This page is sponsored by MBA@UNC, an innovative MBA program offered by UNC’s Kenan-Flagler Business School that lets you enjoy the flexibility of an online program combined with the top-quality business education offered on UNC’s campus. Learn more about the MBA@UNC.
Business education is one of the safest investments you can make. While an MBA comes with a significant price tag, anxiety about financing your education should not prevent you from investing in your future. Numerous sources of financial aid exist for every student, from seasoned professionals to combat veterans to international students. These are some of the most crucial resources for financial aid:
Federal student loans are one of the most vital resources American citizens use to finance their higher educations. Fixed interest rates and flexible repayment options make these loans more attractive than most private ones. Which federal loan requires a credit check? And how much can you borrow? HowToMBA’s article on Federal Loans
will answer these questions, as well as explaining the Free Application for Federal Student Aid (FAFSA).
Building a portfolio with multiple types of loans will allow you to pay off your debt strategically, by responding to fluctuations in interest rates. HowToMBA’s article on Private Loans
will explain the basics, as well as providing advice on how to compare interest rates and find the right loan for you.
In addition to scholarships given out by particular schools to their own students, there are a number of grants and scholarships given by external organizations to help aspiring MBA students fund their education. We’ve compiled a list of MBA scholarships and grants, as well as general graduate study scholarships that can be used to pursue an MBA.
Many corporations may be willing to fund the education of their employees — but how do you talk to your boss about financing your education? The best place to start is asking around about how your company handles such requests. Once you know whether a protocol exists, you will want to frame your request in terms of the corporation’s interests. HowToMBA’s article on Asking Your Company to Sponsor Your MBA
will explain how to prepare a formal proposal, as well as how to evaluate a sponsorship offer from your employer.
The Post-9/11 G.I. Bill entitles eligible veterans of the wars in Iraq and Afghanistan to affordable public higher education, or an equivalent quantity of funding to attend a private institution. The Yellow Ribbon Program provides additional funding for fully eligible veterans attending participating schools. You can learn more about the eligibility requirements, the specifics of these programs and other sources of funding available to veterans here
International students do not have access to federal student loans, but may be able to obtain private loans with a cosigner or the help of your business school. You may also have access to financial support from the government or financial institutions in your home country. Business schools and international NGOs also offer a variety of scholarships and fellowships to international students. And the U.S. government does provide limited financial aid to students from particular countries. Learn more about your options for financing you MBA in America here
If you have the discipline and resourcefulness to save for your MBA, you can save yourself from interest payments on student loans. You can use a Roth IRA, which is technically a retirement account, to pay for business school without having your savings counted against your need for financial aid. In many states, a 529 College Savings Plan offers significant tax benefits. And if you withdraw money from a savings account to pay for your business education, you can claim a Lifetime Learning Credit on your tax return. Keep reading about how to save for your MBA