A Look at Different Types of Financial Aid

Last updated 7 months ago

For many individuals, the question is not whether they want to go to business school, but rather how they can afford it. However, graduate students have numerous financial aid options from which to choose, and any student with a passion for learning can now afford to get their master’s degree.

Federal Loans

The U.S. government offers several types of loans for individuals seeking a master’s degree. One type of federal loan is the Direct Unsubsidized Loan, which allows graduate students to get financial aid regardless of their financial need. MBA students can also apply for a Direct PLUS Loan, which offers financial aid when other types of financial assistance cannot cover the costs of graduate school. The Federal Perkins Loan is another option for graduate students with extreme financial need. As with any other type of loan, a federal loan must be repaid with interest upon the completion of the master’s program.

Federal Work-Study

MBA students with financial need may be eligible for federal work-study. Federal work-study provides students with part-time employment to help cover the costs of their degree. While the nature of a work-study job will vary for each situation, the job is often related to the student’s area of study.

Private Loans

In addition to financial aid provided by the federal government, an MBA student may also secure financial aid through a private loan. A private loan may come from a bank or other private entity.

Private Grants and Scholarships

When seeking financial aid, business school students may want to explore their private grant and scholarship options. In contrast to both federal and private loans, grants and scholarships do not need to be repaid. Though the terms of receiving a private grant or scholarship will vary, grants are typically based upon financial need and scholarships are usually awarded based on merit.

Nashville’s Lipscomb University offers a comprehensive MBA education for business school students. If you want to enroll in a competitive master’s program that will give you the cutting edge in the business world, call us today at (615) 966-1833 for more information.