Pursuing an MBA in the United States can be a game-changing decision—but it’s also one of the most expensive graduate degrees in the world. Top programs like Harvard Business School, Stanford GSB, Wharton, or MIT Sloan can cost upwards of $200,000, including tuition, fees, housing, and living expenses.
For many prospective students, especially international applicants or career switchers, securing full funding is not a luxury—it’s a necessity.
Fortunately, full funding is possible. This article is your ultimate guide to understanding and securing full funding for your MBA in the U.S.—whether through fellowships, scholarships, assistantships, employer sponsorships, or external sources.
Understanding “Full Funding” in MBA Programs
Full funding can come in various forms:
- Full-tuition scholarships: Covers 100% of tuition fees
- Fellowships: Merit-based financial awards that often cover tuition plus a stipend
- Graduate assistantships: Involve working for the business school in exchange for tuition waivers and stipends
- External funding: Includes government scholarships, corporate sponsorships, and foundations
- Employer sponsorships: Your current employer agrees to pay for your degree
In many cases, students combine multiple sources to create a fully funded MBA package.
Top US MBA Programs Offering Full Scholarships
While full funding is competitive, many prestigious MBA programs offer generous merit-based or need-based scholarships that can fully cover tuition and more.
1. Stanford Graduate School of Business – Knight-Hennessy Scholars
Stanford GSB’s Knight-Hennessy Scholars program offers full tuition, living stipend, and travel allowance for up to three years.
- Open to all nationalities
- Requires a separate application to the Knight-Hennessy program
🔗 Knight-Hennessy Scholars
2. Harvard Business School – HBS Fellowships
HBS provides need-based fellowships averaging $42,000 per year. For students with high financial need, this can equate to full tuition coverage.
- No separate application; based on financial aid form
🔗 HBS Financial Aid
3. The Wharton School – Joseph Wharton Fellowships
Wharton offers numerous merit-based fellowships that cover up to full tuition, including the Joseph Wharton Fellowship and Emerging Economy Fellowship.
4. MIT Sloan – McKinsey Award & Forté Fellowships
MIT Sloan provides full-tuition awards through several fellowships such as the McKinsey Award, Forté Fellowship for women, and more.
5. Chicago Booth – Merit Scholarships
Booth offers merit-based scholarships that can cover full tuition, including programs like the Distinguished Scholars and Civic Scholars programs.
International Students: Fully Funded Opportunities
If you’re an international student, your options are still very strong. Many business schools in the US offer scholarships that are open to international applicants without restriction.
1. Yale School of Management – Global Leaders of Tomorrow
Yale SOM offers competitive full scholarships for students from developing countries through school-specific or external fellowships.
2. University of Michigan Ross – Dean’s Impact Scholarship
Ross School of Business awards the Dean’s Impact Scholarship, which can fully cover tuition, to students demonstrating leadership in impact-oriented careers.
3. The Fulbright Foreign Student Program
International students can apply through the Fulbright Program in their home country for full tuition, a living stipend, and travel costs.
🔗 Fulbright Foreign Student Program
MBA Scholarships for Women, Minorities, and Underrepresented Groups
1. Forté Foundation Fellowships
Many top MBA programs offer Forté Fellowships for women who show outstanding leadership potential.
🔗 Forté Foundation Scholarships
2. Consortium for Graduate Study in Management
This network of top U.S. business schools offers full-tuition fellowships for underrepresented minorities and students committed to diversity in business.
- Includes schools like NYU Stern, Michigan Ross, UCLA Anderson
🔗 The Consortium
3. National Black MBA Association Scholarships
NBMBAA provides scholarships in partnership with business schools and corporate sponsors.
4. Reaching Out MBA (ROMBA)
ROMBA offers fellowships for LGBTQ+ students through partnerships with leading MBA programs.
Employer-Sponsored MBA Programs
1. Consulting Firms
Firms like McKinsey, BCG, and Bain often pay for employees’ MBA degrees in exchange for a work commitment post-MBA.
- Must be a current employee
- Typically covers full tuition and expenses
🔗 McKinsey Early Career
2. Corporate Sponsorship
Multinational corporations like Amazon, Google, and IBM may offer tuition reimbursement or sponsorship for employees pursuing MBAs.
3. Public Sector and Nonprofits
Government agencies and nonprofits sometimes offer educational leave with funding for career development in leadership or management roles.
External Scholarships and Funding Opportunities
1. Fulbright Foreign Student Program
As mentioned, Fulbright is the most prestigious fully-funded program for international students.
2. Rotary Peace Fellowships
Rotary offers fellowships for students pursuing graduate studies in leadership and peace-related fields, which may include MBAs focused on public or nonprofit management.
3. AAUW International Fellowships
American Association of University Women (AAUW) offers funding to international women pursuing full-time graduate study in the U.S.
4. Inlaks Shivdasani Foundation (India)
Offers fully funded scholarships for Indian students pursuing MBA degrees abroad, including the U.S.
How to Maximize Your Chances of Securing Full Funding
1. Apply Early (Round 1 or 2)
Most scholarships and fellowships are awarded to early applicants. By applying in Round 1, you maximize your chances of receiving full funding.
2. Craft a Compelling Story
Business schools and funding committees are not just looking for academic excellence—they want future leaders. Show clear career goals, leadership experience, and community impact.
3. Target Schools Generous With Aid
Some schools are more generous than others. For example, Darden, Fuqua, Kelley, and Goizueta are known for strong scholarship programs, even outside the M7 elite.
4. Demonstrate Financial Need
For need-based funding, be transparent about your finances and provide detailed documentation when requested. Schools like HBS and Yale SOM weigh financial need heavily.
5. Leverage External Networks
Use LinkedIn, MBA forums, and networks like Poets&Quants, GMAT Club, or Reddit’s r/MBA to find peer-reviewed strategies and up-to-date funding advice.
Sample Timeline for a Fully Funded MBA Application
| Month | Task |
|---|---|
| March – June | Prepare GMAT/GRE, research schools |
| July | Draft essays, request recommendations |
| August | Apply to Round 1 MBA programs |
| October | Submit scholarship applications |
| December | Interview prep, attend info sessions |
| January | Apply to Round 2 (backup schools) |
| March | Receive offers + funding packages |
| April | Negotiate funding if needed |
Zara Adeyemi