Finance Your Graduate Business Degree
Financing your graduate business degree can be complicated and is often a key factor in your enrollment decision.
View this comrehensive webinar to learn how you can create a budget, find sources of funding and scholarships, learn about loans, and develop a personal financial game plan to get you started off on the right foot.
As you start preparing for business school, here are a few ways to get ready financially:
1. Get Your Finances in Order
- Save some money to pay for at least a part of the cost of your education
- Reduce your credit card debt
- Pay down your car loan
- Pay down debt
- Prepare a budget
- Stay up-to-date on all credit card payments and loans
2. Understand the Financial Aid Process
Before you can get a loan, the school has to first approve your application for financial aid. Then a lender can loan you money.
A Word About Loans
Be aware that a school may not allow you to borrow the maximum a lender will approve. Schools use an estimated cost of education and living expenses to figure out what you should borrow, which may be less than the maximum you could borrow. Loans are paid back over time, with interest accruing. You don’t want to struggle to make the monthly repayments after you graduate, so only borrow what you need.
3. Get Your Credit Report and Credit Score
Get your credit history and credit score from appropriate credit bureaus in your region. Review each credit report carefully. If any information on the reports seems inconsistent or incorrect, you can file a dispute on the credit bureau’s website.
Close lines of credit (such as credit cards) that you no longer use - the less available credit you have, the more attractive you will look to a lender - but don't close all your accounts at once, open new lines of credit, or take out new loans, or your credit score could be lowered.
4. Start Reducing Expenses
Pare down expenses wherever you feel you can. You might be surprised at how small changes in your spending habits will help out in the long run. Learn more about applying for financial aid, or get more tips on improving your credit score at www.myfico.com.
