The Cost of MBA Programs: Financing Your MBA
When you are planning to complete an MBA program, the most asked question is “how much does it cost?” Frankly, there’s no straightforward answer to that, because MBA costs vary from school to school.
The reputation of the business school also matters, because the better schools always charge more to provide you with a degree. In addition, online programs generally cost less than offline or on-campus MBA programs.
When you are researching for the MBA degree, the cost also matters. Additionally, you need to consider other costs associated with getting a degree – stationary costs, travel and living costs. Moreover, if you have a job, you might be earning less if you enroll in a full time MBA program.
Now that you have an idea of the costs associated with getting an MBA program, let’s have a quick look at the ways in which you can finance your MBA degree.
Choose Online MBA Programs
Contrary to offline or on-campus programs, online MBA programs costs less. Additionally, when you choose online MBA programs, you get some flexibility, and can continue to work on a job along with your degree. You can also opt for an accelerated online degree in order to save cost and time on your part.
However, when you choose an accelerated degree, remember that you need to put in more effort and money (in terms of books, study materials) compared to a normal program.
If you quit your job or have only a part – time job, then choosing an accelerated online program is a good choice for you. That way, you will be able to get back to your full time job quicker.
Let’s admit it. Not every one of us has enough money to pay for our education. However, some of us are quite intelligent and can get a scholarship if we aspire to have one. Nowadays state and private organizations help students by awarding a partial or total scholarship based on their merit level.
For example, some state institutions offer a scholarship to the top 10 students who have graduated in the local high schools with high grades. Sometimes companies offer a scholarship to certain employees if they pursue a course in business management.
In order to get a scholarship, align your choice with your background and check out the specific institutions that may offer you a scholarship. Then you need to check if you meet all the criteria they have outlined and reach out to them with your eligibility.
Like scholarships, you can also apply for grants. However, only federal and state grants are available to students undertaking a bachelor’s degree. The federal government has a couple of grants like Iraq and Afghanistan Service Grants, and Federal Supplemental Educational Opportunity Grants for students seeking bachelor’s degrees.
However, some other organizations provide grants for women undertaking a master’s degree. Make sure you speak to the state department to know what sort of grants you are eligible for.
Federal Student AidsAids
The federal government offers a variety of education aids for students in different courses. As a prospective MBA student, you can apply for grants, work-study programs or loans.
Additionally if you have an active duty military service member or a veteran in the family, or you are one, you get added benefits.
In order to receive federal support you need to complete the Free Application for Federal Student Aid (FASFA). You can also check out the US Department of Education website for specific federal aids. The US Department of Education provides you with step – by – step guidance for filing the application for and getting student aids.
Some of the federal student aids that you can apply for are
- Federal direct loan programs
- Federal Perkins Loans
- Federal Work-Study program
- State Aid
- School Based Student Aid
- Post 9/11 GI Bill
Private Student Loans
If none of the previously mentioned options work, you can check out private student loan options from banks or credit unions. Rather than checking your academic history and your merit levels, private lenders check your credit history.
Private loans might have a lower interest rate. However, choose a private loan only when you don’t have any other options open. This is because contrary to the federal loans, private loans typically won’t offer you loan forgiveness programs or grace periods for loan repayment.
Now that you have an idea of how you can finance your MBA degree, it’s time to get started. First prepare a plan of how you are going to pay for that degree and then check out which degree works for you.
Once you are ready and have a list of the best business schools in your hand, start sending applications and preparing for your degree.