Negotiating Business School Scholarships – It Doesn’t Hurt to Ask

Congratulations on your Round 1 business school acceptances. Despite the challenges of limited in-person networking, you succeeded in a highly competitive year.

A subset of you may have even received offers of scholarship money to help offset the very significant cost of attending a full time MBA program. Congratulations!

Scholarship offers complicate your decision. While advantageous, these awards require you to weigh financial incentives against program prestige. Perhaps you were accepted to your top choice program but received a sizeable scholarship offer from a business school you viewed as more of a ‘safety’. Are the incremental benefits of the higher ranked program enough to offset the higher cost to attend?

The decision can be downright anxiety-provoking and it’s an incredibly personal one. However, if you are truly torn and the decision boils down to the cost differential, it doesn’t hurt to ask your dream business school program if they can help.    

Come from a Place of Authenticity

Since you are already accepted, requesting additional funds carries little risk. However, schools receive numerous requests; yours must be highly targeted. If you’re lucky enough to have been accepted to multiple programs, the goal is not to throw requests at the wall to see what sticks, so to speak.

Your approach should be targeted and specific. Perform a thought exercise: if School A meets your target number, would you commit? If the answer is no, a request lacks sincerity and should be avoided. Schools can usually see through requests that aren’t sincere, making them a waste of your time as well as theirs.

Adhere to Their Process

That said, schools are generally willing to entertain scholarship requests, particularly if you have a compelling alternative from a school they view as a peer/competitor for talent.

As a starting point, do some research or call admissions to determine how and where they would like you to send your request. Submission protocols vary. Schools may utilize online forms, dedicated email inboxes, or request copies of competing award letters. Assume documentation will be required.

How You Ask Matters

Once you know the process, it’s time to frame up your request. It should be concise but also gracious and honest.

Reiterate your gratitude for the admission. Then, succinctly explain why this specific program aligns with your professional goals. Be sure to do this in a way that is unique to both you and the program at hand – if your ‘why business school X’ argument could apply to any other program or any of your peers, it is not specific enough to be impactful.

Next comes your ‘ask’. Brief context is helpful so that they know your request is sincere. If you have a competing offer, mention it here. Or, if your financial circumstances have changed since you submitted your application, making it more difficult to afford tuition, be upfront about it. Providing a rationale that extends beyond mere cost reduction significantly strengthens your leverage.

After you share your rationale, politely ask if they can reconsider you for scholarship opportunities. While you may have a ‘number’ in your head that would sway your decision, it’s best to keep your request open ended so as not to sound demanding. Close by thanking them for their time and, once again, for the offer of admission.

Keep in mind that it’s likely they will not be able to offer you additional funding. However, at least you know you’ve laid all of your cards on the table to make the best decision for your personal circumstances. Congrats again on your acceptances and enjoy the MBA journey!

Other articles that may be of interest:

What Matters in Choosing an MBA Program

Top MBA Program Comparison and How to Use It