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What MBA Scholarships Are Available for Online Schools?

Earning an online MBA is an incredibly smart way to boost your salary higher, but at the same time, earning that degree is a large expense. Generally, you can expect to pay an average of $30,000 for your MBA degree. With such a whopping figure, it's only natural that you'd look for scholarships and other forms of financial aid that will allow you to make earning an online MBA more affordable.

Most MBA students will find that finding financial aid for studying online is not much different than financial aid for a traditional MBA program. If you are attending a properly accredited school, it should be recognized as legitimate by authorities that offer scholarships and other financial aid. Generally, you can find financial aid in the form of grants from employers, federal assistance, and private scholarships. Many online MBA programs offer scholarships and payment programs as well.

If you're interested in receiving financial aid from the federal government, you have to get started by filling out the Federal Application for Student Financial Aid (FAFSA). By filling out this form, you will be providing all of the information the government needs to determine how much money you reasonably need to be able to afford to go to school. This will ultimately decide the amount of money you will receive from the government in the form of grants, student loans, and other financial aid. After you are cleared for eligibility, you can apply for federal financial aid including Perkins Loans, PLUS loans, Stafford loans, as well as federal scholarships and grants.

In addition to assistance from the federal government, you should make good use of scholarships available to online MBA students and graduate students of all types. Generally, you can find scholarships based on your academic performance, talent, demographics, and other factors. Private scholarships tend to have specific requirements, such as GPA levels and community service, but you will not need to pay this money back. An excellent strategy for finding and winning scholarships is to seek out those with less competition. So if you know of local awards or those that are meant for a very specific niche of people, do your best to apply for those scholarships. A great way to find out about available scholarships for your online MBA program is on online scholarship databases. These include FastWebScholarships.com, IEFA, and other online resources.

Many MBAs, especially those pursing an online degree, decide to go to school while working as professionals in their field. As a working professional, you should investigate with your human resources department or supervisor about options for financial aid. Many companies are willing to invest in your education, because it means that they will benefit from your increased skills and education. Even if you're only offered a small bit of assistance, every penny helps. In addition to companies, you should also look to organizations that you belong to, or qualify as a member of. Often, organizations and professional associations will offer you assistance with educational finance in order to improve the standing of the organization and the field at large.

An excellent resource for finding scholarship money and other financial aid is your online MBA program's finance department. They are well aware of the cost of the degree they offer, and are generally armed with a plethora of information that is helpful for students who need financial assistance. At smaller, less prestigious schools, you may even find that MBA programs offer academic scholarships to attract talented students, so you could end up getting a free or heavily discounted MBA education. Whether they have scholarships, grants, and loans specific to their school, or special scholarship resources, you can be sure that your online college can point you in the right direction when it comes to financial assistance.

Finally, a major part of finding financial aid for your online MBA program is being getting started early and be persistent. Use all of the resources at your disposal and never be afraid to ask for help. With these strategies and the knowledge in this guide, you should be able to find a wide variety of financial aid options and scholarships that will help you pay for your online MBA education.

Featured Online Business Schools & MBA Programs

Capella University – Master’s Degrees. An ideal choice for working adults, Capella University is dedicated to providing quality learning environments for all students. With business degree options that are affordable, Capella lets the student choose when and where to take classes.

More Info on the Capella University

American InterContinental University – Associate’s & Bachelor’s Degrees. With multiple business concentration degrees, American InterContinental University is ideal for any student looking for a degree focusing on Accounting, Marketing, Finance, International Business, or Management. Their flexible programs also allow students to engage in other responsibilities while earning their degree entirely online.

More Info on the American InterContinental University

Kaplan University – Associate’s & Bachelor’s Degrees. As one of the largest and most prolific online universities, Kaplan University provides numerous MBA & Bachelor of Science Degrees in Business at their campus and online locations. Full-time and part-time students will be satisfied with the business degree plans offered by Kaplan.

More Info on the Kaplan University

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