For the past ten years, companies have been slowly dropping sponsorships for their employees to get an Executive MBA. Unfortunately, since the EMBA program can easily reach over $100,000, many students take out hefty loans just to cover their short time as a student.
This should not be necessary as shouldering the entire burden of the degree will follow the student around for years after. Instead, prospective students should look at scholarships for Executive MBA and other ways that they can save. There are many options available and all students should take full advantage. Doing this, it is far more likely that having to take out loans will drop significantly. This way, when the student gains their degree, they can more readily reap their benefits of the new degree rather than prolonging debt and career advantages.
While many companies do not offer full sponsorships, it would behoove students to see if the company they work for has any reimbursement system in place. On average, around 88% of companies offer something, so it is worth looking into to find out how much of that will be given and how much of a dent it can make in the overall tuition cost. Remember, the company will not cover everything for reimbursement, but every amount helps the final line.
Another option is pushing for company sponsorship. This includes research and time on prospective student’s part as they build a case for themselves to present to their company. Consider a proposal for sponsorship will not always mean the entire tuition will be covered. Once terms have been met for that, the proposal should be structure like a career plan. It details why someone should attend, what they will learn, and how it will help the company itself. Also, remember how important it is to not leave the company who sponsors after receiving the degree.
Additional options include federal loans and delayed payments. Federal loans are a great option because they are designed for students that already have their undergraduate degree and in some cases offer options that cover tuition entirely. The biggest tip for loans is to always go for federal loans before private loans. The federal loans have much more favorable terms. Delayed payments work well when the company provides their employee with any amount of reimbursement. The delayed payments mean the student does not have to pay until their reimbursement comes in, which helps with the EMBA salary.
Finally, apply to every scholarship that is available. Some are solely for graduate students, nontraditional students, nonprofit professionals, and government employees. Meaning, there is usually an option for everyone to apply for.
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