How to Get Scholarship for MBA in USA? A Comprehensive Guide 2024

Many prospective business leaders dream of earning an MBA in the United States. The price of schooling, however, might be a major obstacle. Scholarships can lessen the financial strain and increase the likelihood that you will be able to realize your dream. Here’s How to get scholarship for MBA in USA.

Why Apply for a Scholarship for MBA in the USA?

The prospect of attending prestigious universities and having access to international professional prospects is probably quite alluring to an Indian student hoping to pursue an MBA in the USA. The monetary costs, however, may be exorbitant. MBA programs in the USA typically cost between $50,000 and $70,000 (₹40-56 lakhs) per year. A two-year MBA program can cost between ₹70 lakhs and ₹1 crore, including living and travel expenses. For many Indian students, this may seem like an unaffordable financial burden. Scholarships can have a huge impact on Indian students.

Types of MBA Scholarships in the USA

Merit-Based Scholarships: These scholarships are awarded based on the student’s academic merit, which includes their GPA, test scores, and overall undergraduate achievement. The majority of universities offer merit-based scholarships to international students applying to MBA programs.
Need-Based Scholarships: Need-based scholarships are awarded to students with inadequate financial means or who come from low-income families, taking into account their financial requirements. While each university’s admission standards vary, most require students to present verification of their family’s assets and income.
Diversity Scholarships: Diversity scholarships aim to increase diversity in MBA programs by providing opportunities to underrepresented groups such as women, minorities, and LGBTQ+ people. These scholarships, which are commonly offered by both universities and outside organizations, can be need or merit-based.
Full-Ride Scholarships: Full-ride scholarships, as their name implies, pay all costs associated with tuition, housing, books, and other living expenses. These extremely competitive scholarships are typically given out in a combination of extracurricular accomplishments, leadership potential, and academic distinction.

Eligibility Criteria for MBA Scholarships

Work Experience: Candidates for some scholarships would need to have relevant management or business-related employment experience. This could include voluntary work, full-time jobs, or internships that highlight your abilities and enthusiasm for earning an MBA.
Letters of Recommendation: Scholarship applicants may be expected to provide letters of recommendation from professors, employers, or other professionals who can attest to the applicant’s moral character, intellectual prowess, and likelihood of success in an MBA program.
Statement of Purpose/Essay: An excellent essay or statement of purpose is essential for applications for MBA scholarships. It enables you to highlight your drive, and objectives, and how earning an MBA can help you reach them.
Language Proficiency: Since the majority of American business schools utilize English as their primary language, it is imperative to demonstrate English competence on standardized examinations such as the International English Language Testing System (IELTS) or the Test of English as a Foreign Language (TOEFL).
Academic Excellence: Most scholarship providers expect applicants to have remarkable intellectual achievements and a good academic background. One example is having a high GPA (Grade Point Average) from your undergraduate studies or previous degrees.
Standardized Test Scores: Many scholarships require applicants to submit results from standardized examinations such as the Graduate Management Admission Test (GMAT) or the Graduate Record Examination (GRE). Scholarship committees utilize exam results to assess your ability and chances of success in graduate-level education.

Popular MBA Scholarships for Indian Students in the USA

Scholarship Name	Offered By	Eligibility	Amount	Benefit
Fulbright-Nehru Master’s Fellowship	United States-India Educational Foundation (USIEF)	Indian students who are dedicated to community service, have excellent academic records and have the potential to be leaders.	$40,000 – $60,000(INR 32 – INR 48 lakhs)	Full tuition, living expenses, airfare.
Stanford Reliance Dhirubhai Fellowship	Stanford Graduate School of Business	After earning their MBA, Indian students who are in need of money and have a strong desire to return home.	$30,000 – $50,000(INR 24 – INR 40 lakhs)	Covers part of tuition and fees.
Harvard Business School India Fellowship	Harvard Business School	Indian kids who exhibit leadership and academic excellence but come from lower-income families.	$40,000(INR 32 lakhs)	Partial coverage of tuition and fees.
The Inlaks Shivdasani Foundation Scholarships	Inlaks Shivdasani Foundation	Indian pupils who have excelled in both their extracurricular and academic pursuits.	$100,000(INR 80 lakhs)	Full tuition, living expenses, and airfare.
Tuck School of Business Scholarships	Tuck School of Business	Indian pupils have a solid academic record and the capacity to lead.	$50,000 – $70,000(INR 40 – INR 56 lakhs)	Partial to full tuition coverage.
University of Chicago Booth School of Business Scholarships	Chicago Booth School of Business	Indian students who have excelled academically and shown leadership potential.	$30,000 – $60,000(INR 24 – INR 48 lakhs)	Partial coverage of tuition.
Asian Development Bank-Japan Scholarship Program	Asian Development Bank	Indian students from undeveloped nations who are concentrating on economic growth while taking an MBA.	$30,000 – $50,000(INR 24 – INR 40 lakhs)	Full tuition, living expenses, airfare.