Understanding and finding the financial sources to pay for your college education Expert Contributor
When it comes to return on investment, a college degree in business is a pretty good bet. Business and economic degrees offer a solid 20-year annualized return of 8.7 percent. There are other ways of valuing a business degree as well, including higher than normal starting salaries, high demand in the job marketplace, and great breadth in career opportunities and versatility. Before you can benefit from a college business degree, you have to earn and pay for one.
Seven Ways to Pay for Business School
What happens when smart business students face ever-rising college education costs and the potential of burdensome loan debt? They get creative. Most people have at least a basic idea how student loans work, as well as scholarships and grants. There are, however, a few more potential sources of education funds that students may tap into that are either free or, more precisely, do not have to be paid back. Here's a brief look at the most common traditional ways to pay for business school, along with a few less traditional ways:
Scholarships
Scholarships are also considered "free money." There are literally thousands of scholarships available annually to college students in the United States, and each one has its own purpose and eligibility requirements. Common eligibility factors include degree level and major field of study, student merit (GPA, standardized test scores, demonstrated extracurricular activities and community service, academic and artistic talents), specific background (gender, ethnicity, gender) and, in some cases, financial need. Scholarships programs are sponsored by government agencies, non-profit organizations, professional associations, private companies, firms and individuals, and academic institutions themselves. Go online or consult your school's financial aid department to begin your scholarship search.
Grants
If you read about college grants, you will inevitably run across the term "free money," and that's a fair description. The money received from a grant does not have to be paid back. The biggest difference between a grant and a scholarship is that most scholarships are awarded either fully or partially on the basis of merit while the vast majority of grants are based on financial need. State government and even private grant programs exist, but the biggest source of college grants is the federal government, and the most popular type of federal grant is the Pell Grant .
Fellowships
The distinctions between scholarships and fellowships can get a bit fuzzy but, generally speaking, a fellowship is a continuation of the "free money" concept into post-baccalaureate academics. That being said, not all scholarships are undergraduate level only and not all fellowships are graduate level only. Fellowships focus on the professional development and training of the individual normally involving in-depth research and analysis of a specific issue or area within the degree major course of study, development of specific field-related skills like grant writing and other fundraising methods, leadership, public speaking and others. Financial compensation comes in the form of a living allowance or stipend. Fellowships are commonly found through a school's financial aid department or, more likely, the relevant academic department.
Crowdfunding
One of the newest and most unique methods of college funding. Crowdfunding, in simple terms, is the practice of raising money for a project or venture (like going to college) by soliciting small contributions from a large number of donors. The crowdfunding process is typically carried out online through crowdfunding websites such as GoFundMe and Indiegogo . Crowdfunding provides a convenient platform for students to solicit donations for their educations from family, friends, neighbors and coworkers without the uncomfortable task of soliciting face to face. Students may also receive funding from complete strangers if they are able to make a compelling enough case in their online presentations.
Assistantships
A close relative of the graduate-level fellowship is the graduate assistantship. Graduate assistants work closely alongside faculty and staff in teaching, research and administrative roles that allow them to gain further experience and expertise in their chosen fields as well as develop interpersonal and leadership skills. Compensation commonly takes the form or tuition reimbursement, stipend and supplemental benefits, such as health care insurance. As with fellowships, students can look for assistantship opportunities at their campus financial aid and human resources offices or directly through their academic departments.
Employer Assistance
An often overlooked source of education funding is one's own employer. Employer funding normally takes the form of a tuition reimbursement plan. Under the federal tax code, employers can deduct tuition reimbursement payments up to $5,250 a year per employee and the benefit is not taxable for the employee either. Why would an employee be willing to pay for an employer's college education? Simple — employers see it a great tool for retaining good employees while improving and adding to an employee's skills set. While employer tuition reimbursement is mostly the practice of larger corporations, any company of any size can take part.
Loans
Student loans are offered by the federal and state governments as well as banks and other private financial institutions. By far the most prevalent student loans are made through the federal government , which offers lower interest rates and more flexible payment options than other loan sources. Students must complete the FAFSA application in order to qualify for federal student loans.
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Scholarships and Grants for Business Students
Aside from family funds, the biggest sources of college financing, along with student loans, are scholarships and grants. The graphic below allows users to quickly browse the scholarship and grant opportunities best suited for them:
Undergraduate
-
A&F Scholarships
- $1,000
- Abbott & Fenner Business Consultants
- June 10
Available to high school juniors and seniors as well as current college students at a four-year institution interested in pursuing a business-related degree.
-
Bulkofficesupply.com Scholarship
- $1,000
- Boxofficesupply.com
- Feb. 1
Offered to high school students, college freshmen and sophomores. Applicant must submit a brief essay explaining how he or she developed interest in teaching, art or owning a business and how the scholarship will help in attaining the student's goals.
-
EWISP Scholarship
- Up to $5,000
- Executive Women International
- Not specified
Offered to both men and women and open to high school seniors. Candidates first compete on the on the EWI Chapter level, where awards vary in amount, then advance for Corporate level awards of $1,000 to $5,000.
-
GreenPal Business Scholarship
- $1,000
- GreenPal Co.
- Feb. 28
Open to graduating high school seniors, college freshmen or sophomores who own and operates their own small businesses or have put together a business plan to start a business while in college.
-
Insureon Small Business Scholarship
- $2,500
- Insureon
- March 31
This program awards three $2,500 scholarships to full-time undergraduates. Applications must submit 500 to 750 word essay about his or her favorite small business and why it is important.
-
NFIB Young Entrepreneurs Awards
- $2,000 to $25,000
- National Federation of Independent Business
- Jan. 3
Open to graduating high school seniors who own and operate their own businesses entering a two- or four-year college or tech/vocational school.
-
Richard J. Seif Technical Sales & Marketing Scholarship
- $3,000
- American Welding Society
- Feb. 15
Open to college juniors or seniors pursuing a bachelors degree in engineering or business with a sales or marketing emphasis. Must have a 2.5 GPA and be a U.S. or Canadian citizen.
-
Small Business Scholarship
- $1,500
- SuretyBonds.com
- March 31
Available to college students with small business experience who will be attending a full-time program as an undergraduate (or graduate) student. Essay on how small business ownership has shaped him or her into the person they are today is required.
-
The Dreamer Scholarship
- $1,000
- RentDeals.com
- March 31
College students currently enrolled in a regionally accredited post-secondary institution who are majoring in either business or science are eligible.
Graduate
-
Brightest Minds MBA Scholarship Competition
- $25,000
- The Economist
- April 25
Open to prospective MBA and EMBA students. Award made to person who scores the highest on the Economist GMAT Tutor simulation test.
-
Ritchie-Jennings Memorial Scholarship
- $1,000 to $10,000
- Association of Certified Fraud Examiners
- Feb. 5
Applicants must be full-time (6 semester hours for graduate students) with a declared major or minor in accounting, business administration, finance or criminal justice and demonstrate a desire to pursue a career in fraud examination or similar anti-fraud profession.
-
Consortium for Graduate Study in Management Fellowship
- Full tuition and mandatory fees.
- The Consortium for Graduate Study in Management
- Jan. 5
The Consortium offers 420 fellowships for MBA study. Awards are for tuition and fees for two years of full-time students.
-
Daniel B. Goldberg Scholarship
- $13,000
- Government Finance Officers Association and Girard Miller Foundation
- Feb. 19
Full-time graduate students pursuing a graduate degree and preparing for a career in state or local government finance are eligible for this award.
-
HIMSS Foundation Scholarships
- $5,000
- Healthcare Information and Management Systems Society Foundation
- Oct. 15
Awards one master's level and one doctoral level scholarship annually to student interested in a career in healthcare information and management. Business administration students welcome.
-
Richard D. Wieger Scholarship
- Up to $1,000.
- Illinois Real Estate Educational Foundation
- April 1
Open to Illinois residents pursuing study at an Illinois college or university. Graduate students majoring in business are eligible to apply.
-
Mary Elizabeth Lockwood Beneventi MBA Scholarship
- $2,000
- Daughters of the American Revolution
- Feb. 10
Eligible applicants must be enrolled full-time in a MBA program with a minimum 3.25 GPA. Financial need is a factor.
-
QS World MBA Tour Scholar Award
- $5,000
- Golden Key International Honour Society
- Nov. 15
Applicant must a Golden Key member and enrolled in business school during the academic year immediately following the granting of the award.
-
John L. Carey Scholarship
- $5,000
- American Institute of CPAs
- April 1
Available to liberal arts and non-business degree holders pursuing both a graduate degree in accounting and the CPA licensure.
-
The Thomas R. Pickering Foreign Affairs Fellowship Program
- Up to $37,500.
- The Woodrow Wilson National Fellowship Foundation
- Jan. 15
Applicants must enroll in a two-year, full-time master's degree program in an academic field (such as business) relevant to the work of the Foreign Service. Requires a five-year service commitment in the U.S. Foreign Service.
Working Professionals & Part-Time Students
-
Jane M. Klausman Women in Business Scholarship
- $1,000 - $7,000
- Zonta International
- Varies, check individual Zonta club for deadline
For women of any age pursuing a business or business-related degree who demonstrating outstanding potential in the field and living or studying in a Zonta district/region.
-
NAPS National Scholarship
- $2,000
- American Business Women's Association and North American Production Sharing, Inc.
- Dec. 31
Open to women pursuing a bachelor's degree at a U.S. college or university. Applicants must submit an essay on overcoming challenges in academic, personal or business environments.
-
NARBW Scholarship
- $1,600
- National Association of Railway Business Women
- March 1
Applicants must be either a NARBW member or relative of an NARBW member. Awards based on financial need, scholastic achievements, potential and ambition. Open to women only.
-
Walter Reed Smith Scholarship
- Up to $1,000
- United Daughters of the Confederacy
- March 15
This is an undergraduate only degree for women studying one of a number of subjects including business administration. Applicant must be a direct descendant of an "eligible Confederate."
-
Women in Public Finance Award & Scholarship
- Up to $3,000
- Women in Public Finance
- Aug. 1
Open to female college-bound high school seniors interested in a public finance related career in finance, government, non-profits or law, and demonstrated scholastic achievement and demonstrated leadership skills.
Women
-
Jane M. Klausman Women in Business Scholarship
- $1,000 - $7,000
- Zonta International
- Varies, check individual Zonta club for deadline
For women of any age pursuing a business or business-related degree who demonstrating outstanding potential in the field and living or studying in a Zonta district/region.
-
NAPS National Scholarship
- $2,000
- American Business Women's Association and North American Production Sharing, Inc.
- Dec. 31
Open to women pursuing a bachelor's degree at a U.S. college or university. Applicants must submit an essay on overcoming challenges in academic, personal or business environments.
-
NARBW Scholarship
- $1,600
- National Association of Railway Business Women
- March 1
Applicants must be either a NARBW member or relative of an NARBW member. Awards based on financial need, scholastic achievements, potential and ambition. Open to women only.
-
Walter Reed Smith Scholarship
- Up to $1,000
- United Daughters of the Confederacy
- March 15
This is an undergraduate only degree for women studying one of a number of subjects including business administration. Applicant must be a direct descendant of an "eligible Confederate."
-
Women in Public Finance Award & Scholarship
- Up to $3,000
- Women in Public Finance
- Aug. 1
Open to female college-bound high school seniors interested in a public finance related career in finance, government, non-profits or law, and demonstrated scholastic achievement and demonstrated leadership skills.
Minority Students
-
Accenture American Indian Scholarship Fund
- Varies
- American Indian Graduate Center
- Jan. 30
Scholarships under this program are awarded to incoming undergraduate freshmen pursuing degrees in a number of subjects including management, finance, marketing and other business-related fields. Eligibility restricted to American Indian and Alaska Native community members only.
-
LAGRANT Foundation Scholarships
- $2,500 Undergraduate; $5,000 Graduate
- LAGRANT Foundation
- Feb. 29
Candidate must be currently enrolled in an undergraduate or graduate degree program with an emphasis on advertising, marketing or public relations, and member of one of the following ethnic groups: African American/Black, Asian American/Pacific Islander, Hispanic/Latino or Native American/Alaska Native.
-
Minorities in Government Finance Scholarship
- $7,000
- Government Finance Officers Association
- Feb. 1
Open to upper-division undergraduate and graduate students in business-related program who belong to one of following groups: Black or African American, American Indian or Alaska Native, Asian, Native Hawaiian or other Pacific Islander.
-
UNCF/Koch Undergraduate Scholarship Program
- Up to $5,000
- United Negro College Fund
- May 1
Open to African American high school seniors of planning to attend a four-year college or university and majoring in one of a number of subjects including accounting, business and economics.
Special Focus
-
Alan H. Conklin Business Aviation Management Scholarship
- $5,000
- National Aviation Business Association
- July 31
Available to full-time undergraduate students studying aviation or aerospace and pursuing a career in business aviation management at a NBAA or UAA institution.
-
Dan M. Reichard, Jr. Scholarship
- $2,500
- American Public Transportation Foundation
- June 16
Open to college sophomores through advanced degree students working toward a career in the business administration/management area of the transit industry. Applicant must be sponsored by, and complete an internship with, an APTA member organization.
-
Kathern F. Gruber Scholarship
- $2,000
- Blinded Veterans Association
- April 15
Must be enrolled or accepted for admission as a full-time student in a business, secretarial, or vocational school program. Dependent children, grandchildren, and spouses of both blinded veterans and active-duty blinded service members of the U.S. Armed Forces are eligible.
-
National Poultry & Food Distributors Association Scholarships
- $2,000 - $2,500
- National Poultry & Food Distributors Association
- May 31
Candidates must be full-time college students in their upcoming junior or senior year pursuing a poultry or agriculture business related degree.
-
Robert H. Rumler MBA Scholarship
- $3,000
- Holstein Association USA
- April 15
For full-time MBA students with a demonstrated interests in the dairy business. Applicants must be at the beginning or second year of their degree program.
Tips for Getting a Business School Scholarship
One of the best pieces of advice for students looking for ways to fund their education is to avoid loans if possible. And one of the best sources of debt-free college funding is scholarships. Finding and applying for scholarships that meet one's needs requires some time and effort. Below are some tips for making your research time more efficient.
- Extensive Research There are seemingly endless scholarship opportunities for business students. Unfortunately, they aren't always easy to find and there isn't one search engine or resource that provides all the leads a student may need. Fortunately, there are several search engines that, when used together, allow users to quickly identify the majority of scholarships open to them. Start with the online search tools, like the one above, but also check with your school's financial aid office for access to proprietary search engines and resources.
- Think Outside the (School) Box Every college and university will has its own selection of in-house scholarships and grants funded by its own group of alumni and other interested donors. But these scholarships are only a fraction of the total available. The outside scholarship opportunities are in the thousands, and each has its own set of targeted applicants and eligibility requirements. School financial aid departments are normally happy to help students identify these outside programs, but it is up to the student to follow through and apply.
- Timing is Important Starting a scholarship search as early as possible is a very good move, and applying as soon as possible is also normally a good thing. But be careful not to apply too early, that is, long before you know that you have been accepted into your academic program. Scholarship sponsors are going to want to see proof of program enrollment before making their awards, so be sure you are well into the degree program application process as you apply for scholarships and grants.
- More is Better One big scholarship myth is that it's one per customer. In other words, a student can only receive one scholarship award at a time. While this may (or may not) be the case when it comes to in-house scholarship programs, it is not the case for of outside scholarships. It is true that you cannot receive more funding than your school has estimated your cost for attendance, but your in-house financial aid package will normally only be adjusted downward if your total aid higher than that estimated attendance cost.
- Submit a Strong Application Most business school scholarships are awarded either fully or partially on merit. That means the applicant must impress with their application. GPA can be an important factor, but do not overlook the often major influence of standardized test scores (like the GMAT), solid letters of recommendation, impressive work experience and well-written, compelling essays. In other words, don't rely on good grades to land a scholarship, it's going to take much more than that.
Business School Scholarship Application Timeline
Two Years Before Start of Degree Program
High school students and parents should start thinking about scholarships and doing some preliminary research.
18 Months Before Start of Degree Program
Put together list of potential scholarships and a calendar of important application deadlines. Connect with professors, teachers and anyone else you wish to use for letters of recommendation. Write a draft personal statement essay and keep reworking it right up until submission with your application.
One Year (or More) Before Start of Degree Program
Take SAT (undergrads) or GMAT (grad school). Do the math. If you need to apply for a scholarship one year before starting a degree program and supply SAT scores at the same time, you need to take your SAT earlier than a year before your degree program starts.
One Year Before Start of Degree Program
Start applying for scholarships. Scholarship deadlines vary substantially with some coming a year before starting a degree program.
One Year Before Start of Degree Program
Make sure all required supplemental documents (transcripts, standardized test scores, letters of recommendation, etc.) are submitted by their specific deadlines.
About two weeks after submitting your scholarship application, send a follow-up email or letter to the scholarship sponsor or committee to confirm that your application has been received. Don't bother them after that, though.
October B efore Start of Degree Program (Fall Semester)
Submit fully-completed FAFSA application at the earliest time allowed, currently October 1. School financial aid and in-house scholarships use FAFSA info.
After Starting Degree Program
Rinse and repeat. That is, once you've started your academic program, keep looking for and applying to scholarship opportunities for your coming academic terms, both undergraduate and graduate.
Scholarship Tips from the Expert
Is there a difference or distinction between financial aid opportunities for business students and those for college students generally?
Are there any differences between undergraduate and graduate students, in terms of funding their education?
Are students on their own when it comes to finding scholarship opportunities?
Are scholarships a viable option for graduate students?
What are the biggest issues funding issues that students have when they come to you for help?
What is your biggest piece of advice for those students?
Making the Most of a Student Loan
Taking out a student loan is a serious endeavor, one that can have an effect on the borrower's life for years, even decades, after graduation. That's why it is important to weigh all factors when searching for the right loan and to be smart when it's time to pay it back. Here are a few good student loan tips:
- Borrow only what you need Don't take the full loan amount that is offered to you if you don't need it all.
- Consider working while in school A job while in school cuts down on the amount one will need to borrow and/or help get started on loan repayment.
- Consider making payments on your loan before you graduate Starting early means less to pay later.
- Pay more than the minimum due each month if you can afford it You'll could save a bundle in total interest payments over the life of the loan.
- Don't ignore your loan It's not going away just because you pretend it's not there. If you foresee repayment issues, contact your lender immediately. There's good chance you'll be able to work something out.