How to Pay For Business School...When You Don't Have the Dough!
Business school isn't cheap, and how to pay for business school can be a daunting task. But don't despair! There are a variety of ways to pay for business school, from free money to student loans. In some cases, you'll have to make the difficult decision between attending business school and taking out debt...or not attending at all. We've put together a description of the funding resources that can help you pay for business school, along with their pros and cons, and other characteristics.
A tuition waiver is a type of financial award where a business school relinquishes its right to charge you tuition. That's right – the tuition simply vanishes! These waivers are uncommon in business school, but, when available, they're awarded based on the strengths of your application and/or on your financial need... Read more »
An assistantship is an arrangement where a school waives your tuition and pays for you to work as a research or teaching assistant. This is designed to be mutually beneficial, providing cash-strapped students with income and the university with affordable labor... Read more »
Fellowships, Scholarships, and Grants
The world of business school fellowships, scholarships, and grants is limited and frustrating. Basically, fellowships, scholarships, and grants are financial awards that do not need to be repaid. They're "free money" designed to allow those who merit money – the poor, the underprivileged, and the talented – to go to business school... Read more »
You can borrow from the federal government under three different graduate student loan programs: Direct Stafford, Direct PLUS, and Perkins. The main attraction of this type of financing is that it carries a lower interest rate than private loans... Read more »
If you're not eligible for federal loans, or have borrowed the maximum amount, you can turn to banks for private business school loans. These loans carry higher fees and interest rates than federal loans, so you shouldn't tap them until you've exhausted all sources of federal funding... Read more »
Companies with deep pockets will occasionally pay for your MBA if it directly benefits them. The logic is that an employee armed with more education will do his or her job better and earn the company more dollars down the road... Read more »