Once you’ve gotten into a program you’re excited about, the next important step is figuring out how you’re going to finance your MBA. The price tag can seem daunting, but there are a number of resources out there to help you pay for your MBA.
Like any graduate student, MBA candidates are eligible for both federal and private student loans, one of the most common ways MBA students meet tuition. There are also grants and scholarships for students that meet the specific requirements, including a special regimen of military scholarships for veterans. Finally, having your company sponsor your education is another way students can fund their MBA. In addition to these sources of funding, we also recommend saving for your MBA with a specialized tax-deductible savings plan.
Business school can be pricey. There’s the cost of the degree, as well as the opportunity cost of any salaries you would’ve earned had you worked during the same timeframe. However, an MBA can offer a great return on your investment if you are motivated. MBAs consistently report a substantial increase in salary, mainly due to the knowledge and skills they’ve gained from the education. Additionally, the network connections made at an MBA program can become valuable business contacts later on. And there’s no subsitute for the credibility given by an MBA from a good school when applying for a job or seeking out investors.