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Develop a comprehensive strategy for obtaining a green MBA without racking up a boat load of debt. Learn how to identify and win scholarships, fellowships, assistantships, grants, and other types of aid.
by Tracey de Morsella, the Green Economy Post
In this distressed economic climate, with many professionals facing difficulty when it comes to finding rewarding employment, an increasing number see pursuing a career in sustainability as the solution to their employment woes. There has been a dramatic sea change that is taking place within government and businesses in their approach to sustainability. The MBA has long been seen as a game changer when it comes to shaking up one’s career, so it’s no surprise that people are taking a serious look at the green MBA . Increasingly, prospective students are no longer asking if they should get a green MBA, but instead, how they will pay for it.
A green MBA can cost a small fortune with amounts ranging from $89,590 to attend University of Pennsylvania Wharton School Green MBA to the other extreme of $3,609 to attend San Francisco Institute of Architecture MBA in Sustainability Distance Learning Program. Examples of programs charging somewhere in the middle include Presidio Graduate School ($47,880) or, or Green Mountain College ($25,900)
Many professionals opt not to pursue getting a green MBA, because they are put off by the high cost, and they fear of taking out high interest loans during this period of economic upheaval. But what most people do not realize is that loans are not the only realistic solution. With proper planning and research, you can find many alternative ways to finance your MBA.
While there are federal grants for undergraduates, there are no broad category grants available for MBA students from the federal government. Financial aid is available, but funding for MBA students is extremely limited and the grants and scholarships that are available tend to be small in size compared to the costs. However, there are still number of options available. Along with paying out if pocket, there are five additional approaches you can take to pay for your green MBA. They are as follows:
1. Gift Aid – This includes scholarships, grants, fellowship, awards and contests and tuition waivers awarded by individual business schools
2. Assistantships - Including teaching assistantships, resident assistantships, and research assistantships
3. Company employee educational benefits
4. Loans – This includes Federal Perkins Loan, Federal Subsidized Stafford Loan, Federal Unsubsidized Stafford Loan, Federal Direct Loan, Private loan programs, and Tuition payment plans
5. Tax Incentives
Over the next few weeks, we will explore each of these options in greater detail, providing you with strategies for pursuing them. To reduce the amount of debt you will have to incur in order to obtain your green MBA you will have to be willing to do a great deal of research and apply for every scholarship, award, competition, grant and fellowship that you can identify. If done right, you could come out with a green MBA without any debt at all or substantially less debt than you would have otherwise incurred. To succeed in this you have to approach the pursuit of aid like you would a serious job search.
Hopefully, instead of paying for the entire thing with loans, you will have the knowledge and resources that will enable you to obtain you green MBA with some combination of aid & loans, or maybe without incurring any debt at all. While I am primarily addressing issues of concern for those people thinking of going back to school full-time to obtain their green MBA, most of the strategies mentioned here apply to those thinking about attending part-time or online, as well.
After you have narrowed down the selection of green MBA programs that you are interested in attending, figure out how much your total costs will be to attend each program. This will help you gain an understanding of how much money you need to survive on while you are in school; what the obligations are going to be in terms of rent, utilities, etc. and an understanding how you spend your money. It will also position you to better manage your debt while you are attending a green MBA program and have a dramatically reduced access to funds.
Make sure you include the costs you will incur beyond tuition. This would include a computer, books, and other supplies. If you are leaving your area to attend school, do not forget to check into how the cost of living in the school’s area compares to where you currently reside. Most business schools can tell you what the average cost of living will be in the area and may offer subsidized housing or provide a housing office to help you find a place to live. Before making any decisions, you should figure out how much you’ll actually need to live and pay for each of the programs and scan to see what costs you can trim.
Use the total expenses to go to business school that you have calculated to realistically determined the personal resources you can make available from current income and savings (if you have any in these distressing times). Then compare the totals for each program to help you determine if you can actually enroll.
Before you start looking at your financial aid options, there are a number of additional steps you should take. Start cutting your costs as soon as you decide you want to go back to school so you can get in the habit of sticking to this reduced budget. This will help prepare you for going without a salary, if you are thinking about going full-time. It could also help position you to have some sort of savings for emergencies.
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Don’t wait to be accepted to a school to apply for aid, often the money is available on a first come, first served basis. So, it is important to get your application forms in as soon as possible. Assume you’re eligible for financial aid and fill out the appropriate financial aid forms. Don’t rule yourself out because of income or academics and don’t rule out a college because you think it’s too expensive. Read below to see which form(s) you should fill out.
FAFSA (Free Application for Federal Student Aid) – To qualify for federal aid, every student is required to complete the FAFSA, either in paper or electronic form. The paper form is available at most business school financial aid offices. Once you have submitted the proper application, the business schools you have designated will receive information showing the amount you can afford to contribute to your education, calculated based on your income and assets. This is called the Expected Family Contribution (EFC). The EFC from the federal form is the official amount that determines whether you will qualify for certain types of federal aid.
If this amount is less than the total cost of attendance, you have demonstrated need and will qualify for aid—usually low-cost, government-subsidized loans. In most instances, you will get a quick response from the schools you designated on funding options available to you. Then you can work directly with a financial aid office to secure your loans and potentially other forms of aid.
College Board Financial Aid PROFILE – Some business schools require that you complete an additional application called the Financial Aid PROFILE form from the College Board.
GI Bill Veteran’s Application for Benefits - If you are a veteran, some green MBA programs offer scholarships that you may be eligible for and they may require that you fill out the GI Bill veteran’s application for benefits form in order to apply for them.
Even before you apply, you can get information about the financial aid services available at each school that interests you. Take advantage of the availability of this information from financial aid offices by seeking out their help. Some of the graduate business school even have their own financial aid offices separate from the main university financial aid office to address MBA students specific issues.
The best way to find scholarship money is to get the contact information from the schools that have accepted you. Financial aid offices know where the money is and will be glad to direct you to the resources that are available. You just have to ask and follow through.
Today, I laid down the groundwork designed to help you put together a comprehensive strategy for obtaining the aid you need to attend a green MBA program. On Monday, I will explain how to find scholarships, fellowship, assistantships and paid internships and develop a strategy for applying and winning them. I will also provide you with a list of scholarships and a list of scholarship directories that will help you jump start your search.
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© 2009 – 2010, Tracey de Morsella. All rights reserved. Do not republish.
Author: Tracey de Morsella (323 Articles)
Tracey de Morsella started her career working as an editor for US Technology Magazine. She used that experience to launch Delaware Valley Network, a publication for professionals in the Greater Philadelphia area. Years later, she used the contacts and resources she acquired to work in executive search specializing in technical and diversity recruitment. She has conducted recruitment training seminars for Wachovia Bank, the Department of Interior and the US Postal Service. During this time, she also created a diversity portal called The Multicultural Advantage and published the Diversity Recruitment Advertising Toolkit, a directory of recruiting resources for human resources professionals. Her career and recruitment articles have appeared in numerous publications and web portals including Woman Engineer Magazine, Monster.com, About.com Job Search Channel, Workplace Diversity Magazine, Society for Human Resource Management web site, NSBE Engineering Magazine, HR.com, and Human Resource Consultants Association Newsletter. Her work with technology professionals drew her to pursuing training and work in web development, which led to a stint at Merrill Lynch as an Intranet Manager. In March, she decided to combine her technical and career management expertise with her passion for the environment, and with her husband, launched The Green Economy Post, a blog providing green career information and covering the impact of the environment, sustainable building, cleantech and renewable energy on the US economy. Her sustainability articles have appeared on Industrial Maintenance & Plant Operation, Chem.Info,FastCompany and CleanTechies.