For many talented professionals, the decision to pursue an MBA comes down to a single, practical question: Can I afford it? The concern is legitimate.
Graduate business programs represent a significant financial investment, and the sticker price alone can discourage otherwise qualified candidates from applying. But the full cost of an MBA is rarely what students actually pay, and for those attending historically Black colleges and universities (HBCUs), there are funding pathways that many prospective students simply don’t know exist.
The key is to plan early, understand all available options, and approach funding as a strategy rather than an afterthought. Scholarships, financial aid, and employer support can meaningfully reduce what you borrow. In some cases, they may even eliminate the need to borrow at all.
A well-funded MBA from a strong program can deliver substantial long-term returns: career advancement, leadership development, an expanded professional network, and increased earning potential. The investment is worth making wisely.
How Much Does an Online MBA Cost?
MBA costs vary widely depending on the program, the school, and how you enroll. Tuition is the most visible expense, but students also need to account for fees, books, and materials when calculating the real cost of attendance.
The Howard University Online MBA program is priced at $2,020 per credit hour, with a $300 enrollment fee and a $500 program fee. (The enrollment fee is waived for previous Howard students and graduates.) For a 48-credit program, that puts total tuition in the range of approximately $97,000 before fees. That’s a figure that can feel daunting in the abstract.
Online students recognize benefits that go beyond a flexible schedule; the format typically minimizes the hidden costs of graduate education. Relocation and commuting expenses are effectively erased from the financial equation. By remaining in their full-time positions, professionals secure a steady income stream while utilizing their active jobs as a real-time laboratory for new business strategies.
More importantly: the advertised tuition rate is rarely what students pay. Scholarships, financial aid packages, employer contributions, and other funding sources can substantially lower out-of-pocket costs. Understanding how those pieces fit together is where the real planning begins.
How Can You Reduce the Cost of an MBA?
There are three primary ways to reduce the cost of a graduate business degree: scholarships, employer sponsorship, and federal financial aid. Each has its own rules, timelines, and trade-offs.
Scholarships are the most desirable form of funding because they don’t need to be repaid and typically carry no post-graduation obligations. They range from small awards that offset a semester’s worth of fees to substantial grants that cover a significant portion of tuition. Scholarships are awarded on the basis of merit, financial need, identity, professional background, or some combination of these factors.
Employer sponsorship is worth pursuing before assuming it’s unavailable. Many employers — particularly large corporations and professional services firms — offer tuition reimbursement programs that cover part or all of graduate school costs. These programs often come with conditions, such as a requirement to remain with the company for a set period after graduation. Checking with your human resources department early in the application process is a straightforward step that too many prospective students skip.
Federal financial aid, including federal loans and grants, is available to admitted students who complete the Free Application for Federal Student Aid (FAFSA). Howard University’s federal school code is 001448. All admitted and eligible students can access federal aid once the FAFSA is submitted and reviewed. Graduate students may qualify for Federal Direct Unsubsidized Loans, though it’s worth noting that loans, unlike scholarships, must be repaid with interest.
The goal, for most students, is to layer funding sources: maximize scholarships first, apply employer benefits where available, and lean on loans only to cover what remains.
External Scholarships: What to Know
External scholarships come from organizations outside the university: businesses, nonprofits, professional associations, foundations, and individual donors. They vary considerably in eligibility requirements, award size, and application complexity. Some are open to all graduate students; many are targeted to specific groups, fields of study, or degree formats.
Scholarships for part-time and online MBA students tend to be less abundant than those available to full-time students; check eligibility requirements as you research scholarship opportunities. Scholarships aligned with your professional background, career goals, or identity generally yield better results than broadly casting applications at awards with no particular connection to your profile.
Application processes range from submitting a brief form to completing a community-based project or writing multiple essays. Starting early and treating the application process with the same discipline you’d bring to any professional project can determine whether you receive an award.
Scholarships for HBCU and Black MBA Students
For students attending Howard and other HBCUs, a distinct set of scholarship opportunities exists that is not widely available across all MBA programs. These awards reflect a broader commitment to expanding access to graduate business education for Black students and students from historically underrepresented backgrounds.
- The Hennessy Fellows Program (offered in collaboration with the Thurgood Marshall College Fund) awards high-achieving graduate students from HBCUs up to $20,000 per academic year plus a $5,000 stipend per academic year for up to two years. The program is specifically designed for HBCU students and represents one of the more substantial individual scholarship opportunities available to Howard MBA candidates.
- The Thurgood Marshall College Fund (TMCF) partners with corporations and nonprofits to offer merit-based and need-based scholarships to students at TMCF member schools, including Howard. Students can research and apply for these awards directly through the TMCF website.
- UNCF distributes more than $100 million annually to HBCU scholars. Howard is not a UNCF partner institution, but certain UNCF scholarships remain open to eligible Howard students and are worth reviewing.
These organizations represent a meaningful differentiator for HBCU students: dedicated funding streams that recognize the legacy and value of Black higher education and are not accessible to the broader graduate student population.
Where to Find MBA Scholarships
Several scholarship search platforms allow students to filter awards by degree level, enrollment format, and background. These tools aren’t exhaustive, but they’re a practical starting point:
- Scholarships.com: A large, searchable database with graduate-level filters
- Fastweb: Matches students to scholarships based on profile information
- BigFuture (College Board): includes graduate scholarship listings
- CHCI NextOpp: Focused on Hispanic and minority students in higher education, with graduate program listings
Because scholarships for part-time and online MBA students don’t always appear in aggregator databases, working directly with a financial aid advisor at your program is often more productive than relying on search tools alone.
Scholarship Application Tips
Applying for scholarships is not a one-and-done task. Students who fund meaningful portions of their MBA through external awards tend to approach it systematically, over an extended period. Some tips to improve your results:
- Start as early as possible. Some programs review applications on a rolling basis and are more generous in early rounds. Starting early also means you have time to write and revise application essays carefully rather than rushing to meet deadlines.
- Build a tracking system. A simple spreadsheet listing each scholarship, its deadline, requirements, award amount, and application status goes a long way toward staying organized when you’re managing multiple applications simultaneously.
- Tailor your essays. Generic scholarship essays rarely win. The strongest applications speak directly to the purpose of the specific award, connect the applicant’s background to its criteria, and make a specific case for why this particular student deserves this particular funding.
- Don’t let rejection slow you down. Scholarship review boards choose among many qualified applicants, and not being selected rarely reflects anything meaningful about your potential. The students who secure the most funding are typically those who keep applying.
Finally, be specific and be proud of your accomplishments. Reviewers want to fund students who will go on to do meaningful things. Your job in a scholarship application is to show them exactly what you’ve achieved so far and what you intend to do with the degree you’re pursuing.
Internal Howard Online MBA Scholarships
Howard’s Online MBA program includes internal scholarship opportunities that are worth understanding before you apply. Howard School of Business Endowed Scholarships are funded by alumni, corporate partners, and community members. Awards are based on need, academic excellence, test scores, application materials, and applicants’ contributions to their field.
Howard’s admissions officers review all Online MBA applications to determine whether applicants’ backgrounds align with available scholarship opportunities. Some students are automatically considered for awards during the admissions and financial aid review process, meaning scholarships may appear in your financial aid package without a separate application. Any external scholarship funds you receive will need to be reported to the Financial Aid Office, as outside assistance can affect the amount of internal funding offered.
How Howard Supports Students Financially
One of the underappreciated advantages of Howard’s Online MBA program is the level of individualized financial guidance available to students. Financial aid advisors work with students from the initial application phase through enrollment, helping them understand all available funding options, identify scholarship opportunities relevant to their background, and navigate the financial aid process step by step.
For students who are unfamiliar with how financial aid works at the graduate level — or who are trying to figure out how to layer scholarships, employer benefits, and federal aid into a coherent funding plan — this kind of direct, personalized support makes a tangible difference. Students don’t have to figure out how to pay for their MBA alone.
The Bottom Line on Funding
Paying for an MBA is a challenge, but it is a solvable one. The students who graduate programs with the least debt are almost always those who started planning earliest, pursued every relevant scholarship opportunity, and took full advantage of the guidance available to them.
Howard University’s Online MBA program offers a meaningful combination of academic rigor, professional opportunity, and dedicated financial support. As an institution with a long record of graduating top-performing business professionals and recognition as a top resource for minority students, Howard provides more than a degree; it offers entry into a network and legacy that can define the arc of a career.
The first step is starting. Explore the program, connect with a financial aid advisor, and begin your scholarship search before you submit your application. The funding is out there. The question is how early and how deliberately you go after it.