MBA Financing Options
A master of business administration (MBA) degree can significantly boost your earning power. However, MBA degrees do not come cheap. According to a rating compiled by the Economist Intelligence Unit, a research arm of "The Economist" newspaper, the average annual tuition fee for a full-time MBA program at the top 10 American schools stood at $46,839. To finance an expense of this magnitude, you need to consider several financing options.
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Personal Savings and Family Support
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An MBA is an investment that will provide you a lifetime return in the form of extra income. While stocks and even houses can go down in price, good education will guarantee you a reliable income, always. Accordingly, you should not be afraid of investing your savings in higher business education. Furthermore, you can also borrow from family -- your parents are probably interested in you getting a good education just as much, or may be even more, than you are.
Loans
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There are a number of government and private loan programs open to MBA students. U.S. citizens and U.S. permanent residents can apply for Federal Direct and Direct GRAD PLUS Loans, a program sponsored by the U.S. government that offers low fixed interest rates, ease of application, favorable repayment benefits and electronic disbursement of funds directly to your student account. In addition, there are also loans from private lenders, primarily banks.
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Scholarships From Your Business School
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If you have an excellent academic record and some outstanding extra curricular achievements, you may be eligible for financial assistance from your business school. In fact, leading business schools compete against each other for outstanding students, so you may even be paid a small stipend. Inquire at your school about different scholarships on offer.
Financial Help for Poor Students
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If you are good enough to be admitted to a respectable business school, but lack the funds to pay for your studies, your business school may cover, at least partly, for the high tuition fees. However, you will need to provide documentation that you lack the resources to pay the fees on your own -- such as your tax returns or payroll receipts.
External Scholarships
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There are also external scholarships that are offered by different organizations. To get a scholarship, however, you will need to show your merits. For example, if you have served in the U.S. military, you can apply for a military scholarship.
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References
Resources
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