Earning an MBA can help you go farther in your career, and improve future earnings. Unfortunately, tuition alone can cost as much as $100,000 at business schools. It isn’t just business schools that are expensive. Few people can afford to pay as much upfront. How do you find funding for such a course? There are options.
Find a Fellowship or Graduate Scholarship
Many business schools offer large fellowship awards. They are not very different from scholarships, because you do not need to repay the money that you obtain. Explore the opportunities through Killam Fellowships with FulBrite Canada.
Moreover, if you’ve been an excellent student, you could qualify for a graduate scholarship for your MBA.
Find a Graduate Assistantship
While scholarships and fellowships do not include a work component, graduate assistantships do. When you work as an assistant while you study for your MBA, the money that you make helps you pay for your course. You get to work with administrators or faculty members as research assistants or help them with administrative activities. If you only have some work experience and are a full-time MBA student, you could qualify for such an arrangement.
Find an Industry Scholarship
Whatever specialization you may be interested in with your MBA, there may be a niche scholarship award sponsored by a member of the industry. If taxation is the subject that interests you, for instance, there may be a special scholarship available for you.
Find an Employer Willing to Sponsor Your Degree
Many employers help their employees earn an MBA. They pay for the course, but they expect you to come back and work for the company once you earn your degree. Your employee handbook should have information about this method of paying for your MBA.
Find a Federal Student Loan
Loans are available to MBA students and some cover the entire cost of a school’s fee. The only downside to these loans is that they can charge higher interest rates.
Find a Private Student Loan
Private student loans can be cheaper than federal loans in some cases. Lenders can customize loan options with variable rates for student applicants.
Tap into Your Retirement Savings
Usually, borrowing from your RRSPs can be an expensive matter. There is a penalty to pay. However, you may be able to borrow free of penalty as long as you apply the money borrowed to an educational expense. So do your research!
Attending business school can be expensive, but there are plenty of choices when it comes to finding funding. You only need to investigate the options available to you.
Furthermore, if you’re looking for more information, check out various scholarships here.