Don’t let MBA tuition fees deter you from applying to your dream school! Arlene Weintraub shares the various options candidates have to cut the costs of their MBA degree before they decide to take out a large student loan and sink in a pool of debt.
Helpful for: MBA Applicants
Read Time: 8 minutes
- A top MBA degree from Harvard, Chicago Booth, and Stanford amounts to over $200,000. Luckily, there are several ways you can decrease the cost of your degree if you are smart.
- More scholarship money is available at the beginning of the application round, so apply early.
- Once you’ve been made an offer at one school, you can bargain for more financial aid from another. Arlene clarifies:
Be sure to check with the schools on the proper protocol for negotiating merit aid. When appealing an offer, some schools will require requests to be in writing and for you to answer specific questions to help admissions officers decide.
- Arizona State University and University of Massachusetts—Amherst attract promising students by offering fellowships covering full tuition. Make sure you examine all aid offered by the university you are applying to, and if you meet the requirements, you might just get a top education without paying a penny!
- Other universities are offering financial aid to students according to their long-term goals. MBA graduates at Stanford can apply for a loan forgiveness program if they enter the nonprofit or government sector. The university also gives fellowships to African and Indian citizens who would like to work in their home country upon graduation.
- The two-year MBA is on decline because students prefer staying in the workforce while studying and earning a salary which will help them avoid any financial stress. Working while studying can be difficult but is viable, and will definitely contribute to paying your tuition fees.
- Private organizations such as the Forté Foundation award scholarships to encourage higher education among various demographic groups.
- Getting an accelerated degree will greatly reduce costs. Some choose to attend a one-year program in the U.S. due to the strength of the currency.
- Take out a loan as a last option. Remember that interest will start accumulating on day one, and will not be deferred until you graduate.
How do you plan to decrease the cost of your MBA tuition? Share your comments in our forum.
Source: US News