Doing an MBA is expensive. A perfect way to improve your management skills is by earning the Masters of Business Administration degree – but it comes at a price. The estimated cost of tuition alone for a 2 year MBA program is $80,000, according to a recent Investopedia report. And it alone is just tuition.
You could start watching the price increase to between $100,000 and $200,000 if you took into account the other costs including books, room and board, and more. And the opportunity cost of missed income may be immense for a full-time program. You’re definitely going to need financial assistance, whether you’re looking at a part-time MBA program or a full-time MBA program.
Can you get FAFSA for part-time School?
Students on a part-time basis have to pay per credit. Hence, for a semester, they cost less than full-time students. Tuition hits a limit if a pupil earns enough grades for full-time status. This suggests that a student who earns eighteen credits would pay the same tuition rate as anyone who receives at least twelve credits. There is, though, something called a “full course load” as well. You require permission to take additional courses in certain schools than what is perceived to be a complete course load. For the extra degree, you will even have to pay. Bear this in mind when deciding how many credits you choose to take in a semester.
Just because you can’t go to college full-time because of family or job commitments doesn’t mean you have to give up on a college dream. Many of the same forms of financial assistance offered to full-time students through FAFSA — loans, grants, scholarships, and work-study services — are also open to part-time students.
Any restrictions and requirements still apply, however. Students must also be registered for at least a half-time period (which is at least six credit hours per term for certain colleges) to apply for some scholarships, grants, and other systems of financial assistance. They will ought to do well academically and have to show economic necessity. Usually, part-time students who are given financial assistance will not get as much funding as full-time students. How much they get depends on the amount of credit hours they are eligible for.
Do MBA Programs offer Financial Aid?
Academic institutions and universities hardly paid any attention to MBA financial aid or tuition assistance in the not-so-distant past. After all, before business school, many aspiring MBAs had earned a respectable salary and were predicted to double or even triple their post-graduation earnings.
Still, for a two-year degree, tuition at top MBA programs will be upward of US$130,000. More interest in financial assistance has led to skyrocketing rates and a student loan crisis dominating national discourse.
Full-time MBA programs face obstacles, such as tougher visa laws that make prospective foreign students hesitant to participate, an unfortunate extra blow to business schools. Similarly, debates around the socioeconomic gap and a lack of inclusion of lower-income students at higher education institutions have also emphasized the cost of college.
As a consequence, financial aid and tuition assistance have now become the standard for top MBA programs.
Do Financial Aid available for part-time MBA Programs?
Just because you join a part-time MBA school doesn’t mean that you’re not qualifying for federal student assistance. Your federal Federal Student Aid Application, or FAFSA, helps decide how much money you are supposed to pay to your tuition expenses, and how much government funding you can receive. You may be eligible for federal financial loans as long as you follow the attendance and degree program requirements.
Minimum Credit Requirements for part-time MBA
You are expected to apply for at least six credits to be eligible for federal student assistance. Anything less than six credits allows you to pay for tuition out of pocket or find a private student-loan organization able to lend the requisite funds for school enrollment to you. Without a loan, before your classes starts, you will be forced to pay the whole tuition balance. Failure to pay the balance can result in the dropping of your name from class rosters.
How do you pay for a part-time MBA?
- Apply for Scholarships, Fellowships & Grants
Many business school scholarships are based on merit, and applicants are picked according to applications for acceptance and GMAT (Graduate Management Entry Test) ratings. Study the available scholarships they provide and eligibility requirements when you consider the colleges that you choose to attend.
- Student Loans
After the hit of the current financial crisis, while the word loan has a rather bad connotation, student loans are less daunting than you would think. Student loans are usually specifically structured to fund study expenses. Some do cover tuition costs, while others also cover living expenses.
Compared to standard loans, a student loan has a significantly lower interest rate, and after your MBA graduation, you can only start repaying it for a certain time. This way, to continue paying down your loans, you will have time to find a new career and have a steady income.
- Research Assistant Job
If your priority is to graduate from your MBA as soon as possible, then you can aspire to get a teaching assistant or a research assistant position at the same university you are doing your MBA at. This solution does not entirely cover the expenses, but it is surely worth considering, since by getting your office where you research, you can save both time and resources.
It is the responsibility of a teaching assistant to provide assistance during lessons and to help the teacher measure grades, maintain notes and verify the attendance of students. Teaching assistants frequently supervise students on field trips and when in class.
- Savings and crowdfunding
An often-overlooked source of funding is personal savings. In order to supplement their savings, many MBAs are also able to draw on a spouse, family and friends. While some rely on these networks, others, on sites such as GoFundMe or Crowdfunder, turn to crowdfunding. In particular, earnings from fellowships and internships can also help cover expenses for two-year programs.
- Company sponsorship
As part of their customary benefit structure, several companies offer tuition reimbursement programs. For this purpose, there may even be funds set aside. Typically, consulting companies and financial services companies are more likely to offer employees sponsorship. Applicants from firms that have not embraced MBAs in the past will have to work harder to promote the concept and validate the investment.
The funding options available and the return on investment can influence your decision to pursue an MBA, and your choice of school and location. To make the best choices, make sure you consider all your options.
Is a part-time MBA worth it?
The main justification for part-time education may be to avoid what is known as the opportunity cost of leaving the job for two full years. It can mean more than just a lack of paycheck to give up a job to attend school full time. In quitting your job and abandoning whatever investment you have made in your position, there is also a cost involved. Two years out of the workforce for so many successful workers is clearly too much.
Luckily, there are many exemplary part-time MBA programs that might alleviate this problem. Part-time plans are meant for those people who choose (or need) to work full-time while pursuing their degrees, or for students who have other obligations to care for, such as families. You will hold your day job in a part-time program and advance your career concurrently.
Since joining the workforce first and completing the master’s degrees years later is popular for business professionals, there are plenty of part-time opportunities in the MBA landscape. Part-time MBA programs allow flexible scheduling when the degree is obtained. Students are free to proceed at their own pace and can continue to perform their day job commitments.
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