Prospective   Students

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This decision will be one of the most significant of your life. By furthering your education, you will open new doors to job opportunities, greater income and most likely, debt. This section was put together based on information gathered from past and current students, to better assist you in making informed choices about business school education financing. As you read through this section we would like you to keep in mind a few thoughts:

+ It is rare that graduate school is inexpensive, but with proper financial planning and informed choices, you can achieve your goals.
+ Money management is critical before, during, and after the period of time you are attending school.

THE THREE FINANCIAL AID MYTHS OF BUSINESS SCHOOL

As you begin to unravel the business school financing dilemma, you will find that there are some prevalent misconceptions or "myths" about applying to and financing a business school education. Based on research the following statements are common among students considering graduate school.
1. "I can't afford business school."
Yes, you can! It will require you to make sacrifices and be creative. Remember that an MBA is well worth it in the future, as your income level is usually contingent on your education. With more education, you will be more marketable as well as better skilled for the workplace.
2. "There's no financial aid for business school so I won't even try."
There are all types of aid available, both through federal and private programs. Even your workplace may offer tuition assistance. The federal government offers subsidized and unsubsidized Stafford loans that are low interest, need based loans. To determine what you are eligible for you will need to apply for federal aid (http://web.mit.edu/finaid).
3. "I will get a Fellowship and won't need to borrow student loans to pay for business school."
Students sometime believe that fellowships are awarded to graduate students and that large
research firms, employers and/or endowment funds are funding fellowship at their school.
While this may be the case for some degree programs, the reality is that financial aid awards given to graduate students will mostly likely include a variety of programs such as need based scholarship, and student loans.
As a (prospective) graduate student, you need to understand that student loans may be a
major component of your financial aid award.
As you begin to unravel the business school financing dilemma, you will find that there are some prevalent misconceptions or "myths" about applying to and financing a business school education. Based on research the following statements are common among students considering graduate school.

1. "I can't afford business school."

Yes, you can! It will require you to make sacrifices and be creative. Remember that an MBA is well worth it in the future, as your income level is usually contingent on your education. With more education, you will be more marketable as well as better skilled for the workplace.

2. "There's no financial aid for business school so I won't even try."

There are all types of aid available, both through federal and private programs. Even your workplace may offer tuition assistance. The federal government offers subsidized and unsubsidized Stafford loans that are low interest, need based loans. To determine what you are eligible for you will need to apply for federal aid.

3.  "I will get a Fellowship and won't need to borrow student loans to pay for business school."

Students sometime believe that fellowships are awarded to graduate students and that large research firms, employers and/or endowment funds are funding fellowship at their school.While this may be the case for some degree programs, the reality is that financial aid awards given to graduate students will mostly likely include a variety of programs such as need based scholarship, and student loans. As a (prospective) graduate student, you need to understand that student loans may be a major component of your financial aid award.