Financing Your MBA Education
By Crystal Conde
When researching business schools, one of the most important factors influencing where you'll end up going is cost.
Of course, you're concerned with the quality of instruction, the program's reputation, and countless other considerations. But when it comes down to it, if you're paying the bills, you want the best MBA education at an affordable cost.
Don't let the sticker price of an MBA education scare you. Financial aid is available for Hispanic MBA students from organizations such as National Society of Hispanic MBAs (NSHMBA), and some time spent online will yield a multitude of resources for scholarships, grants, and loans.
The NSHMBA Difference
Whether you're a recent graduate who wants to pursue an MBA or you're a working adult in search of a part-time program, NSHMBA has programs and services to help you explore opportunities and reach your goals. In addition to awarding scholarships, the organization promotes professional development, aids MBA students through valuable partnerships with educational and not-for-profit organizations, and provides a wealth of information and resources for MBA study.
'As a result of involvement in NSHMBA, students are better positioned to make a greater impact within their organization, their community, and/or in the procurement of employment,' says Laura Tolic, NSHMBA San Antonio Chapter president.
'Equally important, MBA students benefit from a wealth of shared experience and a wide range of support from NSHMBA's membership, who have experienced many of their endeavors.'
NSHMBA's Scholarship Program
In order to apply for a NSHMBA scholarship, you must be a member of the organization. Learn more about becoming a member by visiting www.nshmba.org. Members of NSHMBA are eligible to apply for full-time scholarships worth $5,000 and part-time scholarships worth $2,500. You may apply for one of these scholarships from early April through June 1, annually.
Requirements for receipt of a scholarship are as follows:
- U.S. citizenship or permanent residency status
- Hispanic heritage of at least 50 percent
- Acceptance in an accredited MBA program
- GPA of at least 3.0
If you're interested in a NSHMBA scholarship, learn more about program guidelines and the application process at www.nshmba.org/scholarships.asp.
Membership Privileges
In addition to eligibility for scholarships for Hispanic MBA students, membership to NSHMBA has many benefits. You do not have to be Hispanic nor do you have to be pursuing an MBA to become a NSHMBA member or to participate in many of the valuable opportunities and services offered.
Members have access to speaker series programs, networking events, career fairs, leadership breakfasts, professional development events, and the National Conference.
The conference is a three-day event featuring several self-development sessions; networking events, which include many of the highest-ranking Hispanics in corporate America; and the participation of more than 300 corporations seeking highly qualified potential employees.
'I have heard countless stories from enthusiastic students who have attended the National Conference,' says Tolic. 'They met aspiring and accomplished Hispanics from all across the United States and Puerto Rico. You never know whom you might have the opportunity to visit with informally at events of this caliber. It just might be your next mentor or your next boss.'
Financial Aid Options
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Bankrate.com
The College Finance portion of the Web site has student loan calculators, helpful articles, and links to information about scholarships, grants, and loans.
Consortium for Graduate Study in Management
Discover fellowships opportunities here, and learn more about this organization that consists of top business schools.
FinAid: The SmartStudentÂ? Guide to Financial Aid
This site has financial aid forms, details about college savings plans, and an Ask the Aid Advisor option.
GRADLoans
Find general information about financial aid, and visit the pages reserved for graduate student loans.
National Society of Hispanic MBAs
This directory of MBA scholarships has links to all the information you need to find funding.
SallieMae
This site is a one-stop resource for information about loans. You can apply for a loan on the site and manage your loans. |  |
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For additional funding resources, contact the financial aid office at the business school you plan to attend. Your educational institution should have scholarships and other forms of financial aid available. 'In addition to scholarships, Hispanic students should look at different fellowship programs,' advises Alejandro Roman, NSHMBA Connecticut Chapter president. 'Most schools have some type of scholarship and/or fellowship programs. Find out which ones you should apply for or which you will be nominated for.'
The Consortium for Graduate Study in Management, for example, consists of 13 top-tier business schools and awards fellowships.
Tolic suggests seeking out internships and full-time employment with companies that offer tuition reimbursement plans. That way, you can achieve your MBA without draining your savings account. Speaking of savings, Roman recommends those who won't be going to business school via a tuition reimbursement plan start budgeting.
'You need to develop a budget two to three years before graduate school,' he says. 'Find out what the estimated tuition, fees, and living expenses are to assist you with planning.'
Profile of Success
The following account, written by NSHMBA San Antonio Chapter president, Laura Tolic, tells the story of a NSHMBA member who found an MBA program to fit her lifestyle at a NSHMBA event:
'A woman working for one of NSHMBA's chapter sponsors had heard of an event that the company was invited to attend. The event was Destination MBA, and after hearing a panel discussion about the value of an MBA and then surveying the attending universities offering up their programs, she applied to the one that suited her needs and met her time constraints. Subsequently, she applied for a scholarship.
'Soon, she was accepted to the MBA program of her choice and then learned that she had also been selected as a scholarship recipient (all in the course of approximately four months). She now volunteers at NSHMBA events when she can, receives encouragement from her employer and from the NSHMBA membership, and is prepared to apply again this year for another scholarship. We are all looking forward to her graduation and her continued success personally and professionally.' |
