“Student loans” – words that strike fear into more than half of the college graduates in the US. After all, these debts must be paid off, but it takes years and even decades at times to do so.
The Biden administration in the US recently canceled the debts for 160,000 students. His administration plans to cancel similar student debts for over 30 million Americans.
However, as reported by Statista, American students still owe around $1.75 trillion in student loans. Most importantly, because of having to pay off such loans, not many graduates look forward to pursuing postgraduate studies.
In 2022, just 21.4 percent of all US college graduates earned master’s degrees. Having to pay off student loans stopped many graduates from pursuing the same. That being said, there is a path to pursuing a postgrad despite having to pay off student loans, and that is through scholarships.
In this article, we’ll walk you through the ways you can get a postgrad degree by securing scholarships or funding. For the sake of today’s discussion, we’ll strictly center our discussion surrounding MBA scholarships and degrees.
Understand Recent MBA Scholarship Trends
Every year, there are certain MBA scholarship trends that you need to keep in mind if you’re to apply and secure such scholarships. These scholarships can vary from one MBA program to another. Usually, there are a fixed number of scholarships associated with certain MBA programs.
For instance, it’s been noticed that between 2017 and 2020, the number of MBA scholarships has increased by at least 30 percent. On top of that, the total value of these MBA scholarships has also gone up by 50 percent. Hence, it’s evident that there are opportunities available and you can avail them with the right qualifications.
Also, certain majors or areas of concentration might offer more scholarships than others. For example, AI is a big thing now. Therefore, if your work or research involves anything to do with AI, you might have a better chance of securing a good scholarship.
Keeping up with these trends when it comes to MBA scholarships is vital if you want guaranteed funding opportunities.
Check If Your Workplace Offers Funding for Higher Studies
Many companies recognize the value of having employees with advanced degrees and are willing to invest in their education. This can come in the form of tuition reimbursement programs, where the company covers a portion or even the entirety of your tuition fees.
Some organizations have partnerships with universities to offer discounted rates for their employees. It’s essential to have a conversation with your HR department or supervisor to explore these options. This reduces the financial burden and shows your employer that you are committed to advancing your skills and contributing more effectively to the organization.
Also, securing such funding can provide a sense of job security, as companies are often keen to retain employees who have received educational support.
However, some organizations might ask you to sign a contract where you have to stay with the company for a certain period. This, of course, is only if the respective MBA applicants take the organization’s scholarship money to pursue their MBA degree.
Look for Teaching or Research Assistantships
Another viable option is to look for teaching or research assistantships at the institutions where you are applying. These positions often come with significant financial benefits, including tuition waivers and stipends to help cover living expenses.
Teaching assistantships usually involve assisting professors with undergraduate courses, grading assignments, and sometimes conducting your own classes. Research assistantships, on the other hand, typically involve working on research projects, gathering data, and contributing to academic papers.
Both roles provide valuable experience, enhance your resume, and offer opportunities to network with faculty and peers. Most importantly, they substantially alleviate the financial burden of tuition fees.
To secure an assistantship, you should highlight your academic achievements, relevant experience, and enthusiasm for the subject in your application. Don’t hesitate to reach out to professors or department heads to express your interest and learn more about available opportunities.
Ideally, these positions are perfect if you don’t have another job. That’s because as assistants, graduate students have office hours every week at their respective business schools.
Apply for Grants
Applying for grants is another excellent way to fund your MBA studies. Grants are typically need-based or merit-based, and unlike loans, they do not have to be repaid.
There are numerous organizations, foundations, and government programs that offer grants to business students pursuing higher education. The application process usually involves demonstrating your financial need, academic excellence, or specific career goals that align with the grant provider’s mission.
It’s important to identify grants that are specifically targeted toward MBA students, as these will have criteria and benefits tailored to your field.
Ensure you clearly articulate your ambitions in your application for the grant. Grants might require you to put in work on some kind of business-related research. That’s because a lot of these grants are basically research donations. Hence, to receive them, you must commit yourself to some kind of research.
That being said, not all grants require you to commit to such research, so you’ll have to properly understand the grant’s requirements.
All in all, you don’t have to put your MBA dreams on hold just because you have student loans to pay off. As discussed above, there are plenty of funding opportunities that you can avail to pursue your higher studies in business administration. All you have to do is look for them and apply.
With the right qualifications and a good application, nothing can stop you from securing funding and pursuing an MBA.