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Penn State Smeal MBA Financial Support Options

The Penn State Smeal MBA Program annually offers many students scholarships and fellowships based on merit and using the admission-process criteria that considers academic ability, work experience, leadership skills, and overall fit with the program.

All applicants are automatically considered for funding and there is no additional application necessary. For full consideration, candidates should apply by the February application deadline.


The Penn State Smeal MBA scholarships are funded by alumni and friends of Penn State to attract outstanding students who will bring academic excellence, leadership potential, diversity, work experience, and unique perspectives to the class. In recent years, approximately 20 percent of incoming students have received a scholarship award typically ranging from $5,000 to $10,000. Those who apply by the February deadline are automatically considered for scholarship awards.

MBA Fellows

MBA fellowships are two-year merit-based awards funded by Penn State to attract outstanding students and to provide support to fulfill the University's mission. Recipients receive a 100 percent waiver of tuition, subsidized healthcare, and a stipend of approximately $7,000/academic year. Awards are made on a basis of academic ability, work experience, leadership skills, and fit. Global Immersion costs and fees are not covered by the MBA Fellow program. Approximately 35 fellowships are awarded within a typical incoming class.

Bunton-Waller Fellowships

Bunton-Waller fellowships are merit based and seek to enhance the diversity of the student population within the Smeal MBA Program. Fellowships from this program are awarded to individuals from various ethnic and cultural backgrounds with strong academic and professional potential. Factors considered in assessing each candidate’s application include quality and quantity of professional work experience, academic performance and potential as shown by transcripts and GMAT results, extracurricular and community activities, leadership potential, and the candidate’s ability to add strong and unique value to the overall class experience.

Bunton-Waller fellowships are awarded for two years and carry a full tuition waiver. In addition, recipients receive a monthly stipend. The tuition waiver does not include the enrollment deposit, program fees, or the cost of the Global Immersion.

The Bunton and Waller Fellowship Program is named in honor of the first-recorded African American male and female Penn State graduates.

Coverdell Fellowship

Coverdell Fellowships are available to incoming MBA students who are returning Peace Corps volunteers. The fellowship includes a full tuition waiver, subsidized health insurance, and a monthy stipend. For more information on this fellowship, please view the Peace Corps website or email the .

Military Support

Along with a military application fee waiver (contact smealmba@psu.edu to request), we commit to making financial aid available to qualified active-duty military personnel and those who have transitioned from the service prior to enrollment with the Smeal MBA Program. The amount of support offered will be based on the criteria used for our merit-based awards of scholarships and assistantships. Fully qualified U.S. veterans who have served on active duty since Sept. 11, 2001, and who wish to attend Penn State are eligible for assistance with tuition costs, thanks to Smeal's participation in the U.S. Government Yellow Ribbon Program, part of the Post 9/11 GI Bill. For more information, visit the Department of Veterans Affairs.

Other Financial Aid Opportunities

Additional need-based financial aid, including student loans, is available for U.S. citizens through the Penn State Office of Student Aid.

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