Want a Full-Ride MBA? Here’s What It Takes

Tuition for a full-time, two-year MBA education tops $200,000 at every single top 25  business school in the U.S. But what if you could get an MBA degree for half the cost? Or, better yet, for free?

Fortune recently offered insight into what it takes to be eligible for a full-ride MBA and how applicants can best position themselves for financial aid.

WHICH SCHOOLS OFFER THE HIGHEST AWARDS?

Among the top B-schools, Columbia Business School, New York University’s Stern School of Business, Northwestern University’s Kellogg School of Management, and the University of Chicago Booth School of Business are known to offer high awards for scholarships, according to Fortune.

But, experts say, landing a full-ride at a top B-school is rare. If you’re intent on getting a full-ride scholarship, your best bet is to consider a lower ranked B-school.

“Recognize that maybe you’ll end up at your fourth or fifth choice, but maybe your fifth choice is really coming up with a financial package that is going to make it feasible for you,” Judith Hodara, cofounder and director at Fortuna Admissions, tells Fortune.

WHAT DOES IT TAKE TO GET A FULL-RIDE?

It isn’t easy to land a full-ride scholarship, but if you have the right elements in your application, you could very well be eligible.

Those elements typically include a high undergraduate GPA, above-average GMAT (or GRE) scores, outstanding leadership skills, and demonstrated interest in the B-school. One factor doesn’t necessarily outweigh the other, and you don’t need to hit every factor out of the ballpark, but you need to have the right mix.

“It’s more like cooking a recipe. You need the meat, the potatoes, the spices,” David White, founding partner of Menlo Coaching, tells Fortune. “You need a lot of things to make the right mix.”

If there’s one place to shine in your application, it’s your essay. This, experts say, is where you can showcase your fit for a B-school and make your case for a full-ride.

“Although there’s no ‘formula’ for receiving a scholarship, all of my clients who have received one have been especially vulnerable and personal in their essays, on top of impressive scores and accomplishments,” Melody Jones, co-founder and president of Vantage Point MBA Admissions Consulting, tells Fortune.

Sources: Fortune, Fortune, P&Q