How to Finance Your Online MBA Program at Howard
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Financial Aid Options for Your Online Degree Program
Choosing to pursue your Master of Business Administration (MBA) is a big decision, but at Howard University, we want to help prospective MBA candidates find the right program for their career goals. We’re here to help. Whether you’re in the early research phase or ready to enroll in your first semester, review the following resources for guidance on how to cover the cost of an Online MBA or Online Executive MBA program.
Financial Aid
All admitted and eligible students will be awarded federal financial aid resources, provided that they complete the 2022-2023 FAFSA and submit all necessary items to the Howard University Financial Aid Office. Federal School Code: 001448
- Step 1: Submit a FAFSA / Renew a FAFSA
Your first step is to complete the Free Application for Federal Student Aid (FAFSA). Your FAFSA is processed in several stages before it is complete and on file in the Office of Financial Aid. - Step 2: Accept Your Aid Package
Howard’s Office of Financial Aid will mail your financial aid award package details to you. The award package shows you what aid is available if you decide to attend Howard University. Read the instructions carefully. You must report additional benefits or gift aid (scholarships and grants) that are not included in this award package. If you make changes to the award, please date, sign, and return the notification to the Office of Financial Aid. If you wish to reduce the amount of your loan, please email the office or call 855-490-2875. - Step 3: Receive Your Aid
Your aid may be adjusted when you register for classes. Aid is disbursed each semester to your student account when you are admitted to the University. - Step 4: Maintain Your Eligibility
To remain eligible for financial aid, you must meet the standards outlined in Howard University’s Satisfactory Academic Progress (SAP) policy.
Types of Federal Loans Available for Our
Online MBA and Online Executive MBA Programs
Federal Direct Unsubsidized Loan
There is no requirement to demonstrate financial need. HU will determine the amount a student can borrow based on the cost of attendance and other financial aid the student receives. The student is responsible for paying the interest on an Unsubsidized Direct Loan during all periods.
The Direct Graduate PLUS Loan
Available to graduate or professional students enrolled at least half time in an eligible degree program. HU will determine the maximum loan amount based on the cost of attendance minus any other financial aid the student received.
Howard Online MBA and Executive MBA Scholarships
Students pursuing Howard’s Online MBA programs are eligible for multiple scholarships, including:
Howard School of Business Endowed Scholarships
Alumni, corporate partners, and community members fund Howard School of Business Endowed Scholarships, and HU awards them based on need, academic excellence, test scores, application materials, MBA essays, and applicants’ contributions to their field of study.
Howard University Donor Scholarships
Graduate students in good standing who submit the brief Donor Scholarship application may qualify for multiple donor-funded scholarships.
Scholarships Open to HBCU, Black and Howard Online MBA Students
Finding scholarships open to students in online graduate-level programs, students in part-time MBA programs, and minority graduate students can be challenging. These links can get you started and help guide your future scholarship searches:
- The National Black MBA Association (NBMBAA) awards two $10,000 scholarships and one $5,000 scholarship to current members pursuing MBAs at Howard University School of Business.
- The Hennesey Fellows scholarship awards high-achieving graduate students from HBCUs up to $20,000 per academic year for up to two years plus a one-time $10,000 stipend.
- The Thurgood Marshall College Fund (TMCF) teams up with corporate and nonprofit partners to offer merit and need-based scholarships to students attending TMCF member-schools like Howard University.
- UNCF awards more than $100 million to HBCU scholars each year. While Howard isn’t one of UNCF’s partner HBCUs, some UNCF scholarships are open to HU students.
External Online MBA Scholarships
You can use the following databases to search for external scholarship opportunities.
There are many different sources of external scholarships for graduate programs. Please reach out to your enrollment advisor for more information or review this list of available grants and scholarships.
Employer Assistance
You may be able to take advantage of tuition reimbursement through your employer. These programs can cover a portion or all of the tuition costs. To see if your company offers a tuition reimbursement program or other employer assistance, contact your human resources department. They can tell you if there is a program in place and any rules and restrictions that apply. If you have further questions about Howard University’s Online MBA programs, email an enrollment advisor or call 202-558-0465.
Contact UsMilitary Benefits
Howard University is an approved institution for veterans to utilize their educational benefits. As a veteran, you are entitled to certain benefits under the various Veterans Administration programs. For questions or information regarding eligibility to receive VA education benefits or for current pay rates, please call the U.S. Department of Veterans Affairs at 1-888-442-4551 or visit the VA website. You can also start your VA education benefits application.
Visit VA WebsiteFinancial Aid FAQs
Tuition for Howard’s 48-credit Online MBA costs $1,896 per credit hour*, and the 42-credit Online Executive MBA tuition costs $13,983 per semester.** However, most students subsidize the cost of earning an MBA online through financial aid, scholarships, and employer sponsorship programs.
*Tuition based on 2022-2023 rates. Tuition rates are subject to change each year as approved by the University. Additional fees may apply.
**Tuition based on 2023-2024 rates. Tuition per credit hour of $2,016 will be charged in lieu of the per semester fee if candidates take less than 9 credits in a semester. The final semester of the program will be charged on a per credit hour tuition rate of $2,016. Tuition rates are subject to change each year as approved by the University. Additional fees may apply.
Earning your MBA or Executive MBA is no small feat; the time, energy, and money you put toward your degree are valuable. To understand the ROI of an MBA or EMBA, look to earning potential and employer demand as indicators of success.
According to the Graduate Management Admissions Council (GMAC), 92 percent of employers across industries planned to hire MBA graduates in 2022. This is a sought-after credential, and earning your MBA can pay off in financial security. The median starting salary of MBA graduates is 22-40 percent higher than that of bachelor’s degree graduates.
Yes. Howard University offers several scholarship options for students in the Online MBA and Executive MBA programs, and many external scholarships exist for graduate students. For information and recommendations on HBCU scholarships and scholarships for students in part-time, online MBA programs, explore our blog or connect with a member of our enrollment team.
