Earning an MBA isn’t cheap. At Texas A&M University’s Mays Business School, full-time MBA students can expect to spend $36,079 a year on tuition and fees, and that’s only for residents. For domestic non-residents, the cost increases to $52,471 and for international non-residents it’s $52,598. Then, by the time you add room and board costs, books and supplies, travel, and personal expenses, full-time MBA students at Mays can expect to spend between $60,071 and $77,073 a year.
It’s for that reason that scholarships and financing are so essential for MBA students. Anything that is available to mitigate the cost of tuition and living expenses increase the ROI of the MBA and decreases the burden.
At the Mays School, many full-time MBA students receive scholarships and other financial assistance to negate the cost of the program. The awards vary and range from $3,000 to $35,000. The support is offered in four ways:
- Automatically with Admission: All admitted MBA students will be automatically considered for scholarship support, without needing to submit additional information. However, to be considered, MBA students should apply no later than Round 3.
- Merit-Based: Based on the strength of an MBA student’s application, they may be considered to receive a merit-based scholarship, which can include academic achievements, professional accomplishments, or potential for success.
- Resident Tuition: For non-residents (domestic and international), there’s an opportunity to receive resident tuition status based on the merit of their application. This results in a savings of around $20,000.
- Activity Scholarships: These scholarships are only available for those MBA students who participate in specific programs, and are typically awarded after enrollment.
Scholarships and fellowships from the Mays School may be paid in a lump sum (one payment) or monthly during a semester. It is up to the Mays School to determine how each award will be paid to the student. The award is distributed based on the academic calendar and cannot be changed.
One sample scholarship is the Texas Business Hall of Fame (TBHF) award. According to the guidelines, candidates eligible for the scholarship must exhibit entrepreneurial aspirations as well as leadership in academic and campus activities. Recipients are chosen after a round of nominations and an interview process. The scholarship award can be as much as $15,000.
Mays Fellowships
Beyond scholarships, the Mays Business School also offers fellowships for incoming graduate students. These fellowships are only available to domestic candidates and require an application to be considered.
One such fellowship is the Graduate Diversity Fellowship. This fellowship is awarded to students who have a history of success in a diverse environment. The fellowship provides MBA students with a $13,000 annual stipend, $5,000 annually for tuition and fees and a graduate assistantship position that pays $7,000 per year, including health insurance. The total award package for two years is $50,000.
Graduate Assistantships
For those MBA students who do not receive a scholarship, there is still an opportunity to mitigate the cost of their tuition with a Graduate Assistantship. MBA students may be hired as teaching, research, or non-teaching assistants, working on average twenty hours per week. Interested students should contact their graduate advisor for help or can look for open positions on Jobs for Aggies.
Texas Aggie Graduate Grant (TAGG)
Texas A&M also offers need-based awards. Determined by the Scholarships & Financial Aid Office, Texas residents can receive a tuition stipend up to $1,500 per semester, for a maximum of $3,000 per year. This need-based grant is only eligible for those students who have not received another major scholarship or fellowship and requires a TAGG application to be eligible.
Additional Scholarships
Finally, Texas A&M offers a few unique scholarship opportunities for minority students and students willing to submit a separate application. Some of these scholarships include:
- Hispanic Scholarship Fund: This scholarship is designed for students of Hispanic heritage and offers awards from $500 to $5,000.
- AIGC American Indian Graduate Center Scholarship: Scholarship awards vary and can be for as much as $30,000.
- Congressional Black Caucus Foundation Scholarships: These scholarships are awarded to deserving students and vary in amount and type each year.
- Allen Roth Marketing Scholarship: This award requires a 250-word essay on “Why a home is important.” The winner receives $1,000.
For more information on specific MBA scholarships that you will be eligible to receive, students should contact the Scholarships & Financial Aid office. Contact information found here.