Four Questions to Ask When Planning for Your MBA
Receiving your acceptance letter to an MBA program can be a relief, but the pressure isn’t totally off. While this feels like a time to celebrate your acceptance into such a program, it is also a time to figure out how you will pay for these studies. Accepted students need to speak with financial aid experts in order to figure out their options regarding paying for their education.
Studying to receive an MBA is one of the largest financial obligations that you will have at this age. It’s important to think about the long run and how your finances will be after you leave school. If you are going to business school and are speaking with your school’s financial aid office or with other experts in financial aid, you should ask these four questions:
1) What does the total cost of attending this university include?
When we think about paying for school, we typically think only about tuition. But the truth is, students also need to pay a number of fees. For example, many schools have a student government association fee. In addition, there is often a pre-term fee for your technology or facilities that you have access to. You will also have to pay for a number of books and course packs, and student medical insurance. In addition, students can ask if the total cost will include room and board and travel expenses.
2) How much money will I be able to make after I finish my degree?
Planning your finances is all about thinking ahead. When you think about the amount of debt you would like to take on for school, it is important to think about what you want to do after graduating. You should also consider how much you will make in the working world as an MBA. It is a good idea to speak with a school’s career services department in order to find out the average salary of graduates from that school in certain fields. Some schools even post this information online.
3) Are the school’s scholarship offerings renewable?
Not all schools that offer scholarships allow students to utilize them for their full two years of their MBA Program. While the scholarship can usually be used for both years, this is not always the case. If a school offers one-year scholarships rather than two-year scholarships, it is a good idea for students to try and get it to cover two years. This can be done by contacting the admissions office. While it is not definite that they will say yes, it is definite that you won’t get a renewed scholarship if you don’t ask.
4) What types of part-time employment opportunities are available?
Scholarships and loans don’t always cover all of the student’s expenses. Accepted students should ask about additional ways to make money. MBA programs can be busy, so typically those who work only work a few hours a week.
When it comes to paying for higher education, it is important to get all of the information. If you’re trying to figure out how to pay for business school, asking a financial aid expert these four questions will point you in the right direction.
Originally published at johnmcdonoughfinancialadvisor.com on March 3, 2016.