Financing Your MBA

There are two types of educational loans: federal government loans and private loans or alternative educational loans.

Federal Government Loans
To receive federal student aid including federal loans, all U.S. citizens and eligible non-citizens must file a Free Application for Federal Student Aid (FAFSA) . 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.

Keep in mind:

• The 2024–25 FAFSA form will be available in December 2023
• List the “University of Washington-Seattle” School Code 003798 in the School section to send your FAFSA to the UW Office of Student Financial Aid.
• The priority filing deadline is January 15. You may submit your FAFSA after the priority deadline, however, the longer you wait to apply, the fewer funding options may be available.
• You will work with the UW Office of Student Financial Aid to receive loans and other aid. Please be sure to check-in with the Financial Aid Office to ensure you understand all loan requirements and timelines.

• It is a requirement to communicate all scholarship awards you have received to the UW Office of Financial Aid.

Private Loans
Private loans are 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 federal loans, private loans are not 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 may 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 that best fits your needs.

Based on a holistic application review, Foster awards two-year merit scholarships to competitive students upon admission to the program. Scholarship recipients may receive one or more of the following two-year scholarship types or designations, which are detailed below: Dean’s Merit, Non-Resident Tuition Differential Waiver (NRD), Forté Fellowship, The Consortium Fellowship, Reaching Out MBA (ROMBA) Fellowship, Access Fellowship.

Scholarship Notes

• No additional scholarship application is required for incoming students. Scholarship recipients who enroll in the Foster Class of 2026 will be contacted in May-June to complete a mandatory form to facilitate the scholarship matching process. This process allows us to connect scholarship recipients to specific scholarship funds, but will not impact your award amount.
• All U.S. citizens and eligible non-citizens are strongly encouraged to file a Free Application for Federal Student Aid (FAFSA). This may help in the scholarship matching process.
• Scholarships are contingent upon remaining in good academic standing defined as maintaining at least a 3.0 cumulative GPA each quarter.
• If you are planning to receive US Federal Education Loans, it is a requirement that you communicate all scholarship awards you have received to the UW Office of Financial Aid.

Scholarship Types and Designations:

• Dean’s Merit Scholarship: In recognition of the holistic strengths brought to our community, Dean’s Merit Scholars are awarded a two-year financial scholarship. Individual recipients may be matched with different donors/funds after the scholarship matching process is completed in Summer 2024. Scholarships are applied evenly each academic quarter toward your tuition bill.
• Non-Resident Tuition Differential Waiver (NRD): In addition to a scholarship award, you may be awarded the NRD, which covers the difference between our non-resident and resident tuition rates for the duration of the two-year program. Although tuition rates will not be set for 2024-2025 until June, 2024, the NRD represents an estimated value of approximately $17,838 per year (based on 2023-2024 tuition rates).
  • The NRD is established through two components: (1) a tuition discount and (2) a fellowship.
    • The tuition discount will be applied to your quarterly tuition bill and will lower your base price of tuition to the Washington Resident rate.
    • In order to apply the tuition discount to your bill, the MBA Programs Office is also required to create a “fellowship” for you, using $4,500 of scholarship funding that you have been awarded. This $4,500 fellowship will be evenly distributed to you via direct-deposit to your bank account on a semi-monthly basis throughout the academic year. Because this $4,500 distribution is technically classified as income, it will be subject to income taxes. Please note that this “fellowship” will not result in additional funding opportunities or designations.
  • International students must be studying on an F-1 visa to be eligible to receive the NRD.
• Forté Fellowship: The Forté Fellow designation entitles recipients to special access to Forté sponsor companies, paid registration to (1) the annual MBA Women’s Leadership Conference or (2) MBATakeoff, an extended network of MBAs from 50 leading business schools, access to hiring companies, and lifetime membership in Forté. The conference will take place in Chicago June 28-29, 2024 and Foster will pay the conference fee for Forté Fellows.
• The Consortium Fellowship: The Consortium Fellowship recipients will receive a scholarship for full tuition and fees, special access to corporate recruiters, financial support provided by The Consortium to bond with classmates at the required annual Orientation Program for mentoring and career management services, and an extended peer network across 23 top MBA programs. The conference will take place in Atlanta, Georgia June 1-5, 2024.
• Reaching Out MBA (ROMBA) Fellowship: The ROMBA Fellow designation entitles recipients to special access to corporate recruiters, ROMBA sponsored registration fee for annual conference, free admission to all ROMBA events for leadership development during MBA, assistance with job/internship placement, and networking opportunities with LGBTQ+ MBAs from over 70 business schools.
• Access Fellowship: Access Fellowship recipients have been selected among Access Member applicants as a potential benefit of having joined Access.

Additional Funding Opportunities Through Foster:

• 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.
• The Ernest I.J. Aguilar Endowed MBA Scholarship and African American Heritage Endowed MBA Scholarship are offered to second-year students 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.

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 GMAT or GRE fee reimbursement through the Department of Veterans Affairs.

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 opportunities include:

• Positions with MBA Admissions 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.