The cost of an online MBA can feel like a big barrier. Luckily, there's a wealth of scholarships and financial aid options available, and with the right strategy, you can make your online MBA much more affordable.
The most straightforward place to begin your scholarship search? The financial aid pages of the online MBA programs you’re considering.
According to Bailey Witting, MBA admissions manager at Imperial College Business School in London, many schools “detail scholarships, merit-based awards, diversity grants and loyalty bursaries”.
Essentially, schools want you to succeed, and they often have built-in financial support systems just waiting for applicants to tap into.
Uncover Hidden Opportunities
Valentina Armini, head of admissions and enrolment at POLIMI Graduate School of Management in Milan, points out that some of the best options may not even be publicly listed.
“Reaching out directly to admissions can uncover exclusive opportunities,” she says. POLIMI, for instance, offers scholarships covering up to 30 percent of tuition fees — but you won’t know unless you ask.
When it comes to scholarships, who you know can be just as important as what you know. Imperial College’s Witting recommends connecting with alumni and current students: “They may share insights on available scholarships, grants and lesser-known funding resources.”
Scholarship recipients agree — reaching out is essential. Esther Onah, an online MBA student at IE Business School in Madrid, credits her admission advisor for guiding her toward the best scholarship opportunities.
“Anytime I had a doubt, I would always reach out to him. He was more than happy to answer my questions and point me in the right direction,” she says.
Your employer might be more willing to help you fund your MBA than you think. Many companies offer tuition reimbursement or sponsorship as part of their professional development programs.
Imperial’s Witting suggests talking to your HR department to see if such benefits are available — and if your employer doesn’t offer any, they might be open to discussing it.
Don’t forget about external scholarships either. Look into organizations like the Forté Foundation or ROMBA, which focus on empowering diverse leaders in business.
“There are many scholarships that specifically target underrepresented groups, first-generation students and non-traditional business profiles,” says Geoffroy Gérard, director general of the IE Foundation.
To date, the IE Foundation and the IE University has awarded €24 million in scholarships to students from more than 120 nationalities.
And if you're looking for a more personalized approach, Gérard recommends professional scholarship search platforms like Prodigy Finance. These platforms can help you identify funding opportunities that match your background and aspirations.
Tailor Applications to the Scholarship Programs
When it comes to applying for scholarships, a one-size-fits-all application won’t cut it. To really stand out, you need to align each application with the specific goals of the scholarship.
“Tailor each application to the specific scholarship criteria,” advises Witting. It’s about showing how your background, achievements and goals make you the perfect candidate.
POLIMI’s Armini adds, “It’s essential to provide concrete examples to showcase the impact you’ve had in your career or community.”
IE’s Onah found success by shifting her focus away from just financial need.
“I realized I wanted my application to reflect more than just financial considerations,” she explains.
By focusing on leadership development and aligning with the mission of each scholarship at IE, she was able to present herself as a well-rounded candidate.
Scholarship deadlines can sneak up on you, and missing one can disqualify you from even being considered. Witting at Imperial stresses the importance of tracking deadlines, especially since they can vary from early winter to late spring depending on the program or organization.
As Gérard points out: “Many schools now practice rolling admissions, but scholarships have selection deadlines.”
It’s tempting to apply to as many scholarships as possible, but prioritizing quality over quantity is key. IE’s Onah found it challenging to narrow her options from a long list of competitive scholarships, but a piece of advice from her sister helped her refocus.
“She stressed the importance of understanding each scholarship’s mission and considering how its purpose aligned with my own future goals," she says.
In short, it’s better to carefully select a handful of scholarships that truly align with your background and aspirations than submitting generic applications to dozens.
Scholarship committees can tell when you’re just going through the motions, so put in the effort to show why you’re the right fit for that specific award.
The bottom line is that securing financial aid for your online MBA is more than just a numbers game — it’s about presenting yourself as the ideal candidate for the right opportunities.
By researching school-specific scholarships, networking with students and alumni and tailoring your applications to each scholarship’s criteria, you’ll increase your chances of success.
