You know that completing an MBA (Master of Business Administration) degree can help you progress in your career and assure you of a higher salary
. An MBA degree offers lifetime benefits both professionally and personally. However, MBA programs do not come cheap. You may have to spend around $40,000 a year to pursue this degree. Nevertheless, there are many options to obtain finance for an MBA degree. It is worth taking time to check on whether you are eligible for the financial option. Also check whether the financial aid available meets your exact needs.
Financing Options
1.MBA Loans
Federal and private loans are available for students who wish to pursue an MBA degree program. Many lending institutions offer MBA loans to help students settle the cost of a graduate degree. In order to obtain federal loans, you must be enrolled into an accredited MBA program at least half time. The loan amount will help cover the costs of your continuing education. If you are eligible the loan amount will be disbursed in two installments. The amount will be sent directly to the school in which you are pursuing your MBA. Private lenders help bridge the gap in the costs of higher education. Both these loans are available, only if you are US citizen or have permanent residency.
2.Scholarships
Many institutions and organizations offer scholarships to individuals who wish to pursue an MBA degree. Scholarship is given on the basis of merit or requirement. You can apply for a scholarship and finance your MBA. The eligibility criteria differ from organization to organization. You can check with your employer, local charitable institution or the school in which you want to complete the program and find out whether you are eligible.
3.Grants
You can obtain grants from federal, state and local government and use it to finance your higher education. These grants are purely need based and need not be paid back.
4.Online MBA degree program
You can enroll in an online MBA degree program that will cost you lesser than traditional programs. Online degree programs also eliminate traveling and accommodation expenses which add to the savings.
If you decide on building a good career or improving your current job growth prospects, earning an MBA degree is the best option. There are various ways of financing this degree. Take some time to analyze each option and choose the right one that will help you in the long run.
by: Susan Bean
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2024-12-4 15:31
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