MBA finance: What are some unique ways you can fund your degree?

TL;DR

• MBA funding is manageable with scholarships, loans, savings, and employer support—schools increasingly offer various options to make studying more accessible
• Scholarships are one of the core funding sources, but loans, sponsorships, and loan-forgiveness programs open doors for diverse career paths
• Work on your funding plan early; explore all funding routes and choose the combination that best fits your goals and financial situation 

How will you fund your MBA degree? 

Studying at business school is a major investment. The most expensive MBA programs can cost over $150k in fees alone. But there’s good news. Business schools are constantly working to make studying more affordable, with various innovative payment methods on offer today. 

So, financing your MBA degree doesn’t have to be so difficult. Here are six different ways to fund your MBA.  

1. Merit and need-based scholarships

There are hundreds of scholarships (full or partial) available across the world’s MBA programs. Demand for talent has seen business schools implement large scholarship schemes to attract the best applicants. Some business schools, like Harvard Business School, are known for having significant amounts of funding available to attract the best talent.

There are also country-specific scholarships such as the Chevening Scholarship to study in the UK, and external scholarships based on specific requirements or demographics.

Need-based scholarships are offered by many schools, designed for those facing financial difficulties to help them pursue their business goals. Examples include INSEAD’s Financial Aid Award, London Business School’s Bursary Scholarship, and the Executive MBA Need-Based Scholarship at Central European University (CEU). 

Some schools provide tuition waivers instead of direct funding, for example Esade Business School in Spain, which offers waivers ranging from 50% to 85% of MBA tuition fees.

Merit-based scholarships are also available for highly skilled individuals who show academic excellence. The GMAT Talent and Opportunity Scholarship awards $60,000 a year, providing 10 people with financial aid and prep resources including a voucher for the GMAT exam and practice tests. Other merit-based scholarships include the HEC Paris MBA Scholarship for Excellence and the IMD MBA Merit Scholarship.

Industry specific scholarships, such as the AICPA Scholarship for Minority Accounting students and the Imperial Business School Women in Finance Scholarship, are another option for those with specific career aspirations. Similarly, UK-based Cranfield School of Management also offers a unique scholarship called the Relithan Scholarship, worth up to $26,800 and given to outstanding students who will use their Cranfield experience to pursue an executive role in technology.

These industry specific scholarships often go beyond financial assistance and can offer further support, including internships and networking opportunities.

2. Scholarships for all

Some business schools are looking at innovative ways to both attract top talent and make the MBA more inclusive. One US business school, WP Carey School of Business at Arizona State University has taken this all the way by offering scholarships to all candidates.

Pam Delany, former director of graduate admissions and recruitment at WP Carey explains: “At ASU, we measure our success based on inclusivity rather than exclusivity. The greatest learning and innovation occurs when multiple perspectives are present. Our ‘Scholarships for All’ mindset allows us to build a diverse—and highly talented—class of MBA students.”

This, according to Pam, results in “a multi-cultural learning experience that prepares our students to become future innovators and leaders.”

London Business School is another top-ranked business school that considers all MBA admits for scholarships during admissions.

“Our portfolio is growing every year as our generous alumni help us attract high-potential candidates from all walks of life, whatever their financial situation,” says David Simpson, recruitment and admissions director, MBA and Master in Finance, London Business School.

3. Loan forgiveness programs

Other business schools have loan forgiveness programs that allow students who work for non-profits and the public sector after their MBAs to write off loan payments.

Yale School of Management’s loan forgiveness program began in 1986 and was the first of its kind at a business school. The program helps graduates follow their passions for policy, social justice, and community activism by pursuing career opportunities in the public and non-profit sectors without the burden of student loan payments.

Yale SOM MBA alum, Hope Taylor Norman, says: “I was able to follow a career dream due to the Yale SOM Loan Forgiveness Program. The program gave us the extra cushion we needed to take the financial risk and follow my dream.”

Rebekah Melville, director of financial aid at Yale SOM says the scheme is critical to attracting top students. “Since inception, the Loan Forgiveness Program has awarded over $9 million to more than 400 graduates.”

4. MBA student loans

Beyond scholarships there are various options available for student loans, depending on your region.

For international students (particularly from regions where funding options are scarce) Prodigy Finance is an option.

Prodigy Finance was dreamed up by MBAs who saw their international classmates struggling to get study loans. With Prodigy Finance, students only need to start paying back loans six months after the course. Importantly, there is no collateral or co-signer necessary. 

There are many parts of the world where international student loans are not common, or countries in Asia and Latin America with banks who may lend to students to study abroad, but at extremely high rates and only with collateral. Accepted candidates can get a Prodigy Finance student loan at one of 800+ business schools globally.

Whitney Morgan, head of global partnerships at Prodigy Finance, says: "We help unlock access to education by breaking down the barrier of funding that is often disproportionately placed on international students. Similarly, our borrowers are free to live and work where they choose post-study, as there are no requirements to return to their home country or stay in the country of study.”

5. Savings and crowdfunding

Personal savings are an often-overlooked source of funding.

“Start saving now and planning ahead. Begin thinking about your current budget and if there are ways to cut and save. Every little bit helps in the long run,” says Anna Kerns, associate director of financial aid at the University of North Carolina’s (UNC) Kenan-Flagler Business School.

Many MBAs are also able to draw on a spouse, family and friends to supplement their savings.

While some rely on these networks, others turn to crowdfunding on sites like GoFundMe or Crowdfunder. For two-year programs in particular, earnings from fellowships and internships can also help cover expenses.

6. Company sponsorship

Several companies offer tuition reimbursement programs as part of their customary benefit structure. There may even be funds set aside for this purpose. Consulting companies and financial services companies are typically more likely to offer sponsorship to employees.

“Companies in sectors such as consulting, finance, or industry are often willing to participate in financing their employees' MBA studies,” says Irina Schneider-Maunoury, senior associate director, financial aid, degree programs, at INSEAD.  

Candidates from companies that have not sponsored MBAs in the past will have to work harder to motivate the idea and justify the investment.

Your decision to pursue an MBA, and your choice of school and location, may be affected by the funding options available and the return on investment. Make sure you consider all your options to make the best decisions.

This article was originally published in August 2018 and updated in August 2023, September 2024, and September 2025.