You’re already convinced that you want to get your MBA, and you have some idea of the potential benefits it could bring to your career. Maybe distance learning programs such as the one at Washington State University (WSU Online) have shown you what particular traits you’d bring to a leadership position. Or perhaps you want to learn the intricacies of data, performance management and operations as it’s taught by schools like the University of Maryland. However, what seems to be the larger issue is how to fund your new degree. Thankfully, you have options.
Tuition Reimbursement: What You Need to Know
Many organizations offer some Tuition Reimbursement for employees seeking additional education. An article in Forbes Online discusses this trend, noting that many companies have differing requirements to fund your further studies. They may require that the degree you pursue must relate in some way to your current job or to another position you could potentially take elsewhere in the company. Still others may insist that you meet a minimum length of employment before they’ll give you any funds. It’s a good idea to check with your human resources or benefits department for your company’s eligibility terms.
Before applying for your company’s program, it’s also wise to check on other specific Funding requirements. Some might ask you to maintain a specific grade average, and policies vary from company to company. Just to be on the safe side, you may want to have an alternate funding source to pay your tuition and other expenses. This is particularly true if your grades dip below requirements at any time, or if the money doesn’t get disbursed until after you’ve begun studies.
Apply for Federal Funds and Scholarships
If you haven’t been in school for a while, it’s easy to forget some of the intricacies of seeking Financial help for your education. Your first step after being accepted should be to visit the financial aid department. You don’t necessarily have to do this in person—and for a distance education program, you probably can’t. However, many student aid divisions have a wealth of resources available on their websites, so start there before you begin applying for any funding. Besides federal loans and grants, you may be eligible for some forms of scholarships or other funding.
To apply for any aid, you’ll need to start by completing the Free Application for Student Financial Aid (FAFSA). The FAFSA can now be completed online, and the U.S. Department of Education advises that you’ll need your previous years’ tax returns and bank statements or other records of investment income, as well as any other proof of untaxed income you’ve earned. Also, make sure you have your Social Security Number or Alien Registration Number ready when you start your paperwork.
Go Forth and Seek Funding
Some suggestions may have seemed like elemental basics. However, when you’re looking for ways to pay for your schooling, it doesn’t hurt to ensure you don’t overlook anything. Your company’s tuition reimbursement program is a good start, but it doesn’t hurt to have a backup plan with loans and grants. Armed with the right information, you’ll be prepared to pay your way through your MBA.
