You finally finished paying off your college loans. Or paying for your child’s college career. So how in the world can you afford to pay for business school?
Getting an MBA is a huge investment. Harvard Business School’s full-time tuition for a single person for 2006–2007 is $39,600, and the school estimates a total budget of $69,840. For a married student, the estimated budget is almost $10,000 more.
The good news is that even if you have not won the lottery, you can pay for your new education with loans, scholarships, and school-specific programs. Here is an overview of your options:
• Loans: To be eligible for any federal loans, students who are U.S. citizens or permanent residents should fill out the Free Application for Federal Student Aid. Federal Stafford Loans for up to $18,500 per year have variable interest rates. The government will pay all the interest on the loan while you’re in school if you demonstrate financial need. Many federal loan programs are tied to a good credit history, so be sure you obtain a copy of your credit report and fix any problems before applying. If eligible, the Federal Perkins loan will pay up to $6,000 per year and is interest-free while you are in school. Many schools also offer their own loan programs.
• In-School Scholarships/Fellowships: Most business schools offer need-based and/or merit-based scholarships or fellowships. Tuck School of Business at Dartmouth considers all students who apply for financial aid for scholarships. The school is also a member of The Consortium for Graduate Study in Management, and awards scholarships to select students through that program. Harvard Business School’s HBS Fellowships are awarded based on need, and 46 percent of the class of 2006 received a fellowship their first year, according to the HBS Web site. At Yale School of Management, all students are automatically considered for a long list of merit-based scholarships—no separate application is required.
• Outside Scholarships: There are several venues for outside scholarships. Many school websites list URLs for scholarship searches, including FastWeb, FinAid, and the American Association of University Women. There are scholarships for U.S. citizens and permanent residents, and others for international students such as Rotary International and the International Education Financial Aid. The Forté Foundation, a consortium of business schools, corporations, and non-profits that supports women on their rise to corporate leadership, funds a Forté Scholars program at many of its partner business schools.
Check out two related stories: Thinking MBA? Meet Three Women Who Are Glad They Did It and Thinking MBA? Have It Your Way.
