How to Finance your MBA Education
While tuition costs are the number one concern of MBA-seekers, there are a lot of other costs that students must plan for when considering enrolling in an MBA program. Cost of living, textbooks, and software costs are just some of the other expenses of students in an MBA program. Students who are not going to work need to know all of the possible funding sources available to them. Consider these sources listed at MBAMap.com:
There are a number of loan programs available to MBAs. Check to see if you are eligible for government-subsidized loans. Also, the GMAC has started the MBA LOANS program.
MBA programs have scholarship monies available for applicants fitting particular profiles.
Sometimes employers can be convinced to help support the costs of MBA programs. You may be required to work for a certain number of years for the employer after graduating in order to repay their assistance.
Many students fund part of their MBA education out of their personal savings.
Some of the money you spend on your education may qualify you for tax breaks.
A number of organizations provide grant money for students. There are a number of grant directories available in print and on the Internet.
Students who are interested in finding funding for their graduate education should start by contacting their school's financial aid office. They should be able to give you some idea of where to start on your search for funding options.