Question by cuitarded: How can I finance a Harvard Business School MBA?
I come from an undergraduate education in Chemical Engineering. After some work experience I plan to apply to HBS or another top ranked MBA program.
I hear people say how I should be able to get someone else to pay for my grad school, but I am not sure that business school is in the same boat as an MS in engineering. Engineering graduate students have options to become a teaching and/or research assistant, that in part (or in some cases fully) pay for grad school. I am not sure if options like this exist in MBA programs.
Can anyone verify this? If so, what are my options for paying for an HBS (or similar) MBA program, besides loans? I am sure I would get some type of financial assistance from the school, but only partly, and I am trying to explore my other options.
Thanks
EDIT: Should loans be the only way to go, I already owe about 50K for my undergrad. Is paying this plus MBA loans off in a reasonable time a reasonable assumption?
I understand the FAFSA process, as I did that with my undergrad education. I’m aiming to stay away from as many loans as possible though
Best answer:
Answer by neniaf
It used to be very common for employers to pay for their employees’ MBAs, but that has become far less common these days, since companies have cut back and employees have been less loyal (companies don’t want to pay for the MBA only to have the employee use it to get a new job with another employer!).
I would doubt that there are options to be a teaching or research assistant, as Harvard has a doctoral program in business which tends to fill those roles for the faculty. You can talk to the admissions office, which can tell you about any inancial aid which may exist. However, for full-time MBAs, loans are the most common source of funding. Keep in mind that this is an investment in a much higher salary down the road. You should not have much problem paying off these loans.
Know better? Leave your own answer in the comments!
There are two sources for student loans — the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In mostyou can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan.