MBA Financial Aid

MBA Financial Aid

 

Even though MBAs are the top-paid demographic in college, there seems to be plenty of money available for the asking. That's not because they need it more than other students; it's because they're a better credit risk. Banks are happy to throw money at you while you're in B-school, and people have been known to refinance their credit card debt with student loans.

There are six sources of financial aid for MBAs:

1. Grants 4. Tax Credits
      - School-Based       - Hope Scholarship Tax Credit
    - Fellowships       - Lifetime Learning Tax Credit
   
2. Loans     5. State Aid
      - Stafford Loans
      - Perkins Loan
      - School-Based Loans   6. Scholarships
     - Private
3. Work Study         - Public
     - School-Based

A Special Note!

It's important that you submit a federal student aid form called the FAFSA (the Free Application for Federal Student Aid).  This form is used for virtually all student aid, including aid that requires other forms, so submit it as soon as possible.  

Contact your school's financial aid office as soon as you've been admitted, and be sure to fill out the FAFSA, even if you don't plan to apply for federal aid.  You may find an aid program that applies to your situation and it will usually require that you submit the FAFSA on time.

What You Will Need to Submit to the Financial Aid Office

A statement of income and assets, your FAFSA form, a copy of your W2 and tax returns, and a copy of your letter of resignation after you’ve left your company (so the financial aid office can estimate your income for the current year).

What About International Students?

Unfortunately, there is very little financial aid available to international students in U.S. MBA programs.  Things are changing, however, so check with your schools for specific resources.

NEXT > Grants for MBAs

Six Types of Financial Aid

MBA Financial Aid

MBA Financial Aid
Meet Thurston, the MBA financial aid dog. Financial aid is available to almost everyone in B-school, whether you need it or not.

Of course, most of it is loans, but that's better than riding your desk for another year.

MBA Financial Aid Links