You’ve considered pursuing an MBA and decided it is a smart move for your career. It can be exciting to think about your future in a top MBA program and your post-graduation job prospects, but there’s always that one lingering uncertainty: “How do I finance my MBA?”
Attending school full time for two years can be a considerable financial burden – a full-time MBA program’s tuition can exceed $50,000 per year. That, coupled with living expenses and other costs inherent in pursuing an MBA, makes it imperative to have a funding plan in place.
The good news is that thousands of people return to business school every year to get their MBA, and they successfully navigate the fiscal obstacles with responsible budgeting and planning. The earlier you begin to think about your financial plan, the easier the process will be.
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Do not rely solely on scholarships.
Most schools offer scholarship, grant or fellowship money to a portion of admitted students each year. However, aid availability varies by school and there is no guarantee that you will receive this kind of support. For planning purposes, it can be helpful to assume that will pay for your MBA without funding assistance from the school. If you are then awarded a fellowship, you will be in a much more secure financial position because of your planning.