Harvard Business School, Cornell University’s Johnson Graduate School of Management, North Carolina’s Kenan-Flagler Business School, University of Virginia’s Darden School of Business and MIT’s Sloan School of Management are among the top-ranked business schools that provide the most money to students via scholarships and fellowships, according to a listing by Bloomberg Businessweek.

Notre Dame's Mendoza College of Business is on top of the list, with 65% of its students receiving an average award of $25,153 covering nearly 60% of the tuition and fees, Businessweek said. Indiana University's Kelley School of Business, where 49% of students received money, came in second.

Since free money is always relative to a school's tuition and the number of students who reap the benefits, both were factored into the Businessweek ranking. The listing 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. It  covers top 20 full-time MBA programs. 

For state universities, Businessweek 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.)

Here’s a snapshot of some of Businessweek’s Top B-Schools for Scholarships, along with their rankings on the list:

4. Harvard Business School, Harvard University
Students receiving scholarships: 47%
Average award: $29,843
Tuition and fees: $60,610
Estimate of costs covered: 49%

5. Johnson Graduate School of Management, Cornell UniversityStudents receiving scholarships: 42%
Average award: $24,204
Tuition and fees: $51,480
Estimate of costs covered: 47%

6. Kenan-Flagler Business School, University of North Carolina, Chapel Hill
Students receiving scholarships: 26%
Average award: $32,384
Tuition and fees: $50,613
Estimate of costs covered: 64%

7. Darden School of Business, University of VirginiaStudents receiving scholarships: 29%
Average award: $26,677
Tuition and fees: $47,000
Estimate of costs covered: 57%

10. Sloan School of Management, Massachusetts Institute of Technology
Students receiving scholarships: 19%
Average award: $22,819
Tuition and fees: $50,353
Estimate of costs covered: 45%

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