In the third part of the Ross MBA series, we cover scholarships, fellowships, loans, and financial aid. Read the first part – Ross MBA Class Profile Trends and Total Fee, and the second part – Ross MBA Curriculum Analysis.
Ross MBA - Scholarship, Loans and Financial Aid
Close to 50% of the Ross MBA candidates are automatically considered for merit-based scholarships. In addition to merit-based scholarships, scholarships and fellowships are offered based on leadership, social IMPACT, and grit.
Ross also includes industry-focused and function-focused scholarships covering Healthcare, Operations, and Sustainability. On the demographic front, Ross covers women, applicants from the Military, LGBTQ+, and US minorities.
Merit-Based Scholarship
Applicants are automatically considered for over 200 merit-based scholarships when they apply to the Full-Time MBA program. Academics, professional and personal accomplishments, and the potential to benefit the community are considered when awarding prizes. Scholarships can be worth up to the full cost of tuition.
Dean’s Impact Scholars: This scholarship, given to a small number of admitted students, honors a student's exceptional achievements and demonstrates Ross's faith in their ability to use business to impact the world positively. In addition to receiving a full scholarship for tuition, Dean's Impact Scholarship recipients also receive an annual stipend to help with non-tuition expenses like travel for educational purposes and opportunities for leadership development.
Dean's Fellows: Accepted students chosen to be Dean's Fellows receive full scholarships for their tuition. Throughout their time at Michigan Ross, fellows have the chance to connect with senior alumni leaders from various industries and form special bonds with other fellows and faculty members.
Industry and Function Focused Scholarship
Health Innovation Scholars Program (For Healthcare): MBA candidates interested in healthcare can apply for scholarships through the Health Innovation Scholars Program. The program offers a complete scholarship for tuition, grants for professional advancement, and networking opportunities for alumni and cohorts. No separate application has to be submitted. Every applicant who lists healthcare as a desired career interest is considered.
Forte MBA Fellowship (For Gender Equity): MBA applicants of any gender identity who exhibit exemplary leadership and dedication to Forté's mission of uplifting women into fulfilling, significant careers by providing access to business education and a community of successful women are eligible for the Forte Fellowship, which provides funding opportunities and other support structures.
Yellow Ribbon Program (For Military): Since 2009, Michigan Ross has enthusiastically supported the Yellow Ribbon Program without restricting its price or number of participants. For every post-9/11 GI Bill recipient who is completely eligible, the program pays for the tuition cost that is not covered under the Yellow Ribbon program.
The Consortium (For African or Black Americans, Hispanic Americans, and American Indians): The Consortium for Graduate Study in Management's mission is to increase the representation of Black, Hispanic, or American Indians in American business schools and corporate management. This merit-based scholarship is given to candidates who commit to this goal. All U.S. citizens or permanent residents are eligible for the fellowship regardless of race or ethnicity.
A Consortium Fellowship or a Michigan Ross scholarship is available to all applicants who submit their applications through The Consortium.
Romba LGBT+ Fellowship (For LGBT+ groups): The Romba LGBT+ Fellowship offers financing and access to leadership programming to LGBTQIA2S+ aspiring business leaders through Reaching Out MBA. Students who want to apply for the fellowship should let Reaching Out know which colleges they plan to apply to.
Tauber Institute for Global Operations Scholarships (For Operations): Students enrolled in the program are eligible for several scholarships from the Tauber Institute for Global Operations. A separate application needs to be submitted. All Tauber students are taken into account. After being accepted into the program, award recipients are notified of their selection.
Erb Institute Scholarships (For Environmental Sustainability): The Erb Institute provides several funding options. Once applicants have been accepted to Michigan Ross or the School for Environment and Sustainability, they can apply for recruitment scholarships.
True Grit (For Domestic and International Students): Students enrolled in the Full-Time MBA program who have proven to be particularly resilient in the face of adversity are eligible for partial and full-ride scholarships. Students who are obtaining the degree for the first time in their families, who have overcome personal challenges, who have served in the military, or who have, in some other way, demonstrated personal fortitude and endurance are the intended recipients.
Scholarships for Current Students
In addition to scholarships during entry to the 2-year Ross MBA program, students are also eligible for scholarships during the 2nd year of the program. Here is a summary of the scholarships:
| Scholarships | Eligibility | Awards |
|---|---|---|
| Alumni Board of Governors Award | Need, merit, and community service award | $7500 |
| Ross Community Impact Scholarship | Merit, Leadership | $10,000 |
| McGowan Fellows Program | Students who are in the top 5% of their class and are non-dual degree students | full-tuition scholarship for the second year |
| J. Ira Harris Merit Award | Merit based | $5,000 |
| Skip and Carrie Gordon Scholarship | Impact Based | $5,000 |
| The Leslie Adkins Endowed Scholarship | Underrepresented Minorities | $10,000 |
| Zell Lurie Institute Scholarships | Entrepreneurship |
Loans
Federal Direct Grad PLUS Loans and Federal Direct Unsubsidized Loans are two types of federal government loans that students may be qualified for.
The maximum borrowing amount for the non-need-based Federal Direct Unsubsidized Loan is $10,250 per semester. Although the Federal Direct Grad PLUS Loan does not require any need basis, it does require approval after a credit check. Applicants can borrow up to the cost of attendance, less any other financial aid.
Other Financial Aid
Assistantships: Graduate student staff assistantships, instructor positions, and research assistantships are considered separately from the financial aid application process.
U-M Child Care Subsidy: Students with children can receive financial aid through the U-M Child Care Subsidy Program to help cover the cost of a licensed daycare center.
Loan Repayment Assistance Program: Graduates of the Ross degree programs who took out student loans while earning their degree at Ross are supported by several Michigan Ross and federal government programs.
International Students: The sorts of U.S. government financial aid available to international students are restricted by federal restrictions and University of Michigan policy. Federal student financing is specifically ineligible for overseas students with F-1, F-2, J-1, J-2, and G series visas.
If an eligible co-signer from the United States is present, some American lenders will offer private education loans to foreign students. Other lenders will lend money to international students if a co-signer from the United States is unavailable. For some lenders, before applying, the student might also need to have a Social Security number.
US Veteran & Active Duty Military: Those who serve are considered for in-state tuition at the University of Michigan. There is a $5,000 cost difference between in-state and out-of-state applicants. The residency section of the website for the University of Michigan Office of the Registrar contains this information.
Related Service
• F1GMAT’s Scholarship Essay Editing Service
Reference
Scholarship/Fellowship Essay Editing - Work with Atul Jose (Founding Consultant and Essay Specialist)