Only 7% of full-time students graduating in 2007 received employer reimbursement, though that percentage was significantly higher for part-time and EMBA students.
Current economic conditions may adversely impact your ability to receive reimbursement from your company. The amount of employer reimbursement and timing of such might influence your borrowing decisions. However, employer reimbursement should not impact your eligibility for financial aid. You may want to speak with your current or expected (post-b-school) employer about options for reimbursing you for your school expenses—at least your tuition and fees.
According to the Global MBA Graduate Survey for the Class of 2007, only 7% of full-time students received some type of employer reimbursement. However, that number was significantly higher for both part-time students and EMBAs (63% and 65% respectively).
You may still need to apply for financial aid, including student loans, even if you are going to receive reimbursement from your employer. Information on employer reimbursement, including not only how much, but also when it will be made available, may help with your decision regarding loan applications.
For example, if you know that reimbursement will be coming within a year from your degree completion date, you may not put as much weight on selecting a loan that has multiple repayment options including extended repayment, such as a federal loan. Rather, you may be more interested in a private loan that has a low interest rate, as you know you should be able to repay the loan soon after school thanks to your employer reimbursement.
Remember, companies are frequently looking to reduce expenses, especially in today’s economic climate—your chances for employer reimbursement may not be as strong as they would have been in the past. Applications for federal student aid are up substantially this year.
As you engage with your current or future employer regarding possible reimbursement, remember that the majority of graduate business students who need financial aid can find it.