Another way to fund graduate business education is through MBA scholarships and assistantships. These kinds of financial aid awards do not have to be paid back.
There are two general types of awards out there. First there are scholarships - awards given based some kind of achievement. Second there are assistantships - awards tied to work commitments from the recipient.
- Scholarships:
Awards based on test scores, grades, life experience, or other achievements. Sometimes, these may be called fellowships or tuition waivers/reductions.
- Assistantships:
Awards that are given to a student with a commitment to provide some sort of teaching or research work in return. These are commonly called work-study programs.
Both scholarships and assistantships can cover part or all tuition, fees, and supplies. They can also award a stipend (a specified amount of "gift" money) for books or living expenses.
You may be wondering where federal grants fit into the picture. Simply put, I have never come across a graduate program that is eligible for Pell grants. Federal Pell grants are only available at the undergraduate level.
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