Business degrees like an MBA could be a major investment in your career and get you land your dream job. Many of you might be planning to rule the entrepreneurial industry and emerge as a startup leader in the future. But you know what, gaining an ample amount of natural work experience is imperative in the initial stage. And for that, you need to earn a notable degree from a prestigious business school.
It has been noticed that lack of several financial aids leads many business students to complicate their decision of funding the degree. Unbeknownst to many aspiring business students, your approach to paying for business school may affect your career down the line. Luckily, proper planning can help with an easy funding decision. There are several financial aid programs you can apply for to cover your educational expenses before you even begin your journey in acquiring a business degree.
1. Scholarships
Being a business major aspirant, you are likely the one wanna-be entrepreneur who is grappling to finish college with minimal debt. Scholarships are the best way to lessen the education cost and get you a major financial aid for your business major. There are several partial and full scholarships available for students at business schools. Some scholarships feature specific requirements like active involvement in a group or enrolling for a particular course.
Other types of scholarships like athletic scholarships cater to general education requirements, but that also needs the maintenance of grade point average that varies from school to school. Business degree pursuers can also access scholarships awarded by professional federations to qualified individuals, so make sure you check it out during your scholarship research.
Other prospects to explore through various business degree scholarships include public and private-school-sponsored financial aid, scholarships distributed by religious organizations, community group-sponsored scholarships, philanthropic foundations awarded financial aid, and scholarships offered by large corporations. CollegeData is an excellent resource that you can use to make informed decisions about your business school education.
2. Work-Study Programs
While there are many part-time work opportunities for students out there that secure finance sections for them, many aspirants fail to search for one feasible program which can manage their work and study altogether. Applying for devoted community-related, teacher-assisted, or on-campus jobs can let you earn a few bucks to pay your business school fee. Getting into these programs depends upon the availability of funding and the extent of your financial need. Most of the students prefer to choose programs from their own field of study, as it opens opportunities for gaining work experience while simultaneously funding their education.
You will earn at least the minimum wage or more conditional to experience and skills level. To apply for the work-study program, specify your preference while filling FAFSA form.
3. Grants
Grants are one of the most advantageous options to pay for your business school because federal grants do not demand a repay. The federal grant initiatives worth more than $400 billion in the United States are available for distribution. Obtaining financial assistance in the form of the grant can prevent you from stumbling into copious amounts of debt. Although applying for a grant consumes energy and time, it is well worth the effort you expend when you do not have to balance a part-time job while completing 18-credit semesters.
Business schools, consider students for grants once they apply to a school and fill out a FAFSA form. It is important to note that graduate programs like an MBA do not have broad federal grant opportunities, so the options are quite limited. Federal grants often go to undergraduate students, so it is advisable to review the requirements carefully before submitting an application.
4. Loans
An education loan is an ideal option to choose so that your business schooling cannot be hindered. Many public-sector, private-sector banks and NBFCs are there who grant low-interest student loans catering to the education need. Either it is about studying in India or abroad, these institutions pander to your financial needs. The federal government gives loans with more flexible payment options and lower interest rates compared to other sources. Although, it is essential to thoroughly understand the basic essentials of loans to avoid any misunderstandings during the designated period. A lender can check his/her eligibility and request a credit check and co-signer for loan grantation.
You can also apply for Stafford unsubsidized and subsidized loans offered by the Federal government through the education department. These loans can be utilized to cover other educational expenses such as tuition.
Direct PLUS loans offered by the Federal government carry a 7.9% fixed interest rate and more moderate credit requirements.
5. Crowdfunding
Crowdfunding is another unique way of getting financial assistance to fund your business degree. To get crowdfunding finance for studies, a business degree pursuer has to go through a simple process that involves soliciting funds from third parties, mainly through various crowdfunding websites and social media platforms.
Crowdfunding offers a convenient way to receive donations from friends, coworkers, and relatives without asking for money favors straightforwardly. Students can also request contributions from willing strangers by making a compelling case through an online post.
Final Words
Besides tuition, you will incur material and accommodation costs, transportation, activity fees, and personal expenses when pursuing a business major. These expenses can add up to thousands of dollars during your studies. So, it is paramount to acquire a copious amount of financial aid to secure your four-year business degree journey.