When figuring out how to pay for your MBA, you should due your due diligence on scholarships because they are a genuine option, especially for those from Latin America. In this article we will give you the MBA scholarship basics so by the end you have an idea of what to expect and where to start the process.

Generally speaking, you will find that business schools offer scholarships in two different ways, either merit based or need based. Some scholarships are exclusively merit based, whilst others are need based, and in some cases they are a combination of both. When you are accepted to a certain program, you will be informed about the different choices available to you, but it is advisable to do your own research beforehand, especially because applying for a scholarship is a process that will take time, on top of the regular application process. For that reason, it is also important that you apply early in the application cycle. 

Scholarships can be partial or full: full scholarships usually cover the tuition fee but not the living expenses. Partial ones are easier to get and they can often be extended to second year. In this case, you’ll probably be asked to maintain a certain academic level. Since every school has a different set of scholarships, the first place to look at is the Financial Aid section of the Admissions website of the schools of your choice (or you can checkout this article we wrote on MBA Scholarships by School).You can also get advice through admissions events. 

To gain financial support, most schools ask for an extra essay. They generally consist of a single straightforward question, so make it your business to answer exactly what you are being asked in a succinct way. If you plan to ask for a need based scholarship, you should describe your situation and why you would have difficulty paying for your MBA education. But be careful! Avoid any complaining or blame, and instead focus on what you have accomplished in your life with little resources, and what you would continue to accomplish as you benefit from greater resources.

If you choose a merit based argument, you should outline your accomplishments, both academic and professional. Sell yourself as you would in a job interview, and provide solid evidence for your accomplishments as you did in your application essays. 

Schools also grant gender based scholarships and to minority groups. As an international student from Latin America, you need to conduct thorough research on these types of possibilities as you will find scholarships for students from developing countries, emerging markets – see this article on MBA Scholarships for Latin Americans.

“MBA Scholarship Basics” was written by Ana Negrishi, an Admissions Associate at Merchant GMAT & Admissions.

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