These skyrocketing cost estimates are now common at the best private schools and even some public universities, but they still don’t account for all the costs that many people overlook. These involve opportunity costs, which are the costs of foregoing one thing in favor of another as defined by economists.

In that regard, $400,000 may appear to be a more accurate representation of the true cost of an elite MBA degree. Why? This is due to the opportunity cost of leaving a well-paying job for two years, which drives total costs well above tuition, fees, and living expenses at Harvard and similar universities; in general, students at those schools leave jobs that pay more than $85,000 per year.

List of MBA scholarships for Women and Africans

Arizona State University W. P. Carey Forward Focus MBA Scholarship

  • Amount: Up to full resident tuition of $62,033 per year
  • Deadline: Same as admissions deadline
  • Who Should Apply: Arizona State University MBA candidates
  • About the Donor: All accepted full-time ASU MBA students can apply for this full scholarship covering their total tuition, regardless of their financial situation. Arizona State University’s W. P. Carey School of Business believes that scholarships are much more than just money for school. Scholarships are an investment in students, their dreams, and their shared future.

University of Florida Warrington College of Business

  • Amount: Varies
  • Deadline: Same as admissions deadline
  • Who Should Apply: University of Florida Full-Time MBA Applicants
  • About the Donor: University of Florida Warrington College of Business offers several scholarships for MBA students, such as the Fannie Mae MBA Term Scholars Fellowship, the Frank L. Weyenberg MBA Scholarship Fund, Wells Fargo Scholarship and Internship Fund, Richard and Velia Parrino Graduate Student Endowment, M. Ann O’Brien MBA Scholars Endowment Fund, and the Hoke T. Maroon MBA Fellowship Endowment.

San Francisco Bay University’s President’s Scholarship – Master’s Degree

  • Amount: 100 percent tuition scholarship of $16,200 for entire degree
  • Deadline: Same as admissions deadline
  • Who Should Apply: San Francisco Bay University’s MBA applicants. Applicants must be applying for a master’s degree in business administration (MBA), electrical engineering (MSEE), or computer science (MSCS)
  • About the Donor: San Francisco Bay University offers this president’s scholarship for applicants pursuing a master’s degree at SFBU. The scholarships may be limited in number and early applications are highly encouraged. Notably, SFBU also offers several more 100 percent scholarships, such as a president’s scholarship for bachelor’s degree applicants, a president’s scholarship for California Community College transfer students, and a housing scholarship that covers full tuition and free university housing.

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