So you’ve decided to pursue a business degree, but you’re worried about how to pay for it. The good news is that there are plenty of scholarships out there for business school students!
Vincent Camarda suggests that you start your search by looking at the school’s website. “Most business school websites have a section dedicated to scholarships and financial aid,” he says. “This is a great place to start because you can get an overview of the kinds of scholarships that the school offers.”
One way to do this is to use a free scholarship search engine like College Raptor or Cappex. These websites allow you to input your information and then provide you with a list of scholarships for which you may be eligible. You can also check with professional organizations in your field of interest, as many of them offer scholarships to students pursuing degrees in their field.
Another way to find scholarships is to do a Google search simply. This can be a bit overwhelming, but if you use specific keywords like “business school scholarships” or “scholarships for MBA students,” you’ll be able to narrow down your results and find some great scholarship opportunities.
You can also ask your parents, relatives, and friends if they know of any scholarships that you may be eligible for. Many times, people are aware of scholarship opportunities but don’t think to mention them unless you ask!
Once you’ve compiled a list of potential scholarships, it’s time to start applying. The process for each scholarship will vary, but in general, you’ll need to fill out an application and submit essays, transcripts, and other supporting materials. Be sure to follow the instructions carefully and submit your materials by the deadline.
When you’re looking for scholarships, it’s important to keep in mind your specific goals and needs. For example, if you’re interested in pursuing a degree in marketing, you’ll want to look for scholarships that specifically target marketing students. The same goes for other fields of study like accounting, finance, and management.
It’s also important to consider the amount of money you need to cover your costs. Some scholarships only cover a portion of your tuition, while others may cover your entire cost of attendance. Additionally, some scholarships come with stipulations like being required to maintain a certain GPA or take on certain roles within the school. Be sure to read the fine print before you apply!
The IRS considers scholarships and grants to be tax-free, which means you won’t have to pay taxes on the money you receive. However, there are a few exceptions to this rule. For example, if you use your scholarship money to pay for room and board, the IRS will consider that money to be taxable income.
It’s also important to note that if you receive a scholarship from an outside organization (like a company or non-profit), that organization may be required to report the scholarship as taxable income on your behalf. So be sure to ask about this before you accept any scholarships!
Applying for scholarships can seem like a daunting task, but it’s definitely worth it in the end. By taking the time to search for and apply for scholarships, you can significantly reduce the cost of your business school education.