Paying for Your MBA

Scholarships for online MBA students

People earn their MBAs for several reasons, including the potential for career advancement and a higher income. One important consideration in earning a Master of Business Administration is determining how to pay for it.

MBA financial aid is available for students in almost every situation, so if you are thinking about getting an MBA, know that there are several ways to cover your tuition costs. Loans, scholarships and even getting your company to help pay for your education are all viable options.

1. Loans

Applying for loans is a very popular means of paying for school. If you paid for your undergraduate degree with loans, then you are already familiar with this process. Compare loan offers to your estimated post-MBA salary and make a plan to start paying off your loan before you are actually required to start making payments.

2. Scholarships

Baylor University has several scholarship options for online MBA students, but if you want even more opportunities to get a scholarship for your MBA, do some research. Many nonprofit organizations, business networking clubs and chambers of commerce will offer scholarships to qualified candidates.

Other scholarship opportunities are not well publicized, but using the right internet search terms may lead you to the right financial aid opportunity. Use search terms that relate to your gender, citizenship, ethnicity, undergraduate school, the school you are applying to, military affiliations and need for MBA financial aid. Once you find scholarships that may be a good fit, apply for as many scholarships as you can.

3. Tuition Reimbursement

There is a growing list of companies that help their employees pay for an MBA. And some companies are willing to pay more if the courses can be completed online. It’s worth asking your employer if they have a tuition reimbursement policy.

Why would a company do this? They do it to invest in their employees, which will ultimately benefit the company. Better educated employees often perform better, thus lowering operational costs and driving revenue. Some companies are particular about which degrees they are willing to pay for. However, an MBA is the type of flexible graduate degree that many companies desire.

One of the main reasons for obtaining a graduate business degree is to earn more money in the long run, but the financial benefits shift when paying for the entire degree yourself. Do your research, be diligent with your financial aid applications, and get creative when seeking scholarships to improve your chances of finding MBA financial aid.

Learn more about the Baylor online MBA program.


Sources:

Forbes: Tuition Reimbursement: A Benefit for Some Employees and Employers

Bloomberg: How to Score MBA Scholarships

U.S. News & World Report: 3 Ways to Be a Good Candidate for MBA Scholarships


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