Graduate school is expensive. However, there are substantial private and Federal Student Aid packages for graduate students, including subsidized public loans. In seeking loans, students enrolling in an online Masters in Management should budget accurately and borrow wisely. Forbes Magazine reports that the 2020 student debt balance was $1.56 trillion. The financial aid process for fellowships, grants, loans, and graduate assistantships begins when you complete the Free Application for Federal Student Aid (FAFSA).
Let’s explore your financial aid options, one by one:
Both non-profit associations and private organizations offer scholarships, as do universities and business schools.Scholarships are awarded based on academic performance and student need. They do not need to be paid back.
Students can apply for grants from the federal government, from the state, or from the university they attend. This gift-based financial aid does not need to be repaid.
The US Department of Education’s federal student loan program offers four kinds of loans, subsidized and unsubsidized. There are also private loans from banks and credit unions. Students need to pay all loans back — plus interest — upon leaving the university.
This federal program allows grad students to tacklepart-time jobs in their field while in school. Many institutions don’t support their students in working at the campus or off-campus jobs while studying.
Employer Reimbursed Tuition
Tuition reimbursement may be available from your employer. These are incentives to assure you will remain with the employer for a specified amount of time. It’s an investment in your advanced education. Most plans require students to pay for and complete their program before the firm offers repayment.
Get detailed information on how to pay for your online Masters in Management on the Best Financial Guide.
Scholarships for Online Masters in Management Students
Scholarships are available to pay for all or part of the total tuition for an Online Masters in Management. They may be offered based on academic achievement or potential. The best part is that you don’t have to repay your scholarship. They are awarded by professional management organizations, individual universities, and business degree programs at your university. Here’s a sample of the management scholarships out there:
Alpha Kappa Alpha Graduate Scholarships
Who Can Apply: The AKA Scholarships are granted for one year, and selection is based on academic merit and financial need. Applicants must be enrolled in a graduate program on a full-time basis and have a community involvement record. Amount: $2,500.
Goldberg-Miller Public Finance Scholarship
Who Can Apply: Open to full-time graduate students with a demonstrated commitment to management in the public sector. The Girard Miller Foundation has funded this scholarship since 1985. Amount: up to $20,000.
Innovision Imaging, Inc. Scholarship
Who Can Apply: Open to students pursuing a master’s degree in areas related to health informatics or health information leadership. The AHIMA Foundation sponsors it. Preference goes to grad students specializing in the management of internet marketing. Amount: $2,000.
Who Can Apply: Applicants must be of Hispanic background and be a graduate management major at an accredited university. The Hispanic Scholarship Fund (HSF) offers $30 million in scholarships per year. Amount: Varies, $1,500 to $10,000.