I am considering doing my MBA part time, but am concerned about the costs.

What type of financial aid is typical for a part-time MBA program? Also with regards to loans, what amounts are typical?

I am considering NYU, Baruch, UNC & UNC Charlotte.

NYU & UNC are in the 80k total range.

Baruch & UNC Charlotte are in the 40k total range.

Thanks.

Each Part Time MBA program is different in regard to institutional aid, or the merit and need-based monies awarded by the University. For example, USC's Part Time program does not offer any institutional aid, but their Full Time program does.

Regardless of institutional aid, most MBA students qualify for Stafford loans. These loans are partially subsidized (the government pays for some of the interest while you are in school) and the maximum amount is $20,500 per year (interest rates are low, vary from year to year, and are usually under 6%). Stafford loans are not based on creditworthiness.

In addition, based on your credit, you will most likely quality for Graduate PLUS loans. These loans are between 7.9-8.4% APR and are not subsidized. Credit requirements are minimal, most people will be accepted. You can borrow as much as needed for tuition and cost of living (based on the annual cost assesed by the University). Interest begins accruing immediately, but you may defer the payments until you graduate.

Bottom line: the money is available if you are looking for a loan. Government grants are need-based, and the income limitations are difficult to meet. Institutional aid differs with each program.

Cheers,
Greg

I have been working at the same company (two different positions) for three years, and I am planning to apply in the fall of 2008 to begin my MBA program in 2009. I interviewed with a different company for a position with more responsibilities and greater personal appeal, and now I'm wondering if this would negatively impact my plans to apply for an MBA program in a few months. I know it would affect my recommendations, but would the AdCom's look at me and say "Nope, not a chance" because of this? Any experiences, good or bad, with this situation?

I am in a similar situation. It has a larger ramification, though, because once you get out employers will see that you bailed after only 3 years, and then bailed after 1 year...they'll be worried about your commitment to the company. The other problem is: what if you really enjoy your new job? Do you want to leave a good thing so quickly? Unfortunately for me, they don't offer enough educational assistance to make a part-time viable. =/

I'm not worried about employers at all. If they see steady growth and responsibility, and you leave to get an MBA to switch career tracks, it shouldn't affect hiring. I'm more worried about the AdComs looking at it and going "Why'd he switch jobs so close to applying for an MBA?" In this day and age, three years is enough. The majority of workers under 30 switch jobs every 18 months. Personally, I'm ready to switch because I've done all I can in my current position, and there's nowhere else to go.

Omne,

I agree wholeheartedly with your assessment about moving for more responsibility and growth. I took an intern position in Finance this past year, leaving a higher paying manager role. I did this because I was looking to get into Finance and I was accepted and given scholarships to a few programs. I would say if you are moving into the field you plan on trying to enter, that it would be a good thing. Barring that, I would imagine the adcoms will look at it like any other employer, did you take on more responsibilities, new title, new role, did you move to learn and develop your skills more.

These are the types of questions any hiring manager will look at. The adcoms will not know whether you decided to get your MBA pre-move or post. Also, there are a million reasons to get an MBA, changing a job a year before might have no bearing on it at all. I could see them asking about it in the interview to get a better idea of your thought process about attending school, so I would make sure you have a solid reasoning behind the move, which it sounds like you do (exclude the negative bit, just emphasize the ability to learn more at the new position). Other than that, I think you would be fine.

One additional item of note. Think about where you might want to work as an employers view of changing jobs varies a little. When I lived in California, I was told that if I didn't move every 2-3 years, that meant that I was stuck and couldn't advance. I'm in the Midwest now, where I have had to explain my "job-hopping" to every employer, but haven't been hindered by it. When I lived out east, I was never really asked about it, but it was mentioned to me that it just looks funny. So, depending on where you are looking to go, make sure you have a clear idea why you are making the move!

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I just finished my last final in the MBA program. Feels kind of weird I am finally done, kind of surreal. I have to say thought at least finals week was not as bad as usual. Most professors here are pretty cool and realized most second years are checked out so they took it easy on us, well, some did. It was nice though because it gave us the chance to concentrate on the real reason we all came back to get our MBAs: Networking. We have had some fun get-togethers lately to enjoy our last couple of days here in Utah.

Last night we had a huge 80s party, and this weekend we got together for volleyball and games and video game parties. I guess as things run down you really start to realize what good friends you make in the program and how you want to use every last moment you can to hang out with them. That is one of the big reasons you should come back and get a traditional MBA, so you can enjoy these kinds of relationships. One of the last things I wanted to do while I was here in Utah was visit Topaz, the relocation camp my grandparents where in during WW2. For those of you who do not know all the Japanese immigrants in the United Sates during WW2 were sent to relocation camps and my family was sent to the camp here in Utah. It was out in the middle of no were, but it was good to go and visit it, pay tribute to my family in a way.

It is crazy to think I am done. I guess all that is left is to go and put on my gown and make sure I get in line to take that picture in front of the famous BYU sign. The Tanner addition is starting to look really good. I need to find a reason to come back next year to check it out, as well as that nice new 3-story garage they have built next door. It is good to see the program growing. We are also doing all these cool new internet things as well, like podcasts for the site, as well as student profiles like Harvard does. I actually got picked to do one, the only problem is that I had to do a photo shoot, and that stunk. They had to put make up on me and everything, and I had to change my outfit a few times. I guess that is the life of a model huh, nasty.