Are you debating whether or not earning an MBA in Healthcare Management will be a good investment of your time and money? With the healthcare sector undergoing significant change, there is a rising need for healthcare administration professionals who are trained to be leaders in the sector. Not only will new health insurance legislation change the way administrators do business, the growing population of aging Baby Boomers will increase demand for a wide range of different healthcare services. With demand on the rise, there is a need for candidates who possess an MBA with a focus in Healthcare to fill the widening gap.
By earning an MBA, you can increase your earning potential and also enjoy more career opportunities. While a Master of Business Administration in Healthcare Management is a great investment, you may be wondering how you can finance your education while you are working in an entry-level or mid-career level position. If you are unemployed or you are living paycheck to paycheck on your current income, here is your guide to financing your MBA in Healthcare.
Federal Financial Aide Packages at Accredited Schools
As you start to compare different programs available through reputable business schools, you will find that the types of financial aide that are available will vary by institution. At a community college or a public university you can almost guarantee that the school can offer students federal aide, but many business schools do not accept this offer. If the MBA degree program is regionally or nationally accredited with a reputable accreditation agency, there is a good chance that you can apply for Federal aide by filling out a FASFA application. Both traditional on-campus programs and online MBA programs are accredited so you will have peace of mind in knowing that you can still maintain a flexible schooling schedule.
Federal Loans and Private Loans for Graduate Students
While the FASFA is the first stop to financing an MBA in Healthcare, many times federal aide is not enough to cover tuition, books, supplies, and living expenses. Another option is obtaining student loans, which must be paid back within 6 months of graduating. The Federal government offers subsidized and unsubsidized loans to independent graduate students based on financial need and not credit. These Direct loans are subject to annual limits of $20,500 for professionals students based on enrollment status, and students must have a FASFA on file to borrow. Private loans are available for students who attending schools that do not offer the Direct loan, but these loans typically involve a credit check.
School Specific or National Scholarships
One of the best things about enrolling in an MBA program is the fact that you have already proven yourself as a student in an undergraduate program. If you have demonstrated academic excellence, you can show financial need, or you are involved in your local community, you may qualify for school specific or national scholarships that do not have to be paid back. You should browse through lists of awards through the school, or national opportunities that are field specific online. By doing this, you can apply for financing that will not dig you into debt.
An MBA can take you places and give you a new view of the field. Be sure to compare different programs, research the career opportunities, and start applying for all types of different aide. By using all the resources to your advantage, you can get through school without having to struggle financially.