Business Student Grants
Business students will find that they have many options for grants and scholarships, especially on the undergraduate level. Undergraduate business students should follow the procedures mentioned for the Pell Grant and learn about undergraduate grants.
Regardless of the level of degree you are seeking, the first place to start with relevant information regarding grants for business students is the college or university itself. The financial offices and the business schools should be able to provide up-to-date information regarding particular grants and scholarships that could be available.
How to Pay for an MBA
On the level of a Masters of Business Administration (MBA), undergraduate grants such as the Pell Grant do not apply, so here is some information that may be of help in your search to fund an MBA degree.
Keep in mind that most grants and scholarships for MBA studies tend to only make a dent in the overall cost. Business Administration grants can send students on their way toward fulfilling global careers. It is still a good idea to complete the Free Application for Federal Student Aid (FAFSA) forms in January of the year you intend to start studying for an MBA, because many scholarships and grants are need-based. Even low-interest student loans usually require the forms to show proof of financial need.
Through the Screen Actors Guild Foundation there is also the Woodbury University’s Matching Scholarship Program, for students pursuing a graduate degree. The graduate degree could be in a number of disciplines in which the entertainment industry is involved, including business degrees.
The National Society of Hispanic MBAs (NSHMBA) is offering scholarships to both full-time and part-time MBA students. The annual deadline for the scholarship is May 2nd. To be eligible, candidates must be members of the NSHMBA. Membership is free. Scholarship range from $2,500 to $10,000 and are based on financial need. Candidates must be U.S. citizens or legal permanent residents of Hispanic heritage with a minimum 3.0 GPA. Those who demonstrate two years of full-time work experience can apply with a 2.75 GPA or better. Online applications are accepted from March 1st till April 30th. For further details see the website nshmba.org or contact Julie Farlinger the scholarship manager at (507) 931-1682.
If you do not already have the means to fund your MBA education, you will likely be looking into the following options:
- employee sponsorships
- federal loans
- private loans.
Employee Sponsorships to Pay for an MBA
Regarding employee sponsorships, it is not uncommon for employers to pay for all or part of an employee’s MBA education. If your employer sponsors you, you will likely have certain obligations to fulfill toward them in return. Usually you are required to stay a specific number of years with the company after completing your MBA.
Federal Loans to Pay for an MBA
Federal loans are the best place to look if you need to borrow money to help pay for an MBA. Examples of federal loans include the need-based Perkins Loan and the Stafford Loan. The Perkins Loan carries a very low interest rate. To apply, the student must fill out the Free Application for Federal Student Aid (FAFSA). The Stafford Loan has a relatively low interest rate. You only pay interest from six months after your graduation date. For undergraduate students, the interest rate is lower than for graduate students. As of December, 2011 undergraduate students were paying mostly in the three to four percent range, while graduate students were paying in the six to seven percent range.
Private Loans to Pay for an MBA
Private loans are a common way to help fund an MBA education. Eligibility requirements for private loans depend on who issues the loan. Foundations, corporations, and banks are good places to look for such loans. Keep in mind that the interest is generally higher than the federal loan, so you try to use private loans as a last resort. Depending on your credit record, you may be able to get a loan to help pay for your MBA in range of six or seven percent using people to people loans, such as Prosper.com.
Summary of How to Pay for Business School
Undergraduate students as well as students earning an MBA degree will find that exhausting the resources to find college grants and scholarships can help them pay for college before resorting to taking out a loan.
