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Financing Your MBA

With an average graduating salary and bonus of $161,854 in 2020, a low tuition of $36,726 (resident) or $53,568 (non-resident), and more than half of Foster MBAs receiving scholarships, the Foster MBA provides a strong return on investment. According to Financial Times, 2019 Foster MBA graduate earnings’ increased 109% compared to their pre-MBA earnings.

Students who invest in the Foster MBA program cover the cost of tuition and the related living expenses through a combination of educational loans, scholarships, and other funding sources.

There are two types of educational loans: federal government loans and private loans. Below is more information about both.

Federal Government Loans
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. We strongly encourage all eligible students to complete and submit the FAFSA as soon as possible, as this can expand your potential funding opportunities.

Complete the FAFSA, with these guidelines in mind:

  • The FAFSA form is available starting October 1st.
  • List “University of Washington-Seattle” Code 003798 in the School section.
  • The FAFSA priority deadline is January 15. However, you can still submit the FAFSA after the priority deadline.

Students who file after the priority deadline may work with the UW Office of Student Financial Aid to receive loans and other aid.

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. Consult your local EducationUSA Advising Center for funding ideas.

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

The Foster School of Business provides merit-based scholarships to more than half of the students in the MBA Program.

Merit-based Scholarships

  • No scholarship application is required for incoming students.
  • Awarded to both domestic and international students.
  • Merit scholarships are awarded based on competitive factors you provide in the Foster School of Business application including your GMAT score, GPA, work experience and admission interview.
  • Foster merit scholarships are awarded upon admission to the program.
  • Admitted students may receive a two-year scholarship, usually along with the offer of admission.
  • Forté Fellow nominees will receive a Foster merit scholarship, special access to Forté sponsor companies, stipends to attend the annual MBA Women’s Leadership Conference, extended network, and lifetime membership in Forté.
  • The Consortium Fellow nominees will receive a scholarship for full tuition and fees, special access to corporate recruiters, stipends to attend the annual Orientation Program for mentoring and career management services, and an extended peer network.
  • Reaching Out MBA (ROMBA) Fellow nominees will receive a Foster merit scholarship, special access to corporate recruiters, all expenses paid Fellowship Retreat, free admission to all ROMBA events during MBA, assistance with job/internship placement, and networking opportunities.
  • The Ernest I.J. Aguilar Endowed MBA Scholarship and African American Heritage Endowed MBA Scholarship are offered in partnership with our Consulting and Business Development Center to make a difference with multicultural businesses while strengthening business skills and rounding out the academic experience.

Foster may consider need-based scholarship funding for students who enroll in the Full-Time MBA program. Students must complete the Free Application for Federal Student Aid (FAFSA) to be eligible for need-based scholarship awards.

In addition to Foster School scholarships, students are encouraged to research external scholarship opportunities. UW’s Graduate Funding Information Service (GFIS) offers great online tips and resources as well as drop-in hours or one-on-one appointments. Contact them at [email protected] or stop by the Research Commons of the Allen Library. You can also read about external MBA scholarships on Accredited Schools Online.

Women, LGBTQIA+, and underrepresented minorities can find a list of scholarship opportunities offered by Foster and outside resources on our Diversity Resources page.

International students seeking other sources of aid may want to consider international programs such as Fulbright, 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, their spouses, and children can qualify for a partial tuition waiver if the Foster MBA program is their first graduate/professional degree and they 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 Military MBA Scholarships and can apply for a GMAT exam fee reimbursement.

First Year Students
Incoming students are strongly encouraged not to work during the first academic year of the Foster MBA program.

Summer Internships
Most students pursue a paid summer internship.

Second Year Students
On-campus part-time work includes:

  • Positions with MBA Admissions and MBA Career Management – 5-10 hours per week at around $25/hour.
  • Teaching Assistantships at Foster or other schools on the UW campus – Approximately 16 hours per week, usually earning a monthly stipend 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. The Buerk Center for Entrepreneurship offers a limited number of fellowships and internships that provide compensation.