Need frugal tips for graduate prospect!

[bumstah]

Hello my name is Ben K. and I'm a senior in my last semester, graduating with a Bachelor's in Graphic Design and Marketing. I will be finishing college debt-free. It has all been paid for through financial aid and scholarships. The only debt I have is in my car (about $9000 left), but I am relatively proud of the state I am in.

However, I want to attend graduate school. I want to receive a MBA and continue my debt-free college streak. I have done research and will not be able to receive the same financial aid I am receiving now. To avoid paying tuition, I am considering going to the Air Force and serving to pay off my MBA study. I was wondering if you know any other options I should consider to avoid tuition costs or pulling out a student loan.

[Redraidernurse]

Get a part or full time job while working on your MBA?

[kork13]

Depending on the industry, your position, and your employer, opportunities abound to find everyday employers who offer tuition assistance to their employees, particularly toward getting an MBA. If you get hired into a management development program at a large company, that's where you'll generally find that option most commonly.

That said, as an Air Force guy myself, I'll never say the military is a bad idea for anyone...

[Gary Barzel]

Originally Posted by Redraidernurse

Get a part or full time job while working on your MBA?

If you don't have the time for a full time job, you can try getting a part time job. If that's going to prove to difficult as well, managing both - a job and working on getting an MBA, perhaps you should push it off for a semester or two, get a job and save up for it.

[bumstah]

I know there's some MBAs that are built to work around employed students, like UCLA's FEMBA (Fully Employed MBA). Would need to research more on that..

I know that working part time or full time during MBA study is an option. But I think working and worrying about tuition as I'm studying is going to cause a lot of stress for me in the future. Money will always be on the back of my mind. I would rather work for a company that will cover the tuition like how kork13 touched upon. I was wondering if there was a resource I can research this on? Sounds like a great opportunity...After I complete my undergraduate I'd definitely start working for one of these companies if they can cover tuition...

I wouldn't mind joining the Air Force but I had a couple of questions..How long is training and how long would I be away from home while I'm serving?

Exploring my options, please share your opinions

[snafu]

One more consideration is that many of the good MBA programs give preference to applicants who have some relevant work experience.

MBA program are offered on-line so that employees can continue their advancement/credentials without relinquishing employment. Course by course it's more expensive but the time saved is incredible.

3rd. most employees with MBA credentials have good time management skills, have experience juggling priorities and perform at their best under pressure...sound like Air Force come to think of it!

[thefrugaltoad]

I believe some States have tuition forgiveness programs if you teach in a Title 1 school for a certain number of years. I also believe the Peace Corps qualifies for some loan forgiveness as well.

[Frugal]

The only possible way to avoid debt in grad school if you don't have significant savings is to work full-time. Don't know if that is possible given the credit and work load in a lot of graduate programs. I personally had to turn down a TA-ship and not attend grad school because they would not provide me with enough of a stipend to avoid taking out loans, despite working part-time as an instructor for beginning college students.

Debt is hard to avoid in grad school. I have a younger sister in it right now, and she is having to take out a lot of loans to pay for it. They don't let her work in the program she is in...at all...due to the toughness of it (in the medical field).

Good luck with grad school. It is still probably possible for a lot of people out there, because people are somehow still getting through it these days...

[WealthWrestlers]

If I were you, I would get some solid work experience and try to establish the beginnings of career before you go back to school to get your MBA. I say this because a graduate with a MBA and no work experience can be a difficult hire for some employers. For an employer, it can be hard to justify paying extra for an employee simply because of a degree, especially when that employer could hire someone with 5-10 years experience in the field instead...

Plus, working for a couple years will give you some time to save up towards your degree.

[bumstah]

Thank you everyone for your replies. I have thought heavily over the last few days and considered all my options. I've been researching some employers that are willing to cover tuition, but alot of the program has stopped due to the stagnant economy. I'm still searching however, mustn't give up!

Originally Posted by WealthWrestlers

If I were you, I would get some solid work experience and try to establish the beginnings of career before you go back to school to get your MBA. I say this because a graduate with a MBA and no work experience can be a difficult hire for some employers. For an employer, it can be hard to justify paying extra for an employee simply because of a degree, especially when that employer could hire someone with 5-10 years experience in the field instead...

Plus, working for a couple years will give you some time to save up towards your degree.

I wholeheartedly agree with this, most employers these days feel like work experience is more precious than an education. However, I spoke with some of my colleagues, friends, and relatives and they urged me to go to school right after I finish my undergraduate. My brother, especially, said it will be almost impossible to go back to school after a 1-2 year break. He said life simply happens: work schedule gets tough to adjust, bills stack up, I could end up having children...I got his point. Even if I need to take out a loan, use it and just finish grad school.

I guess that means I can get my MBA first and worry about work experience later. I agree but I'm still iffy about the loan part. However, many thanks to all that contributed to this thread. I'll be looking endlessly for a way to avoid student loans. Cheers to frugality!

[carrel2]

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[carrel2]

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[seattlesherryann]

Hi Ben, Kudos to you for planning ahead! You said you 4-yr degree has been "paid for through financial aid"...I hope you don't mean student loans? I trust you're not confusing "student loans" with graduating "debt-free" because you WILL have to pay them back eventually. I'm old enough to be your parent and if you were my kid and asked me, I'd advise you to sell your car and pay off your $9K debt so you truly ARE debt free. If you really NEED a car, I'd suggest a reliable, used Toyota or Honda that you can afford using cash...and also a bus pass to use whenever it's convenient to do so. Take advantage of all those recruiters coming to your campus to interview you for a job in your major as this will never happen to you again!!! No one will ever knock on your door at home & offer you a job, I promise! Get a FT job in your major and hone your skills and your work ethic. Your major lends itself well to make a few entrepreneurial bucks on the side in addition to your FT salary. Many employers will help pay for your graduate degree -- research this option. You don't say where you live, but here in WA State there are numerous reputable state schools with MBA programs designed for people working full-time which means school at night, on the weekend, and online. There are many online resources for students in your position if your search on "graduate debt free" -- join one of their newsletters or user groups to help you stay focused on your goal and ignore all of the "buy it now, you deserve it, you can have it today" mentality that is prevalent in today's US culture. All the best to you!