Getting accepted to your dream Business School is very exciting. However, when the initial thrill subsides, you might be faced with a very important decision: securing the resources to fund your program.
Financial matters are consistently ranked as one of the most important concerns for candidates when considering an MBA degree. While it is true that financing an MBA can be costly, financial worries should not be a deal breaker in the pursuit of your dream, as there are many options available to help you fund your MBA:
1. MBA Scholarships / Grants:
Many universities provide scholarship opportunities for prospective candidates. On average, the policies and criteria surrounding these scholarships and grants differ for each school. Your entire application will be considered, including work experience, gender, nationality, academic achievements, GMAT score, etc. However, as a general rule, scholarships and grants are mainly given to candidates with highly competitive profiles that are desirable to business schools.
2. Student Loans & Lines of Credit:
For Canadian and US students looking to pursue an MBA degree, many federal, state or provincial loan options are available to help finance post-graduate studies. If you’re located in Ontario, check out the Ontario Student Assistance Program (OSAP) website for more information. For US citizens, the Stafford Loans available from the Federal Government are a viable option.
Bank loans and a Student Line of Credit are also viable options for financing MBA studies, in conjunction with financial aid. Many commercial banks have loans available to finance graduate level studies, with low interest rates that can be paid back once the student has secured employment post graduation. In the US, many top schools have also forged partnerships with local credit unions to help students finance their studies.
3. Employer Subsidies / Workplace Sponsorship:
Many companies have tuition reimbursement / assistance programs embedded into their corporate policies. Do your research to see what options are available at your company and check if there is any post-graduate work commitment for you to be eligible. If you need to submit a request for tuition reimbursement to your manager, be sure to effectively convince them of the value of financing your MBA, and how that would benefit the company. Many business schools will gladly provide assistance and templates that you could use to communicate with your manager.
4. Part Time Work:
Throughout the duration of their studies, some MBA students take on the role of a Teaching or Research assistant at their Business Schools to help partly subsidize their tuition fees. While part-time work on campus can provide extra income, don’t rely on it exclusively to fund your MBA, as you will likely have little availability outside of your studies. Finally, remember to account for your internship income if your MBA program allows for a paid internship.
Don’t let your financial situation hold you back from attending your dream Business School. Consider all the options that are available. We can help you understand what scholarship options will be available to you!