{"id":16727,"date":"2018-11-09T17:12:05","date_gmt":"2018-11-09T11:42:05","guid":{"rendered":"https:\/\/e-gmat.com\/blogs\/?p=16727"},"modified":"2022-11-18T17:39:04","modified_gmt":"2022-11-18T12:09:04","slug":"how-much-does-mba-cost-tips-reduce-mba-cost","status":"publish","type":"post","link":"https:\/\/e-gmat.com\/blogs\/how-much-does-mba-cost-tips-reduce-mba-cost\/","title":{"rendered":"How much does an MBA Cost?"},"content":{"rendered":"<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">A <\/span> <span class=\"rt-time\">8<\/span> <span class=\"rt-label rt-postfix\">min read <\/span><\/span><p>Benjamin Franklin said, \u201cAn investment in knowledge pays the best interest.\u201d This quote rings true for thousands of applicants who apply to top business schools every year despite their exorbitant MBA Costs. The average cost of an MBA degree from Top business schools ranges from $ 91,687 &#8211; $237,636.<\/p>\n<p>Applicants see value in these top MBA programs because they train them to become the finest managers and connect them to organizations looking for talented individuals. In the process, the students get the opportunity to increase their earning potential as well as their network.<\/p>\n<p><strong>So, how much does an MBA cost? <\/strong><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter wp-image-16741\" src=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-2018-2019-1024x565.jpg\" alt=\"mba cost 2020 fees\" width=\"631\" height=\"348\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-2018-2019-1024x565.jpg 1024w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-2018-2019-300x166.jpg 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-2018-2019-768x424.jpg 768w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-2018-2019.jpg 1044w\" sizes=\"(max-width: 631px) 100vw, 631px\" \/><\/p>\n<p>In this article, we answer this question and explore other questions like:<\/p>\n<ul>\n<li><a href=\"#MBA-cost-factors-to-consider-while-calculating-mba-cost\">MBA Cost &#8211; Factors to Consider while Calculating your Total MBA Cost.\u00a0<\/a>\n<ul>\n<li><a href=\"#MBA-cost-at-top-business-schools-fees\">MBA Cost for Top Business Schools<\/a><\/li>\n<li><a href=\"#Pre-mba-cost-fees\">Pre-MBA Cost<\/a><\/li>\n<li><a href=\"#Living-cost-during-MBA\">Living Cost during MBA<\/a><\/li>\n<\/ul>\n<\/li>\n<li><a href=\"#MBA-cost-reduction\">MBA Cost Reduction: Financial Options available <\/a><\/li>\n<li><a href=\"#tips-pocket-friendly-mba\">Tips for a pocket-friendly MBA<\/a><\/li>\n<\/ul>\n<h2 id=\"MBA-cost-factors-to-consider-while-calculating-mba-cost\">MBA Cost: Factors to Consider<\/h2>\n<p>The cost of an MBA can vary from one business school to another. The average MBA Tuition fee from the top business schools can range between $61,487 \u2013 $160,864. However, to calculate the total cost of an MBA, you need to look out for some additional costs such as Living costs, post-MBA costs, and more.<\/p>\n<h3 id=\"MBA-cost-at-top-business-schools-fees\">MBA Cost at Top Business Schools<\/h3>\n<p>To understand it better, let us look at the MBA Cost at Top business schools:<\/p>\n<table width=\"714\">\n<tbody>\n<tr>\n<td width=\"171\"><strong>Top Business Schools<\/strong><\/td>\n<td width=\"103\"><strong>Tuition Fees ($)\u00a0<\/strong><\/td>\n<td width=\"370\"><strong>Other Costs (Living allowance, books, <\/strong><br \/><strong>transportation, etc.)<\/strong><\/td>\n<td width=\"70\"><strong>Total MBA Cost\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/stanford-gsb-mba-class-profile-employment-report-notable-alumni\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Stanford GSB\u00a0<\/a><\/td>\n<td>1,49,412<\/td>\n<td>87,876<\/td>\n<td>2,37,288<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/nyu-stern-mba-class-profile-salaries\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">NYU Stern\u00a0<\/a><\/td>\n<td>1,48,368<\/td>\n<td>76,140<\/td>\n<td>2,24,508<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/wharton-mba-program-class-profile-employment-reports-notable-alumni\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Wharton (Penn)<\/a><\/td>\n<td>1,60,864<\/td>\n<td>62,526<\/td>\n<td>2,23,390<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/mit-sloan-mba-class-profile-employment-reports\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">MIT Sloan\u00a0<\/a><\/td>\n<td>1,54,336<\/td>\n<td>83,300<\/td>\n<td>2,37,636<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/columbia-business-school-mba-facts-statistics\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Columbia Business School<\/a>\u00a0<\/td>\n<td>1,54,752<\/td>\n<td>73,686<\/td>\n<td>2,28,438<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/harvard-business-school-class-profile-employment-reports-and-notable-alumni\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Harvard Business School\u00a0<\/a><\/td>\n<td>1,46,880<\/td>\n<td>78,324<\/td>\n<td>2,25,204<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/chicago-booth-mba-facts-statistics\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Chicago (Booth)<\/a><\/td>\n<td>1,46,800<\/td>\n<td>73,776<\/td>\n<td>2,20,576<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/dartmouth-tuck-mba-stem-track\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Dartmouth (Tuck)<\/a><\/td>\n<td>1,55,040<\/td>\n<td>68,960<\/td>\n<td>2,24,000<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/kellogg-mba\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Northwestern (Kellogg)<\/a><\/td>\n<td>1,46,808<\/td>\n<td>64,412<\/td>\n<td>2,11,220<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/ucla-anderson-school-of-management-ucla-anderson-mba-program-class-profile-employment-reports-notable-alumni\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">UCLA (Anderson)<\/a><\/td>\n<td>1,30,228<\/td>\n<td>91,648<\/td>\n<td>2,21,876<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/yale-school-of-management-yale-mba-program-class-profile-employment-reports-notable-alumni\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Yale SoM\u00a0<\/a><\/td>\n<td>1,49,400<\/td>\n<td>62,200<\/td>\n<td>2,11,600<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/uc-berkeley-haas-mba-facts-statistics\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">UC-Berkeley (Haas)<\/a><\/td>\n<td>1,29,304<\/td>\n<td>73,764<\/td>\n<td>2,03,068<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/darden-school-of-business-mba-class-profile-employment-reports-notable-alumni\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Virginia (Darden)<\/a><\/td>\n<td>1,45,200<\/td>\n<td>55,212<\/td>\n<td>2,00,412<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/duke-fuqua-mba-class-profile-employment-stats\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Duke (Fuqua)<\/a><\/td>\n<td>1,40,000<\/td>\n<td>54,660<\/td>\n<td>1,94,660<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/georgetown-mcdonough-school-of-business-mba-class-profile-employment-report-notable-alumni\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Georgetown (McDonough)<\/a><\/td>\n<td>1,21,788<\/td>\n<td>68,306<\/td>\n<td>1,90,094<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/michigan-ross-mba-facts-statistics\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Michigan Ross<\/a><\/td>\n<td>1,42,096<\/td>\n<td>49,968<\/td>\n<td>1,92,064<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/cornell-sc-johnson-college-of-business-cornell-mba-program-class-profile-employment-reports-notable-alumni\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Cornell (Johnson)<\/a><\/td>\n<td>1,43,880<\/td>\n<td>56,100<\/td>\n<td>1,99,980<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/cmu-tepper-mba-facts-statistics\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">CMU (Tepper)<\/a><\/td>\n<td>70,000<\/td>\n<td>23,768<\/td>\n<td>93,768<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/unc-kenan-flagler-mba-class-profile-salaries\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">UNC (Kenan-Flagler)<\/a><\/td>\n<td>1,35,042<\/td>\n<td>\u00a0<\/td>\n<td>1,35,042<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/emory-goizueta-mba-class-profile-salaries\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Emory (Goizueta)<\/a><\/td>\n<td>1,34,200<\/td>\n<td>58,662<\/td>\n<td>1,92,862<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/rice-mba-jones-graduate-school-of-business-class-profile-employment-reports-notable-alumni\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Rice (Jones)<\/a><\/td>\n<td>1,21,880<\/td>\n<td>80,116<\/td>\n<td>2,01,996<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/uw-foster-mba-class-profile\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Washington (Foster)<\/a><\/td>\n<td>1,03,062<\/td>\n<td>61,266<\/td>\n<td>1,64,328<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/mccombs-mba-class-profile-employment-reports-salaries\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Texas-Austin (McCombs)<\/a><\/td>\n<td>1,31,144<\/td>\n<td>48,236<\/td>\n<td>1,79,380<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/indiana-university-kelley-school-of-business-kelley-mba-program-class-profile-employment-reports-notable-alumni\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Indiana (Kelley)<\/a><\/td>\n<td>1,02,902<\/td>\n<td>49,278<\/td>\n<td>1,52,180<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/imd-business-school-imd-mba-program-class-profile-employment-reports-notable-alumni\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">IMD (1 year)<\/a><\/td>\n<td>61,487<\/td>\n<td>30,200<\/td>\n<td>91,687<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/e-gmat.com\/blogs\/insead-mba-class-profile-employment-salaries\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">INSEAD (10 months)\u00a0<\/a><\/td>\n<td>96,079<\/td>\n<td>29,903<\/td>\n<td>1,25,982<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<p>From the above table we can say that <a href=\"https:\/\/e-gmat.com\/blogs\/wharton-mba-program-class-profile-employment-reports-notable-alumni\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Wharton School of business<\/a> charges the <strong>highest tuition fee of $160,864<\/strong> for its 2-year full-time MBA program whereas the Kelly school of <strong>business charges the lowest tuition fee of $102,902 in the US.<\/strong><\/p>\n<p>As you can see from the table, apart from the tuition fees, <strong>an additional cost is charged by the top business schools. These charges include your living allowance, books, transportation, etc.<\/strong><\/p>\n<p>Thus, while calculating the cost of an MBA, you need to take into consideration the other costs that are charged by the business school.<\/p>\n<p>Apart from the MBA tuition fee there are two other types of factors you need to consider while calculating your MBA Cost:<\/p>\n<ol>\n<li>Pre-MBA Cost<\/li>\n<li>Living cost during MBA<\/li>\n<\/ol>\n<h3 id=\"Pre-mba-cost-fees\">Pre-MBA Cost<\/h3>\n<p>Once you decide that you want to pursue an MBA, you need to prepare an impressive application. You incur some cost during this process:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>GMAT<\/strong> \u2013 Taking the GMAT is more than just its registration fee of $250. If you don\u2019t retake the GMAT, even then, you will incur a minimum cost of $730. <a href=\"https:\/\/e-gmat.com\/blogs\/gmat-fee-how-much-does-the-gmat-cost\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Take a look at this article to understand how we arrived at this cost.<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><img loading=\"lazy\" class=\"alignnone size-large wp-image-13627\" src=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/07\/GMAT-test-fees-GMAT-cost-2-1024x282.png\" alt=\"gmat test fees gmat cost\" width=\"1024\" height=\"282\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/07\/GMAT-test-fees-GMAT-cost-2-1024x282.png 1024w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/07\/GMAT-test-fees-GMAT-cost-2-300x82.png 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/07\/GMAT-test-fees-GMAT-cost-2-768x211.png 768w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/07\/GMAT-test-fees-GMAT-cost-2-1080x297.png 1080w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/07\/GMAT-test-fees-GMAT-cost-2.png 1284w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>TOEFL\/ IELTS<\/strong> \u2013 All business schools ask for a TOEFL\/ IELTS score from non-native English speakers. If you are a non-native speaker, you will have to take the TOEFL or the IELTS. For this, you\u2019ll have to shell out another $ 160-$250.<\/li>\n<li><strong>Application Fee<\/strong> \u2013 This is the biggest, pre-MBA cost for an applicant. An MBA candidate typically applies to 8 to 10 business schools and, business schools charge anywhere between $150 and $275 per application. So, you would have to pay business schools another $2,000 to $2,500.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<blockquote>\n<p><strong>Stanford GSB made around $2.2 million from more than 8000 applications last year.<\/strong><\/p>\n<\/blockquote>\n<p><strong>Your total pre-MBA costs would add up to a minimum of $3,000.<\/strong><\/p>\n<blockquote>\n<p><strong><em>If you are planning to take the GMAT, we can help you with a personalized study plan and give you access to quality online content to prepare. We are the\u00a0<a href=\"https:\/\/gmatclub.com\/reviews\/e-gmat-6\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\">most reviewed GMAT prep company on <\/a>GMAT club with more than 1870+ reviews (as on May 07, 2020). Why don\u2019t you <a href=\"https:\/\/e-gmat.com\/free-trial-registration\/?channel=blogsin_article&amp;utm_source=blogs&amp;utm_medium=in_article&amp;utm_campaign=free_trial&amp;utm_content=about_the_gmat&amp;utm_term=blogs_in_article\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\">Take a free trial<\/a>\u00a0and judge it for yourself?<\/em><\/strong><\/p>\n<\/blockquote>\n<h3 id=\"Living-cost-during-MBA\">Living Costs during MBA<\/h3>\n<p>As you can see in the table above while pursuing your MBA degree, you will have to incur additional MBA cost on living expenses which include:<\/p>\n<ol>\n<li>Rent and Utilities<\/li>\n<li>Books and Supplies<\/li>\n<li>Transportation<\/li>\n<li>Health Insurance<\/li>\n<li>Miscellaneous expenses<\/li>\n<\/ol>\n<p>These<strong> living expenses will depend on the following factors:<\/strong><\/p>\n<ol>\n<li>The location of the business school<\/li>\n<li>You stay alone, or you share the apartment<\/li>\n<li>You are married (staying with family) or single<\/li>\n<li>You live on-campus or off-campus<\/li>\n<li>Your lifestyle<\/li>\n<\/ol>\n<p>In the above table, we have computed the total MBA cost by adding the living expenses you will incur during your stay. These expenses are for a single person sharing an apartment with one person and having a modest lifestyle. <strong>However, if you are staying with your family, then you\u2019ll have to increase the MBA cost by 25% to 30%.<\/strong><\/p>\n<p>You can see that for 13 business schools, you\u2019ll have to shell out more than $200,000 to earn the MBA degree.<\/p>\n<h4>High living cost at some Cities<\/h4>\n<p>Living expenses are highest for Stanford GSB, and NYU Stern, as both these business schools, are situated in expensive cities. McCombs School has the lowest living expenses as it is located in Austin, which is a less expensive city to live in.<\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-16743\" src=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-living-expenses-300x176.jpg\" alt=\"mba cost living expenses\" width=\"585\" height=\"343\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-living-expenses-300x176.jpg 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-living-expenses-768x450.jpg 768w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-living-expenses.jpg 928w\" sizes=\"(max-width: 585px) 100vw, 585px\" \/><\/p>\n<p><a href=\"https:\/\/www.numbeo.com\/cost-of-living\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\">According to Numbeo,<\/a> the cost of living per month for a single person with one-bedroom apartment rent in the city is:<\/p>\n<p><iframe id=\"datawrapper-chart-gperY\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Cost of Living Per Month - MBA Cost\" src=\"https:\/\/datawrapper.dwcdn.net\/gperY\/1\/\" height=\"518\" frameborder=\"0\" scrolling=\"no\" aria-label=\"chart\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"])for(var e in a.data[\"datawrapper-height\"]){var t=document.getElementById(\"datawrapper-chart-\"+e)||document.querySelector(\"iframe[src*='\"+e+\"']\");t&&(t.style.height=a.data[\"datawrapper-height\"][e]+\"px\")}}))}();<br \/>\n<\/script><\/p>\n<h2 id=\"MBA-cost-reduction\">MBA Cost Reduction: Financial Options<\/h2>\n<h3>MBA Scholarships<\/h3>\n<p>The best way to make your MBA costs affordable is to get a scholarship. All the top business schools provide numerous fellowships and scholarships. The best way to get a scholarship is to score high on the GMAT. <strong>A high GMAT score increases the chance of getting a scholarship.<\/strong><\/p>\n<p><a href=\"https:\/\/e-gmat.com\/blogs\/mba-scholarships-2019-good-gmat-score\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Read this article on How to get a scholarship<\/a> to know more about the various scholarships offered by business schools and what is a good GMAT score to get a scholarship.<\/p>\n<p>\u00a0<\/p>\n<blockquote>\n<p><strong>\u201cA high GMAT score helped me get an admit from Kellogg as well as scholarships\u201d, says <a href=\"https:\/\/e-gmat.com\/blogs\/gmat-740-mba-scholarships-worth-180000-dollars-admit-to-kellogg-success-story\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Prawee<\/a> who scored 740 on the GMAT and received scholarships worth $180,000 from 4 business schools.<\/strong><\/p>\n<\/blockquote>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-16742\" src=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/MBA-cost-financial-help-by-program-300x217.png\" alt=\"mba cost financial help\" width=\"570\" height=\"412\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/MBA-cost-financial-help-by-program-300x217.png 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/MBA-cost-financial-help-by-program-768x556.png 768w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/MBA-cost-financial-help-by-program.png 784w\" sizes=\"(max-width: 570px) 100vw, 570px\" \/><\/p>\n<p>According to the <a href=\"https:\/\/www.gmac.com\/market-intelligence-and-research\/research-library\/admissions-and-application-trends\/2017-application-trends-survey-report.aspx\" rel=\"nofollow external noopener noreferrer\" data-wpel-link=\"external\" target=\"_blank\">GMAC Application trends survey report 2017<\/a>,<strong> 45% of the incoming class received some kind of financial assistance from the business school.<\/strong> 24% of the financial assistance is in the form of merit scholarships.<\/p>\n<p>However, business schools offer other types of financial assistance to reduce your MBA cost like:<\/p>\n<ol>\n<li>Need-based scholarships<\/li>\n<li>Fellowships<\/li>\n<li>Stipends, and<\/li>\n<li>Assistantships<\/li>\n<\/ol>\n<p><img loading=\"lazy\" class=\" wp-image-16747 aligncenter\" src=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/percentage-students-receiving-financial-assisstance-mba-cost-1024x285.png\" alt=\"mba cost 1\" width=\"804\" height=\"223\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/percentage-students-receiving-financial-assisstance-mba-cost-1024x285.png 1024w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/percentage-students-receiving-financial-assisstance-mba-cost-300x83.png 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/percentage-students-receiving-financial-assisstance-mba-cost-768x214.png 768w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/percentage-students-receiving-financial-assisstance-mba-cost-1080x300.png 1080w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/percentage-students-receiving-financial-assisstance-mba-cost.png 1748w\" sizes=\"(max-width: 804px) 100vw, 804px\" \/><\/p>\n<h3>Crowdfunding<\/h3>\n<p>Crowdfunding is an innovative alternative to finance your MBA. Although, it is not the same as scholarships because you have to pay back the amount. But, the best part is you are\u00a0provided\u00a0with collateral-free and low-interest education loans, as<strong> low as 5% &#8211; 6% depending on\u00a0specific credit assessment criteria for each applicant.<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-16745\" src=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-reduce-crowdfunding-300x168.jpg\" alt=\"reduce mba cost by crowdfunding\" width=\"571\" height=\"320\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-reduce-crowdfunding-300x168.jpg 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-reduce-crowdfunding-768x429.jpg 768w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-reduce-crowdfunding.jpg 998w\" sizes=\"(max-width: 571px) 100vw, 571px\" \/><\/p>\n<p>\u00a0<\/p>\n<blockquote>\n<p>Jayanth Kashyap B is one such person who raised GBP 50,000 through crowdfunding platforms to fund his MBA from <strong>S\u00e4id Business School (Oxford University).\u00a0<a href=\"https:\/\/www.linkedin.com\/pulse\/crowdfunding-my-mba-why-how-jayanth-kashyap-b\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\">You can read his inspiring story on how he raised this money<\/a><\/strong><\/p>\n<\/blockquote>\n<p>\u00a0<\/p>\n<p><a href=\"https:\/\/prodigyfinance.com\/\" rel=\"nofollow external noopener noreferrer\" data-wpel-link=\"external\" target=\"_blank\">Prodigy Finance<\/a>\u00a0and <a href=\"https:\/\/www.commonbond.co\/\" rel=\"nofollow external noopener noreferrer\" data-wpel-link=\"external\" target=\"_blank\">CommonBond<\/a> are two such companies that will <strong>fund your MBA through a community platform<\/strong> consisting of MBA alumni, institutional investors, and qualified private investors.<\/p>\n<p>Also, you do not need to pay the student loan back until six months after graduation. <strong>They also offer scholarships to their borrowers.<\/strong> You can log on to their websites to know your eligibility for a student loan.<\/p>\n<h3>Employer Sponsorship<\/h3>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-16746\" src=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-scholarship-300x199.png\" alt=\"mba cost scholarship\" width=\"535\" height=\"355\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-scholarship-300x199.png 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-scholarship-768x509.png 768w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-scholarship.png 936w\" sizes=\"(max-width: 535px) 100vw, 535px\" \/><\/p>\n<p>The allure of employer sponsorship has reduced in recent years but there is no harm in asking your boss if your organization wants to invest in your education.<\/p>\n<p>However, you should keep in mind that your organization may put their conditions before sponsoring your education. So, make sure that you understand all those terms and conditions.<\/p>\n<h3>The Mom and Pop Bank<\/h3>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-16744\" src=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-parents-300x185.jpg\" alt=\"mba cost assistance by parents\" width=\"512\" height=\"316\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-parents-300x185.jpg 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-parents.jpg 756w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><\/p>\n<p>\u00a0<\/p>\n<p>According to the GMAC Prospective Students Survey Report 2017, close to <strong>20% of the students receive financial support from their parents.<\/strong> This trend is most prevalent in Asia and Europe where<strong> 33% and 30% of business school students received financial support from their families.<\/strong> 10% of American students received financial help from their mom and dad.<\/p>\n<p>So, in case you need some financial assistance, <strong>your parents would most probably invest in your future.<\/strong><\/p>\n<h2><img loading=\"lazy\" class=\" wp-image-16749 aligncenter\" src=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/Source-of-mba-cost-1024x601.png\" alt=\"source of mba cost\" width=\"608\" height=\"357\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/Source-of-mba-cost-1024x601.png 1024w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/Source-of-mba-cost-300x176.png 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/Source-of-mba-cost-768x451.png 768w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/Source-of-mba-cost-1080x634.png 1080w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/Source-of-mba-cost.png 1438w\" sizes=\"(max-width: 608px) 100vw, 608px\" \/><\/h2>\n<h2>\u00a0<\/h2>\n<h2 id=\"tips-pocket-friendly-mba\">MBA Cost &#8211; How to make your MBA Pocket-friendly in 2020?<\/h2>\n<p>\u00a0<\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-16751\" src=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-research-300x195.jpg\" alt=\"mba cost research\" width=\"591\" height=\"384\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-research-300x195.jpg 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-research-768x500.jpg 768w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-research.jpg 872w\" sizes=\"(max-width: 591px) 100vw, 591px\" \/><\/p>\n<p>MBA costs are high and therefore, before selecting a business school you should consider the following things:<\/p>\n<ul>\n<li><strong>Career goals<\/strong> \u2013 Investment in your MBA degree is hefty and you would want to make the most out of your stay at the business school you choose. So, <strong>choose the business school which could accelerate your career trajectory and gives you a high Return on Investment.<\/strong><\/li>\n<li><strong>Explore the real MBA cost<\/strong> \u2013 Do your own research and talk to a few current students of the business school which you wish to attend. <strong>Get a real idea on how much does it actually cost to do an MBA.<\/strong><\/li>\n<li><strong>Financing your MBA<\/strong> \u2013 The best way to finance for an MBA is from your own savings. However, they might not be enough. Therefore, <strong>apply for scholarships, ask your parents\/ spouse and even then, you fall short, apply for a student loan.<\/strong> If you plan to continue to work in your current organization after your MBA, then contact your HR department and inquire if the company has such a policy.<\/li>\n<\/ul>\n<p>Still, the best option for you is to get an\u00a0<a href=\"https:\/\/e-gmat.com\/blogs\/mba-scholarships-2019-good-gmat-score\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0MBA Scholarship.<\/a>\u00a0The best way to get one is by scoring high on the GMAT.<\/p>\n<p>\u00a0<\/p>\n<blockquote>\n<p><strong><em>If you are planning to take the GMAT, we can help you with a personalized study plan and give you access to quality online content to prepare. We are the\u00a0<a href=\"https:\/\/gmatclub.com\/reviews\/e-gmat-6\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\">most reviewed GMAT prep company on <\/a>GMAT club with more than 1860+ reviews (as on May 07, 2020). Why don\u2019t you <a href=\"https:\/\/e-gmat.com\/free-trial-registration\/?channel=blogsin_article&amp;utm_source=blogs&amp;utm_medium=in_article&amp;utm_campaign=free_trial&amp;utm_content=about_the_gmat&amp;utm_term=blogs_in_article\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\">take a free trial<\/a>\u00a0and judge it for yourself?<\/em><\/strong><\/p>\n<\/blockquote>\n\n<div class=\"ub-buttons align-button-center\"  id=\"ub-button-5200fc9e-f61f-4ccc-aa07-535ba759f460\"><div class=\"ub-button-container\">\n    <a href=\"https:\/\/resources.e-gmat.com\/sign-up-free-trial\" target=\"_blank\" rel=\"noopener noreferrer external\" class=\"ub-button-block-main ub-button-medium ub-button-flex-medium\" role=\"button\" data-wpel-link=\"external\">\n    <div class=\"ub-button-content-holder\"><span class=\"ub-button-block-btn\">Sign up for a Free Trial<\/span>\n    <\/div><\/a><\/div><\/div>\n\n\n<h2 id=\"h-mba-cost-faqs\">MBA Cost &#8211; FAQs<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1588846705140\"><strong class=\"schema-faq-question\">Is an MBA worth it? <\/strong> <p class=\"schema-faq-answer\">Yes. An MBA degree can open the door to new career opportunities and offer you the knowledge and help in developing skills such as teamwork, negotiation, and leadership. But, an MBA is only worth the effort, time, and money you are willing to put into it. <\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1588846974378\"><strong class=\"schema-faq-question\">Why should I pursue an MBA? <\/strong> <p class=\"schema-faq-answer\">Here are some reasons why you should get an MBA:<br\/>1. Career Growth and Transformation <br\/>2. Better Pay Package <br\/>3. Removes the Entry Barriers <br\/>4. Networking Opportunities <br\/>5. Entrepreneur Abilities <br\/>Check out this article on the <a href=\"https:\/\/e-gmat.com\/blogs\/why-mba\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">top 20 reasons Why you should pursue an MBA?<\/a><\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1588847218140\"><strong class=\"schema-faq-question\">Is 30 too old for an MBA? <\/strong> <p class=\"schema-faq-answer\">No.  An MBA is a seminal experience that serves as a toolkit to transition or advance to leadership roles in your career. Most business schools do not usually quote the age limit for MBA programs. Besides, AdComs assess you on what you bring to the program and how you will contribute to group projects and class discussions. <\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Benjamin Franklin said, \u201cAn investment in knowledge pays the best interest.\u201d This quote rings true for thousands of applicants who apply to top business schools every year despite their exorbitant MBA Costs. The average cost of an MBA degree from Top business schools ranges from $ 91,687 &#8211; $237,636. Applicants see value in these top [&hellip;]<\/p>\n","protected":false},"author":102406,"featured_media":28176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ub_ctt_via":""},"categories":[4102,113,114],"tags":[],"featured_image_src":"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2018\/11\/mba-cost-how-much-is-the-fees.png","author_info":{"display_name":"Suheb Hussain","author_link":"https:\/\/e-gmat.com\/blogs\/author\/syede-gmat-com\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.1.1 (Yoast SEO v17.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How much does an MBA Cost?<\/title>\n<meta name=\"description\" content=\"How much does an MBA cost? This article talks about various factors that influence your MBA fees. 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