Find the information you need here to make informed decisions regarding financial aids for business students, students loans and scholarships. Learn the strategies that can help make business school affordable.
Financial Aids for Business Students
Discover how much the school you are considering might cost. Then, use the information below to learn more about your financial aids for business students options from federal loans to private scholarships.
If you are already in the working world, there is also the possibility of lost income if you take time off from your career to pursue your studies, though some companies provide their workers with employer-based education assistance to help them get ahead.
Which Business Students Financial Aids
Let us look at the traditional methods of paying for higher business education tuition and expenses if you do not have the money in hand to cover all your costs.
Borrowing the money to pay for tuition is a common route, and there are many options available in student loans. Federal loans usually provide the best interest rates, and federal loan programs such as Stafford and Grad PLUS loans are the workhorses of the student loan industry. Students must complete a process known as the Free Application for Federal Student Aid, or FAFSA, to determine their eligibility for these loans.
Some schools may also offer campus-based loans, which are often funded through the Federal Perkins Loan program or through institutional funds, such as endowments, that they make available to their students.
Private lenders also offer student loans, often at a higher or variable interest rate compared to federal loans. However, unlike most federal loans, which are based on need, private loans are granted based on a student’s credit worthiness. They may cost more over time compared to federal loans.
Business students loans include grants which are funds directed toward students that do not have to be repaid. Grants are given out primarily on a need basis, and can come from the federal or state government, colleges and universities, and public or private organizations.
Many grants target particular types of students or students studying in particular fields. There are grants targeting under-represented ethnic minorities, women, non-traditional students, low-income or disadvantaged students, members of the United States military, and people studying in high-needs professions.
Scholarships are also free money within the financial aids for business students, but they tend to be merit-based. Scholarships are offered to students based on academic or athletic performance, to winners of essay competitions, or people who have demonstrated achievement in a particular field or a personal accomplishment.
Part-time jobs within university
The Federal Work-Study program provides funds to schools to help finance the cost of part-time jobs for students within the university or college. These jobs are primarily based on financial need.