How to Pay for Your Online MBA Program

Students who are interested in bettering themselves academically can do so by completing their Master’s degree. While a Bachelor’s degree in business administration is often a reputable and respected award, it often does not lead to employment in a variety of settings. Consultancy is a sought after position, but often cannot be attained through a Bachelor’s degree alone. This is when a Master of Business Administration award can be made useful!

There are reasons why students are restricted from pursing higher education. Cost is often one of the leading reasons why students fail to reach graduate level in their degree programs. While cost can be reduced through selecting an online option, it typically will not be seen in a reduction of tuition costs. It is therefore important to properly plan for a pending online education and find sources of funding if adequate savings are not available.

Online MBA Scholarships and Bursaries

It is important to note that many students in an online MBA program will not qualify for funding through scholarships or bursaries. This is because online study is usually not regarded as a “full time” study option and is usually bundled in with other means of “part time” study. This will greatly restrict what is available to students in terms of funding, but that is not to say that there is no funding whatsoever.

A scholarship is a fixed payment that is made at set intervals throughout the program of study, such as once for every year of study. This is in direct contrast to a bursary that is a one-time payment that varies in terms of its payment value. A bursary can be made in any value depending on a student’s proven need, whereas a scholarship does not take costs into account. This means that a bursary is often more difficult to get and will require the student to make an extended appeal that includes documented evidence surrounding the costs. Scholarships typically only require simple essay appeals.

For online study, students have the option of applying for contest scholarships. All Ink, a printer supply company, offers up to $10,000 USD per year in scholarship awards for students who submit successful essay responses. Other noteworthy contest scholarships are offered by The Writers of the Future and the Ayn Rand Institute.

Employment-based Online MBA Funding

Students may also seek the assistance of their employers when it comes to funding their academic program. If students are unaware of what their place of employment offers in terms of academic funding, then it is often prudent to discuss these options with a superior who is knowledgeable in the topic.

Students may also find that they’re able to acquire scholarships through part time employment. For example, McDonald’s offers a $1,000 contest scholarship for part time employees who submit successful essay responses in their state or province. This could very well be a great way to make part time employment work for the student!

Comments

2 Responses to “How to Pay for Your Online MBA Program”
  1. I think that it is not fair that online schooling is not considered a full time study, it really is and it takes much more self discipline as well.

  2. Best Online MBA says:

    The good news is that online education is becoming more and more popular and therefore more and more accepted too, so I suspect that things will change and more and more scholarship opportunities will be made available to online students.

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