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5 Great Business Scholarships for Business Majors

5 Great Business Scholarships for Business Majors

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Business scholarships

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Majoring in business and attending business school comes with perks. You can test your ideas on campus, network with classmates and faculty and compete against other schools in entrepreneurial contests — and, last but not least, you could also score business scholarships for your degree.

Whether you’re pursuing a bachelor’s degree or an M.B.A., winning business scholarships can help you leave school without student loan debt. Here are five such opportunities to consider as part of your search:

1. Prospanica Foundation Scholarships
2. NASE Dependents Scholarship Program
3. Jane M. Klausman Women in Business Scholarship
4. National Black MBA Association scholarships
5. GreenPal Small Business Scholarship
● Plus: How to find more business scholarships
● Plus: Rack up gift aid, income before resorting to student loans

1. Prospanica Foundation Scholarships

Formerly known as the National Society of Hispanic MBAs, Prospanica offers gift aid to citizens, legal residents and students who qualify under Deferred Action for Childhood Arrivals (DACA). If you’re a sophomore, junior, senior or postgraduate student of Hispanic or Latino heritage attending an eligible accredited business school, and you have strong marks in the classroom, you could receive between $2,000 and $5,000.

Deadline to apply: April 14, 2021

Also check out: The Association of Latino Professionals For America has business scholarships and other scholarships for Hispanic students are available annually.

2. NASE Dependents Scholarship Program

If your parent is a member, or is eligible to become a member, of the National Association for the Self-Employed (NASE), you could compete for one of four $3,000 scholarships.

The awards go to high school and college students (ages 16 to 24) who are education-oriented and career-focused. Demonstrating school and community participation also helps your case.

Although you don’t have to major in business to apply, you do need a strong track record in the classroom: A minimum 3.0-grade point average is required to apply.

Deadline to apply: April 30 (annually)

3. Jane M. Klausman Women in Business Scholarship

Funded by Zonta International, an organization promoting gender equality, the Klausman Scholarship doles out awards to women who are in college or graduate school and pursuing a business or business-related degree.

The $8,000 scholarships are given to Zonta club members internationally. Winners in 2020, for example, hailed from the U.S., Canada, Italy, Nepal and Sri Lanka. There are also 32 regional prizes of $2,000 each, so check in with your campus or local club about your eligibility.

Deadline to apply: Aug. 15, 2021

4. National Black MBA Association (NBMBAA) scholarships

The NBMBAA, which previously offered the now-inactive Lloyd Trotter Scholarship, partners with colleges around the country to present business scholarships to high-performing students.

The scholarships range in value between $1,000 and the full cost of attendance, and are available to either undergraduate and graduate students on campuses nationwide.

If your school isn’t among them, keep in mind that the NBMBAA also awards its own $5,000 business scholarships to undergraduate and graduate students. You must have at least a 3.0 grade point average to be eligible, among other criteria.

Deadline to apply: March 31 (unless your school says otherwise)

5. GreenPal Small Business Scholarship

If you’re a high school senior planning on studying business or already majoring in the field on a college campus, you could score $2,000 to help pay your college costs through the GreenPal Small Business Scholarship. You’ll need to study at an accredited university and maintain a strong GPA of 3.5 or above.

According to the scholarship information, they’re looking for someone who is “motivated” and “driven,” and has either a small business idea or is already running one while in school. The competition may be a little tight, however, since only one award is given out each year.

Deadline to apply: November 2021 (likely)

How to find more business scholarships

Sometimes, the key to finding the best business scholarships is to attend the best colleges for business. The University of Missouri’s Robert J. Trulaske, Sr. College of Business, for example, extends a handful of generous awards to freshman and continuing students.

Top business schools should administer a healthy amount of financial aid, lessening your need to borrow student loans. Check in with your (prospective) school’s financial aid office to learn about opportunities for gift aid that don’t need to be repaid; a little more legwork might be needed to find business scholarships that are sourced off campus.

In addition to checking in with professional associations like the NASE, don’t discount nonprofits. If you reside in Tennessee, for example, you could be a fit for Scarlett Family Foundation scholarships, which awards $2,500 to $15,000 for business and STEM students.

And don’t just focus on scholarships that are specifically for business students — if your entrepreneurial spirit is strong, you might find funding via an organization like the Dell Scholars program, even though it caters toward all major fields of study. Grants from your state are similarly broad-based but potentially useful for your bachelor’s or MBA.

Rack up business scholarships, income before resorting to student loans

Whether you’ve yet to declare your major, or are wondering how to get into business school, you’re probably already aware of the rising price of higher education.

Reduce your cost of attendance by applying for business scholarships. Not only would they not need to be repaid — unlike federal and private student loans — but they could also foster connections with potential business mentors.

If scholarships and grants don’t get you all the way to your school’s cost of attendance, however, you might have to get creative. Think like a business student and consider these strategies:

  • Build a passive income stream from your dorm room
  • Take on a side hustle as early as your freshman year
  • Choose a part-time job that complements your major

Whether your tuition money comes from business scholarships or your own pockets, consider this advantage: By avoiding taking out student loans for your MBA, you might be better positioned to borrow a business loan down the road.

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