It’s no secret that attending business school can be expensive. According to US News, the average cost of tuition and fees for the 2019-2020 school year was $140,000 at private schools, $75,000 for state residents attending public schools, and $41,000 for out-of-state students attending public institutions.
Vincent Camarda strongly believes that scholarship support was key to his successful business school experience. “Receiving a scholarship took a lot of the financial pressure off me,” he says. “It allowed me to focus on my studies and really make the most of my time at school.”
Fortunately, there are a number of ways to offset the cost of business school, including scholarships. In this blog post, we’ll take a look at some of the benefits of scholarships for business students.
1. Scholarships can help you pay for tuition.
This is the most obvious benefit of scholarships, but it’s also one of the most important. Because business school can be so expensive, scholarships can be a real lifesaver when it comes to paying for tuition and fees.
2. Scholarships can help you reduce your debt burden after graduation.
If you’re able to reduce the amount you need to borrow in student loans by utilizing scholarship money, you’ll be in a much better financial position after graduation. This will allow you to start your career without the burden of excessive student loan debt hanging over your head.
3. Scholarships can free up money for other expenses.
If you receive a scholarship that covers your tuition and fees, you’ll have more money available to cover other expenses like books, supplies, room and board, and other living expenses. This can make it easier to manage your finances while you’re in school and reduce your overall costs.
4. Scholarships can give you more time to focus on your studies.
If you don’t have to worry about working full-time while attending business school, you’ll have more time to focus on your studies and extracurricular activities. This can lead to better grades and a stronger resume which will benefit you after graduation.
5. Scholarships can boost your professional Network.
When you receive a scholarship from an organization or corporation, they may also offer other opportunities like internships or mentorship programs. These types of programs can give you valuable experience and insights into your chosen field as well as expand your professional Network, which can benefit you throughout your career.
How to look for scholarships?
If you’re interested in finding scholarships to help pay for business school, there are a number of resources you can utilize. The first step is to fill out a Free Application for Federal Student Aid (FAFSA) form, which will help you determine if you’re eligible for any federal or state financial aid.
You can also search for scholarships on your own using online databases like FastWeb, Scholarships.com, and Cappex. These sites allow you to search for scholarships by major, location, and other criteria. You can also check with your chosen business school to see what types of scholarships they offer.
Applying for scholarships takes time and effort, but it can be well worth it in the end. If you’re able to secure scholarship funding, it can make attending business school more affordable and help you reduce your debt burden after graduation. Utilize the resources mentioned above to get started on your search for scholarships today.