Once you’ve graduated from college, you may have thought your days of hustling to make tuition payments were over. After spending some time in the workforce, however, you may decide it is time to head back to graduate school for your MBA.
There is no denying that earning this degree is beneficial. It can dramatically increase your earning potential and help you qualify for jobs you find more appealing. It won’t be cheap though, and you will need to find a way to manage the expenses so you can focus on school. There are various ways to pay for your MBA degree and different ways to structure your education. The flexibility makes it easier to come up with a plan that will work best in your situation.
Decide if Full-Time or Part-Time is Right for You
Deciding between returning to school full-time or part-time can be simple if you are working a full-time, demanding job. Even if you work a job with more flexibility or you are not currently working, there are reasons why part-time school may make sense. If you have been out of school for a while, it makes sense to take just a few classes for the first semester to make the transition easier. If your undergraduate degree did not include many business-related courses, you may find that taking fewer classes allows you to get up to speed. Finally, you may choose to attend part-time to spread out the expenses, making it more affordable.
Explore Different Options to Pay for School
Paying for your MBA degree doesn’t have to be a struggle. There are several ways to pay, and you can use a combination of methods to help ease the stress. If you are working full time, check with your employer. Many offer tuition reimbursements, and while it often comes with a few strings attached, you probably still need to pay for your classes up-front and will be reimbursed at the end of the semester. Most companies expect you to stay at your current place of employment for a certain period after the reimbursement, or you will need to repay the money. Finally, you may owe taxes on the reimbursement money, so be sure to check with a tax professional before filing. Taking out MBA student loans through a private lender allows you to borrow the money needed to cover tuition and other expenses. You can borrow what you need, whether it is a little to bridge the gap between savings and tuition or the full amount of tuition and other educational costs.
Consider Alternative Ways to Learn
There are many choices available for earning your MBA. You can take the traditional route, attending school on campus full-time, but that isn’t always the best choice for everyone. If you want the benefits of in-person learning but need to continue to work, look for low residency programs. These expect you to complete much of the coursework on your own. You will meet on campus for in-person classes throughout the semester. Depending on the program, you may meet every other weekend or just a few times.
Another option is online learning. Online options have exploded in the past few years, and online learning is no longer seen as a second-class education. Most colleges and universities have at least some online options, and many offer complete degree programs online. If you have many other obligations, such as work and family, to juggle, but are self-disciplined enough to prioritize your studies, online learning can be a great option.