If you are like a lot of people in the business world, pursuing an MBA has been one of your dreams. An MBA can open doors to advancement, whether your dream is to become a CEO of a Fortune 500 company, work as a consultant or even enter politics. However, your first big challenge might be how to pay for your degree. In doing so, you should avoid the following pitfalls that many people fall into.
Not Completing the FAFSA
You may or may not have completed the Free Application for Federal Student Aid for your undergraduate degree, but either way, you should do so again for your MBA. Many MBA students may not realize that they can get federal aid for a graduate degree just as they could for an undergraduate degree. Others may think they are not eligible because of their parents’ assets. However, when pursing a graduate program, you are generally treated as independent for financial aid purposes. If you don’t complete the FAFSA, you will never know what kind of need-based opportunities may be available for you, including grants that you don’t have to repay.
Not Exploring Private Lenders
Federal student loans may come with some perks, but private loans can as well. For one, if you have been working and have built up a solid credit record, you might actually get lower interest rates from a private student loan. Private lenders are also increasingly streamlining their processes and broadening their scope for credit checks, and looking beyond some of the traditional criteria so that more students might be eligible. Once you know how much aid you are eligible for, you can look into what both online and brick and mortar private lenders have to offer.
Not Applying for Scholarships and Grants
Researching and applying for scholarships and private grants can be exhausting, especially when you know you must be one of dozens or even hundreds or thousands who are applying with just a few awards available. ou can make your chances higher using https://mycustomessay.com/ for writing your essay or motivation letter. However, it is worth your while to do the work, especially since this money does not have to be repaid and some of it is available only to very specific candidates. The latter condition could mean that for some scholarships and grants, there is very little competition.
Not Involving Your Employer
Some companies will pay some or all of the tuition of their employees. There might be specific parameters, such as a requirement that your degree is in a field related to your work or a contract that specifies that you will work for your employer for a certain amount of time after obtaining the degree. This route won’t work for everyone but is worth looking into.
Not Managing Finances Wisely
Once you have secured the funds for your MBA, you still need to be frugal with monthly expenses to stay within budget. Scrimping and saving while you’re already working hard in school can be difficult, but when you graduate with a manageable student loan burden, you will be glad you did.