You’ll have two big initial decisions to form when pursuing your master of business administration (MBA) degree: which school to attend and the way to buy an MBA. The latter is particularly critical because the typical student loan debt that MBA students graduated with was $66,300, consistent with the National Center for Education Statistics.
Unless you or your family has that cash saved, you’ll need to rest on aid to buy your education.
Traditional Payment Options
There is no shortage of options that will assist you to find out the way to buy an MBA — particularly, grants and scholarships can help minimize your MBA student loan debt. Here are six ways to buy your MBA:
- MBA grants and scholarships
Grants and scholarships should be your first aid option because you don’t need to repay them. MBA scholarships usually fall under one among three categories:
Need-based: for college kids who demonstrate aid
Merit-based: for tutorial excellence
Targeted: Awarded to minorities and underrepresented groups during a particular field
You can apply for MBA scholarships from several different places, including organizations and schools themselves. for instance, the Association of Insurance Compliance Professionals (AICP) features a $1,500 scholarship award for those declaring their major course add the sector of insurance, actuarial science, economics, finance, management, mathematics, risk management, statistics, or a business-related field. Columbia graduate school offers scholarship awards from $7,500 to $30,000 for eligible students supported funds available.
Grants work similarly to scholarships — they don’t need to be repaid, and organizations and government bodies typically award them. The American Association of University of girls, for instance, offers career development grants that range from $2,000 to $12,000. The grants are available to women with a bachelor’s degree who plan on advancing or changing their careers or reentering the workforce.
The U.S. Department of Education offers federal grants like the Teacher Education Assistance for school and better Education (TEACH) Grant, which provides up to $4,000 per annum to students who decide to teach during a high-need field at an elementary or lyceum or an academic service bureau that services students from low-income families. TEACH Grant recipients must also work on an eligible school for four full academic years within eight years after finishing the course of study that they received the grant to pursue.
If you would like to use scholarships and grants to buy your MBA, apply for several as early as possible. There are more applicants than available funds. Take time to research what scholarships and grants you qualify for. Once you’re accepted to an MBA program, talk together with your school’s aid office about what scholarships the varsity offers.