What type of Financial Aid is Available for an Online MBA Degree?

Loans

Like students who study at traditional brick and mortar institutions, students who choose to learn online may also qualify for a variety of different types of loans. Many students choose to use government loans to fund their graduate education. Subsidized Stafford loans are generally considered to be the best option with unsubsidized Stafford loans following as the next best choice. For students who qualify for a subsidized Stafford loan, interest will not accrue while the student is attending school; however, interest on unsubsidized Stafford loans accrues throughout the course of the student’s study. Federal Graduate PLUS loans are also available and generally have a higher interest rate than Stafford loans. Other types of loans students may use as online MBA financial aid include loans that are funded by the student’s individual school and private loans that are offered by banks, credit unions, and other lending institutions.

Scholarships

Most students consider scholarships to be the most desirable source of education funding. Scholarships can be issued by a variety of sources and, unlike loans, are not required to be repaid to the funding source. Finding scholarships for a graduate degree is often more difficult than obtaining a scholarship to cover an undergraduate education; however, many schools, trade organizations, and other groups offer scholarships. Students who are seeking online MBA financial aid should consult their school to determine whether applicable scholarship opportunities are offered. Trade organizations also offer scholarships to students in addition to non-profit groups. Scholarships are generally divided into two categories: need-based awards that are given to recipients based on their financial need and merit-based scholarships that are awarded as a result of the student’s previous academic performance or as a prize in an essay-writing contest or another competition.

Employer Tuition Assistance

Companies are increasingly investing in their employees by helping them become more educated. Students who require online MBA financial aid may find that their employer offers tuition assistance to encourage more employees to pursue advanced degrees and to assist those who have made the decision to enhance their skill set by going back to school. Many large corporations offer employee tuition assistance; however, students who work foe smaller companies may find that their employer offers tuition benefits as well.

For people who are considering earning their MBA online, the need for financial assistance should not be a barrier to pursuing an advanced degree. Prospect students are likely to find that many of the opportunities that are available to traditional MBA students who attend classes on campus are also available to online students. In many cases, scholarships, loans, and tuition assistance programs are often available to those who wish to are seeking sources for online MBA financial aid.