There are many options to help you finance your MBA degree. A few financial aid options may include:
- MBA Grants
- MBA Loans
- MBA Scholarships
- MBA Work-Study Programs
- MBA Tax Credits
- MBA State Aid
There are quite a few school-based grants and fellowships available for MBA students. Different schools have a variant of the amount of free money available. It’s important to be in contact with your potential schools so you know the kind of funding available that you may be eligible for. It’s also good to apply to schools early, as most grant money is provided on a first-come, first-serve basis.
Grants are also available through private organizations and the government. An example of a grant option is the AAUW Career Development Grants. The American Association of University Women awards grants annually to women who have made the decision to pursue an advanced degree for the first time in order to move their careers to the next level.
There are a variety of loan options available:
- Stafford Loans: This is the main loan program from the United States government. MBA students can currently borrow up to $18,500 a year. To learn more about subsidized or unsubsidized stafford loans, check out the government student loan website.
- Perkins Loans: The Federal Perkins Loan Program is another option from the U.S. government. Perkins Loans are only for students with exceptional financial need. They come at the very low interest rate of 5 percent and carry no fees.
There are also school based and private loan options. School based loans are dependant upon the university you attend. Private loans come from banks and other private organizations. Contact your school for more information on both of these options.
If you’re interested in scholarship options then you should get into contact with your school’s financial aid offices. They will know where the money is and will direct you towards the correct resources.
You can also do a general online search for “MBA Scholarships” and see what options are available from different organizations and businesses.
MBA Work-Study Programs
Work study programs are funded by both the government and the school you attend. They’re on-campus jobs that could be a variety of things. Often schools attempt to match your interests and skills with a campus job.