What’s the sticker price of an MBA? Even for candidates certain that their next step is business school, the financial commitment is significant. For candidates who are still deciding, calculating the variables — tuition, time, meeting responsibilities to family, work and community — can be overwhelming. Both types of high performers may be surprised how affordable a Rice MBA actually is.
I’d like to share a range of perspectives on how accessible our programs can be for students who meet the Rice Business criteria for acceptance. As the director of financial services for Rice Business, I’m in charge of showing candidates the many options that can put this superlative education within reach. There are scholarships, financial aid, loans both within the school and outside.
The key concept to know is how individualized tuition can be. That’s why it’s essential if you aspire to a Rice Business MBA to contact me. Trying to figure out tuition options without help, frankly, is daunting. I’m familiar with the whole field of possibilities for lowering business school costs — and there are many. And I am available one-on-one to find every break that’s there for you.
The first question many students have is about loans. There are two types available: federal and private. Federal loans are often times easier to qualify for; but private loans can offer better interest rates. Neither are bad options, but depending on circumstance, one might be best for you overall.
Rice Business also grants an impressive roster of merit-based scholarships, largely to full-time MBA students: almost $6.5 million worth in 2022 in a full-time class of about 170 students. We’re especially proud of our financial support for the full-time MBA program, whose students pause employment for two years: more than 83% of them will receive some form of scholarship.
Outside the business school, there are still more scholarships available. I can help you find these. This is why I tell candidates to talk to me as early as possible when considering their Rice MBA, in order to take maximum advantage of the options out there. Business school can seem very expensive — but I’ll show you what you’ll actually pay, and especially if you’re a full-time MBA, it’s usually less than the sticker price.
Knowing this can be a decisive factor. For Barkat Syed, in the full-time MBA class of 2020, scholarship support not only helped him cover tuition, it let him to devote full concentration to his studies once he got there. Thanks to a Rice Business scholarship, Syed said, “My family can rest easy knowing that I can take care of myself without my having to put anything on them.”
While considering the actual dollar amount of your education, you’ll also want to know the long-term return on this investment. In an entertaining video, Rice Business Professor James Weston does the math. Walking through the same type of equation you would use making any other major business decision, Weston shows that the ROI of a two-year business education — even without a tuition break — gives a lifetime salary ROI of 20 percent.