Getting into a masters program for business is the first step in achieving your post-graduate education. However, finding out how you are going to pay for your Masters in Business Administration is integral in making the whole plan work. Here are the various costs associated with an MBA program and ideas on how you can affordably pay for it.
Masters in Business Administration Costs:
While calculating the costs of an MBA program, you should keep in mind that there are many additional costs other than tuition. To get an idea of the comprehensive costs associated with an MBA, factor in all of the costs listed below.
- Tuition & Fees
- Registration Fees
- Loan Fees
- Room & Board
- Books & Supplies
Keep in mind that many school related costs increase each year. A conservative approach is to estimate an increase of 5% in school tuition and fees each year. Other living expenses may increase as well, such as your rent or the price of gas.
How to Pay for Your MBA program:
There are several ways that you can pay for your MBA program and you’ll likely use all or some of the methods. The first thing every student should do is utilize as many scholarships and grants as possible. Next, you may be eligible for federal assistance for your school fees. You can cash flow a portion of the expenses if you continue to work and allocate some of your income for schooling. If you have money in savings set aside you can use that for school fees as well. Whatever balance is remaining after scholarships, grants, and personal contribution can be covered by student loans.
Ways to Cut Back on Costs:
One of the best ways to cut back on costs is to continue working while earning your MBA. Your income can help cover living expenses and maybe even some of the school tuition and fees. Your employer may offer tuition reimbursement that you can utilize to help pay for school. Keeping your health insurance through your employer can also save on costs of attending an MBA program.
Your Financial Picture After Finishing Your MBA Program
While figuring the costs of getting through an MBA program is important, you’ll also want to consider how it will impact your finances once you graduate. Look into what salary range you can expect once you get a job using your degree. Factor in the cost of having to make student loan payments monthly. The average student loan for master programs is 10 years long so speak with your lender about what you can expect your monthly payment to be.
Once you graduate and get on your feet, consider refinancing your MBA loan so you can lower your interest rate. Also consider MBA repayment assistance programs available through your university to help repay your debt.
Paying for your MBA program can be accomplished with some planning. Carefully consider what costs you’ll be responsible for during your graduate studies and plan how to pay them.
For more information about student loans and loan consolidation, visit Credible.