How to Find Graduate School and MBA Scholarships

If you’re thinking about going back to school for an advanced degree, did you know that there are plenty of opportunities for master’s of science and MBA scholarships?

Many people assume that once they graduate from college the scholarship opportunities dry up. But there are actually a myriad of available scholarships for MBAs and master’s degrees— for both domestic and international students. And they’re not as difficult to find and get as you might think. The key to finding them is knowing when — and where — to look.

“The best time to start looking at scholarships is as soon as you start thinking about your MBA or master’s degree,” says Gordon Berridge, associate director of graduate admissions at Bentley University. So don’t wait.

To help, we’ve rounded up some of the best resources to check out if you’re looking to help finance your graduate degree with scholarships. Here they are:

Your School

The best place to start looking for scholarships is at the college or university you’re attending (or want to attend).

Most schools offer forms of merit-based aid— money that is awarded based on the personal characteristics and achievements of the student — that do not need to be paid back.

Here are some of the merit-based opportunities offered at Bentley (that are generally offered at other schools, as well).

• Graduate Assistantships
  Graduate assistants work alongside faculty and administrators to help them in a variety of research, educational, and administrative activities. Instead of receiving wages, whatever the student earns is applied to their tuition, decreasing their tuition partially or fully. These positions are generally only offered to full-time graduate students with limited work experience and are awarded for merit. At Bentley, selection is based on prior academic achievements.

• Graduate Scholarships
  Most schools, including Bentley, offer a number of merit MBA scholarships that don’t involve a work component. Graduate scholarship selection is based on previous educational achievements, what the student’s participation in a graduate program will likely contribute to the incoming class, competitive GMAT or GRE scores, and (when applicable) the TOEFL score.

• Dean's Leadership Award Program
  The Dean's Leadership Award Program is specific to Bentley, but other schools may offer something similar. This program seeks to recognize qualified students who are active members of corporate and diversity organizations. It is a unique scholarship fund, awarding three scholarships each year to prospective students who are active members of the participating organizations. These scholarships are awarded to academically excellent students with strong leadership qualities who have demonstrated a commitment to social responsibility.
  
  There are two full-tuition scholarships that are reserved for qualified candidates who have been accepted into the full-time Emerging Leaders MBA and Bentley MBA programs (one award for each program). The third award is a half-tuition scholarship, reserved for qualified part-time students accepted into the fall semester of any evening master's program.

Admissions counselors are also a great resource for MBA scholarship ideas. Berridge suggests contacting the admissions office at your school to find out if they have any suggestions for where to look for scholarships and funding options. They’re the experts!

Your Government

Many governments offer support for students to go abroad, says Berridge. Do research to see what opportunities are available. And not just from the federal government — look for state and local offerings as well. 

Two programs that he often points graduate students towards are Fulbright (for American and international students) and Education USA (for international students). They offer merit-based grants for international education. They can be very competitive, but are a great way to help fund your degree.

Your Employer

If you’re working while getting a graduate degree, many companies offer some sort of financial aid or reimbursement. Employers are usually willing to do whatever it takes to make sure they don’t lose great employees, so they’ll offer up aid to students who say they will complete their degree while working, and/or remain with the company for a certain period after they graduate.

Talk with your employer to find out if this aid would be available to you. If you’re job hunting, look for companies that offer this benefit.

Organizations

What clubs, associations, organizations or groups do you belong to? Many (like the Lions Club and Rotary Club) offer scholarships for members. It might be worth joining an organization if the member benefits include scholarships.

Check the groups that your family members belong to as well — you could be eligible.

Don’t discount the fact that these scholarships are often smaller. “Most students focus on getting the biggest scholarships possible,” says Berridge. “But they’re often the most competitive and hardest to get. By doing a little bit of research, you can apply to a lot of good scholarships. They may only be for $1000, but they add up quickly.”

Industry

Go niche as well. If you're interested in taxation, research what types of scholarships are available for people looking to pursue a taxation degree, suggests Berridge. A smaller applicant pool means a better chance of you getting the scholarship. For example, the National Association of Black Accountants offers graduate school scholarships for members.

Outside the Box

While tuition, housing and books are the highest costs for grad students (and generally the first things people think about when looking for scholarships), there are other unique MBA scholarship opportunities to help offset additional costs.

For example, Beat the GMAT, a popular MBA social network, doles out eight scholarship packages per year that include a $250 voucher for GMAT registration fees, a full GMAT test-prep course and admissions consulting services.

Additional MBA Scholarship Resources

There are thousands of organizations that offer scholarships for graduate students. Here are a few online resources that can help you find these organizations and scholarship opportunities:

• FastWeb
  FastWeb is an online resource that helps you find scholarships, and matches you with those that align with the criteria in your profile.
  
  Enter things like your strengths, interests and skills, and FastWeb will direct you to the most relevant opportunities. You can also use it to get information about financial aid, jobs, internships, student life, and more.
  
  Some of their featured scholarships include the Dr. Pepper Tuition Giveaway and the Niche “No Essay” scholarship. FastWeb also offers career planning advice, interview etiquette and resume building tips.

• FinAid
  FinAid is a comprehensive online source for student financial aid information, advice and tools. You can search through thousands of scholarships and find those you’re eligible for, connected primarily through FastWeb’s scholarship search (although they do provide others).
  
  They also offer tips and tricks about how to win these awards. FinAid provides tons of helpful information about scholarship fundamentals, including how to be wary of potential scams and the specifics of outside scholarship policies. Bookmark this site as a reference for any college financial questions you may have.

• Peterson’s
  Peterson’s is an online resource that lets you search for graduate programs, schools, scholarships and more. They can help you find fellowships and assistantships, work opportunities, and special graduate financial aid for international students.
  
  Some of their featured graduate scholarships include a $40,000 Elizabeth Tucker Foundation scholarship and the NCAA Postgraduate Scholarship. Peterson’s gives you an inside look into all things in higher education, and has been providing this information for over 50 years.

• Scholarships For Development
  Scholarships for Development is an updated list of international graduate level and MBA scholarships specifically for people from developing countries, people who would like to pursue development-related fields, and people who seek global and national development through further education. Their aim is “to help you find opportunities for higher education and become agents of development in your own country and around the world.”
  
  You can refine your scholarship search by level of study, field of study, country of study, target group and deadline to find the most relevant opportunities.

• Scholarship Opportunity
  Scholarship Opportunity is an online resource that offers blogs, ebooks and podcasts with detailed information about how to find and win scholarships. They constantly scour the Internet for new scholarships and post them to their blog, as well as rate scholarship-finding sites (from a non-biased perspective) on their ability to find relevant opportunities.
  
  Check out their ebook: A Guide to the Best & Worst Scholarship Search Sites & Apps.

“People don't realize there's a lot of money out there, as long as you do your due diligence and a little bit of research,” says Berridge.

Keep these MBA scholarship resources in mind as you think about how you’ll finance your graduate degree.