Financing Your MBA
Getting your MBA does require a significant financial investment. Yearly tuition and expenses can range from $20,000 to over $200,000. While that may seem out of reach, grants, loans, fellowships and other programs can make it possible. In fact, more than half of prospective business school students surveyed in 2011 indicated loans would be part of their plan to pay for their education.
While the initial costs may be high, so are the returns. Pay gains at graduation average 34-40% of your pre-MBA salary. After five years, that number rises to 55-65%, giving you a lifetime earning potential of over $3 million. On average, it takes 4 years to recoup the investment in an MBA.
How to Finance Your MBA
With the right mix of resources, it’s possible to attend almost any business school. Make sure to talk with the financial aid advisors at the schools that interest you. Some ways you can pay for your MBA include:
- Fellowships through the MBA program (i.e., teaching or research assistance)
- Need- or merit-based scholarships through the business school
- Federal and/or personal loans
- Private grants from foundations or nonprofit organizations
- Employer sponsorship or loan-forgiveness programs
- Personal savings
- Internship income
Forté Foundation has also developed a strong fellowship program for women just like you. Through our partnership with our business school sponsors, women can be awarded Fellowships to attend Forté partner MBA programs. Learn more about the Forté Fellows Program.
These resources are provided for reference only. Forté does not endorse any specific lenders.