Online MBAs are more affordable than in-person programs, with the world’s top ranked course according to the Financial Times, the Warwick Business School Distance MBA, costing $ 47,000.
But even affordable online MBA programs are still a big investment, and you might not have the money set aside for it.
Here are five options available to fund your online MBA program.
Many companies are willing to help their employees fund a degree if it helps them become a better asset to the company.
Some employers are more likely to sponsor an MBA online because of the flexibility of these programs, which allow you to continue working full-time or part-time while you study.
Consulting firms and financial services companies often have tuition reimbursement programs, with funds earmarked for employee business training.
Small businesses that may not have sponsored an MBA before may need a bit more conviction, but if you can present a sponsorship well, they might be motivated to fund your MBA online.
To increase your chances of success, focus on the benefits of your chosen online MBA, such as how the schedule will allow you to juggle study and work, and how you will apply the skills you learn in the course. from the program to your role.
By helping you finance your education, your employer is investing in you, so show them the return they can expect.
The average American MBA student takes out $ 62,000 in student loans a year, according to the loan company Juno, which helps students negotiate bundled student loan agreements.
While distance learning is often cheaper than an in-person program, loans are often required to fund your online MBA.
You can take out a loan from a bank or from a student loan organization like Prodigy Finance.
Prodigy Finance was founded by three MBAs to make loans more accessible to international students. It allows students to take out loans without collateral, guarantor, or co-signer, and you don’t need to start repaying until six months after class ends.
Depending on your financial situation and academic record, you may be eligible for a need-based or merit-based scholarship that covers some or all of your tuition.
If you come from an under-represented demographic, you can apply for Diversity or Gender Focused Scholarships aimed at improving gender equity and increasing the representation of students from all backgrounds in the MBA class.
There are thousands of scholarships available, either provided by business schools or by an external body.
For example, the Forté Foundation, an organization working to increase the number of women applying for and enrolling in MBA programs, offers scholarships to women pursuing an MBA at one of its sponsored schools.
Meanwhile, IE Business School, which offers one of the best online MBA programs in the world according to the FT, has launched a scholarship fund endowed with two million euros to support students affected by the pandemic.
Research the scholarships you may be eligible for and contact past grantees to learn more about the application process and how a scholarship could help you fund your MBA online.
Many MBA students use their savings to fund their program. The advantage of pursuing an MBA online is that you can continue working throughout the program rather than having your earnings suspended, which makes self-funding much easier.
Some students continue to work full-time, choosing to take their MBA courses online in the evenings and on weekends, while others turn to a part-time schedule.
Either way, the flexibility of an online MBA means you don’t have to give up your salary altogether and drain your personal savings.
If you are looking for a more original way to fund your MBA online, you may want to consider crowdfunding.
On sites like GoFundMe or Crowdfunder, you can create a donation page that allows friends, family, and even strangers to help fund your education.
In 2019, Sarel van Baalen was able to attend the school of her dreams, the Oxford Saïd Business School, thanks to crowdfunding.
Sarel has designed an elaborate system of rewards, with different amounts of donations giving access to different advantages. For example, with a donation of £ 5, you would receive a monthly Oxford newsletter, and with a donation of £ 1000, Sarel would help you build a website.
To fund your MBA online, you might want to get creative and grab a page from Sarel’s book.
Make sure to consider several different options for funding your degree and don’t be afraid to mix different approaches so that you have the chance to attend the online MBA program of your dreams.
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