Basics

• Most institutions offering MBA education grants require applicants to complete a Free Application for Federal Student Aid (FAFSA). The FAFSA was originally designed for those applying for federal aid, including loans. However, many private lenders request the FAFSA because it asks for basic personal and financial information that gives them a picture of how capable the student is of paying for her own education. Many funders for whom ability to pay is not a concern still want to see FAFSA information, particularly if the funding is provided through the school.
  
  

Schools

• Many business schools offer scholarships and grants for those who qualify. Different grants have different requirements and can be based on background, prior academics, personal achievement, particular interest, volunteer experience and leadership. For example, the Wharton School at the University of Pennsylvania offers the Joseph Wharton Fellowship, which is awarded to students with outstanding records of academic, personal and professional achievements; the Howard E. Mitchell Fellowships, which go to "exceptional students from underrepresented backgrounds"; Emerging Economy Fellowships, which are for students from emerging economies; and Social Impact Fellowships, which are offered to students with demonstrated leadership in public or nonprofit sectors.
  
  

Employers

• Many companies offer assistance to their employees for further educational advancement. These programs usually require the student to have worked at the company for a certain period of time or to return to the company to work for a certain period after graduation. It is a good idea to check with your employer to see if he has such a program.
  
  

Minority Organizations

• Several organizations also provide funding for students who are heavily underrepresented in MBA programs. For example, the National Black MBA Association provides scholarships of up to $15,000, as of 2011. Applications typically include an essay on subjects such as how African Americans can become more internationally marketable, transcripts and a resume. The National Society of Hispanic MBAs gives grants of up to $5,000, as of 2011. Applicants must be at least 50 percent Hispanic and have an undergraduate grade point average over 3.0. The American Woman's Society of Certified Public Accountants offers the Becker Certified Public Accountant Review scholarship of $3,000, as of 2011, for women who will take the CPA exam.