Education loan debt is a nagging concern for students as well as for the US Government. The student loan debt statistics for 2020 present a grim picture and show how serious the student loan debt crisis has become for borrowers. As per Forbes, 45 million borrowers collectively owe nearly $1.6 trillion in student loan debt in the US. Student loan debt is now the second-highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans. As per data of the Institute for College Access and Success, the average student loan debt for members of the Class of 2018 is $29,200, a 2% increase from the prior year.
The cost of an online Master’s in Organizational Leadership depends on several factors. State residency is an important consideration since many colleges and universities charge higher tuition for out-of-state students. However, some schools charge flat tuition for online students regardless of state residency. Technology fees are another key factor; these fees often apply to online students but not their brick-and-mortar counterparts. Overall, students should expect to pay $13,000 to $32,000 in total tuition for online Masters in Organizational Leadership programs.
We outline a few ways you can go about paying for the online Master’s program you choose to go for:
The Free Application for Federal Student Aid, a form that determines your financial aid from the government and most colleges. The form collects your personal and financial information from students and parents and applies a formula to determine your Expected Family Contribution or EFC.
You can also apply for grants which are need-based and do not have to be paid back
They can be need or merit-based and do not have to be paid back
A common method to pay for the education programs which have to be paid back with interest; federal loans are preferred over private
Employer reimbursed tuition
Another way of paying for your online Master’s degree. Suppose you are working somewhere and have negotiated a sabbatical that your employer will pay for or a prospective employer who will absorb you in their organization and pick up the fee tab. In that case, this option works for you.
You can get more information from how to pay on the Best Financial Guide
Scholarships for Masters in Organizational Leadership Students
While there are quite different ways to pay for the Masters in Organizational Leadership, as mentioned in the previous section, aspiring students can also seek financial support from certain scholarships to fund their tuition fees. Scholarships for Masters in Organizational Leadership programs offer fully funded or partial support, and you can find a list of Organizational Leadership scholarships for students in this section.
are available to any current SHRM member who wants to study online Master’s in Organizational Leadership as long as the University is a regionally accredited institution of higher learning. The program can be HR-related, e.g., business, psychology, HR, org development, etc., and has an undergraduate GPA of 3.0 on a 4.0 scale. Applications have been made available from January 19, 2021, and the deadline for turning in the applications is March 3, 2021
Susan R Meisinger Fellowship for Master’s Degrees is awarded to professionals pursuing a solid, meaningful, and stringent education in the field of human resources. Prospective students looking to apply for online Master’s in Organizational Leadership programs can also check eligibility for this Fellowship.
An award of $10,000 is presented annually during SHRM’s Volunteer Leader Business Meeting and is renewable for a second year up to $20,000 total.