Scholarships for Hispanic and Latino/a MBA Students
Updated June 28, 2023 · 4 Min Read
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According to Hispanic Executive magazine, Latino/as comprise 19% of the population in the United States but only 10% of MBA students and 1% of GMAT test-takers. Some of the reasons that Hispanic enrollment in MBA programs is low include difficulties navigating application expectations, an unwillingness to postpone earning after college, and an overall lack of financial security.
To improve MBA degree achievement for Hispanic and Latino/a students, several organizations offer MBA scholarships for minorities. Read on to learn more about the available scholarships for Hispanic MBA students.
Scholarships for Hispanic and Latino/a MBA Students
Hispanic Scholarship Consortium Scholars Program
- Amount: Varies
- Application Deadline: April
The Hispanic Scholarship Consortium (HSC) offers several scholarships of varying amounts to graduate students. In addition to earning scholarships, HSC scholars are connected to leadership training opportunities, mentorships, and an alumni network.
Applicants must be of Hispanic or Latino/a heritage and plan to enroll full time in an MBA program. They must live in Texas but do not need to be U.S. citizens. To win a scholarship, students must have at GPA of at least 2.5 on a 4.0 scale.
Each scholarship to which students in the HSC network apply has its own requirements, as well.
LULAC National Scholarship Fund
- Amount: $250-$2,000
- Application Deadline: March
The LULAC National Scholarship Fund (LNSF) funds three types of scholarships: National Scholastic Achievement Awards ($2,000) for students with GPAs of 3.5 or higher; Honors Awards ($500-$2,000) for students with GPAs of 3.0 or higher; and General Awards ($250-$1,000). This last scholarship type is awarded based on academic performance, community involvement, an interview, and an essay.
Applicants must be U.S. citizens, permanent residents, or DACA recipients. MBA students must have applied or been enrolled on a part time basis. Only residents of Arizona, Arkansas, California, the District of Columbia, Illinois, Iowa, Kansas, Massachusetts, New Mexico, Ohio, Pennsylvania, Texas, or Wisconsin may apply. These states are home to the 62 LULAC Councils.
Hispanic Scholarship Fund Scholar Program
- Amount: $500-$5,000
- Application Deadline: February
Each year, the Hispanic Scholarship Fund (HSF) chooses 10,000 HSF Scholars. Recipients earn scholarships between $500 and $5,000, depending on need. Scholars also receive additional benefits, including career support services, mentorships, and conferences.
To apply, you must be a U.S. citizen, permanent resident, or DACA recipient of Hispanic heritage. If you are applying as a college or graduate student, you must have a 2.5 GPA on a 4.0 scale. You must also be planning to apply for a full-time MBA program.
Applicants must then submit an application form, as well as submitting financial aid forms detailing monetary need.
Prospanica Scholarship Program
- Amount: Up to $5,000
- Application Deadline: April
Prospanica scholarships are available to undergraduate and graduate students who wish to make "positive change through their contributions to society." Students who attend or plan to enroll in business schools in the United States or Puerto Rico are eligible to receive awards up to $5,000.
Citizens, permanent residents, or DACA recipients of Hispanic/Latino/a heritage are eligible to apply. If you were not working during your undergraduate studies, you need a 3.0 GPA on a 4.0 scale to apply; if you worked your way through college, your GPA should be 2.75 or higher. You must also have a Prospanica membership.
The Consortium Fellowship
- Amount: Up to full tuition
- Application Deadline: January
The Consortium aims to increase the number of Latino/a, African American, and Native American students in MBA programs. The organization awards hundreds of full-tuition scholarships to top business schools across the United States. Around 70% of Consortium Fellows receive full-tuition awards.
Fellowship applicants must be U.S. citizens or permanent residents who can help "reduce the serious underrepresentation of African Americans, Hispanic Americans, and Native Americans" in top business schools and management. All applications will be considered for (mostly) two-year, merit-based fellowships. Business school partners award fellowships based on their own selection criteria.
Toigo Fellows Collaborative Partner Awards
- Amount: Varies
- Application Deadline: March
The Toigo MBA is a concurrent program for underrepresented students in finance to complete alongside their graduate degrees. Fellows receive leadership development, career coaching, and opportunities to apply for collaborative partner awards.
Only MBA students who have been selected as fellows can apply for funding. Toigo Fellow candidates must be ethnic minorities planning on attending full-time, U.S.-based MBA programs. Students in dual-enrollment programs, like JD/MBAs, can also apply.
To apply, submit a resume, a headshot, a copy of your GMAT/GRE score or waiver, and your undergraduate transcripts. Applications are due in March, and fellows are announced in June.
Association of Latino Professionals For America Scholarship
- Amount: $1,250-$10,000
- Application Deadline: May
The Association of Latino Professionals in Finance and Accounting (ALPFA) awards several scholarships between $1,250 and $10,000 each year. MBA students do not have to be studying finance to apply. However, they should be Premium ALPFA National student members to apply. You should also be a U.S. citizen, permanent legal resident, or DACA recipient.
To apply for this scholarship, you should have at least a GPA of 2.5 on a 4.0 scale. You will also need to submit a resume, a transcript, an essay, a recommendation letter, and a financial need statement.
Additional Resources for Financial Assistance
Financial Considerations for Hispanic and Latino/a Grad Students
In 2021, Bloomberg reported that Hispanic and Latino/a students comprised only 9.4% of MBA program cohorts. This figure represents less than half of this demographic's share (19%) of the American population.
Also in 2021, the Pew Research Center also noted that less than a quarter of Latino/as ages 25-29 (23%) held bachelor's degrees. This was in contrast to white Americans (45%) and Asian Americans (72%) of the same age group.
Pew suggests postsecondary achievement for Latino/as has been hindered by financial constraints. Seventy-one percent of survey respondents said they couldn't complete bachelor's degree programs because they needed to work to support their families. This attitude is also common for students who complete bachelor's degrees but may not move on to MBA programs, according to Hispanic Executive.
If money is a concern, Hispanic and Latino/a college graduates should apply for scholarships to offset the cost of their MBA programs. Graduate school increases career earnings. According to the Bureau of Labor Statistics, professionals in business and financial occupations, many of which require or prefer MBAs, earned a median salary of $76,570 in May 2021, much higher than the median across all occupations ($45,760).
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