughly half of its MBA students. The average need-based scholarship awarded over two years is $100,000, according to the school’s website.
— New York University’s Stern School of Business gives about 20% to 25% of admitted full-time, two-year MBA students merit-based scholarships, most of which are full- or half-tuition awards.
— Among other schools with robust scholarship support are Yale School of Management in Connecticut, the University of Michigan’s Ross School of Business and Indiana University’s Kelley School of Business.
“From a strategy standpoint, applicants who want significant funding should also apply to programs where their stats are meaningfully above the class average,” Whitmore says. “That’s where they’re most likely to be seen as competitive for scholarships, in addition to admission.”
MBA Funding for Specific Interest Groups
Several national organizations offer MBA funding targeted to specific backgrounds, identities or professional interests.
“The strongest fellowship candidates bring backgrounds, leadership and career goals that are already aligned with the fellowship’s mission. You can usually see a pattern: sustained involvement in a relevant community, a track record of impact and a clear plan to continue that work during and after the MBA,” Whitmore says.
The application should present as a natural extension of the candidate and the work they’re already doing, she adds, and “not a last-minute attempt to fit a category.”
National Black MBA Association
The National Black MBA Association’s Graduate Case Competition offers MBA teams the opportunity to compete for employment opportunities and $50,000 in cash prizes.
Prospanica
Prospanica, an association of Hispanic MBAs and business professionals, offers scholarships of up to $5,000 for Hispanic and Latino students.
Consortium for Graduate Study in Management
The Consortium for Graduate Study in Management partners with leading MBA programs, member schools and more than 80 business organizations to offer merit-based fellowships, which can include full-tuition funding for eligible students at participating schools.
Foundations
Funding, sometimes described as fellowships, is also available through organizations such as the Forte Foundation and the Robert Toigo Foundation, which focuses on students interested in finance careers, especially underrepresented students.
“We know that cost can be a significant barrier to access, but we also know that leadership capacity isn’t limited to people who can afford the full-price tuition of an MBA,” Sangster says.
[Read: Surprising Jobs for MBA Graduates]
It pays for all prospective MBA students to research low-cost MBA programs in general, experts say.
“Ever since it launched, I have been suggesting that anyone who is looking for a low-cost but still high-quality MBA program should research the Boston University online program,” which costs $25,000, Whitmore says.
Military and Public Service MBA Funding
Yellow Ribbon Program
Many business schools participate in the Yellow Ribbon Program, a provision of the Post-9/11 GI Bill that helps cover tuition and fee amounts that exceed standard Veterans Affairs benefits. Participating institutions contribute funds toward eligible veterans’ graduate tuition, and the VA matches those contributions.
For example, the Stern business school participated in Yellow Ribbon for the 2025-2026 academic year and contributed up to $33,100 per year for eligible MBA veterans, matched by the VA for a total benefit of up to $66,200 per year, per the school’s website. Stern also offers the Fertitta Veterans MBA Scholarship, a merit-based award that lowers tuition to $30,000 each academic year for eligible admitted veteran and active-duty students.
“The most successful applicants treat funding as an early planning task, not an afterthought,” Whitmore says. “They research and confirm exactly what each school will cover, how Yellow Ribbon is structured and what their obligations will be after graduation.”
University Scholarship Programs for Veterans
Vanderbilt University in Tennessee has the Bass Military Scholars Program, which provides eligible veterans with $30,000 per year toward graduate or professional degrees, including eligibility for MBA students in the Owen Graduate School of Management.
And at The Ohio State University’s Fisher College of Business, a partnership with the National Veterans Leadership Foundation supports up to five full-tuition scholarships per year for qualified veterans and other military-connected students enrolled in the full-time MBA program.
Employer Sponsorship or Tuition Reimbursement
Some employers help offset the cost of an MBA by offering tuition assistance or corporate sponsorships, covering part or all of the degree while employees study part time. Others use signing bonuses or loan repayment incentives to help new hires pay down MBA tuition or student debt.
“When employers are willing to provide it, they are likely to sponsor candidates they see as important long-term investments,” Whitmore says. “That usually means a strong performance track record and a clear trajectory inside the company, ideally with some unique value the candidate offers.”
[Read: 4 Reasons to Delay Applying to Business School]
Georgia Institute of Technology’s Scheller College of Business encourages its prospective Evening MBA students to explore employer support, such as tuition reimbursement or sponsorship, by discussing MBA goals and funding options with their managers and human resources representatives.
Many schools, like Rice University’s Jones Graduate School of Business in Texas, provide guidance on how candidates can seek financial support from current or prospective employers.
“The pitch should be framed around business impact, not personal ambition,” Whitmore says. “The candidate should outline how the degree fills specific skill gaps and how they plan to create measurable value.”
MBA Loan Forgiveness Programs
Public Service Loan Forgiveness is a federal program that cancels the remaining balance on eligible federal direct student loans after borrowers make 120 qualifying monthly payments while working full-time in an eligible job for a qualifying government or nonprofit employer, regardless of salary.
Many business schools also have loan forgiveness or repayment assistance programs that help MBA alumni who enter public, nonprofit or social impact careers, such as those at the Yale School of Management and the University of California, Berkeley’s Haas School of Business.
“There are so many resources available to mitigate the cost of an MBA,” Sangster says.
Although obtaining such aid may require extra paperwork, applications and essays by candidates, she says, “it’s worth the investment of time and energy to find and apply for these benefits.”
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How to Get a Free or Low-Cost MBA originally appeared on usnews.com
