Ways to Cut the Cost of an MBA

With the price tag of an MBA at some business schools now exceeding $200,000, it’s more important than ever to find ways to cut the cost.

US News recently spoke to experts who offered tips and strategies for lowering the total cost of grad school education.

SEEK EMPLOYER SPONSORSHIP

Many companies offer tuition reimbursement or assistance for their employees who are looking to gain skills through graduate education. Experts recommend reaching out to your human resources department to learn more about your employer’s specific policies.

“Employers usually support executive or part-time MBA programs and the amount of support, financial or other, companies are willing to offer differs,” Stephanie Kluth, the head of admissions for degree programs at ESMT Berlin, tells US News. “Not all companies agree to pay the entire tuition and fees. Some companies offer partial tuition fee coverage, and some students only get time allowance from their employers.”

APPLY FOR SCHOLARSHIPS

Scholarships are another great way of cutting down the total out-of-pocket cost for an MBA. Federal scholarships can be applied for via FAFSA, but experts also recommend applying for local scholarships as well—which can be found through your employer or non-profit organizations. It’s important to note that scholarships may differ substantially when it comes to graduate education.

“Graduate financial aid varies widely across graduate and professional programs and so we encourage students to directly contact the school or program to which they are applying,” Amanda Godley, vice provost for graduate studies at the University of Pittsburgh, tells US News.

REACH OUT TO ADMISSIONS

One often overlooked strategy that experts recommend is reaching out to the admissions office to let them know that you’re eager to attend their school, but the cost is a big barrier.

“When they’re trying to attract talent, they don’t want to leave that competition to other schools,” Eric Eng, founder and CEO of AdmissionSight, a college admissions counseling company, tells US News. “And if you are a pretty good applicant that they have already admitted but are unable to afford it, they will usually give you some buffer or some leeway.”

Sources: US News, P&Q, US News

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