Applying for a scholarship is a one way you can reduce the cost of your degree. Scholarships can cover anywhere from partial amounts to full tuition fees, and you'll often find both needs-based and merit-based options available.
There are various ways to maximize your scholarship potential—but if your offer is lower than you initially hoped for, you may find yourself in a tricky situation. However, reaching out to the school and negotiating for higher financial aid can go a long way, and could be the difference maker allowing you to attend your top-choice school.
Here’s how to negotiate your MBA scholarship, with advice from Melody Jones, co-founder and president of Vantage Point MBA Consulting, which advises applicants to top MBA programs.
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Be authentic and honest when negotiating your MBA scholarship
When reaching out to business schools, it’s important to show your desire to attend that program and that you’re serious about your commitment.
“It’s vital that applicants make a genuine case. Applicants should lead with gratitude, be direct about their situation, and frame their request in terms of enabling their full participation in the MBA experience,” says Melody (pictured).
Your request should reiterate how the program aligns with your career goals. Consider explaining why you're applying for extra funding—perhaps your financial situation has changed, making it more difficult to fund your degree.
“Sharing new information that has changed the applicant's circumstances or ability to attend is fair game. For example, maybe the applicant is considering leaving their job early to pursue an unpaid internship in their desired post-MBA industry, but in order to feel comfortable taking the leap, they would like to request that the school reconsider their financial award to reduce the financial burden,” Melody adds.
It’s also a good idea to highlight any efforts you’ve made to improve your candidacy, such as retaking the GMAT or actively engaging with the school community.
Follow the correct process
Each school has its own process for handling additional scholarship requests and some may differ, so make sure to research the correct steps for each of your target programs.
While you might assume you need to speak to the admissions team, scholarship negotiations often fall under the financial aid office. Call to confirm who you should be contacting.
And while it’s important not to be pushy, don’t be afraid to follow up—especially if new developments strengthen your case.
Leverage competing offers—carefully
If you’ve received a scholarship offer from another business school, sharing it can help demonstrate your value and encourage your top-choice school to reconsider your award.
“Having another school's scholarship offer and using that as leverage in the negotiation is the most successful strategy I've seen—usually a 50/50 success rate,” says Melody.
“That said, I caution applicants not to make ultimatums or threats unless they are prepared to follow through if the answer is ‘no’. Instead, I recommend staying humble and expressing genuine excitement to join the program, but explaining that you’re conflicted by another, more generous offer.”
Providing a specific figure—without naming the competing school—can give your target program a useful benchmark.
“You should mention the honest amount of your competing offer, but remain vague about the school. Revealing too much could backfire. Additionally, if you have a timeline by which you need to make a decision, do share that, as it can sometimes move the process along,” Melody advises.
Use MBA loan companies to help you negotiate your funding
Negotiating your MBA scholarship request can be daunting and doesn’t always end in success, so often students may opt for taking out student loans instead.
While loans require you to pay back your financial aid, they don’t always have to be expensive. Loan company Juno, founded by Chris Abkarians and Nikhil Agarwal, devised a way to use group buying power to negotiate the best student loan rates possible.
Founded during their MBA at Harvard Business School, Chris and Nikhil joined 700 students from 10 business schools to negotiate lower rates for the entire group. The alums say they saved each student around $15,000. Since then, Juno has grown to over 220,000+ members.
Juno aims at supporting US students enrolling in US schools, but other companies, such as Prodigy Finance, can offer affordable international loans. Founded by Cameron Stevens, an MBA student from INSEAD, the company has supported over 45,000 applicants from more than 150 different countries.
So, if you’ve received a scholarship offer for one of your top schools but you still find yourself over budget, remember that it’s okay to negotiate. Negotiating in the right way could make the difference between going to your top school or having to look elsewhere.
For more tips and tricks on how to land a scholarship and secure your place at business school, download the BusinessBecause MBA Scholarship Guide | Tips To Boost Chances of Success
This article was originally written in 2022 and updated in July 2025 by Daisy Culleton.
