Financing Your MBA

Tuition and fees for the Foster MBA program and the related living expenses represent a significant investment. The average student covers the cost through a combination of educational loans, scholarships and other funding sources.

Foster Scholarships

The Foster School of Business provides scholarships to over one third of the students in the MBA Program. There are two forms of scholarships available: merit-based and need-based.

Merit-based Scholarships

  • Awarded to both domestic and international students.
  • First year merit scholarships are awarded based on competitive factors you provide in the Foster School of Business application including your GMAT score, GPA, and admission interview.
    • No scholarship application is required.
  • Second year merit scholarships are awarded based on GPA during your first year in the MBA Program, involvement in and contribution to student clubs, activities and demonstration of professionalism.
    • Second year students must apply for merit scholarships by submitting the online Scholarship Application due April 15.

Need-based Scholarships

  • Awarded to eligible second students based on financial need as determined by the FAFSA (Free Application for Federal Student Aid)
  • To be eligible: complete the online Scholarship application and upload the required supplemental documents.
  • Priority is given to students who apply by the following deadlines:
    • April 15, for current students
    • AND who have filed the FAFSA by the January 15 priority deadline.

Third-party Scholarships

In addition to Foster School scholarships, students are encouraged to research external scholarship opportunities:

Women and Other Underrepresented Minorities

You can find a list of scholarship opportunities offered by Foster and outside resources on the Diversity Resources section of this website.

International Students

If you are seeking other sources of aid, you may want to consider international programs such as Fulbright, Muskie Fellowships and the American Association of University Women’s International Fellowships, and other scholarship/grant programs that are designed to support students pursuing graduate study outside their home countries. Many countries also offer government scholarships for overseas graduate study. Each country’s local EducationUSA Advising Center can provide information on scholarships as well as assistance with applying to US schools, the visa process, and preparation for US study. Please consult EduPASS for general financial aid information and tips for international students.

U.S. Veterans and Spouses/Children of U.S. Veterans

You can qualify for a partial tuition waiver if the Foster MBA program is your first graduate/professional degree and you meet the appropriate eligibility conditions. The University of Washington participates in the Post-911 GI Bill Program and Foster MBA students are eligible to apply for the Tillman Military Scholars Program. Additionally, applicants are encouraged to apply for the MilitaryMBA Scholarships and can apply for a GMAT exam fee reimbursement. Veterans and active duty service-members can learn more on the Military MBA page.

Free Application for Federal Student Aid (FAFSA)

To receive federal student aid including government loans, all U.S. citizens and eligible non-citizens must file a FAFSA (Free Application for Federal Student Aid) The FAFSA is also used to determine eligibility for UW Family Housing and Childcare Assistance as well as need based scholarships for second-year Foster School of Business students. International applicants without a SSN are not eligible to file the FAFSA. See the help section of the FAFSA website if you need assistance determining eligibility.

Complete the FAFSA, with these guidelines in mind:

  • The FAFSA form is available starting October 1st. Please submit the FAFSA as soon as possible.
  • List “University of Washington-Seattle” Code 003798 in the School section.
  • Submit the FAFSA form by the priority deadline: January 15

Although you may apply after the priority deadline, the later the FAFSA is submitted, the less likely it will be processed in time for consideration for a Foster School of Business need-based scholarship. Students who file after the priority deadline may work with the UW Office of Student Financial Aid to receive loans and other aid.

Educational Loans

Federal Government Loans

Domestic Foster School of Business MBA students may qualify to borrow up to $20,500 per year through the Stafford/Ford loan programs. If you are offered admission to the Foster MBA Program and your FAFSA is approved, the University of Washington will provide you with a financial aid eligibility letter and a promissory note asking how much of the $20,500 annual maximum you wish to borrow.

The Stafford/Ford programs are based on these eligibility criteria:

  • U.S. citizenship or Permanent U.S. residency
  • Not in default on a prior federal student loan
  • Must have registered for the draft if required by law to do so

Please see the Student Loan Guide for information on eligibility and application for the Stafford/Ford loan program and as well as the Federal Direct Graduate PLUS Loan (GPLUS) loan program.

Private Loans

Private loans are yet another resource available to cover your educational expenses. We strongly encourage qualified students to exhaust all federal loan options before applying for private loans. Unlike private loans, federal loans are required by law to provide flexible payment options, income based repayment and loan forgiveness benefits.

We recognize that not all students qualify for federal loans. International students can qualify for private loans with a creditworthy U.S. Citizen or Permanent Resident co-signer. International students may also want to investigate private educational loans available from their home countries.

You are encouraged to do independent research and can borrow from any lender you prefer.

Second Year MBA Work

Incoming students are strongly encouraged not to work during the first academic year of the Foster MBA program. Most students pursue a paid summer internship. Some second year students pursue on-campus part-time work such as positions with MBA Admissions or as teaching assistants. Teaching Assistantships at Foster or other schools on the UW campus (approximately 16 hours per week), earn a monthly stipend of around $3,000. Other second year students pursue paid part-time work opportunities off campus in an industry or function relevant to their post-MBA goals.

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