MBA Financial Aid

When it comes to MBA financial aid, you have a several key options.

There are many costs associated with an MBA. These MBA costs span the spectrum; from tuition expenses to opportunity costs.

While you might be in a position to pay outright for these expenses, most students need financial help.

Generally speaking, financial help is referred to as "financial aid".

When a school talks about financial aid for MBA students, it usually means the aid it can provide exclusively.

There are, however, other sources of funding that may be available to you. While there are various names and types of financial aid available, (in the U.S.) there are three primary types...

• MBA Loans - The first way involves borrowing money that has to be paid back. The sources of these loaned funds are the U.S. governement (through the school) or private financial institutions.
• MBA Scholarships - The second way involves getting some sort of award that does not have to be paid back. The sources of these awarded funds come from various places, but are usually granted through the school.
• MBA Grants - The third way also involves getting an award that does not have to be paid back. However, this type is usually based more on need than accomplishment. The sources of grants come from the school.

Another way you might look at for getting financial help is through your employer. Some companies will provide tuition reimbursement or some sort of employer sponsorship to help pay MBA costs. This kind of arrangement is strictly between an employee and his or her employer.

Keep in mind, the cost of your MBA program may neccessitate the use of multiple types of financial aid. In most cases, you may use any combinations of loans, scholarships, grants, and employer-provided funds, as well as pay as much as possible on your own.

Each method of financial aid has its advantages as well as disadvantages. Look at all of your options to see which is the best.