Getting an MBA degree can help you advance your career and get a higher salary. An MBA degree doesn’t come cheap. If you want to enroll yourself in an MBA program, then you need to write an impressive MBA admission essay and find financial aid for your MBA education if you don’t have enough money saved over. Below are just some of the ways to get financial aid so you can get enough funds for your MBA program.
Tuition Fee Reimbursement
Most companies view an employee with an MBA degree is a valuable commodity, and because of this, they are often willing to help fund the education of those enrolled in MBA programs. Make sure to ask the HR officer at the company you work for if they have any tuition fee reimbursement programs. The company may decide to fund half or even all of your tuition fees. Keep in mind, though, that company sponsorships usually have strings attached. The company you work for may require you to meet a minimum GPA or continue working with the company for a number of years after graduation. You may also have to work full-time while enrolled in your MBA education, which means that you will most likely have to enroll in weekend/evening classes.
There are various business schools offering scholarships to qualified candidates. When you apply at a business school, ask about their scholarship offerings. There are also other organizations offering scholarships, particularly to those who are part of underrepresented minorities in the United States.
If you really need to borrow money so you can pay for your MBA education, then getting federal loans is one of the best options. These have lower interest rates and most of these loans even have deferred payment options. However, not everyone is eligible for federal loans. You have to ask the financial aid office of your chosen business school for the requirements and apply for these loans to know if you can get one.
The US Department of Education provides resources for students to check regarding financial aid programs. The department also maintains a library of information related to financial aid professionals.
Federal loans for graduate students are limited, so you might have to get private loans. For this, you have to consider the loan options offered by various banks, organizations, or foundations so that you can be sure that you’re getting the best deal. These kinds of loans often have higher interest rates and don’t allow deferred payments, so you have to scout for the one that is most appealing to you.
Financial aid for different cultural communities
If you are of African, Asian, Native American, or Hispanic descent, there are many organizations that offer grants and scholarships to people wanting to get an MBA degree. These include the following:
- The Thurgood Marshall College Fund – provides scholarships to African-Americans
- The National Black MBA Association – offers scholarship programs to qualified African-Americans
- National Society of Hispanic MBAs – gives out scholarships to people with Hispanic descent
- The Consortium – awards full-tuition fellowship programs to promote the study of business in different cultural communities
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