Earning an MBA is a big investment. At Michigan Ross, we're committed to making that investment as affordable as possible while providing a lifetime of ROI. Learn more about the wide-ranging scholarship opportunities available to qualified admitted students.
When you apply to the Full-Time MBA program you're automatically considered for over 200 merit-based scholarships, and will be notified of any awards upon admission. No separate application is required. Awards are based on academic ability, professional and personal achievements, and potential to contribute to our community. Scholarships range from $10,000 to full tuition; we do not negotiate scholarship offers.
Pinkert Scholars Program - Healthcare
The Pinkert Scholars Program offers scholarships to MBA applicants with an interest in healthcare. The program includes: a full-ride scholarship, a mentoring program, healthcare-specific learning experiences, and funding for healthcare-related professional development. No separate application is required. All applicants that list healthcare as their desired career interest are considered.
Forte MBA Fellowship - Women
The Forte Fellowship offers funding opportunities and other support structures for women MBA applicants who demonstrate exemplary leadership and a commitment to women and girls via personal mentorship and community. Michigan Ross was a founding partner of Forte Foundation in 2003.
Yellow Ribbon Program - Military
Ross has proudly supported the Yellow Ribbon Program without a cap on the number of students or costs since 2009. The program covers unmet tuition needs for all 100 percent eligible, post-9/11 GI Bill students.
The Consortium - African Americans, Hispanic Americans, Native Americans
This merit-based scholarship is awarded to applicants who have demonstrated dedication to The Consortium For Graduate Study in Management's mission of increasing the representation of Black, Hispanic, or Native Americans in American business schools and corporate management. The fellowship is available to all US Citizens or permanent residents, regardless race or ethnicity. All students who apply through The Consortium are eligible for a Consortium Fellowship or a Ross scholarship.
Romba LGBT+ Fellowship - LGBT+
Through Reaching Out MBA, the Romba LGBT+ Fellowship provides funding and access to leadership programming to LGBT+ future business leaders. Interested students should contact Reaching Out to let them know of their interest in applying for the fellowship, and at which schools. After you receive your offer of admissions from Ross and offer of fellowship, Ross will notify Reaching Out of its selected fellow.
Tauber Institute for Global Operations Scholarships - Operations
The Tauber Institute for Global Operations offers a number of scholarships to students in the program. No separate application is required for this scholarship. All Tauber students are considered. Award recipients are notified of selection after admission to the program.
Erb Institute Scholarships - Environmental Sustainability
The Erb Institute offers various funding opportunities. For recruitment scholarships, you may apply once you have been admitted to either Ross or the School for Environment and Sustainability, and have submitted an application to the other school. Award notifications are usually made within a month.
The Ross Financial Aid Office also posts scholarship opportunities throughout the year. Some scholarships are need-based. Students are encouraged to complete the Free Application for Federal Student Aid (FAFSA) online at studentaid.ed.gov/sa/ to be considered for all scholarships. Email notifications will be sent to you when scholarship opportunities are available.
The Alumni Board of Governors award is a need, merit, and community service award. An application is required. One second-year MBA student is selected to receive $7500.
The Ross Community Impact Scholarship offers funding to second-year MBA students with strong academic records who contribute exceptional leadership to the MBA community or their chosen field of study. Recipients receive $20,000 in scholarship during their second year of the program. Students interested in applying can contact roassadmissions@umich.edu.
McGowan Fellowships are awarded to eligible second-year MBA students who are in the top 5% of their class, are non-dual degree students, and meet other qualifications. Recipients will receive a full-tuition scholarship for the second year of their program.
The J. Ira Harris Merit Award is given to students selected by the MBA program. No application is required. Ten second-year MBA students are selected to receive $5,000 each.
Second-year MBA students who demonstrate an outstanding commitment to pursuing ways to solve complex social problems can apply to the Skip and Carrie Gordon Scholarship. Two recipients are selected each year to receive $5,000.
The Leslie Adkins Endowed Scholarship is offered to qualified second-year MBA Consortium members who have not received a full-tuition Consortium fellowship. Past recipients of the Leslie Adkins Endowed Scholarship have typically received $10,000.
The Robert Toigo Foundation offers funded fellowships to MBA students from underrepresented backgrounds who are interested in pursuing a career in finance.
The Zell Lurie Institute scholarship program is a merit-based scholarship program for rising second-year MBA students with an interest in entrepreneurship. Eligible students will have achieved a meritorious GPA in the first year of their program and will have demonstrated exemplary academic standing, strong entrepreneurial knowledge and interests, and engagement with courses, programs, and leadership.
In this episode of our student-run podcast, three Ross students with military, international, and Consortium backgrounds discuss how they decided investing in a full-time MBA program was the right decision, how they’re paying for it, and what they think about their decision now that they’re here.
Featuring:
Students may be eligible for two types of federal government loans:
| Eligibility Criteria | loan terms | Additional Information/Requirements |
|---|---|---|
| Non-need-based | Maximum borrowing amount $10,250 per term. | Borrower can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments. No penalty for early pay off. |
| Student must be enrolled at least half-time in a degree program | 4.3% fixed interest rate for graduate students (Effective July 1, 2020. Rates changes each 1st of July) | Typical repayment period is 10 years (other repayment options available). |
| Borrower must be a U.S. citizen or eligible noncitizen | 1.057% for loans originated before October 1, 2020. (Effective Oct 1, 2019. Fee changes each 1st of October) | More information is available from the U.S. Department of Education |
| Interest accrues immediately; paid periodically or capitalized | ||
| Principal repayment deferred while enrolled at least half-time |
To apply for your federal Direct Unsubsidized Loan complete the Free Application for Federal Student Aid (FAFSA) using U-M's federal code 002325. This can be completed online at studentaid.ed.gov or by downloading the mobile app myStudentAid.
The FAFSA is available on Oct. 1, at no cost to students. Although we recommend you complete this by March 31, you can continue to apply after this date.
| Eligibility Criteria | loan terms | Additional Information/Requirements |
|---|---|---|
| Credit check approval process | Students may borrow up to the cost of attendance minus other financial assistance. | Borrower must complete the Free Application for Federal Student Aid (FAFSA) |
| Non-need-based | 5.3% variable-fixed interest rate (Effective July 1, 2020. Rates changes each 1st of July) | Borrower can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments. No penalty for early pay off. |
| The graduate student is the borrower | 4.248% origination fee for loans originated before October 1, 2020. (Effective Oct 1, 2019. Fee changes each 1st of October) | Typical repayment period is 10 years (other repayment options available). |
| Student must be enrolled at least half-time in a graduate-level program | Interest accrues immediately; paid periodically or capitalized | More information is available from the U.S. Department of Education |
| Borrower must be a U.S. citizen or eligible noncitizen | Loan is deferred while you are enrolled at least half-time and for an additional six months after you are no longer enrolled at least half-time. Interest accrues during deferment; you may pay accrued interests or allow it to capitalize when deferment ends. Details at the U.S.Dept. of Education | Can be consolidated with other federal loans |
Students apply separately for the Grad PLUS Loan in addition to completing a FAFSA if additional funds are needed to cover remaining tuition and/or other cost of attendance items. Students may borrow up to the amount of their cost of attendance, minus any other financial assistance a student receives. Note that it takes an average of four weeks to process loans through our office.
Private student loans are offered through a variety of banks and other lenders. Students seeking private loans must apply separately from their financial aid application through an individual lender. The best rates on these loans are generally offered to borrowers with good credit and/or who have a cosigner with good credit.
When shopping for a private loan, look for a loan you can live with in both the short term and long term. You may be repaying it for multiple years after graduation. Many loan providers will lend up to the student’s cost of attendance minus any financial aid received. Often there is a yearly and/or cumulative cap on the amount the student may borrow; sometimes this cap is set by the student’s school. Note that it takes an average of four weeks to process loans through our office.
If you are considering borrowing through a private lender, we encourage you to:
If you pursue a private loan, apply directly through the lender you select. Choose any lender and the university will certify your application.
U-M students should avoid lenders that don't require U-M to certify their loan application and should be suspicious of unsolicited loan offers. The Michigan Student Financial Aid Association cautions students that "loan debt can accumulate quickly and result in a lifetime burden of high payments and credit denials for automobile purchases, credit cards, and home mortgages. Private loans also can reduce eligibility for more desirable federal, state, and college aid programs. To avoid these problems, read and understand the terms and conditions of all loans.
To browse a selection of approved lenders, please visit:
University of Michigan's FASTChoice
To browse a selection of approved lenders for International Students: FASTChoice Private Education Loans–International Students
The university adheres to a Code of Conduct for Student Loans that prohibits inducements or incentives by private lenders.
The Ross School of Business provides short-term loans to Executive MBA, Evening MBA, Online MBA, and Weekend MBA students whose employers provide tuition reimbursement only after a term is completed. The Ross Short Term Tuition Reimbursement Loan has a 3% interest rate, and a 0% loan origination fee.
Short-Term Loan information and application
Appointments for Graduate Student Research Assistantships, Graduate Student Instructors, and Graduate Student Staff Assistants are considered separately from the financial aid application process.
General Appointment Information
Graduate Student Appointment Postings
The U-M Child Care Subsidy Program provides funds to students with children to assist in meeting the cost of licensed child care.
The Ross Loan Repayment Assistance Program (LRAP) provides financial assistance to Ross graduates who are currently pursuing careers in nonprofit and public sector
organizations. Qualified applicants will receive financial assistance to help pay for a portion of Ross-related, need-based loan obligations while employed full-time in a position within the nonprofit or public sectors (subject to annual re-application, review, and approval).
Federal regulations and University of Michigan policy limit the types of U.S. federal financial assistance available to international students. Specifically, international students with F-1, F-2, J-1, J-2, and G series visas are not eligible for federal student aid.
You may qualify for student financial aid programs if you meet one of the following criteria:
If you meet the above criteria, you may qualify for federal assistance.
Some U.S. lenders will provide private education loans for international students who have a qualified U.S. co-signer. Some lenders require that the student have a Social Security number prior to applying. To browse a selection of approved lenders, please visit the FASTChoice Private Education Loans – For International Students site. U-M has not endorsed these programs, but is making the information available to you.
The university adheres to a Code of Conduct for Student Loans that prohibits inducements or incentives by private lenders.
Other Possible Funding Sources:
For information about financial aid and private scholarships for international students contact:
Ross is proud to support our veterans and military members.
The University of Michigan offers in-state tuition status to those who serve. You must apply and provide the appropriate supporting documentation. Information is located on the University of Michigan Office of the Registrar's website in the residency section. Here are some additional sources of information:
University of Michigan Veterans and Military Services Program
University of Michigan VA educational benefits information
Veterans benefits certification policies and procedures
Scholarships for veterans, service members, and dependents
Note: Executive MBA students pay a set inclusive tuition that includes tuition for courses, mandatory fees, plus other nonacademic costs (books, technology, accommodations during residence, and dining). Chapter 33 will cover tuition for courses and mandatory fees only. Chapter 33 will also pay a monthly housing allowance to the student; the remaining nonacademic costs (books, technology, accommodations and dining) are the student's responsibility.
School Certifying Officials for VA Benefits
Michelle Henderson
Tara McQueen
Office of the Registrar
Veterans Certification Department
LSA Suite 5000, 500 S. State Street
Phone: (734) 763-9066
Fax: (734) 764-5556
