{"id":25242,"date":"2014-08-14T10:10:26","date_gmt":"2014-08-14T17:10:26","guid":{"rendered":"https:\/\/gmatclub.com\/blog\/2014\/08\/how-to-pay-for-an-mba-maximize-monetary-benefits-even-with-loans\/"},"modified":"2014-08-14T10:10:26","modified_gmt":"2014-08-14T17:10:26","slug":"how-to-pay-for-an-mba-maximize-monetary-benefits-even-with-loans","status":"publish","type":"post","link":"https:\/\/gmatclub.com\/blog\/how-to-pay-for-an-mba-maximize-monetary-benefits-even-with-loans\/","title":{"rendered":"How to Pay for an MBA: Maximize Monetary Benefits (even with loans!)"},"content":{"rendered":"
\n\t\t\"How<\/a>\n\t\t<\/div>\n

<\/p>\n

\"how<\/a>Why get an MBA<\/a>? \u00a0One of the major reasons is salary; an MBA puts you in a position to earn more. \u00a0But in order to get the monetary benefits that stem from an MBA degree, you have to make an investment. \u00a0The real question may be how to pay for an MBA. \u00a0All of you future MBAs<\/a> know that return on investment is everything, but you want to make a smart investment, especially if you are taking out a loan. \u00a0Let\u2019s examine the four types of loans that can help you secure that valuable MBA degree.<\/p>\n

Loan Types<\/span><\/h5>\n

There is a definite hierarchy of the four available loan programs for an MBA degree. To reduce the cost of capital, apply to financial aid programs in the following order:<\/p>\n

    \n
  1. \n

    Federal Perkins loan<\/p>\n<\/li>\n

  2. \n

    Federal Unsubsidized Stafford loan<\/p>\n<\/li>\n

  3. \n

    Fixed-rate federal PLUS loans<\/p>\n<\/li>\n

  4. \n

    Private student loan<\/p>\n<\/li>\n<\/ol>\n

    Duke University\u2019s School of Law provides an excellent in-depth discussion of each of these loan options<\/a>. It even includes a great matrix-- a key source of information (and weird Microsoft Excel fetishes) for many an MBA<\/a>. \u00a0You need to take initiative and do additional research, as well. Some business schools and programs have in-house loan programs with attractive rates and lenient repayment stipulations. Also, states might have student lending programs that could win the day over both federal and private lenders for the smart future MBA degree<\/a> holder.<\/p>\n

    Even more, you must keep in mind that lending to business school students is perceived quite differently than lending to undergraduates. This could mean that item number four on the above list may well end up at number two depending on your credit and current private lending offerings. For example, one recently announced campaign from Discover\u00ae Student Loans<\/a>, in cooperation with GMAC, offers a 0.25% interest rate reduction to those who sat for the GMAT exam (read: perspective MBA degrees) \u00a0on or after December 16, 2013. Take a moment to read the full press release.<\/p>\n

    Tackling the student loan market can be overwhelming so never hesitate to use your business school\u2019s Financial Aid Office. The folks who work there will be far more knowledgeable about all of this than you and will help you find the cheapest money out there-- consider connecting them your first homework assignment as an MBA candidate. \u00a0Make an appointment and look around for other information before going in for a consultation-- remember: you are going to be a business person. \u00a0Now\u2019s the time to start using those future MBA skills<\/a> to kick off your new career on the right foot.<\/p>\n

    The post How to Pay for an MBA: Maximize Monetary Benefits (even with loans!)<\/a> appeared first on Kaplan GMAT Blog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Why get an MBA? \u00a0One of the major reasons is salary; an MBA puts you in a position to earn more. \u00a0But in order to get the monetary benefits that…<\/p>\n","protected":false},"author":120,"featured_media":0,"comment_status":"closed","ping_status":"1","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,558,243,940],"tags":[],"class_list":["post-25242","post","type-post","status-publish","format-standard","hentry","category-gmat","category-kaplan-blog","category-blog","category-gmat-prep-gmat","entry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/25242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/users\/120"}],"replies":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/comments?post=25242"}],"version-history":[{"count":0,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/25242\/revisions"}],"wp:attachment":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/media?parent=25242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/categories?post=25242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/tags?post=25242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}