If you are planning on studying for your business degree and you do not want to pay for tuition entirely out of pocket, you should be aware of the type of financial aid available for an online MBA. Earning your business degree can be very expensive, especially when you are taking an online degree program with a high-priced but highly respected private business school.
While there are different types of private loans or institutional loans available to students who qualify, the last thing that you want to do is dig yourself into $80,000 of debt to cover the average cost of tuition, according to Investopedia. If you want to find out some of the funding options to minimize the cost of a graduate education, read on and find out everything that you need to know and MBA financial aide.
Find Out If Your Employer Offers Tuition Reimbursement
If you work for a Fortune 500 company or another well-respected corporation, there is a good chance that your employer will help you pay for either a portion of your premiums or even the entire program cost. Be sure to see what the requirements are and if you are restricted to a certain major or school. Some companies will only allow you to student for a degree relevant to what you are currently doing, but some offer you greater flexibility. If it is possible to get a no-pay MBA, you should jump at the opportunity not to get into debt.
Apply for Financial Aide through the US Department of Education
Whenever you want to qualify for financial aide, you should start the process by filling out a Federal Application for Federal Student Aid (FAFSA). The FAFSA is the gateway to all of the grants and even some of the unsubsidized loans that you can apply for. In order to be eligible for aide, you need to be sure that you attend an accredited online program. These are the MBA programs that are recognized by the US Department of Education and that meet the standard. After you fill out the FAFSA, you will be matched to federal and state aide that you are eligible for.
Apply for a Scholarship That Covers Tuition and Book Fees
Financial aid is great, because it does not have to be repaid when it is in the form of a grant. Unfortunately, grants typically cover only a small portion of your online MBA tuition rate. If you want to cover the rest, it can be beneficial to start applying for scholarships. There are plenty of awards available, but you need to be sure that you know the eligibility criteria. Many grantors only give recipients who are full-time students the award and only some costs may be covered. Make sure to review school-specific, local and national opportunities as you look for programs.
Related Resource: MBA in Entrepreneurship
The last resort is to apply for loans. You should start with the low-interest federal loans that require no credit check. After you apply for these and you exhaust the limits, you may need to turn to more expensive private loans. Consider the costs that you will need to cover to earn a graduate degree. If you know what you need to pay, you can then find out what type of financial aid available for an online MBA will help you pay the expenses.