Applying to business school can be a costly endeavor. Between the cost of taking the GMAT, paying for your applications, and traveling for interviews, the price tag can quickly add up. And that’s not even taking into account the cost of tuition!
If you’re looking for ways to offset the cost of business school, you may be considering taking out loans or looking for scholarships. But there’s another way to finance your education: grants. Grants are need-based awards that don’t have to be repaid, making them an attractive option for many students.
Vincent Camarda advises business school students to research and applies for grants. Grants are a form of financial aid that does not need to be repaid, making them an attractive option for business school students.
Here are the four types of grants for business school students that you should know about:
Federal Grants
The first place to look for grants is the federal government. The US Department of Education offers a number of need-based grants, including the Federal Pell Grant and the Direct PLUS Loan for Graduate and Professional Students. To qualify for these grants, you’ll need to complete the Free Application for Federal Student Aid (FAFSA).
State Grants
In addition to federal grants, states also offer grant programs to help students pay for college. State grant programs vary widely, so it’s important to do your research to see if you qualify. For instance, the New York State Higher Ed Services Corporation operates a Tuition Assistance Program, which awards grants to qualified New Yorkers enrolled in in-state universities.
School-Specific Grants
Some business schools also offer grant programs to help their students finance their education. These grant programs are typically need-based and are awarded on a first-come, first-served basis. For example, Harvard Business School offers a number of fellowships and grants, including the Dean’s Scholarship and Fellowship Fund and the George F. Baker Scholars Fund.
Private Grants
In addition to government agencies and schools, there are also a number of private organizations that offer to grant money to business school students. One example is the Horatio Alger Association of Distinguished Americans, Inc., which offers need-based scholarships of up to $25,000 to students who have demonstrated financial need and overcome adversity in their lives.
How to choose the best business school for you?
Here are a few things to keep in mind as you narrow down your options:
– Consider your career goals. Do you want to work in a specific industry? Do you want to start your own business? The answer to these questions will help you determine what kind of program is right for you.
– Research the curriculum. Each business school has its own curriculum, so it’s important to find one that aligns with your interests and career goals.
– Consider your learning style. Do you prefer a more hands-on approach, or do you like to be in the classroom? There are a number of different learning styles, so it’s important to find a school that fits yours.
– Ask about job placement. Once you graduate, you’ll want to have a job lined up. Ask the admissions office about job placement rates and what kind of career services they offer.
The bottom line
There are several methods to pay for your education, including grants, even though applying to business school might be expensive. Grants are non-repayable forms of financial help that are appealing to business school students.
