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How to pay for business school
Getting your MBA could cost over $200K, but there are ways to cover expenses.
6 ways to finance business school
You might want to take advantage of some or all of these options when applying for financial aid for business school. Be sure to get started as soon as possible to take advantage of the best deals available to you.
Compare 4 private student loans for business students
|Lender||Variable APR||Fixed APR||Loan terms||Eligibility requirements|
|CommonBond||5.2% to 6.91%||5.37% to 7.2%||10 or 15 years||
|Citizens Bank||3.17% to 9.9%||4.45% to 10.59%||5, 10 or 15 years||
|Discover||3.99% to 11.87%||4.99% to 12.24%||20 years||
|Sallie Mae||4.25% to 9.87%||5.5% to 10.23%||Up to 15 years||
How much does an MBA cost?
The average tuition for an MBA program is around $60,000 a year. When you factor in fees, housing and other school-related expenses, the total cost of attendance can easily top $100,000 a year — that’s $200,000 for a two-year program.
Cost of attendance at 5 top business schools
Here’s how much it costs per year to attend some of the top business schools in the country:
|School||Annual cost of attendance|
|MIT Sloan School||$118,818|
|University of Chicago Booth School of Business||$108,822|
|Columbia Business School||$114,309|
|Northwestern Kellogg||$105,610 to $140,366|
|UC Berkeley Haas||$99,332 to $101,538|
4 ways to make your MBA worth it
A business degree is one of the most expensive graduate degrees you can get outside of medicine. These tips can help you get the biggest bang for your buck.
- Make connections. Don’t miss out on the opportunity to network with professors and other students. Knowing the right people can help you land your dream job in the future.
- Challenge the way you think about business. Going to school allows you to take a step back, reevaluate what you want to do and take a fresh approach. Don’t ignore your instincts to go off in a different direction — you could end up doing something more excited than you’d planned.
- Don’t settle for a lower salary after you graduate. Companies tend offer higher starting salaries to business-degree holders — sometimes twice as high as their counterparts with bachelor’s degrees. Don’t settle for a salary you could have earned before.
- Ask for raises. In addition to higher salaries, MBA holders are often eligible for higher raises. But they aren’t always handed to you. Sometimes all you need to do is ask.
Compare more private student loans
Going to business school is expensive enough to make free financial aid a necessity. Without it, you can easily meet your Direct Unsubsidized Loan limit in just two semesters. But there are several options to pay for your degree, from employer-sponsored programs to scholarships and grants.
Explore even more ways to fund your MBA with our guide to student loans.
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