Dec 02, 2015

5 Steps to Feeling Financially Prepared for an MBA

By Kristy Snow

Kristy Snow is an assistant director of financial aid at Tuck and has been a part of the team for 18 years. She is the webmaster for the Financial Aid Office (FAO) website, prepares literature, and works on special projects. She also participates in awarding and packaging of financial aid and performs the federal verification process. Joining her in the FAO are Director of Financial Aid, Diane Bonin, who has been here for 17 years, and Financial Aid Counselor, Sandy Belisle, who has been at Tuck for 13. They adhere to an “open door” policy and are happy to help students during any point throughout their time at Tuck. 

You just submitted your application to business school. Now what? It’s never too early to start planning financially for your MBA. I encourage you to:

1) Save, save, save! Make a budget and stick to it. Set aside money each month. Financial aid can only cover the cost of attendance. Take advantage of online budgeting resources available to you like those at Mapping Your Future.

2) Request your free credit report. Understand how your credit score works. The better your credit score, the lower your interest rates will be on private educational loans. If there are any discrepancies, you will want to resolve them as soon as possible. It could be a lengthy process. 

3) Pay down your consumer debt. Keep all of your debt obligations current including student loans. Most student loans can be deferred once you are enrolled in school full-time.

4) How much can you borrow? Use the Debt Wizard to guide your student loan borrowing decisions by understanding what your salary will need to be upon graduation to pay it off.

5) Begin researching outside scholarships. We have put together a comprehensive guide to help you begin your search.

The return on investment is tremendous personally, professionally, and financially. At Tuck, we have several funding options available for all of our students. We will help you find the best combination of loans for your personal situation whether they are institutional, federal and/or private. We also offer no-cosigner loan options for international students.

The financial aid industry is constantly changing. Our office is your best resource for the most current information. Every financial situation is different. We will work with you one on one to answer your questions.

With the average median base salary up 8%, our students have the ability to pay back their loans. Tuck has one of the lowest default rates in the country. Don’t let financing your education stand in your way of becoming a part of the Tuck community!