Top 10 Tips to Decrease Cost of Your MBA Education

mbaSave Money for College MBA Programs

Going to college can be quite expensive depending on where you decide to go. Don’t wait until the last moment to start saving. The sooner you begin the sooner the money you save will start earning interest. There are programs available that let you save for college without being taxed on the interest your savings earn. A couple of these programs will be discussed later

Reduce Your Expenses for Attending College

Many people feel that the cost to attend school has become too high. Others find MBA programs to be expensive but think of them as an investment that is worth the advantages it brings. If you have plans to earn an MBA there are some things you can do to reduce the money you must spend. To lessen what you have to take out of your own pocket you can work to reduce expenses and use money from the government as well as private organizations to help offset costs. The following are 10 tips and suggestions that will help you pay less for a MBA program:


  • Income Tax Savings for College: A number of tax-advantaged college savings plans exist to help you save for college costs including 529 Savings Plans and Coverdell Education Savings Accounts. Most states offer a version of a 529 plan. These plans allow which your contributions to grow tax-free as long as the savings are used for college costs.


  • Apply for Scholarships: There are billions of dollars worth of scholarships available from the Federal Government, state governments, colleges, and private organizations. In most cases, scholarships will not have to be repaid. Scholarships are based on merit.


  • Apply for Grants: Grants are similar to scholarships but are based on need as opposes to merit. Most grants also don’t have to be repaid.


  • Have Your Employer Subsidize Your Education: Many employers will pay several thousand dollars of your education per year, up to a full tuition reimbursement. With some companies this is available for part-time help as well as those employed fulltime


  • Minimize your years of College Attendance: Many students end up attending schools for more years than the typical requiring additional expenses. Try to graduate in the specified amount of time


  • Combined Degree or Accelerated Programs: Programs where students can begin taking graduate-level courses during their junior and senior year of college. Some programs give both undergraduate and graduate degree credits. Combined programs reduce the time necessary to complete both degrees, but are usually limited to students with outstanding grades and the approval of the graduate school.


  • Utilize Military Benefits: Military veterans who have served at least 36 months of active duty are entitled to financial assistance including 36 months of undergraduate or graduate tuition and fees, a housing allowance, and an allowance for books and supplies. This benefit applies to officers and enlistees alike.


  • Choose a College carefully: The decision to attend a particular college has an effect on the total cost of your education. There is a wide variety in cost between smaller public universities, large public universities and private schools. The cost to attend may vary between schools by as much as 50 thousand dollars a year. Low tuition colleges are still accredited just as their more expensive counterparts are.


  • Online Classes: Most colleges offer credit for online courses, as long as the majority of courses taken by a student are on campus. Online courses generally cost less in tuition and fees than traditional courses, reducing the average cost of attendance.


  • Attend a Better Known University: It may seem odd but often some of the more prestigious schools can cost less. This is because they have more funds available from donors. These funds are used for grants and other aid.

Write a Good MBA Statement of Purpose

What does the SoP have to do with decreasing the cost of your education? The statement of purpose influences whether or not you get into a MBA program. To get into a top program that has more funds for grants and scholarships, you will need to submit an outstanding SoP. Put time and effort into writing a good MBA statement of purpose and it will pay off for you.

Sofy Alan is a content manager at Her hobby is writing guest posts about tips  for applicants. Her life credo is “If you wish to be a writer, write”. She enjoy her life but in future she dreams of becoming big-name writer and blogger.

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