Financial aid is nice. Financial aid you don't have to pay back is nicer. Here we list our top MBA programs that dole out the most money via scholarships and fellowships.

Since free money is always relative to a school's tuition and the number of students who reap the benefits, we factored both into our ranking.

Coming out on top was Notre Dame's Mendoza College of Business, where a whopping 65 percent of students received an average award of $25,153—a generous sum, considering it covered nearly 60 percent of the tuition and fees charged that year. Up next was Indiana University's Kelley School of Business, where 49 percent of students received money. The average award at Kelley was $24,294, which would have covered more than half the year's tuition and fees. Click through to see the awards at our other top-ranked schools.

Methodology: The ranking is based on the percentage of 2011-12 tuition and fees covered by the average scholarship award, multiplied by the percentage of students receiving scholarships. This list covers our top 20 full-time MBA programs  For state universities, we used out-of-state tuition and fees. Awards may include merit-based and need-based aid. (Chicago Booth, Wharton, Duke, Carnegie Mellon, Haas, Columbia, Kellogg, and Tuck did not provide sufficient data to be included.)

Photograph by John Henshal

Financial aid is nice. Financial aid you don't have to pay back is nicer. Here we list our top MBA programs that dole out the most money via scholarships and fellowships.

Since free money is always relative to a school's tuition and the number of students who reap the benefits, we factored both into our ranking.

Coming out on top was Notre Dame's Mendoza College of Business, where a whopping 65 percent of students received an average award of $25,153—a generous sum, considering it covered nearly 60 percent of the tuition and fees charged that year. Up next was Indiana University's Kelley School of Business, where 49 percent of students received money. The average award at Kelley was $24,294, which would have covered more than half the year's tuition and fees. Click through to see the awards at our other top-ranked schools.

Methodology: The ranking is based on the percentage of 2011-12 tuition and fees covered by the average scholarship award, multiplied by the percentage of students receiving scholarships. This list covers our top 20 full-time MBA programs  For state universities, we used out-of-state tuition and fees. Awards may include merit-based and need-based aid. (Chicago Booth, Wharton, Duke, Carnegie Mellon, Haas, Columbia, Kellogg, and Tuck did not provide sufficient data to be included.)

Photograph by John Henshal

Top B-Schools for Scholarships

Scholarships Discount Tuition Up to 64 Percent
Scholarships Discount Tuition Up to 64 Percent

Financial aid is nice. Financial aid you don't have to pay back is nicer. Here we list our top MBA programs that dole out the most money via scholarships and fellowships.

Since free money is always relative to a school's tuition and the number of students who reap the benefits, we factored both into our ranking.

Coming out on top was Notre Dame's Mendoza College of Business, where a whopping 65 percent of students received an average award of $25,153—a generous sum, considering it covered nearly 60 percent of the tuition and fees charged that year. Up next was Indiana University's Kelley School of Business, where 49 percent of students received money. The average award at Kelley was $24,294, which would have covered more than half the year's tuition and fees. Click through to see the awards at our other top-ranked schools.

Methodology: The ranking is based on the percentage of 2011-12 tuition and fees covered by the average scholarship award, multiplied by the percentage of students receiving scholarships. This list covers our top 20 full-time MBA programs  For state universities, we used out-of-state tuition and fees. Awards may include merit-based and need-based aid. (Chicago Booth, Wharton, Duke, Carnegie Mellon, Haas, Columbia, Kellogg, and Tuck did not provide sufficient data to be included.)

Photograph by John Henshal
10. Massachusetts Institute of Technology
10. Massachusetts Institute of Technology
Sloan School of Management

Students receiving scholarships: 19 percent
Average award: $22,819
Tuition and fees: $50,353
Estimate of costs covered: 45 percent
Photograph by ES Tech Archive
9. University of Michigan
9. University of Michigan
Ross School of Business

Students receiving scholarships: 24 percent
Average award: $24,175
Tuition and fees: $50,189
Estimate of costs covered: 48 percent
Photograph by Arcaid Images
8. University of California, Los Angeles
8. University of California, Los Angeles
Anderson School of Management

Students receiving scholarships: 34 percent
Average award: $19,737
Tuition and fees: $45,385
Estimate of costs covered: 43 percent
Photograph courtesy of University of California
7. University of Virginia
7. University of Virginia
Darden School of Business

Students receiving scholarships: 29 percent
Average award: $26,677
Tuition and fees: $47,000
Estimate of costs covered: 57 percent
Photograph by Traveler1116/Alamy
6. University of North Carolina, Chapel Hill
6. University of North Carolina, Chapel Hill
Kenan-Flagler Business School

Students receiving scholarships: 26 percent
Average award: $32,384
Tuition and fees: $50,613
Estimate of costs covered: 64 percent
Photograph courtesy of University of North Carolina
5. Cornell University
5. Cornell University
Johnson Graduate School of Management

Students receiving scholarships: 42 percent
Average award: $24,204
Tuition and fees: $51,480
Estimate of costs covered: 47 percent
Photograph by P.Spiro
4. Harvard University
4. Harvard University
Harvard Business School

Students receiving scholarships: 47 percent
Average award: $29,843
Tuition and fees: $60,610
Estimate of costs covered: 49 percent
Photograph by Brent Lewin/Bloomberg
3. Stanford University
3. Stanford University
Stanford Graduate School of Business

Students receiving scholarships: 56 percent
Average award: $23,683
Tuition and fees: $55,200
Estimate of costs covered: 43 percent
Photograph by David Paul Morris/Bloomberg
2. Indiana University
2. Indiana University
Kelley School of Business

Students receiving scholarships: 49 percent
Average award: $24,294
Tuition and fees: $45,350
Estimate of costs covered: 54 percent
Photograph courtesy of Indiana University
1. University of Notre Dame
1. University of Notre Dame
Mendoza College of Business

Students receiving scholarships: 65 percent
Average award: $25,153
Tuition and fees: $42,870
Estimate of costs covered: 59 percent
Photograph by B. Leighty/Photri Images