How do I pay for my MBA?
All business-minded people are concerned about the return on investment (ROI) of major decisions. According to mba.com, “Students who enter an MBA program expect their degree to, among other things, expand their career options and enhance their earning power. So many variables make up the ROI determination, though, that the exact value of that degree for any given individual is impossible to accurately predict.” That being said, Michigan Tech was recently recognized by Bloomberg Businessweek as a university that “packs an ROI punch.”
Attending graduate business school is an investment in your career and your future. Here are several financial aid opportunities you can explore as you look for ways to pay for your degree.
- Graduate Teaching Assistantships (GTAs) are awarded competitively through the School of Business and Economics.
- Many graduate students are eligible for a new set of federal loans, up to $20,500 per academic year, as an independent student. Contact Linda Fontaine in Michigan Tech's Financial Aid office, (906) 487-2622, for more information.
- Graduate students should be sure to seek advice from a tax professional, because they may be eligible for a tax credit for education and/or a business deduction for work-related education. IRS Publication 970 download. If you are currently working, you should be sure to look at the last one, on pages 77-84—Business Deduction for Work Related Education, "maintain or improve job skills." This deduction is up to $4000 per year (and our program runs across 3 years), and has been successfully taken by other MBA students. However, it is considered on a case-by-case basis. They can deduct tuition, travel, and other expenses.
- You may also want to consider putting some money into a 529 College Savings plan. In Michigan’s College Savings Plan, contributions are deductible from Michigan income tax up to specified limits. Withdrawals are federal and state income tax free if you use it for qualified withdrawals. If you are currently employed, your company may consider giving you an education benefit by contributing to the 529 on your behalf. All states have a 529 plan, find more information about 529 plans.
- Financial assistance information is also available on the official GMAT website.
A fellowship equal to approximately one-third of graduate tuition is available for graduate students who have provided service to the United States of America through activities like the military, AmeriCorps, and the Peace Corps.
- The University may authorize financial aid or waive tuition and required or related fees for up to two on campus courses per semester for individuals who are 60 years of age or older. Individuals who are not assessed fees are not entitled to receive any associated benefits.
- Explore more options, including veteran's benefits and alternative loans, at the Michigan Tech Graduate School financial aid website.
- Non-resident tuition is the same as resident tuition, which is a considerable savings compared to other universities.