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MBA – Strategy – Funding Options

One of the most difficult aspects of the MBA decision is money. How in the world can you afford it? We in general advise you to apply for any scholarships you happen to be qualified for and then devise a plan for funding your MBA once you know how much money you have available to you and where you have been accepted. An MBA in the US can cost up to $60,000 a year. But you have options. To support yourself and cover some of your own expenses, you should consider part-time work. Summer internships between your first and second years are often very well-compensated in terms of helping you save up for your cost. There is a tremendous number of scholarship opportunities overlooked every year as well.

Most MBA students take out loans. Counting on the greatly increased earning potential after completion of the MBA, students tend to find loans the simplest funding option. Federal loans are the best type of loan you can get. For example, in the US, you may take out no more than $18,500 from the Federal government per school year if you are a citizen or permanent resident and the rest will need to come from private institutions, such as Citibank, Access group and the GMAC.

The financial aid offices of the schools you are applying to are in general quite helpful in assisting students in locating the best option for them. Scholarships, grants, and part-time work are all options to help finance your MBA.