“I do think you have to break out the costs over what you’re going to get over the entire life of your career.
You might take a promotion or two during the term of the program…and just that over time will more than pay for the degree,” she said.
Student Loans and Financial Aid While many associate the Free Application for Federal Student Aid (FAFSA) with their undergraduate days, Vanderbilt Executive MBA students can actually apply for financial aid through this program.
“This is a full-time program, eligible for the FAFSA, and you can get student loans for all of it,” Bennett said.
There are also websites available that can match you with outside scholarships after you fill out a profile; you then apply for the scholarships by submitting an essay.
Mba Sponsorship Essay Essay Writing 101
Company Sponsorships Executive MBA students are often eligible for some level of financial support from their employer, as getting an MBA significantly contributes to their professional development.“If the request is accepted, it can radically expand your financial options and even increase your chance of admission.Sponsorship also invests your employer in your personal success, often leading to better post-MBA roles.” UNDERSTAND COMPANY POLICY Before even submitting a request for MBA funding, it’s important to first examine and understand your company policy around sponsorship.Outside Scholarships There are also scholarships available outside of Vanderbilt, such as the Pat Tillman Foundation for veterans, and many local community foundations also offer scholarships for residents pursuing continuing education.Depending on your current job, you might qualify for an industry scholarship.“The company isn’t paying to improve your personal career prospects, they’re essentially buying business intelligence from an innovation hotbed like HBS, Stanford, or Wharton.” UNDERSTAND YOUR OFFER If your pitch goes well, you’ll receive an offer for tuition sponsorship.However, experts stress the importance of understanding the details that come with that offer.However, sponsorships often come with agreements whereby recipients agree to stay with the company for a set amount of time (typically three years as well), so students must decide if this agreement is worth the time commitment.Other Options For those Executive MBA students who pay out of pocket, tuition may be tax deductible depending on your situation; an accountant will be able to best advise you on the tax implications of this payment route.Others opt to refinance their home or take out home equity loans, sometimes finding that this is a cheaper route due to the strong housing market.529 savings plans can also be used to pay for graduate school, and you can name yourself the beneficiary of a 529 fund, allowing you to put that money towards an Executive MBA program.