How can I pay for my MBA?
Congratulations, you’ve been accepted into business graduate school! Now comes the task of figuring out how you’re going to finance your MBA tuition, along with the price of course materials. If you’re relocating, there are even more expenses to consider, such as housing. Getting an MBA is a huge investment, and financing your MBA tuition requires major planning.
If you haven’t learned how to budget, now is a good time to start. There are valuable life lessons to be gained from managing your spending habits and living frugally while investing in your future. Poets and Quants offers tips on how to save money and live on a realistic budget while paying for your MBA. Be sure to explore all your options. Maybe working part-time is a possibility for you. Find out if your employer offers MBA tuition reimbursement. Poets and Quants also suggests researching additional sources of MBA funding such as loans, savings, scholarships, grants, fellowships and internships.
When considering business schools, U.S. News recommends looking at your return on investment by comparing your potential salary after graduation to the amount of debt you will incur. Choosing a school for prestige alone will not guarantee future success. Ultimately, your success depends on graduating from a program that aligns with your career goals. Attending a school that is a good fit for you, with a manageable debt load, may prove more advantageous long term.
Fortunately, there are rigorous business school programs with contemporary course material that won’t break the bank. The Sellinger School of Business at Loyola University Maryland offers a part-time MBA for working professionals and those looking to pursue an MBA at their own pace. This flexibly gives students the ability to manage tuition without a burden of heavy fees. The Sellinger School also offers a full-time MBA with an all-inclusive tuition for domestic and international field studies, as well as other extracurricular activities. Learn more about part-time MBA admissions and full-time MBA admissions for these programs.
Also per U.S. News, MBA admissions experts suggest choosing a school where you are a strong candidate to increase your opportunities for securing MBA scholarships. Of course you will have to work hard to earn scholarships, and you may need to meet specific deadlines and qualifications to be eligible. These scholarships are especially ideal for those seeking financial aid because they do not need to be paid back and they are available from a variety of sources – professional associations, nonprofit organizations, corporate and private businesses and government agencies at all levels.
Grants are another viable option when seeking business school financial aid, as they do not need to be repaid if you follow through on your educational commitment. Grants are usually given to the most financially needy students. However, some are awarded based on academic merit and should not be overlooked. Learn more about the various MBA scholarships and grants offered by the Sellinger School of Business that are available to graduate students.