Pursuing an MBA degree can be expensive, with some programs like HBS, Wharton, and Stanford costing 250,000 USD to complete. However, many business schools across the US offer full funding for their MBA programs through a variety of scholarships, fellowships, and assistantships. These programs are designed to attract talented and diverse students who may not have the financial means to pay for the program on their own. In this article, I will share more than 25 US MBA programs that offer full funding to their top performaing or needy students.

Booth School of Business at the University of Chicago

Percentage of class receiving scholarship: Approximately 45%

Average scholarship award: $30,000 per year

Maximum scholarship award: Full tuition coverage

The University of Chicago Booth School of Business offers various scholarships to MBA students. Merit-based scholarships are awarded to all students based on their academic merit, prospective concentration, quality of interview, competitiveness, career goals, and life experiences.

The Global Innovator Fellowships are given to students with a passion for driving lasting impact and challenging the status quo in developing markets, underserved industries, or marginalized individuals. Other scholarships include industry awards, leadership awards, military awards, regional awards, and the Yellow Ribbon Program. Some of these scholarships require a demonstrated commitment to a particular area of study or interest. There is no formal application process for merit-based and Global Innovator Fellowships as all applicants are considered.

Wharton School at the University of Pennsylvania

Percentage of class receiving scholarship: Approximately 65%

Average scholarship award: $37,000 per year

Maximum scholarship award: Full tuition coverage

The Wharton School provides a variety of fellowship opportunities for exceptional MBA students, with support from corporate and foundation donors, alumni, and other benefactors. The selection process is based on academic achievement, professional development, community involvement, and personal background. Wharton Fellowships last two years, with funds split equally over four semesters.

The Joseph Wharton Fellowships, Howard E. Mitchell Fellowships, Emerging Economy Fellowships, Forté Fellowships, and Social Impact Fellowships are among the most well-known fellowship programs. There are also corporate and foundation fellowships. Additionally, there are multiple academic, entrepreneurial, leadership, real estate, and other fellowships offered to second-year MBA students.

Kellogg School of Management at Northwestern University

Percentage of class receiving scholarships: About 30%

Average scholarship size: $32,000 per year

Maximum scholarship size: Full tuition and fees

Kellogg School of Management offers a variety of scholarships to newly admitted students based on merit or financial need. These include the Austin Scholars program, which is awarded to select high-potential students who have demonstrated exceptional leadership in academic and professional endeavors, and the Finance Fellows program, which is a full-tuition scholarship for students committed to making an impact in the finance industry or function.

Kellogg also awards merit scholarships to exceptional students who have demonstrated excellence in one or more areas of their applications, such as the Africa Scholars, Brodsky Scholarship, Diversity Scholarship, and more.

Additionally, admitted students who are U.S. citizens or permanent residents may be considered for financial need-based scholarships by completing the Financial Need Based Scholarship Application during the admission process. Current students who received a financial need-based scholarship in their first year may be eligible for renewal in their second year.

Stanford Graduate School of Business

Percentage of class receiving scholarship: Approximately 60%

Average scholarship award: $42,000 per year

Maximum scholarship award: Full tuition coverage

Stanford GSB offers various types of financial aid to help MBA students fund their education, including need-based fellowships, the BOLD Fellows Fund for diversity and inclusion, and the Knight-Hennessy Scholars Program for leadership development.

Stanford GSB also offers loans to students, and financial aid is available to both US citizens and international students. Private loans from a student’s home country are recommended for international students as they may offer better interest rates. Stanford GSB is committed to supporting the veteran community and participates in the Yellow Ribbon Program to assist with tuition costs not covered by the Post-9/11 GI Bill.

Harvard Business School

Percentage of class receiving scholarship: Approximately 50%

Average scholarship award: $42,000 per year

Maximum scholarship award: Full tuition coverage

HBS provides need-based scholarships to 50% of students, averaging $42,000 per year. HBS has also announced full tuition scholarships for students with the greatest financial need and new scholarships for middle-income backgrounds.

The financial aid team considers income, assets, socioeconomic background, undergraduate debt, and a portion of a spouse’s income/assets in determining financial need. Financial aid packages may include need-based scholarships, student loans, and complementary fellowships, while employer loans or sponsorships make students ineligible for HBS scholarships. HBS encourages exploring other funding options to supplement scholarships.

Sloan School of Management at MIT

Percentage of class receiving scholarship: Approximately 45%

Average scholarship award: $30,000 per year

Maximum scholarship award: Full tuition coverage

MIT Sloan offers merit-based fellowships to outstanding first- and second-year MBA students based on academic excellence, professional accomplishments, and potential to enhance the school’s community. Admitted students are considered automatically for most of the fellowships, with no additional application needed, while some fellowships require a separate application.

The fellowships, which are funded by individual, corporate, and foundation donors, include the Exxon Education Foundation Fellowship, Baldwin Politi Fellowship, Beatrice Ballini Fellowship, and more. MIT Sloan informs students if they have received a fellowship upon being admitted to the school.

Columbia Business School 

Percentage of class receiving scholarship: Approximately 40%

Average scholarship award: $20,000 per year

Maximum scholarship award: Partial tuition coverage

Columbia Business School provides partial-tuition scholarships to qualified candidates, both domestic and international. Most scholarships are need-based, while certain named scholarships have a merit component or specific criteria designated by the donor. Application deadlines for August-entry and January-entry scholarships are mid-January and mid-October, respectively, or two weeks from the date of admission.

The awards range from $10,000 to $30,000, and approximately half of the applicants receive a need-based scholarship, with the average award being around $20,000. Eligibility for need-based aid is assessed by considering all possible resources, including income, savings, investments, tax refunds, and prior educational debt levels, among others. Late applications are subject to a different process.

Haas School of Business at the University of California, Berkeley

Percentage of class receiving scholarships: About 35%

Average scholarship size: $35,000 per year

Maximum scholarship size: Full tuition and fees

Berkeley Haas offers both need- and merit-based MBA scholarships to incoming students, as well as awards for continuing students in their second year. All prospective students are evaluated for fellowships and scholarship funding at the time of admission based on the strength of their application.

Scholarships are supported in part by the generosity of donors, and eligible students are considered for awards listed on the scholarship section of the online application. Need-based scholarships include the Jimenez Family Fellowship and the Ma McFarland Fellowship, while centers and institutes fellowships include the Center for Equity, Gender, and Leadership Fellowship and the Center for Responsible Business Fellowship. Merit-based scholarships and fellowships include the Allan Holt Fellowship, Berkeley Haas Scholarships, and the Yellow Ribbon Fellowship, among others.

Ross School of Business at the University of Michigan

Percentage of class receiving scholarship: Approximately 50%

Average scholarship award: $20,000 per year

Maximum scholarship award: Full tuition coverage

Michigan Ross offers over 200 merit-based scholarships to Full-Time MBA applicants, with awards ranging from $10,000 to full tuition. Admitted students are automatically considered for these scholarships based on their academic ability, achievements, and potential to contribute to the community. In addition, there are focused scholarship opportunities, including the Dean’s Impact Scholarship, Dean’s Fellows, and the Health Innovation Scholars Program. The True Grit scholarship is available to domestic and international students who have shown resilience in the face of adversity.

Tuck School of Business at Dartmouth College

Percentage of class receiving scholarships: About 50%

Average scholarship size: $30,000 per year

Maximum scholarship size: Full tuition and fees

Tuck School of Business awards scholarships to incoming students ranging from $10,000 to full tuition with the average being $30,065 per academic year. Tuck offers scholarships to enroll outstanding students who, without funding, might not attend the Tuck School. Tuck awards most available scholarships for each round at the time of admission, and additional scholarship offers may be made later.

Scholarships are automatically renewed in the second year, provided that a satisfactory academic record is maintained throughout the first year at Tuck. Tuck also offers scholarships to Consortium for Graduate Study in Management (CGSM) Fellowship, Forté, and Reaching Out MBA (ROMBA) students, as well as benefits for Post-9/11 GI Bill and Yellow Ribbon Program eligible veterans. There are also second-year scholarship opportunities and sponsorships available to MBA students.

Fuqua School of Business at Duke University

Percentage of class receiving scholarships: About 30%

Average scholarship size: $28,000 per year

Maximum scholarship size: Full tuition and fees

Fuqua School of Business offers a variety of merit scholarships ranging from partial to full-tuition to admitted students who have outstanding credentials. Students are considered for these scholarships based on their prior academic achievement, leadership qualities, impact within their community, ability to contribute to the Fuqua community, and professional accomplishments. The scholarships are funded by alumni, other Fuqua community members, foundations, corporations, and external organizations.

The Thomas F. Keller Scholarship, the most prestigious award, provides full tuition costs and is awarded to students who have shown a strong commitment to improving communities through leadership and service. Other scholarships include the University Scholars Program, the Manning Scholarship in Health Care Business Leadership, the Forte Foundation Fellowship, and the Fuqua Impact Scholars program, each with their own unique criteria and funding sources.

Johnson School of Management at Cornell University

Percentage of class receiving scholarship: Approximately 35%

Average scholarship award: $27,000 per year

Maximum scholarship award: Full tuition coverage

Cornell University’s Johnson Graduate School of Management provides over $14 million in scholarship funds to new students each year. Over 35% of students receive scholarship assistance, and merit scholarships are awarded based on leadership and interpersonal skills, prior academic performance, exam scores, work experience, writing skills, extracurricular activities, community involvement, recommendations, previous achievements, focus, and goals.

In addition to merit-based scholarships, Johnson also offers named scholarships funded by alumni, corporate partners, and individual donors, and awards full-tuition fellowships such as the Park Leadership Fellowship and the Consortium for Graduate Study in Management Fellowship. Johnson participates in several fellowship programs, including the Forté Fellows Program and the Reaching Out LGBTQ MBA Fellowship Program. The school also offers several dual-degree scholarships.

Tepper School of Business at Carnegie Mellon University

Percentage of class receiving scholarships: About 35%

Average scholarship size: $35,000 per year

Maximum scholarship size: Full tuition and fees

The Tepper School of Business at Carnegie Mellon University offers several scholarships and fellowships for MBA candidates. All full-time and part-time MBA candidates are considered for a Tepper School Scholarship at the time of admission based on the overall strength of their application, and a separate application is not required.

The school also participates in a matching program and provides merit scholarships for qualifying candidates. Other scholarships available include the Tepper School Forté Scholarship, the Tepper School Consortium Fellowship, the Tepper School Yellow Ribbon Scholarship for eligible veterans, and the Tepper School Reaching Out Fellowship for LGBTQ candidates.

Anderson School of Management at the University of California, Los Angeles (UCLA)

Percentage of class receiving scholarships: About 50%

Average scholarship size: $35,000 per year

Maximum scholarship size: Full tuition and fee

Most UCLA Anderson students use fellowships and loans to fund their education. Merit and donor fellowships are awarded to entering students based on the strength of their application, and second-year students can apply for limited donor fellowships based on first-year grades and involvement in the UCLA Anderson community.

External fellowships from private organizations and scholarships from The Consortium, Forté, and ROMBA are also available. The Consortium offers full tuition and fee fellowships to its members, while Forté Fellowships are awarded to outstanding female students committed to advancing women in business.

The McCombs School of Business at The University of Texas at Austin

Percentage of class receiving scholarships: Approximately 25%

Average scholarship size: $25,000 – $30,000 per year

Maximum scholarship size: Full Scholarship

The McCombs School of Business at the University of Texas at Austin offers scholarships for Full-Time MBA applicants, which range from $2,000 to full-tuition awards. U.S. citizens, permanent residents, and international students are all automatically considered for scholarships.

The school partners with organizations such as the Forté Foundation, Reaching Out MBA, and Teach for America to provide fellowship opportunities. Current MBA students can also apply for continuing student scholarships during their first year of the program, which are awarded based on merit and need. Additionally, the UT Austin Office of Scholarships and Financial Aid offers scholarships for continuing and transfer students.

Kelley School of Business at Indiana University

Percentage of class receiving scholarships: Approximately 40%

Average scholarship award: $24,000

Maximum scholarship award: Full tuition

The Kelley School of Business offers various merit-based scholarships, fellowships, and assistantships to its MBA students. More than half of the students receive merit aid, which ranges from $10,000 to full tuition. The merit-aid awards are based on criteria such as academic performance, GMAT/GRE scores, professional experience, and application strength.

Exceptional students may receive Dean’s Fellowships, which provide two years of full tuition and access to the Kelley Dean’s Council. Female students can be named Forté Fellows, and they receive awards ranging from $15,000 up to full tuition for each of their two years in the program.

Global Fellowships of $35,000 are also available for eligible candidates from Latin America or with a direct connection to the region. ROMBA Fellowship supports LGBTQ+ students and allies, and the Professional Student Employee Program offers paid assistantships within the academic departments and offices.

The Kelley School of Business also offers two merit-based supplemental fellowships for admitted candidates with high school or undergraduate ties to Indiana, but do not qualify for in-state tuition. Back to Bloomington Fellowship is awarded to those who completed their undergraduate education at Indiana University Bloomington, while Hoosier Heritage Fellowship is for those who graduated from a college or university in Indiana. These awards range from $5,000 up to the full difference between non-resident and resident tuition rates and may be combined with additional scholarships and fellowships offered as part of admission.

Mendoza College of Business at the University of Notre Dame

Percentage of class receiving scholarships: Varies by year but around 50%

Average scholarship size: $20,000 – $30,000 per year

Maximum scholarship size: Varies by scholarship

Notre Dame MBA program offers both merit-based and need-based fellowships and scholarships to its students. The majority of the Two-Year MBA Class received fellowships, awarded based on academic performance, work experience, test scores, leadership potential, and personal statement. Meyer Fellows, the most prestigious fellowship, receive full tuition and a $21,000 stipend per year, while Brogan Fellows and Forte Fellows are awarded to top-performing women. The Yellow Ribbon program provides benefits to qualifying veterans. The Office of Financial Aid also offers loan opportunities to students.

Owen Graduate School of Management at Vanderbilt University

Percentage of class receiving scholarships: Approximately 50%

Average scholarship size: $25,000 – $30,000 per year

Maximum scholarship size: Full Scholarship

Vanderbilt Business School offers merit-based scholarships ranging from $5,000 per year to full tuition, awarded at the time of admission. Scholarships are granted based on academic achievement, potential for excellence in a management career, leadership potential, extracurricular activities, application strength and potential to contribute to the community.

Some students may also be selected for fellowships and named awards, which require additional application materials. The Dean’s Scholars Program, Vanderbilt’s signature scholarship, offers a full tuition scholarship, and OneOwen Inclusion Award recognizes incoming students who exhibit Vanderbilt’s guiding principles. Vanderbilt Business School partners with various organizations to provide four fellowship opportunities: Forté, National Black MBA, Prospanica, and Reaching Out MBA.

Scheller College of Business at Georgia Institute of Technology

Percentage of class receiving scholarships: About 40%

Average scholarship size: $16,000 per year

Maximum scholarship size: Full Scholarships

More than half of incoming Full-time MBA students receive funding in the form of graduate research assistantships or fellowships. Awards are given to students who demonstrate academic excellence, leadership ability, and a passion for inclusion.

Graduate assistants work for up to 14 hours per week in exchange for a salary and tuition reduction of up to $93,000. The MBA program offers a range of fellowships, including the Forté Fellowship, National Black MBA Association Fellowship, and Reaching Out MBA Fellowship. U.S. citizens and permanent residents are eligible for education loans, and qualified veterans may receive financial support through the Post-9/11 GI Bill: Yellow Ribbon Program.

Arizona State University (ASU) – W. P. Carey School of Business

Percentage of class receiving scholarships: 50-60%

Average scholarship amount per student: $17,000

Maximum scholarship award: Full tuition and fees

ASU’s W. P. Carey School of Business offers a range of scholarships to support its MBA students, including a variety of merit-based and need-based awards. The school also offers several fellowships, which provide full tuition and fees plus a stipend for living expenses. Some of the available scholarships include the Dean’s Scholarship, the Diversity Scholarship, and the Emerging Leaders Scholarship.

Olin Business School – Washington University in St. Louis

Percentage of class receiving scholarships: About 50%

Average scholarship amount per student: $25,000

Maximum scholarship award: Full tuition and fees

All candidates admitted to Olin are automatically considered for merit-based Dean’s Scholarships covering partial or full tuition. Olin also offers access to several scholarship and fellowship programs, including the Consortium for Graduate Study Management, McDonnell International Scholars Academy, Forté Foundation, Olin Veterans Association Scholarships, Reaching Out Fellowship, Mr. and Mrs. Spencer T. Olin Fellowship for Women, and The Milford and Leona Bohm Scholarship. Eligibility for these scholarships varies, and some require separate applications.

Goizueta Business School at Emory University

Percentage of class receiving scholarship: Approximately 40%

Average scholarship award: $29,000 per year

Maximum scholarship award: Full tuition coverage

Emory University’s Goizueta Business School has prioritized providing scholarships to attract the best students as a fundraising campaign. The business school has already secured $41m in new scholarship donations, and scholarships range from partial to full tuition plus stipend.

The Robert W. Woodruff Foundation, which supports education and healthcare, offers four Woodruff scholarships, Emory’s most prestigious named scholarship, including full MBA tuition and fees and an annual $15,000 stipend guaranteed for the length of the full-time MBA degree. Other named scholarships available include the Bank of America/Mills B. Lane Scholarship and the Prospanica Scholarship. MBA students may also apply and interview with faculty members for research and teaching assistantships.

McDonough School of Business at Georgetown University

Percentage of class receiving scholarship: Approximately 45%

Average scholarship award: $31,000 per year

Maximum scholarship award: Full tuition coverage

Georgetown McDonough offers more than $2.5 million in scholarships for MBA applicants, and 43% of full-time students in the 2021 class received funding. The scholarships are awarded based on a holistic review process to attract a diverse class, and students are encouraged to explore other funding sources. International students have access to private lenders and external scholarships.

Additionally, Georgetown is partnered with Admit.me Access, offering a scholarship of up to $5,000 for underrepresented minorities and women. Other opportunities include various scholarships and fellowships, such as the MBA Entrepreneurship Fellowship and the Pat Tillman Foundation University Partner Scholarship, which are awarded based on merit, commitment, and potential contributions to the McDonough community and their respective fields.

Syracuse University’s Whitman School of Management

Percentage of class receiving scholarship: About 25-35%

Average scholarship award: $10,000-$20,000 per year

Maximum scholarship award: Typically up to full tuition coverage

The Whitman School of Management offers merit-based scholarships for MBA students, which are awarded based on the qualifications shown on their admission application. Additionally, students are encouraged to apply for external scholarships and fellowships. Loan programs are also available, including Federal Unsubsidized Loans, Federal Direct Graduate PLUS Loans, and Alternative Loan Programs. U.S. citizens and permanent residents are eligible to apply for private loan programs, while international students may borrow under these programs with a U.S. citizen or permanent resident co-signer. Other government aid programs, such as Veterans Benefits and Office of Vocational Rehabilitation benefits, may also be available.

Broad College of Business at Michigan State University

Percentage of class receiving scholarship: Approximately 70%

Average scholarship award: $15,000 per year

Maximum scholarship award: Full tuition coverage

The Broad Full-Time MBA program at Michigan State University awards more than $2.6 million in competitive, merit-based fellowships and graduate assistantships each year to first- and second-year MBA students. Approximately 70% of Broad MBA students receive some form of fellowship from the school.

All applicants are automatically considered for fellowships and graduate assistantships, and criteria used to award them include strong standardized test scores, qualified work experience, an excellent undergraduate GPA, and an evaluative interview. Private scholarships are also available beyond those offered by Broad, and applicants are encouraged to apply early and meet each scholarship’s specific criteria.

Rice University’s Jones Graduate School of Business

Percentage of class receiving scholarship: About 50%

Average scholarship award: $15,000-$30,000 per year

Maximum scholarship award: Full tuition coverage

Rice Business School provides merit-based scholarships for Full-Time MBA and Professional MBA programs. No additional application steps are required. Scholarship amount will be announced in the admission packet.

Trulaske College of Business at the University of Missouri

Percentage of class receiving scholarship: Approximately 50%

Average scholarship award: $20,000 per year

Maximum scholarship award: Full tuition coverage

Trulaske College of Business provides nearly $1.5 million in scholarships every year to students. Most of the scholarships are endowed scholarship funds, where interest earned from a gift from a company or donor funds the scholarship. More than 450 scholarships are awarded each year, and students may apply for them through Scholarship Universe.

Eller College of Management at the University of Arizona

Percentage of class receiving scholarship: Approximately 30%

Average scholarship award: $17,000 per year

Maximum scholarship award: Full tuition coverage

Details here.