How did you fund your MBA

posted 3 years ago in College
Post # 3
Member
570 posts
Busy bee
  • Wedding: June 2016 - Charleston, SC

Just commenting to follow! I’m interested to know this as well…

Post # 4
Member
4043 posts
Honey bee

@PonkiHoneyBee:  I started an MBA and have put pursuing it on hold. I started it when I worked at my last job. They paid for it and I completed about 5 classes. I postponed the degree when I transferred to my new job. I am looking into to get educational funding at my current job as well. 

Do you currently work somewhere or could you obtain a job that will help with funding? Are you still in undergrad? They typically don’t recommend pursuing an MBA right out of undergrad because it is more beneficial to have work experience in terms of being a good candidate and being able to utilize your degree. It can be difficult to get an entry level job with too much education and not enough experience.

Post # 5
Member
546 posts
Busy bee
  • Wedding: September 2013

I have tuition reimbursement from my employer up to $3k/year which almost covers the cost of 5 credit hours.  The rest is out of pocket and I pay cash.  (Actually I charge it on my credit card for the points, but pay the credit card balance off every month so no fees or interest).  I’m taking 9 credit hours this year, so it’ll be about $3k OOP after fees, books, etc this year. 

Is it worth it? Depends.  What do you want to do?  Is there a specific track you want to follow?  For me, yes it’s worth it.  I enjoy learning in general and I think education, in whatever form it takes, is never wasted.  I went back to school when I was 30 at the undergraduate level.  I already had a BA in theatre and received the equivalent of a 2nd major in accounting with enough credits to sit for the CPA exam if I ever choose to do so.  I now work in the finance department at a not-for-profit that works with state safety net health care programs.  My MBA program has worked with me to create a hybrid concentration of their Health Care Management, Finance, and Accounting tracks, I’m also plan on including a health care analytics computer database course from their Health Information Technology program.  Not everything I’m learning applies to my current position, but I have applied some of what I’ve learned, and hope it will allow me to advance my career within my company.

Post # 6
Member
85 posts
Worker bee
  • Wedding: July 2015

My MBA tuition cost about $85k for two years – this figure did not include any living expenses. Living expenses probably added up to another $25k-$30k per year ($50k-$60k for the 2-year period).I did my MBA in Canada so generally the tuition here is cheaper than the US.

I took out a loan in the exact amount as my tuition. As for funding my living expenses, I received a $20k scholarship, and I had a 4-month summer internship between first year and second year of the program. I was able to use my scholarship and summer internship income to fund most of my living expenses for the 2-year period. 

I also had savings because I worked full time for a few years prior to starting my MBA. Although I had an $85k loan when I graduated, I was able to pay down the majority of it right away upon graduation from prior work savings. I ended up with $16k outstanding, and my parents were gracious enough to write me a $10k check, so I really only had $6k to pay off. 

 

Post # 7
Member
499 posts
Helper bee
  • Wedding: April 2015

Commenting to follow as well…

Post # 8
Member
1103 posts
Bumble bee
  • Wedding: July 2014

Close to an MBA, I have a Masters in Management, but it’s specialized, so it’s an M.S. instead. 

Mine cost about $25k in total?  I worked full time the whole time, to fund it, and did it in 2.5 years. Was it worth it?  I think so.  It helped me obtain a promotion, which came with a 15k a year raise, so after 2 years it’ll make the degree worth it.  I think I could have gotten the promotion without it, but I know it was a big factor. 

Also, just worth it for my own sake.  I enjoy having a Master’s Degree.  I didn’t go to college right out of high school, I sort of lollygagged a bit, and took me a while to start.  Getting a M.S. before I was 30, made me feel like that time wasn’t wasted as much and I didn’t go wrong after all 🙂

 

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