Most people are shocked to hear that the pursuit of an MBA is so expensive. Most top tier programs are $40K+ per year, not counting the $15-20K in annual living expenses. How does this get paid for? Most students (myself included) don't have $110K in cash laying around, so we look for alternative sources. Here are the sources available, listed in generally accepted order of desirability:
- Scholarships - this is any sort of free money. These can be based on merit or need. In other words, you are very smart or very poor.
- Hope Credit - The US Government is kind enough to donate $2K per year.
- Stafford Loans - These are Government subsidized loans which do not start bearing interest until after graduation.
- Third Party Loans - These sound pretty fancy... like you're having a bunch of parties, but in reality this is a typical loan no unlike a car or personal loan. High interest and no interest deferment.
- Tin Can - if all else fails you may find yourself begging and pleading for funding.
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