Financial Aid and Scholarships Available for Accredited Online MBA Programs

Improved career opportunities make the cost of getting an MBA online an investment in your future. Career coaches and academic advisors recommend that you share the cost of earning your MBA whenever possible. You may find some companies and organizations are willing to help you achieve this goal, as they benefit from the skills and training the best accredited online MBA programs teach their students. Quantic is focused on helping students pursue employer-funded financial support and scholarship opportunities to make their education more accessible. 

Finding the Right Type of Financial Aid 

Your current employer could be a willing partner in financing your online MBA. Companies offering tuition assistance to employees typically administer such benefits in one of two ways: tuition reimbursement or tuition assistance. Tuition reimbursement programs require students to pay their fees upfront and then seek reimbursement later upon completion of coursework. Companies offering tuition assistance make money available upfront to pay tuition. They may also allow students to defer tuition payments when upfront financing is not available. Such a benefit usually occurs as part of a partnership between companies and academic programs. At Quantic, we work with an extensive network of prominent companies that offer their employees these tuition benefits and encourage professional growth.

Federal grants and student loans are another effective way to help prospective students pay for graduate school. The Education Data Initiative shows that as of 2023, American students have utilized loan resources totaling $1.73 billion. Federal student loan programs often offer flexible repayment options once students have completed their graduate studies. Grants provide the advantage of not requiring repayment, but unlike student loans, they are typically only administered through state agencies or private organizations. These grants often serve as an entry point to a future career with the granting organization. Quantic, however, is priced as such that even without employer support, students do not go into debt to earn a top-tier degree. 

Types of Academic Scholarships 

The best accredited online MBA programs utilize several different types of scholarships. Each offers a certain level of prestige along with the funds to pay for school. Graduate school scholarships are often grouped into the following categories:

Merit-Based Scholarships 

Students may associate scholarships with incentives or awards for achievement, which is the principle behind merit-based scholarships. You might earn one by demonstrating consistent success during your undergraduate studies. Maintaining a certain grade point average during your graduate program might also qualify you for a scholarship. Merit-based scholarships are often rewarded as a result of academic, civic, or professional achievements. Your company or community could recognize your leadership skills or volunteer efforts through a scholarship to help further your career pursuits. 

Need-Based Scholarships 

Scholarships aren’t always awarded due to academic merit; they can also be given out on the basis of financial need. If you lack the financial resources to pay for graduate school, some organizations offer scholarships to help cover the cost. These scholarships recognize your ability to better your employment situation without imposing the pressure of having to repay the cost of your tuition. They may require you to provide tax records to show whether your financial situation meets their qualifying criteria. 

Community Impact Scholarships 

Diversity, equity, and inclusion programs extend scholarships to members of underrepresented or underserved communities. The goal of offering financial assistance in these scenarios is to encourage recipients to use their education to make a positive impact on their communities. Scholarships offered to international studentscould also fall into this category. The Education Data Initiative lists several examples of organizations that provide such assistance, such as the United Negro College Fund, the Society of Women Engineers, and the Center for Women in Technology.

Recruitment Scholarships 

Businesses and government agencies use scholarships as recruitment tools. Conditions often accompany these types of scholarships, such as recipients being required to work for the granting agencies after completing their MBA programs. Recruitment scholarships might also steer students in the direction of a particular area of study. Industries like healthcare, finance, and technology, or companies where business skills support a primary service, encourage scholarship recipients to pursue coordinating specializations.

Specialty Scholarships 

A broad range of specialty scholarships are available to prospective online MBA students. Branches of the military often offer scholarships to members as a reward for their service. Civic organizations may choose to award a scholarship to someone who best embodies their values or in honor of an individual affiliated with the group. Alumni associations looking to grow their membership or increase their prestige could award graduate school scholarships in order to meet these goals. 

Afford the Best Accredited Online MBA Programs 

Earning an online MBA becomes even more accessible when the degree comes at a radically affordable price. At Quantic, our innovative tuition model and various tuition assistance options, like scholarships and employer funding, ensure that students receive an exceptional education at a fraction of the cost of other elite schools. This helps secure our position among the best accredited online MBA programs. For more information about the resources available to you as a student at Quantic, contact our admissions team today.