Scholarships and grants are funds that do not have to be repaid. Schools themselves may award scholarships and grants to graduate business students. Schools award scholarships on the basis of test scores, grades, life experience, financial need, and any number of other factors. (At some schools, scholarships may be known as “fellowships,” “tuition waivers,” or “reductions.”)

In addition to covering tuition, fees, and supplies, awards may include stipends for living expenses. To learn more about the scholarships offered by the school(s) you are interested in, as well as the criteria used to award them, contact the admissions staff directly.

Independent foundations are another important source of scholarship funds. You can find lists of their scholarships and eligibility criteria on the Internet and in books that may be found in your local library.

For a list of some of the many sources of scholarships and grants, see Financial Aid and Scholarship Resources.