If you have made it through four years of college and received your Bachelor's degree in Business Administration, you may be wondering if pursuing a Master's Degree in Business Administration is worth it. Considering the career advancement that is possible, along with the difference in income potential, most experts would say yes. However, additional years of schooling can be quite expensive, not to mention time-consuming, especially if you are balancing school-work-life. College advisors recommend looking into all available options to pay for your MBA degree to ease the financial burden. Here are some of the ways you should consider securing the necessary funds to continue your education.
- School Grants
Pursuing an MBA can be quite expensive. In addition to the cost of tuition, there is also the price of books, housing, and any travel that may be required. If you can demonstrate to the school that you are in need of financial need, they may be able to offer you a grant. While grants will not pay for all expenses, they are a great start because they do not have to be repaid. There are also grants offered by private institutions or employers if you are beginning a project and need funding to ensure it can be finished.
While not guaranteed as there may be more of a limited pool of funds available, as well as plenty of competition applying, there may be scholarship options available to cover a portion of your education expenses. Scholarships are offered by many different places including charitable organizations, employers, and even the schools themselves. You could be lucky enough to secure a full ride to complete your MBA degree and start your working career out without a mountain of debt.
- Private Student Loan
While it is recommended that you apply for as many grants and scholarships that you may be eligible for first as those are funds that you will not have to pay back, you can then explore loan options to cover the remainder of tuition expenses. By looking into private student loans in order to pay for your graduate MBA degree, you can find a flexible repayment plan with low-interest rates that fits your budget. You can check your rate with a simple application online, approval in less than a few days, with customized payment options. You can find a student loan calculator available so you know what to expect the payments to be once you begin the repayment process after graduation.
- Employer Assistance
Another option for help in paying for your MBA degree is to ask your employer if they offer any kind of financial aid. If the employer you have now is the one you intend to work for after you graduate then they may be willing to pay for a portion of your cost of schooling in order to continue to grow as an employee. If your employer is a larger company, make sure to speak with the Human Resources department to inquire as to what their policies are regarding student tuition reimbursement.