Getting a master’s degree in management is a great way to help you qualify for advanced positions and increase your earning potential. However, many never go back to school for this kind of education because of the rising costs of college classes. If you want to earn a graduate degree in the field of management, scholarships and grants are great options to help you pay for school.
Scholarships versus Grants
While scholarships and grants are both “free” (i.e., you don’t have to repay the amount when you graduate like you do with student loans), they aren’t exactly the same. Scholarships are typically given based on merit and often require applicants to write an essay or submit transcripts. Grants, on the other hand, are available primarily based on financial need. There is a third time of financial aid commonly given to master’s degree students as well – fellowships. These are similar to scholarships, but usually come attached to responsibilities, such as serving as a teaching assistant or working on a specific research project while you’re going to school.
Specific Scholarships and Grants for Management Students
Ready to start your financial aid search? Here are some specific organizations offering scholarships available for those interested in earning a masters in management:
- Institute of Management Consultants
- National Association of Women MBAs
- National Black MBA Association
- National Society of Hispanic MBAs
- Project Management Institute Education Foundation
In addition, most colleges offer scholarships and grants directly to their students, so your first stop on your search for money for school should be with your school’s financial aid department. Often, these scholarships and grants are less competitive and for higher amounts.
Other Places to Find Money for School
Are you already working in your industry of choice? Check with your employer to see if they offer any incentives to go back to school Some employers have tuition assistance programs, where they’ll help you pay for the costs of college, while others offer tuition reimbursement, where you’ll get your loans partially repaid if you stay with the company after you graduate. Student loans are also an option; although these have to be repaid, you can typically defer payments on these loans until at least six months after college.