Full-Time MBA

Financing Your MBA

Many factors come into play when choosing which graduate program is the best fit for you. Booth’s Full-Time MBA offers an immersive, two-year experience with an impact that reverberates throughout the rest of your career. Year over year, our alumni share that the investment in a Booth MBA continues to pay dividends well beyond their time as a student—whether that be in the brand strength of the global network or demonstration of their career success.

The MBA represents a significant investment in yourself, your intellect, your relationships, and your future. Along with evaluating the Booth community, you’ll want to take a look at our most recent Employment Report, where you’ll see strong starting salaries and jobs secured at top companies around the world. The facts and figures echo what alumni are sharing with us about the return on investment of their Booth MBA degree. While you can feel secure about your choice to pursue an MBA at Chicago Booth, you also want to think about how you plan to finance your two years here at Booth. 

Invest In Your Potential

Determining how to finance your MBA is a big decision, though it is not one that you have to make alone. The Chicago Booth Financial Aid Office is here to assist you throughout the process.

  • With any investment, you should understand and prepare for the costs involved. Students should review the cost of attendance and budget ways to finance their MBA, before they apply.
  • The majority of our students will fund their MBA experience through loans, outlined below. Most repay these loans within ten years of graduation.
  • Booth also offers merit-based scholarships and fellowships to select admitted students. The selection process is highly competitive; awards are based upon information provided within the original application and are communicated at the time of admission.
  • To aid in your planning, the following financing options may be available to you:  

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Student Loans for US Citizens and Permanent Residents

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US citizen and US permanent resident Full-Time MBA students can borrow federal student loans from the US government and/or private student loans.

  • Direct Unsubsidized Loan - The Direct Unsubsidized Loan is a federal student loan available to US citizens and US permanent residents who enroll in at least 200 units each quarter. The annual maximum loan amount is $20,500.
  • Direct Grad PLUS Loan - A credit-based federal student loan, the Grad PLUS Loan is an option for students who need to borrow more than the Direct Unsubsidized Loan in a given year. The annual maximum is the cost of attendance minus any other aid.
  • Private, credit-based alternative loans - All students can apply for a private, credit-based alternative loan. Students can borrow up to the cost of attendance (which is set by the financial aid office) minus any other financial assistance.

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Private Loans for International Students

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Chicago Booth is committed to providing financing opportunities for all students regardless of citizenship status. International students who do have US cosigners have multiple private loan options as well. More detailed information regarding these programs will be made available via the Admitted Student website upon admission to the program.

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Industry Awards

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Canfield Private Equity Fellowship - Established in 1998 by Phil Canfield, MBA '96, managing director at GTCR, this award supports incoming students pursuing careers in private equity. This fellowship is awarded to students with prior investment banking or private equity experience who plan to pursue a career in private equity. The Canfield Fellowship is granted to students who have demonstrated commitment to a career in private equity, past academic achievement, and a track record of professional accomplishments. The Canfield Fellowship includes a financial award, as well as the opportunity to meet Phil Canfield.

Herman Family Fellowship for Women Entrepreneurs - This fellowship was established in 1995 to advance the interests of women in entrepreneurship. In addition to joining the fellows group, it provides an opportunity to participate in annual reunions hosted by the Herman family and the Polsky Center for Entrepreneurship and Innovation.

Khosla-Booth Private Equity Fellowship - This fellowship annually supports students with demonstrated interests or backgrounds in the private equity industry. It provides students with mentorship and assistance to secure internships at private equity firms. There is a strong preference for women.

Kilts Marketing Fellowship - These fellowships are awarded to students pursuing a career in marketing who plan to concentrate in marketing management. The award includes mentorship from senior alumni.

The above is a sample of available awards.

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Leadership Awards

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Distinguished Fellowship - Selected for their potential to make a meaningful mark on the Booth community and the business world, students awarded this full tuition fellowship receive a stipend and mentorship from Harry L. Davis, the Roger L. and Rachel M. Goetz Distinguished Service Professor of Creative Management. Students also explore how leaders in various settings make an enduring and positive impact on their organizations and society.

Marvin Zonis International Scholarship - Named for Booth's first professor to teach a course on the effects of digital technologies on global business, this fellowship is awarded to an international student from an emerging economy who demonstrates outstanding leadership, academic, and extracurricular achievements.

Zmijewski Scholarship - This award provides support to a student who embodies the spirit and qualities of Chicago Booth professor Mark Zmijewski, such as a strong work ethic, demonstrated leadership, and professional tenacity. In addition to being in good standing with the university, this scholarship gives preference to students who did not follow a traditional path to graduate studies and for whom the award could be maximally transformative.

The above is a sample of available awards. 

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Military Awards

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David W. Fox Scholarship - This full tuition fellowship is awarded to a student who served, or is currently serving, in the US military. Students must demonstrate outstanding leadership, academic and extracurricular achievements, and a commitment to advancing the interests of those having served in the military.

Chicago Booth participates in the Yellow Ribbon Program. See below for more information.

The above is a sample of available awards. 

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Regional Awards

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A.H. Tobaccowala Fellowship - This fellowship was established by Chicago Booth alumnus and innovative, top business leader in memory of his father -- a 1952 Chicago Booth graduate. The fellowship is awarded to students whose primary home is in India at the time of admission.

Chicago Booth Mexico Opportunity Scholarship - This scholarship gives preference to Mexican graduates of Mexican universities who have a demonstrated interest in entrepreneurship and in supporting and contributing to the advancement of the Mexican economy as both a student and alumnus.

Dennis W. and Jane B. Carlton Fellowship - This annual full tuition fellowship was established for students from Israel, particularly those who have served in the Israeli military. It includes a stipend, mentoring, and professional development from business leaders in the Chicago area, facilitated by the Jewish United Federation. Recipients of this fellowship are expected to return to reside in Israel within five years of graduation.

Ehara Scholarship - Established by John Ehara, ’78, cofounder of Unison Capital, this award provides annual expendable scholarship support with preference to candidates from Japan or those who are likely to advance the interests of Japan.

Mihail Ivanov Memorial Scholarship - This award provides expendable scholarship support to one first year student who demonstrates superior academic performance as determined by the Admissions Committee. The scholarship gives preference to candidates who reside in Eastern Europe, who have lived in Eastern Europe for at least three years during their lifetime, or who are graduates of any college or university in Eastern Europe.

The Nelson Germanos Fellowship - This fellowship is awarded to students with a demonstrated multinational, multicultural life focus and an interest in sharing knowledge generously; as well as very high ethical standards. There is a preference for students from Brazil.

Ramakrishnan Family Scholarship - Funded by an endowment established by Guru Ramakrishnan, ’88, and Anupama Ramakrishnan, this scholarship gives preference to candidates who are Indian nationals.

The above is a sample of available awards. 

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Yellow Ribbon Program

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Chicago Booth is delighted to participate in the Yellow Ribbon Program, an enhancement of the Post 9-11 Veterans Educational Assistance Act of 2008, which allows institutions of higher learning in the United States to fund tuition expenses that exceed the highest public in-state undergraduate tuition rate. Yellow Ribbon awards are not scholarships and are available to all veterans at Chicago Booth who qualify under the VA guidelines. For the upcoming academic year, Chicago Booth will offer $30,000 per year in Yellow Ribbon scholarship support and the VA will provide up to $30,000 in additional funding. The Yellow Ribbon awards are in addition to other VA programs. You can find the application through the University Registrar. For additional information, please contact Donna Swinford. Read more about our admissions policies for US Military Personnel here.

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External Awards

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Candidates are also encouraged to seek external funding opportunities outside of scholarships and fellowships offered by Chicago Booth. Awards are available through foundations, associations, corporations and other sources. Chicago Booth welcomes such outside support and encourages all students to consider these opportunities. You must contact the sponsoring organizations directly regarding the application process.

Please note: Booth has built strong corporate relationships across industries to afford students and alumni a broad range of employment opportunities. As an institution, we have decided not to promote to prospective students external corporate fellowships that require a summer internship after the first year of study. These require you to make an internship commitment prior to arriving on campus in the fall, and any career exploration or preparation that would help you make the best choice professionally could be curtailed.

  • Association of Management Consulting Firms Richard Metzler & Roland Berger Scholarship
    Each year the Association, in conjunction with the Foundation for Excellence in Management Consulting, presents these scholarships to two MBA candidates, one US student and one non-US student.
  • Ray E. Brown Fellowship
    The Ray E. Brown Fellowship aims to identify and support exceptional students who are committed to the healthcare field and wish to pursue the Graduate Program in Health Administration and Policy while at the University of Chicago. 
  • CREW (Commercial Real Estate Executive Women in Chicago)
    CREW offers scholarship opportunities to students majoring or concentrating in real estate, construction, facility management, architecture, urban planning, real estate law, land economics, real estate appraisal, or related real estate fields. .
  • Fundación Rafael del Pino
    The Fundación Rafael del Pino offers 15 fellowships to Spanish students pursuing a postgraduate degree in business.
  • The Hispanic Scholarship Fund Fellowship
    The Hispanic Scholarship Fund offers financial awards ranging from $1,000-5,000 to United States permanent residents or United States citizens of Hispanic heritage.
  • Instituto Ling Fellowship
    Instituto Ling is a fellowship program for Brazilian citizens with an entrepreneurial spirit and the leadership skills to contribute to Brazilian economic, social, and cultural development.
  • International Council of Shopping Centers (ICSC) Scholarships
    Scholarships are available to full-time graduate students who are also International Council of Shopping Centers members and indicate a preference for a career in retail real estate. The recipients of these scholarships will be known as ICSC Foundation Student Scholars.
  • LIFE Scholarship (Lebanese International Finance Executives)
    LIFE, a member organization channeling the influence of Lebanese Finance Executives worldwide, provides scholarships for Lebanese students (or of Lebanese descent) seeking to pursue their studies at top U.S. universities in the fields of finance/business.The LIFE scholarship covers up to $12,000 per academic year and is renewable for the recipient's following year of study provided excellent academic standards are maintained.
  • MBA Strategy Company, Ukraine
    The teams from MBA Strategy and 1, Inc. offer two $40,000 scholarships to two students who have already shown their great leadership potential while building a successful career and who may live in one of the CIS countries. Applicant has to be a Russian or Ukrainian speaking person (in case of Ukrainian citizenship).
  • McKinsey & Company Emerging Scholars
    For people who yearn to use their talents to make positive change in their lives and the world we share. Candidates need to be admitted to a full-time MBA program at an eligible schools.
  • Onsi Sawiris Scholarship Program
    Through the Onsi Sawiris Scholarship Program, Orascom Construction Industries provides full tuition scholarships for Egyptian students seeking to pursue their master's degrees at top US universities in fields that contribute to the economic prosperity of Egypt.
  • Paul and Daisy Soros Fellowship for New Americans
    The Paul and Daisy Soros Fellowship for New Americans supports “New Americans;” resident aliens, naturalized US citizens, and children of two parents who are both naturalized citizens.
  • Pension Real Estate Association Scholarship
    The Pension Real Estate Association awards scholarships on an annual basis to promising students studying real estate at the undergraduate and graduate levels. These scholarships are awarded through our PREA's scholarship program and financial need will be considered in determining the amount of each award.
  • Robert Toigo Foundation
    The distinction of the Robert Toigo Foundation Fellowship is that it offers the only graduate-level program with a specialized focus on leadership development and career services for minority MBAs pursuing careers in finance.
  • The Royal Academy of Engineering Sainsbury Management Fellowship
    Applications are now being accepted for the Sainsbury Management Fellowship Scheme, which enables engineers of high career potential to undertake courses at major international business schools.
 

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Second-Year Awards

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Each year, Chicago Booth awards second-year scholarships and summer internship support.  To be considered for these awards, first-year students must apply and have completed three quarters and no fewer than nine courses. Criteria span strengths across academics, leadership, and service to the Booth community.