Yes, You Can Negotiate MBA Scholarships — Here’s How to Do It Right

First Things First: Yes, You Can Negotiate

So, you’ve just been admitted to MBA programs and you’re looking to improve your financial aid package. With top MBA programs costing upwards of $170,000, it’s fair for everyone to be thinking about how to maximize their scholarship awards. Most MBAs are willing to provide either merit-based and/or need-based scholarships at the time of admissions. And here’s the good news: scholarships are negotiable. Yes, even at the top schools.

At MBA Reveal, we’ve helped clients increase their scholarship awards by tens of thousands of dollars to even full rides—just by making the right moves at the right time. In this post, we’ll break down exactly how to negotiate scholarships with MBA programs and what to do even if you don’t have leverage.

Most applicants assume that whatever scholarship amount they’re initially offered is final. That’s simply not true. In fact, many top MBA programs allow applicants to submit a formal scholarship reconsideration request after receiving their admit package. These requests give you the opportunity to share new information or compelling reasons that may influence the admissions or financial aid office to revise your award. If you don’t see a straightforward way to request a scholarship reconsideration, ask your assigned admissions director to guide you on this process.

Rule #1: Leverage is King

The strongest position you can be in when negotiating scholarships is to have a competing offer from another comparably ranked school.

For example, if you’re admitted to both Booth and Kellogg, and Kellogg gives you $60K while Booth offers $30K, you can use Kellogg’s offer as leverage to request more funding from Booth. This is a common and accepted practice across schools. Remember that not all competing offers are treated equal. Schools will consider competing offers more seriously from comparably ranked programs (i.e. an M7 school won’t feel as motivated to match a scholarship offer from a lower-tiered program)

When making your case, be:

• Respectful and professional
• Transparent about your competing offers (even though many schools won’t ask for proof of your competing offer)
• Strategic about timing (Check our Pro Tip 1 below to learn more on this)

Don’t Have Another Offer? You Still Have Options

If you don’t have another admit or competing scholarship, you can still negotiate—but your reasoning will need to come from one (or both) of the following:

1. Merit-Based Updates

Highlight any new achievements since submitting your application:

• Promotions or leadership opportunities at work
• Awards, recognitions, or major project completions
• New volunteer or community initiatives

If you haven’t had any of the above achievements, we recommend you begin an initiative immediately and highlight it in your reconsideration form. Showcasing a new initiative you just started will bode better than having nothing new to highlight at all. These updates are critical to strengthening your case for additional scholarship.

2. Personal or Financial Need

If cost is a significant concern for you, be honest about why. Maybe you:

• Come from a low-income background
• Are supporting family members or dependents
• Have personal circumstances that make the cost more burdensome

Admissions teams understand that not every applicant has the same financial footing—and they often have additional funds for cases like these.

How to Submit a Reconsideration Request

Most programs will ask you to submit a formal write-up explaining your request. This write-up should follow the below structure:

• Introduction and gratitude for your admission
• Updates on professional or academic achievements
• Competing scholarship offers (if applicable)
• Personal reasons for needing more aid
• Reaffirmation of interest in the program

Keep it professional, direct, and respectful. You can see an example of a strong reconsideration request at this link. This reconsideration form was actually used to successfully elicit a full-tuition scholarship from an M7 program.

Nothing to Lose, Everything to Gain

Will asking for more hurt your admission? Not at all. Schools do not rescind offers or reduce existing scholarships just because you asked for reconsideration. It’s a normal part of the process—especially for top candidates.

In fact, some applicants can increase their awards by $10,000–$40,000+ just by submitting a well-written reconsideration request.

Pro Tip 1: Negotiating Across Multiple Programs

If you are trying to negotiate with more than 1 school, be strategic about the order of negotiations.

For example, let’s say you’ve received these admission offers:

• Haas ($40K)
• Fuqua ($90K)
• UCLA ($140K)

In this example, you may want to negotiate with both Haas and Fuqua, using UCLA as a competing offer. However, the right way to go about this is:

• First, use the UCLA offer and your merit-based updates to negotiate with Fuqua. Hopefully, you will see some success and raise the offer from Fuqua to $110K
• Then, you can take your now improved Fuqua scholarship of $110K to Haas to improve your leverage and position, making Haas more likely to increase their scholarship offer

Pro Tip 2: You Can Negotiate More Than Once

Still unsatisfied after your first try? You can take one more step.

If your reconsideration doesn’t yield a change—or you’re really close to making a decision—try emailing someone from admissions directly. You can even try emailing the head of admissions (often titled the Associate Dean of Admissions). You should be able to get find their email on the schools website. In this message:

• Reaffirm your interest in the program
• Explain your financial concerns
• Share what other offers you’ve received (if any)
• Respectfully ask if any additional support might be available

We’ve seen this second push make a huge difference.

Final Thoughts

Don’t settle or feel shy asking for additional scholarship. MBAs are a huge financial commitment, but there are ways to alleviate the pressure if you have the right insights.

If you need help with scholarship negotiations, reconsideration write-ups, or maximizing your financial aid, reach out for a free consultation with MBA Reveal. We know how to negotiate scholarships the right way and would love to help with your journey.