How to Pay for an MBA or MOL
3 MIN. READ
Financing Your Dreams Without Breaking The Bank
Your goal is to level up in the workplace with an MBA or MOL degree, but there’s no question that cost can be a barrier. How in the world are you going to pay for the program? Don’t worry; you’re not alone in this financial maze. Here are some options for financing your dreams without breaking the bank.
Scholarships and Grants:
First things first, let’s talk scholarships! Scholarships and grants are gifts that don’t need to be repaid. There are many scholarships available for MBA students so do some digging, and you might uncover some hidden treasures in the form of financial aid.
Assistantships:
If you’re willing to roll up your sleeves and put in some work, consider a graduate assistantship. These positions can help offset your tuition costs and sometimes even provide a stipend for living expenses. You might be assisting professors, working in a research lab, or helping out with administrative tasks. Anderson University has multiple graduate assistantship positions online.
Federal Aid:
Don’t forget about federal financial aid options like student loans. While you may have used federal aid for your undergrad degree and not have much left in your “bucket”, the good thing about going for a graduate degree is, for those who qualify, you have a new “bucket” to pull from. While loans are not the most glamorous option, they can be a lifeline for many MBA students. Federal loans typically come with lower interest rates and more flexible repayment options compared to private loans. Think of it as an investment in yourself. It’s also worth noting that loan repayment typically doesn’t begin until six months after graduation.
Private Loans:
Speaking of private loans, they’re another avenue to explore if you need additional funds. Just be sure to research your options carefully, compare interest rates, and understand the terms and conditions before signing on the dotted line.
Part-Time or Online Programs:
If quitting your job to go full-time for your MBA isn’t financially feasible, consider part-time or online programs. These options allow you to continue working while pursuing your degree, helping you maintain your income and potentially reducing the need for loans. Anderson University offers an online MBA degree and an online MOL degree.
Employer Tuition Reimbursement:
Some employers offer tuition reimbursement as part of their benefits package. This means they’ll cover a portion of your tuition costs in exchange for a commitment to work for them for a set period after completing your MBA.
Personal Savings and Budgeting:
Last but not least, don’t underestimate the power of personal savings and budgeting. Cutting unnecessary expenses and diligently saving can help you accumulate funds to cover a portion of your degree costs.
Your Future Self Will Thank You
Remember, there’s no one-size-fits-all solution for funding your graduate business degree. It often requires a mix of these options, and what works best for you may depend on your individual circumstances. The key is to start early, do your research, and create a financial plan that aligns with your degree goals. With determination and a bit of financial savvy, you can make your dreams a reality without drowning in debt. So, go ahead and chase that degree – your future self will thank you for it!
Anderson University is on a mission to educate students for lives of faith and service, offering more than 60 undergraduate majors, 30 three-year degrees, 20 NCAA Division III intercollegiate sports, alongside adult and graduate programs. The private, liberal arts institution is fully accredited and recognized among top colleges for its business, computer science, cybersecurity, dance, engineering, nursing, and teacher education programs. Anderson University was established in 1917 in Anderson, Indiana, by the Church of God.