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An MBA scholarship offer is exciting — and an MBA scholarship negotiation letter can improve your offer. After all, a scholarship can maximize your return on investment (ROI) in an MBA program.
However, many applicants don’t negotiate their MBA scholarship offers. In fact, many don’t know how to ask for more scholarship money. By writing an effective MBA scholarship negotiation letter, you can potentially increase your scholarship.
In this article, we’ll discuss negotiating MBA scholarships. Specifically, we’ll talk about timing and best practices and share a sample MBA scholarship negotiation letter. Additionally, we’ll touch on alternative plans and answer frequently asked questions about negotiating MBA scholarships.
Here are the topics we’ll cover:
- When is the Right Time to Negotiate a Scholarship?
- How to Prepare for a Successful Scholarship Negotiation
- What to Include in Your MBA Scholarship Negotiation Letter
- Sample MBA Scholarship Negotiation Letter Template
- Dos and Don’ts for MBA Scholarship Negotiation
- Tips to Strengthen Your Scholarship Negotiation Strategy
- What to Do If Negotiation Doesn’t Work Out
- Key Takeaways
- Frequently Asked Questions (FAQs)
- What’s Next?
When is the Right Time to Negotiate a Scholarship?
As the saying goes, timing is everything. It’s also critical when negotiating your MBA scholarship. These are (generally) the best times to negotiate your MBA scholarship:
- After receiving an offer: Once you’ve been admitted to an MBA program and received an offer, you may begin negotiations.
- Before committing to an MBA program: If you’re still deciding among multiple MBA programs, you might approach the negotiation process.
- When you have competing offers: If you have multiple offers, you may decide to negotiate.
Take note that we don’t expect that you’ll negotiate your scholarship offers on all three occasions. Instead, these are among the optimal times to negotiate your scholarship offers. Therefore, we recommend that you choose the timing that aligns most effectively with your situation.
TTP PRO TIP:
Choose the best time to negotiate your scholarship offer based on your unique situation.
How to Prepare for a Successful Scholarship Negotiation
If you decide to negotiate your MBA scholarship offers, approach the process with intention. In other words, take time to write an effective MBA scholarship negotiation letter. Consider the following steps:
- Review your offer: Understand the dollar amount and terms of your offer and identify your target.
- Research benchmarks: Learn the typical scholarship amounts offered by each of your programs. Consult with the financial aid office and/or ask other admits on sites such as Reddit or Clear Admit, etc.
- Prepare documentation: Gather documents for other admits and offers, updates on your candidacy, and other relevant information.
- Restate your interest: Briefly showcase your academic fit, career fit, and interest in the program. You might also include what you’ll contribute to the program.
TTP PRO TIP:
Research typical scholarship amounts offered by your programs before writing your MBA scholarship negotiation letter.
What to Include in Your MBA Scholarship Negotiation Letter
Here are the basics that your MBA scholarship negotiation email should include:
- Gratitude for your admit and offer: Thank the admissions committee and financial aid office for the opportunity to attend.
- A clear ask: State what you want — ideally by sharing a specific number.
- Justification for your ask: Reference competing admits, scholarship offers, and your qualifications for the program.
- Supporting documentation: Attach proof of your other admits and offers.
- Your commitment: State your enthusiasm for the program. If it’s your top choice school, state that you’ll commit immediately.
Overall, the tone of your letter should be professional. After all, this is a formal request and should not be overly emotive or casual.
TTP PRO TIP:
Your scholarship negotiation letter should express gratitude for your admission and scholarship offer.
Sample MBA Scholarship Negotiation Letter Template
If you’re stuck on where to start your negotiation letter, reference this example:
Subject: Scholarship Reevaluation Request
Dear [Admissions or Financial Aid Office],
Thank you for offering me admission to [MBA Program Name]. I am honored to be considered for a place in your program and truly appreciate the scholarship offer of [amount].
After careful consideration, I am writing to discuss the possibility of an increased scholarship award. I have recently received a scholarship offer of [higher amount] from [competing school], which significantly impacts my financial planning for my MBA studies. Additionally, my recent [academic or professional achievement] further demonstrates my commitment to excellence and my potential contribution to [MBA Program Name].
I am incredibly excited about the opportunity to join [MBA Program Name], and I am confident that it’s the best fit for my academic and career aspirations. An increased scholarship would make this dream a reality.
Thank you for considering my request. I am happy to provide additional documentation or discuss this further at your convenience.
Sincerely,
[Your Full Name]
[Your Contact Information]
TTP PRO TIP:
Start with this scholarship negotiation template, but make it your own!
Dos and Don’ts for MBA Scholarship Negotiation
Not every MBA scholarship negotiation is successful. In fact, some MBA programs do not negotiate.
That said, here are some dos and don’ts to consider with this process.
Do:
- Be professional
- Share compelling reasons for a better offer
- Include documentation
- Express gratitude and enthusiasm
Don’t:
- Be entitled or aggressive
- Use confrontational language
- Lie about other offers or scholarships
- Forget to follow up!
TTP PRO TIP:
Ensure that your MBA scholarship negotiation email sets the stage for a scholarship evaluation.
Tips to Strengthen Your Scholarship Negotiation Strategy
As you prepare to negotiate your MBA scholarship, here are some tips to improve your approach:
- Share your potential contribution: Briefly recap what you’ll bring to the program.
- Re-state your fit: Showcase your alignment with the program’s offerings.
- Engage early: Don’t wait until the last minute!
- Express gratitude: Thank everyone for their consideration — even if it doesn’t work out.
TTP PRO TIP:
If you’re not confident in your scholarship negotiation strategy, connect with one of TTP’s MBA admissions consultants
What to Do If Negotiation Doesn’t Work Out
If your scholarship negotiation doesn’t work out, consider your alternative plans. This may include other funding options (such as loans or external scholarships). Additionally, it might include a re-evaluation of the program with your current offer. Finally, it might force you to re-prioritize your options and determine which program is best for you.
TTP PRO TIP:
If your scholarship negotiation falls through, you may need to consider other funding options or programs.
Key Takeaways
If you don’t receive an optimal scholarship, try negotiating your offer using the steps outlined in this article. These tips will help you put your best foot forward in the process.
Just ask — you might end up getting what you want! That said, not every scholarship negotiation is successful. Good luck!
Frequently Asked Questions (FAQs)
How do you negotiate an MBA scholarship?
Follow the steps outlined in this article to negotiate an MBA scholarship.
Can I use scholarship offers from other schools to leverage a better deal?
Yes. In fact, this often creates a more compelling case! Follow the guidance outlined in this article to use scholarship offers from other schools to negotiate a better deal.
What supporting documents should I include in an MBA scholarship negotiation request?
Include letters of admittance and scholarship offers to support your request.
When is the right time to negotiate an MBA scholarship?
The right time to negotiate an MBA scholarship is:
- after receiving an offer
- before committing to an MBA program
- when you have competing offers
Do not wait until the last minute to negotiate your MBA scholarship offer!
What’s Next?
If you’re negotiating an MBA scholarship offer, our team can help! Target Test Prep’s experienced MBA admissions consultants will discuss your strategy and options.
