3 Tips for Financing Your MBA

Earning your Master’s in Business Administration (MBA) degree isn’t an easy feat. For many, the prospect is made more difficult by the thought of investing in such a potentially expensive experience. While tuition rates are often high for graduate degrees, many options are available to help make getting a master’s affordable.

1.????Secure Employer Tuition Support

One viable way to receive financial support as you earn your degree is through your employer. Employers often want to help their employees level up and gain the knowledge and experience to pursue higher positions over time. Additionally, tuition support is a benefit employers can add to encourage company loyalty and help influence top prospects to choose their job offer. Check and see if tuition assistance is offered at your place of work.

If it isn’t, but you’d still like to run the idea past your employer, don’t stress. We’ve created a guide that will walk you through every step of the process and help you explain in easy-to-understand terms how helping fund your education would benefit your employer. You can view the guide here.

2.????Apply for Scholarships

You wonder whether scholarships are really a viable solution to your tuition woes. The simple answer is yes; they can be. At the University of Utah, the scholarships you are qualified for depend on which of the four MBA programs you enroll in.

Of the full-time MBA students enrolled at the University of Utah in the class of 2022, 80% received a scholarship of $30,000+, 48% received a scholarship of $50,000+, and 18% received a scholarship for the full cost of tuition plus a stipend. A scholarship can help you avoid taking out student loans and make it financially possible to earn an MBA. You can reach out to an admissions counselor at the University of Utah today to see your scholarship options.

3.????Utilize Tax Benefits

Graduate students are eligible for tax benefits they otherwise would not qualify for. As you file your taxes each year, ensure you’re putting in the correct information about your schooling expenses and tuition costs to claim the maximum benefit available to you. While these tax breaks are not large enough to cover the entire expense of an MBA, they can help offset the total cost. This strategy works well when combined with employer support and scholarship funding.

Choosing to finance a graduate degree is a highly personal decision, but there are resources to help you succeed no matter your financial situation. Don’t let money prevent you from following your dreams. Click here to schedule an appointment with a University of Utah admissions counselor and further discuss options for funding your MBA. You can also check out this guide for more ideas on how to lower the graduate school expenses.?