While just about every program has some scholarship funding available, only a small number of programs consider financial need when determining scholarship eligibility for an MBA or graduate business program. Nevertheless, each applicant should inquire with their admissions rep to find out if the school offers need-based aid for students through scholarships. These scholarships consider your financial situation, including income, assets, and any existing student debt, and will require applicants to complete a significant amount of verification work to qualify.

Merit-based scholarships are awarded to students based on their academic achievements, professional experience, leadership qualities, and sometimes other quantitative elements of their applications like standardized test scores (i.e. GMAT or GRE). These scholarships are often the most competitive, as they aim to attract top talent to selective MBA programs.

The vast majority of business schools offer merit-based scholarships to top applicants, so you should be sure to work with your admissions rep and look for the details on the financial aid sections of the universities you're applying to. In addition to school-based scholarships, applicants should research professional associations and civic organizations that offer scholarships specifically for students who achieve high test scores or to those who demonstrate outstanding professional achievements.

There are many scholarships available to students based on their membership in specific groups, the personal qualities of an applicant, an applicant’s goals, or elements of their background. These include scholarships intended to support the candidacy of applicants from historically marginalized groups like women, underrepresented minorities, and LGBTQ+ applicants. Organizations like the Forte Foundation, the Consortium for Graduate Study in Management, Prospanica Foundation, and Reaching Out MBA are examples of non-profit groups that fund these types of scholarships.

There are also affinity scholarships based on specific industries; if you have a background in a specific industry or are pursuing an MBA with a particular focus, there may be scholarships tailored to your career goals. These scholarships are often funded by industry associations, corporations, or foundations like the American College of Healthcare Executives.

Many business schools also offer scholarships to veterans, active-duty military personnel, and their families as a way of honoring their service, as well to recruit students with these backgrounds into their programs to bring their experience and leadership to the cohort. These programs include the popular Yellow Ribbon programs, foundations like the Pat Tillman Foundation, and school-specific military scholarships.

Other sources for these types of scholarships include applicants’ current employers, corporate foundations, state education departments, local Chambers of Commerce.

Understanding the sources of scholarships is only one part of the equation. You also need to make a plan to ensure the best shot at securing funding.

The first thing to consider when planning for your pursuit of a scholarship is the timeline. It’s obviously important to start early: you need time to gather information on potential scholarships, as well as the deadlines and requirements for each one. But keep in mind that the scholarship deadlines do not always line up with application deadlines for your target programs, so it’s critical to start early and make sure you understand how program admission deadlines, the timeline for assembling required materials, and scholarship deadlines match up.

And while the application process itself can be tedious, do not fall prey to the temptation to submit the same essay for every scholarship. Each scholarship application should be customized to highlight why you are a perfect fit for that particular award. Emphasize your unique strengths, experiences, and how the scholarship aligns with your career goals. This is a great time to step back and do some reflection on your background, your interests, and your goals to understand how best to present your candidacy.

It can feel a bit overwhelming to manage the deadlines, documents, and requirements for each scholarship you target, so find a way that works for you to stay organized. Whether you use a simple spreadsheet or a more sophisticated planning and tracking tool, find something that works for you and stay organized.

And remember, you don’t have to do this process alone. Networking can and should be a part of your scholarship plan. Reach out to alums and current students at each of your target programs and find professionals in your desired field to learn about scholarships they may be aware of. This kind of networking can also lead to mentoring opportunities that can strengthen your program applications.

Finally, remember the three fundamental principles of financial investment: diversify, diversify, diversify. Do not put all of your eggs in one basket. Instead, consider applying for as many scholarships as you qualify for to increase your chances of receiving funding.

The financial calculus for each MBA applicant is unique to their personal situation, but scholarships are one funding source that all applicants should consider. There are many sources for these funds, and every applicant should work closely with the admission reps at their programs of choice to find out what scholarship opportunities they’d recommend.

And while the overall cost of an MBA program can be daunting, scholarship funding can alleviate some of the anxiety and cost and can fundamentally change the ROI conversation for applicants and their families.