Financing Your Executive MBA
From scholarships and loans to employer support, there are many ways to pay for business school. Here’s an overview.
- By
- August 14, 2023
- Admissions
An Executive MBA from Chicago Booth is an outstanding investment in your future. Not only will it expand your career opportunities and salary potential, it will also give you a lifelong global network and the satisfaction of achieving a significant goal.
We understand that paying for this investment may seem daunting, but you have a variety of options, including scholarships, loans, and employer support. Most EMBA students at Booth rely on more than one source of funding, combining options to meet their needs. In this post, we outline some of the resources you can draw on to make your dreams a reality.
Employer Sponsorship
Your Chicago Booth MBA will add considerable value to your employer. Many companies recognize that value and provide partial or even full tuition support to help employees earn an advanced degree. Yours might, too.
If you’re considering asking your employer for financial support, plan your approach in advance. Research your company’s policies, determine how much support you’ll need, and demonstrate your commitment to the company.
“My company values me as an employee. They want me to stay, they want me to grow, and they want me to be prepared for the future. So I positioned the EMBA as a way to support those goals.”
Scholarships
We offer merit-based scholarships to outstanding Executive MBA candidates at each of our campuses. Additionally, there are a variety of specific scholarship awards offered by campus and several global scholarship opportunities, such as our 75th Anniversary Alumni Scholarship.
You’ll automatically be considered for most of our scholarships based on your application for admission, but a few require additional applications.
Military Benefits
Chicago Booth is a top destination for veterans and active-duty service members from all branches of the military. We are delighted to participate in the US Department of Veterans Affairs’ GI Bill® Program and provide an unlimited number of awards with no maximum match for those eligible for the Yellow Ribbon Program, an enhancement of the Post-9/11 Veterans Educational Assistance Act of 2008. Yellow Ribbon awards are available to all Post-9/11 GI Bill eligible students at Chicago Booth who qualify under the VA guidelines. For details and application information, please see the information on the University Registrar page.
UK military personnel and veterans can access the Enhanced Learning Credits Scheme when applying to the Executive MBA program in London. For details, please refer to the ELCAS site.
Loans for US Citizens
If you’re a citizen or permanent resident of the United States, you may be eligible for an educational loan from the federal government. Programs such as the Federal Direct Unsubsidized Loan and the Federal Direct PLUS Loan offer fixed interest rates and flexible repayment options based on your income. You could also consider applying for a private, credit-based loan from a bank or similar financial institution. Before you commit to a loan, be sure you understand the terms of the loan and its impact on your financial future.
“The ROI that I received from the Chicago Booth EMBA was the network. There is no problem that I can’t solve with the Chicago Booth alumni network, personal or business.”
Funding Sources for Non-US Citizens
If you are neither a citizen nor a permanent resident of the United States, we encourage you to explore our extensive list of potential funding sources. These include scholarships, grants, and loans designed for residents of countries all over the world. Depending on where you live, you may also be eligible for a loan from Prodigy Finance or Lendwise, independent financial institutions that specialize in education loans.
Personal Savings
Some Executive MBA students tap into their personal savings to help pay their tuition. If you decide to go this route, start by taking a close look at your finances to determine how much you can comfortably contribute. We also encourage you to create a detailed budget to help you manage your expenses during the program. Careful planning will help ensure that you graduate from the program in a strong financial position.
The bottom line? Financing your Executive MBA can seem intimidating, but we can help you find the resources you need to make it happen. Through careful planning, you can leverage everything from employer sponsorships and scholarships to personal savings and loans to create a financial package that works for you.
To learn more about financing your EMBA, reach out to our admissions team.