Financial Aid and Scholarships for Business Administration Students

A college education is necessary for many business-related careers, but attending an institute of higher learning can come with high costs that may seem out of reach for many individuals.

Fortunately, several business administration degree scholarships and financial aid programs are available to ease the burden and help students fund their education.

Financial Aid and Scholarships for Business Administration Students

A business administration degree covers the core functions of operating a business and teaches versatile skills in subjects such as finance, management, and marketing.

Paying for a bachelor's degree in business administration can be challenging, but you can utilize financial support to reduce tuition fees and other college expenses.

Numerous business administration degree scholarships and financial aid options exist to explore. From grants to payment plans and loans to work-study programs, there are many initiatives available.

Keep reading to learn about the different types of financial assistance for business students to find the one that suits your needs.

Types of Financial Assistance for Business School

Business administration students should thoroughly research the different ways to get financial aid for school to kickstart their journey toward a successful career. Below are some examples to get started.

Federal Student Aid for Business Administration Programs

To determine eligibility for financial aid, business students must first complete the Free Application for Federal Student Aid (FAFSA) form to establish if they qualify for federal grants, loans, or work-study programs.

Federal grants are usually awarded based on financial need and do not require repayment. They are an excellent choice for assistance with the costs of a business administration degree.

Examples of federal grants for business students include:

• Federal Pell Grant: currently awards up to $7,395
• Federal Supplemental Educational Opportunity Grants (FSEOG): currently awards between $100 to $4,000 per year

Federal student loans are available from the government and require repayment, including interest. The U.S. Department of Education offers various federal student loans with fixed interest rates.

Examples of federal loans for business students include:

• Direct Subsidized Loans
• Direct Unsubsidized Loans
• Direct PLUS Loans
• Direct Consolidation Loans

The federal work-study program offers part-time employment to business students who require financial assistance. Once an individual receives a work-study award, they secure a job and get paid directly.

In addition, many private financial institutions offer student loans, and colleges provide grants for students, which are also worth looking into.

Tuition Payment Plans for Business Degrees

A tuition payment plan divides tuition into equal monthly payments. They are also called tuition installment or deferred payment plans.

These types of payment plans offer a great alternative for students who cannot afford the entire college tuition fee at once and serve as a great alternative to taking out and having to repay loans with interest.

Military Benefits for Business School

Military veterans and active-duty personnel pursuing a business degree are eligible for various financial aid opportunities that they should take advantage of.

For example, the G.I. Bill is an excellent option to cover business education expenses and offer financial assistance for tuition and fees. Eligible military members may qualify for the Post-9/11 G.I. Bill.

Employer Tuition Business Degree Reimbursement

Many companies offer tuition reimbursement programs or other forms of financial assistance to help their employees further their education and earn a bachelor's degree in business administration.

Taking advantage of this opportunity of getting reimbursed for college expenses lets individuals expand their knowledge and skill set in the field of business and demonstrates a commitment to professional development and growth.

Types of Business Administration Scholarships

Scholarships are designed to meet the specific needs of a wide range of individuals and typically do not need to be repaid, making them an excellent option for assisting with tuition, books, and other expenses.

Students seeking scholarships for business administration degrees will find many available through professional organizations, government agencies, and private foundations. They are based on merit, financial need, or a combination of both.

It is also important to consider the scholarships offered by colleges and business schools, which can provide financial assistance and help individuals achieve their academic goals.

The requirements for business scholarships vary, and individuals should carefully review the application details for selection criteria to see if they qualify. Here are some examples to point business students in the right direction.

Dell Scholarship Program

The Dell Scholarship Program, in partnership with the University of Texas at Austin, awards $20,000 towards the cost of earning a business administration degree.

It includes a laptop computer, textbook credits, financial coaching, and more. Students must have a 2.4 GPA, be eligible to receive Federal Pell grants and have a family income of less than $65,000 per year to apply.

Benjamin and Patricia Allen Scholarship Fund

The Benjamin and Patricia Allen Scholarship Fund is open to undergraduate students enrolled full-time in the College of Business at Iowa State University.

This scholarship is available to first-generation college students and a 3.0 is required to apply. The dollar amounts fluctuate, with the average award totaling $2,800, which can be combined with other financial support.

NSHSS Foundation Business & Public Policy Scholarship

The National Society of High School Scholars (NSHSS) presents a $1,000 scholarship award to an incoming college freshman who is seeking a business administration degree.

A letter of recommendation, resume, and an essay demonstrating the student's dedication and passion for a business career are required to apply, as well as having a minimum 3.0 GPA.

BAM Scholarship

The Blacks at Microsoft (BAM) Scholarship is for Black and African American students who have a passion for technology and are pursuing a bachelor's degree in programs such as business administration.

It currently grants 50 scholarship awards that total the amount of $212,500. Individuals must demonstrate a need for financial assistance, be of African descent, and have at least a 3.0 cumulative GPA to apply.

Study.com Scholarship for Business Students

Study.com awards a $1,000 scholarship annually to a student pursuing a business degree, including business administration, and financial need does not matter.

Applicants must be enrolled in a business program at an accredited college and still have at least 30 semester hours to complete. Graduating high school senior students are encouraged to apply.

Explore Business Administration Degree Scholarships and Financial Aid Today

With the support of business administration degree scholarships and financial aid programs, students can receive valuable assistance to pursue their academic goals for embarking on successful business careers.

Many financial support programs are specifically designed for undergraduate students majoring in business administration. It is worth exploring these opportunities and options to learn more and take advantage of them today.