Last week I had a comment on my post about financing your education. That comment really deserves its own post. When deciding any Master’s program, it is very important to factor in the big question of “How am I going to pay for this?”
Not all graduate programs are created equal in the costs. And to my initial surprise, many online programs are just as, if not more expensive than tradition programs. One of the online programs I had researched was $89,000 in tuition. http://onlinemba.unc.edu. Several of the factors include the length, location, and prestige of the program.
When factoring in the costs and fees associated with starting a graduate program; don’t forget about the $250 fee of taking the GMAT (and the possible fees associated with purchasing study material for the GMAT), application fees, the fees associated with requesting transcripts for your applications, acceptance fees, travel costs, tuition and fees, parking passes, and of course, books and course material.
When searching for schools, speak with your employer (if you are employed) and see if there is any assistance available. Some employers will pay for some or all of the fees associated with continuing your education. That being said, there may be some stipulations to their assistance, such as only attending certain schools, or only taking classes online or on weekends. This may narrow your search. I am very fortunate to work for Ohio State which offers some tuition assistance.
If this is not an option, review your financial position and determine your next steps. Financial aid is available as well as some programs do offer scholarships or loans. Don’t let the costs and fees associated with furthering your education get you down, the benefits of your investment will outweigh the costs.