You’ve taken the leap, chosen an MBA program and started planning the next phase of your career. You feel confident that the time to level up is now. But there’s one problem standing in your way: figuring out how to pay for your MBA while covering your other monthly expenses, too.
The good news? Getting your hands on the funding you need doesn’t have to be stressful or complicated, especially since there are various options to explore. Read on for a closer look at your best bets, from the no-strings-attached kind to creative ways that let you skip upfront payments altogether.
1. MBA Scholarships
At the International Business University (IBU), you’re automatically considered for merit-based entrance scholarships if you’re coming out of high school and meet certain grade criteria. A 95% average could earn you $3,000 per semester. Even if your average sits between 80% and 84.9%, you could receive $1,000 per semester – and this continues as long as you maintain a 4.0 GPA and full-time status.
And if you’re an international student? With IBU’s international awards specific to regions like LATAM, Southeast Asia, and Europe, you might qualify for up to $9,000 off your total tuition.
Looking for more? Sites like ScholarshipsCanada.com list tons of online MBA scholarships that aren’t school-specific. Many have unique eligibility criteria, so don’t assume you won’t qualify if you’re not a classic “honour roll” student – check for awards based on work history, volunteerism, or your specific industry.
2. MBA Bursaries
Bursaries are all about need, not grades. If your financial situation could use some backup, bursaries might be your golden ticket. IBU offers generous needs-based financial aid for eligible domestic students, and it goes way beyond what you’ll find at many institutions. If you qualify, up to 100% of your tuition and book costs will be deferred until you’re out in the workforce and employed. That’s right: you attend now, and pay later.
The best part? It’s completely interest-free. There’s no creeping monthly payment piling up in the background while you’re trying to focus on case studies and career prep. And if you graduate with a 4.0 average? You could see 25% of your deferred financial aid waived entirely.
To keep this support flowing, you’ll need to meet academic progress requirements, register full-time, and provide basic documentation like proof of address and income (along with a co-signer). But for the level of financial flexibility you get? It’s more than worth it.
3. Student Loans for MBA Degrees
Sometimes, even with scholarships and bursaries, you still need extra fuel. That’s where loans for MBA students can offer a smart financial bridge (when used wisely.)
In Canada, you have a choice between federal/provincial student loans and private student loans. The Canada Student Loan Program (CSLP) is an example of the former, providing eligible students with up to 60% coverage of tuition costs. Provincial student loans vary by region, offering additional financial support for residents.
If you’re not eligible for either of the above, you can still obtain a loan for your studies by approaching a private lender, such as a bank or credit union. Many offer flexible repayment terms – however, you’ll need a decent credit history to qualify. Don’t have a credit history yet? No worries. Most lenders allow for cosigners to vouch for you in this case.
4. Employer Tuition Programs
If you’re already in the workforce, your current employer may be part of the funding solution – and you just haven’t asked yet. A growing number of companies offer tuition reimbursement or direct sponsorship for graduate studies. The catch? Most employees never think about exploring the fine print. Learning how to get employer sponsorship is about pitching a real business case.
Show how your MBA will improve your contributions, help you grow into a leadership role within the company, or strengthen a key part of your department’s strategic goals. Many HR departments have policies in place that fully or partially cover tuition if you commit to staying on for a certain number of years after graduation.
Not sure where to begin? The best place to start is by speaking to HR or a manager whom you trust. They’ll be able to advise you regarding your tuition support options and potentially assist with the paperwork. Even better, they might just champion your case to the big bosses.
5. Do an Online MBA While Working
IBU’s Online PLUS programs make it possible for students like you to complete your degree while still holding onto your job. That means you can continue your climb up the corporate ladder without losing out on an income.
Want another bonus? Many online programs come with lower tuition compared to traditional ones. Some offer accelerated timelines, meaning you get in and out (and into your next leadership role) faster and more affordably.
Are There Companies That Pay for MBA Degrees?
Short answer? Absolutely yes. And if you’re not already chasing them, it might be time to update your job search.
There are companies that pay for MBA degrees as part of their recruitment and retention strategy. Think McKinsey, Apple, Amazon, Deloitte, and Microsoft, just to name a few. These companies offer full or partial MBA sponsorship in exchange for a work-back period, future commitment, or role placement upon graduation.
What should you look for? Search for companies with tuition reimbursement or graduate education sponsorship noted in job descriptions or employee benefits.
Bonus tip: Target companies that have leadership development programs or rotational programs for MBA grads. They’re often the exact ones willing to foot the bill.
Figuring out how to pay for your MBA doesn’t mean mortgaging your future or piling on unnecessary stress. With the right combination of scholarships, bursaries, loans, employer support, and flexible online options, you can build a strategy that works for your goals and your bank account.
Explore the Master of Business Administration degrees at IBU today – including MBA in Technology, Innovation and Entrepreneurship, MBA in Global Business Management, MBA in Financial Management, andMBA in Information Systems Management. Contact us for details.