Personal finances are often the first place students turn when looking to pay for their education; whether you’ve been working for the past few years or simply pinching pennies from summer jobs, it’s a good idea.
For those with few assets to their name though, fear not! These days an MBA degree is a bankable (get it?) commodity and most institutions are more than happy to provide lines of credit to students. Depending on your situation, you may be able to obtain this financing with or without a co-signor or guarantor.
With interest rates relatively low, obtaining and using a line of credit can be cheap. Certain banks even have preferred packages and terms for MBA students. Just be sure to do your homework first. When meeting with a bank they will often ask for documentation, including a budget showing how you plan to spend your (their?) money over the next few years.
At Dalhousie, students also have a unique opportunity to supplement their personal income through the built-in Corporate Residency. These eight months of work can give students invaluable experience while also helping to pad their bank account. In the past, students have averaged earnings of $27, 500 over the course of their Corporate Residency.
Student loans form the backbone of many students’ financing and can be a welcome alternative to a line of credit from a bank. Because most provinces do not require students to begin paying interest until they graduate, they can also save you money in the short term.
Most students are eligible to receive loans from their province of residence and should start looking there first. This support often comes in two forms: loans which you repay, and grants which you do not. Nova Scotia residents can consult their province’s website for more information on these forms of assistance and how to apply.
For those students lucky enough to qualify (and there are quite a few), Dalhousie offers a number of generous scholarships. Based primarily on your GMAT and GPA, these scholarships are awarded on a rolling basis and can be as much as $15,000. Besides general awards, specific scholarships also exist for candidates interested in finance and for black Nova Scotians.
Whatever your plan for financing your degree though, just remember that an MBA is an investment. What might seem like a lot of money now will come back many times during the course of your career. Treat it as such, and don’t sweat the small stuff too much!