How to Get an MBA for Free: A Guide to Graduate School Funding

The cost of graduate business education has risen significantly in recent years, with some top MBA programs charging more than $80,000 per year in tuition alone.¹ For many aspiring business leaders, that high price tag can feel out of reach. However, with the right strategy, you may be able to get an MBA for free. From scholarships and employer sponsorships to military benefits and innovative financing models, this article will explore the many ways students can fund their education.

Understanding the Value of an MBA

An MBA opens doors for those seeking leadership roles across many industries. The degree teaches you essential skills in strategic thinking, financial analysis and team management. For professionals looking to change careers, an MBA offers credibility and networking opportunities that accelerate transitions into new fields. MBA cohorts bring together peers from diverse industries and backgrounds, creating valuable opportunities for collaboration and relationship-building. Networking with classmates, alumni and faculty often leads to mentorships, career connections and future partnerships.

Recent graduates benefit from the structured approach to complex business concepts and access to executive-level positions. These advanced roles either prefer or require an MBA, making the degree a proven pathway to higher-level responsibilities and leadership positions. The average MBA graduate earns $120,000 per year.² That represents a 70% salary increase over pre-MBA earnings for the average graduate.²

Can You Get a Fully Funded MBA?

You can get a tuition-free MBA through multiple funding sources. Roughly 30–50% of MBA students receive some form of scholarship.³ Full funding is less common but is achievable by combining scholarships, employer sponsorship and even military benefits.

How To Get an MBA for Free With These Funding Sources

Multiple pathways exist for securing free MBA funding. Each option requires different qualifications and commitments, but combining several sources can help to eliminate education costs entirely.

MBA Scholarships

Merit-based scholarships represent the most accessible path to a free MBA. Business schools award scholarships based on academic achievement, professional experience and potential contributions to the program. In addition, external sources offer merit-based scholarships that can partially or fully offset the cost of your degree.

For example, the Forté Foundation offers fellowships of up to $40,000 for women enrolled in partner schools.⁴ The National Black MBA Association provides $50,000 scholarships through their case competition.⁵ Prospanica awards scholarships up to $5,000 for Hispanic and Latino students.⁶ Target your scholarship search by demographics, industry focus and geographic region to maximize your opportunities.

Crowdfunding and Financial Innovation

Crowdfunding platforms like GoFundMe enable students to raise MBA tuition through personal networks and social media campaigns.⁷ These platforms let students share their story, outline their financial need and collect contributions from family, friends, alumni and sometimes strangers who want to support education.

Income Share Agreements (ISAs) offer alternative financing where you pay a percentage of post-graduation income instead of fixed loan payments.⁸ Although these opportunities are currently small, they’re growing rapidly.⁹

Public Service and Nonprofit Loan Forgiveness

Public Service Loan Forgiveness (PSLF) eliminates federal student loans after 120 qualifying payments while you work for nonprofit organizations or government agencies.¹⁰ MBA graduates working in healthcare administration, education policy or social services qualify for PSLF. Additionally, some business schools offer loan forgiveness programs specifically for graduates pursuing nonprofit careers.

Military and Public Service MBA Funding

Military service members and veterans can get their MBA online for free through the Post-9/11 GI Bill. This program covers full tuition, housing allowances and textbook stipends for up to 36 months.¹¹ You qualify if you served 90 days on active duty after September 11, 2001, received a Purple Heart or served 30 continuous days with a service-connected disability. The Yellow Ribbon Program supplements GI Bill benefits for private school tuition exceeding the maximum benefit amount.

Employer Sponsorship or Tuition Reimbursement

Some organizations fully fund MBAs for top performers and high-potential employees. Companies often cover your degree cost in exchange for a post-graduation work commitment. Many employers offer partial support through tuition reimbursement programs. For example, Amazon funds MBAs for operations managers through its Career Choice program.¹² AT&T also offers tuition assistance, paying more than $11 million in 2024.¹³ These programs typically cap contributions annually but still significantly ease the financial burden.

When negotiating employer funding, propose specific career development goals and demonstrate how the MBA benefits your organization. It’s a good idea to ask for funding during performance reviews or when accepting a new job or promotion. Keep in mind that many companies require you to stay for several years after completing the program, or you may have to repay the cost of your tuition. William & Mary can offer resources and tips on speaking with your employer.

MBA Funding Options at William & Mary

William & Mary’s Online MBA program offers merit-based scholarships and military-friendly benefits. The Raymond A. Mason School of Business also offers graduate assistantships that combine tuition remission with professional experience. Veterans receive comprehensive support through the Yellow Ribbon Program, covering tuition costs beyond GI Bill maximums. Application requirements include professional recommendations and demonstrated work experience. Contact the financial aid office early in the application process to get the most from your scholarship opportunities.

Fund Your Success: Choose William & Mary’s Online MBA

Earning an MBA doesn’t have to come with an overwhelming financial burden. By strategically combining scholarships, employer sponsorships and innovative financing options, it’s possible to significantly reduce—or even eliminate—the cost of your degree. Exploring these pathways early maximizes your chances of securing funding.

William & Mary’s Online MBA is designed for working professionals who need both flexibility and rigor. It will equip you with advanced leadership, strategy and problem-solving skills while connecting you to a network of peers, faculty and industry leaders. The program’s accreditation and reputation enhances your eligibility for scholarships and employer support.

When you’re ready, contact an admissions advisor to learn more about how you can make your MBA dream a reality at the Raymond A. Mason School of Business.