You’ve got a touch decision to make. On one hand, going back to school for an MBA can earn you a lot more money during the life of your career. On the other, more money over 30 years doesn’t give you the funds to pay for schooling right now. But did you know there are ways for both for domestic and international students to make getting an MBA or even [info:'gmat-exam' writing the GMAT] more affordable?
- Each year, GMAC offers a limited number of fee waivers to schools that use the GMAT so that they may give free access to the exam to students with financial need. Each school can apply for up to ten waivers a year, so when considering schools for your MBA, make sure to inquire about this program.
- If you’ve got the grades, scholarships can go a long way to lowering the cost of your MBA; but what if your grades aren’t stellar? Consider bursaries, which are awarded amounts given to students who are able to demonstrate financial need. Schools know that students can no longer rely on corporate training budgets to help offset the costs of an MBA and are responding with the creation of more bursaries and scholarships; all you have to do is dig to find them.
- International students can often have trouble securing loans from banks; so stop looking to banks. In 2009 GMAC launched a pilot lending program to help international students attend business school. This program has a lending base of over $500m and can be used for funding at 40 different schools across the US and Europe. The British Council also has similar programs for students looking to study in the UK.
- Choose a school that gives you options – not all MBA programs are structured the same way. Choosing a part time MBA program over a full time MBA will allow you to keep working while in school. Also, did you know that some schools do not require to you pay the entire cost of your tuition at once? Some schools, like Manchester Business School Worldwide, allow you to split the cost of your program over a number of months, or even years to ease the financial burden.
Read the full article: Making your MBA Affordable