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If you are considering going back to school for your MBA, chances are that one of the deciding factors is how much it will cost. With tuition and fees coming in at anywhere from $20,000 to $100,000+, it’s not surprising. But, what if you could cut that tuition price tag down to nothing? What would be stopping you then?
These 3 strategies will help you combat the cost of going back to school for your MBA. And they may even help you to get a free MBA!
1. Scholarships and Grants
You may have thought that the chance of paying for school with scholarships and grants ended when you graduated from undergrad, but there are scholarships and grants available for graduate students. In fact, more graduate scholarships and grants are available for MBA students than any other type of graduate program.
Most state schools automatically consider each accepted student for institutional aid based on merit. Some, like Arizona State University, offer scholarships that cover the entire cost of tuition. Need-based scholarships are not as common as merit-based aid, but they do exist.
If you’re not able to cover costs with institutional aid, there are also private scholarships available.
2. Attend a program with free online options
As the landscape of online education changes and online degrees are more commonly accepted worldwide, more and more traditional programs are adding online options. But some colleges, like the University of Illinois, are taking things to another level entirely and putting their entire programs online for FREE. Students can now complete all of the necessary requirements of the MBA program through Coursera.
Although programs like this may not end with a full degree, they do result in certificates of completion. Students may decide to receive their MBA degrees by paying tuition.
3. Have your employer foot the bill
Paying for current employees to return to school and receive their MBA degrees is becoming a popular trend in the business world. This is a great way for students to continue working while receiving their degrees and break through the glass ceiling. And really, it’s a win-win for everyone involved. Employees are able to further their education and employers are able to recruit for higher-level positions from within their company, allowing them to hire better-qualified people.
Programs like this often work with employers reimbursing them for the costs of tuition after successful completion of each semester.
