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Scholarships & Financial Aid

An MBA is a significant financial investment, but there are many resources available to assist you in financing your degree.


Illinois MBA Scholarships

We offer a number of scholarships to admitted applicants, including:

Merit scholarships

All applicants who apply are considered at the time of admission for awards ranging from $2,500 to full tuition; no additional application is required.

Our Commitment to Graduates of Historically Black Colleges and Universities

The College of Business’s MBA program is dedicated to training an inclusive cohort of future leaders in a diverse, global setting.As a result, in addition to our traditional Merit Scholarships, we are allocating 8 full-tuition scholarships, annually, for graduates of Historically Black Colleges and Universities. Along with submitting a standard Illinois MBA application, applicants for these eight scholarships must have a GMAT score that is competitive with our traditional class (or equivalent GRE), have two years of work experience, and earn a 3.5 GPA. Learn more about diverstity in the Illinois MBA »

Forté Foundation Fellows

Forté Foundation Fellows is an honor given to select female MBAs at participating business schools. Both domestic and international women may be nominated as a fellow. Each fellow receives a generous scholarship from the Illinois MBA.

The Forté Foundation is a consortium of major corporations and top business schools that has become a powerful change agent in educating and directing talented women toward leadership roles in business. For more information, please visit the Forté Foundation website.

NSHMBA University Partnership Program

NSHMBA University Partnership Program offers scholarships through the Illinois MBA for outstanding Hispanics. The National Society of Hispanic MBAs has teamed up with several colleges and universities across the United States in the hope for increasing the number of Hispanic students completing bachelors and masters degrees. For more information, please visit the NSHMBA website.

We Want You Back: The Illinois x 2 Scholarship

The Illinois x 2 Scholarship offers a 50% tuition reduction for the full length of the Illinois MBA. The scholarship is exclusively for University of Illinois at Urbana-Champaign alumni who meet the following criteria:

  • Are admitted to the Illinois MBA
  • Hold an undergraduate or graduate degree from the University of Illinois at Urbana-Champaign
  • Have a minimum of two years of post-bachelor’s degree professional work experience
  • Competitive GMAT or GRE score (Note: “Competitive” is in comparison with our current pool of applicants)
  • Have a minimum GPA of 3.3 in the University of Illinois degree program

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External Scholarships

Your application for admission to the Illinois MBA is also your application for a merit-based scholarship. We encourage you to search for additional scholarship opportunities external to the Illinois MBA as listed below.

Funding for Women and Minority Students

  • American Association for University Women
    • International Fellowships available to non-U.S. citizens studying in the U.S.
    • Selected Professions Fellowships available to U.S. citizens and legal permanent residents
  • Hispanic Scholarship Fund
  • Minorities in Government Finance Scholarship – These scholarships are awarded to U.S. and Canadian minority students preparing for careers in state and local government finance.
  • National Society of Hispanic MBAs (NSHMBA)
    • NSHMBA Foundation Scholarship Program – The Foundation Scholarship Program is accepting applications from any US citizen or legal permanent resident of Hispanic origin who plans to enroll at an AACSB-accredited MBA program in the United States. Awards range from $2,500 to $10,000.
    • NSHMBA University Partnership Program – The Illinois MBA will nominate one incoming student of Hispanic origin having US citizenship or legal permanent residence for this scholarship opportunity.
  • Toigo Fellowships
    • Any U.S. minority who is ready to lead within the finance industry following their MBA is eligible to apply. Must be applying or admitted to a U.S.-based, two-year, full-time MBA program.
    • Application deadline is March 31, 2014.
    • There are 50 awards of $5,000 ($2,500/year) granted each year to MBA students across the nation.

Funding for International Students

  • Fundação Estudar – Merit-based scholarship opportunity for Brazilian students with leadership and entrepreneurial profiles.
  • Instituto Ling Scholarship Program - Annual scholarship program for Brazilian citizens with entrepreneurial spirit and leadership skills to contribute to Brazilian economic, social and cultural development.
  • Institute of International Education – Administers the Fulbright Fellows program, which is the U.S. Government’s flagship international exchange program. Implements many of the world’s most prestigious scholarship programs.
  • Philanthropic Educational Organization – P.E.O. provides various merit- and need-based scholarships to international women pursuing graduate study in the United States and Canada.

Funding for Veterans

  • Post-9/11 GI Bill – Veterans should fully explore the new G.I. benefits. Eligible veterans may receive:
    • Partial tuition benefit up to $18,077.50 for 100%-eligible veterans
    • Monthly living allowance based on postal code where the school is located
    • $1,000 annual book and supply allowance
  • Illinois Veterans Grant (IVG) – Provides up to 120 credit hours of full tuition payment at Illinois state-supported colleges. To qualify, an individual must:
    • Be an honorably discharged veteran;
    • Reside in Illinois six months before entering the service;
    • Have at least one full year of active duty in the U.S. Armed Forces. This includes veterans who were assigned to active duty in a foreign country in a time of hostilities in that country, regardless of length of service; and
    • Return to Illinois within six months of discharge from the service.

Other Sources of Funding

Online Scholarship Search

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University of Illinois Resources

Financial Aid

  • Assistantships – The Illinois MBA does not offer graduate assistantships, but you may learn about other assistantship opportunities on campus by going to the Assistantship Clearinghouse.
  • Fellowships – Because the Illinois MBA is a professional program rather than a research program, our students rarely qualify for fellowships. If you are pursuing a joint degree with a research program on campus, we encourage you to search for available fellowships once enrolled at the University of Illinois at Urbana-Champaign.
  • Office of Student Financial Aid

Employment

  • Virtual Job Board – Students may search for on-campus job opportunities through the Virtual Job Board.
  • MBA Program – The MBA program will occasionally post part-time jobs for students to work as Program Assistants (PAs) or Faculty Assistants (FAs). Students in these positions earn an hourly wage and generally work 5-10 hours per week. These opportunities are generally not available until students have successfully completed the first semester of the MBA program.

Student Loans

U.S. Student Loan Resources

  • FAFSA – Free application for federal student aid for U.S. citizens and legal permanent residents (Federal School Code: 001775)
  • Federal Student Aid

International Student Loan Resources

Helpful Guides for Funding Your Education

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