Once you’ve decided that your job and your life can survive your return to school, you need to answer this question: Can I/we afford it? Graduate degrees don’t come cheap. According to Forbes.com, the average cost of earning an MBA is $100,000. Now, the university I’ll be attending is considerably less than this, but it’s not chump change either. The point is: Earning an MBA isn’t free, and tuition money has to come from somewhere.
So think about your current financial situation. Did you just buy a new car or start a home remodeling project that’s going to eat into your cash reserves? Or, maybe you just got your quarterly bonus and were wondering how to invest it.
Even if money is tight, don’t despair. Many companies have tuition reimbursement programs for employees. Talk to your boss or to someone in HR to get the details on the program.
This is another area where it pays to do your homework. Find out just how much reimbursement you can qualify for, what it covers, and what strings go with it. A lot of programs require a B or higher in graduate courses, and many demand that you work for the company for a specified amount of time after you’ve been reimbursed.
Don’t rule out student loans. No one wants to take on extra debt, but it doesn’t have to be a horrible thing. After all, there can be such a thing as “good” debt. And you can deduct the interest you pay on your taxes.
Incorporating such a large cost into your budget can be daunting, and the idea of giving up your free time to classes and homework can be overwhelming – especially when free time already seems hard to come by. But remember: This is an investment in your future, not a frivolous purchase.
It may be a cliché, but sometimes there’s no better time than now. Think about it: Life never slows down – and it doesn’t get cheaper either.
Next time, we’ll talk about finding the right school.
