Ways to Help Pay for Your MBA

The average cost of an MBA from a top business school, like Columbia, can be upwards of $200,000.

Luckily most B-school students don’t end up paying full price, in large part due to scholarships, fellowships, and other aid. US News recently highlighted a few ways prospective MBAs can help fund their B-school journey—from scholarships to side hustles.

APPLY FOR MERIT SCHOLARSHIPS

Merit scholarships are one of the easiest ways to cut down on the total cost of your MBA. If your goal is to secure a merit scholarship, it’s essential to achieve a high GMAT score as admissions officers typically consider test scores as a key factor in determining eligibility for merit-based awards.

“The GMAT score is one of the best indicators of MBA students’ academic achievement and ability,” according to Menlo Coaching. “Your performance on the GMAT correlates with your performance in the classroom, and MBA programs seek students who can manage the rigorous coursework they assign.”

CONSIDER EXTERNAL SCHOLARSHIPS

In addition to university-provided aid, consider looking for external scholarships. These scholarships are typically provided by organizations that support minority students or women pursuing STEM careers.

“Some of the scholarships are so obscure that they might only get three or four applicants,” Melody Jones, founder and co-president of , says. “But if you’re willing to do a little bit of work and jump through some hoops, whether it’s writing an essay or whatever the requirements are in order to apply for the scholarship, there is money out there.”

TAKE ON A SIDE HUSTLE

There are a number of ways to get paid while enrolled as an MBA student. Graduate assistantships are a great opportunity to work alongside faculty or administrators in research roles while also earning a stipend or salary.

“These positions are generally only offered to full-time graduate students with limited work experience and are awarded for merit,” Gordon Berridge, senior associate director of admissions at the McCallum Graduate School of Business at Bentley University, says.

Gig work, such as Uber or Lyft, can also be an attractive option for busy students who need a flexible work schedule.

“There’s a lot of travel in business school for extended periods of time,” Jones says. “In New York City, for example, there’s a lot more restrictions on (Airbnb), but in a lot of places there aren’t, so that’s always a good option.”

Sources: US News, P&Q, Menlo Coaching