There Are Many Paths to Affording an MBA

Figuring out how to afford an MBA can seem complicated — but it doesn't have to be. With some resourcefulness and guidance from experienced advisors, you can find ways to make it happen. As an advisor for Rice Business students, I’m happy to provide that guidance and help you answer the critical question: “How can I pay for this?”

In my role, I regularly speak with students about strategies for funding their MBA. I’m constantly impressed by the resourceful ways they piece together scholarships, work income, budget cuts and financial aid to invest in a degree that will pay dividends throughout their careers.

What to Expect from your Financial Services Meeting

When you and I meet to discuss financing, we will of course review the financial aid options that help make a Rice Full-Time MBA surprisingly affordable.

We’ll also talk about the “total cost of attendance,” which is different for everyone. Beyond tuition, fees and books you have to consider common expenses like housing, utilities, transportation and healthcare. And, depending on your situation, you might also have to think about the costs of leaving a job, relocating to Houston or starting a family.  

Is an MBA Worth the Cost?

There’s no question: a quality graduate business education represents a significant investment. But when you consider the lifelong personal and professional value of an MBA like the one you’ll get at Rice, it’s worth every penny. Costs cover top-notch instruction from renowned faculty, one-on-one career coaching, access to a powerful alumni network, lifelong friendships and extensive leadership development. The MBA opens doors to new career opportunities, salary boosts and leadership roles you may not have had access to otherwise. It also provides a community you can lean on throughout your career.

According to recent industry studies, over 90% of MBA alumni say their degree greatly increased their marketability and employability. The vast majority also report that their MBA improved their lives professionally, personally and financially. And as our esteemed finance professor James P. Weston shows in this brief video, an MBA is one of the greater return-on-investment degrees you can earn.     

How to Afford an MBA

What’s the key to making this worthwhile investment happen? My advice is to start planning early: 12-18 months before matriculation. This timeline gives you plenty of time to boost savings, apply for scholarships and develop a loan repayment strategy. In the meantime, here are some common questions to get you started:

• What are the differences between federal and private student loans?
• Does Rice Business automatically evaluate me for scholarships, or do I need to apply separately?
• What educational expenses do VA/GI Bill benefits cover?
• Can my company provide tuition assistance through invoicing or reimbursement?

I'm excited to offer you my support and guidance through this process. You belong here — and together we’ll make sure you can afford a life-changing degree. I look forward to chatting soon!