How to Pay for an MBA

Lindsey Aponte, a first-year student at the University of North Carolina at Chapel Hill's Kenan-Flagler Business School, made all the right moves when it came to preparing her finances before entering the MBA program.

She already kept a household budget, which she scanned to see what she could trim and how the cost of living in the Kenan-Flagler neighborhood compared to her residence just outside of Philadelphia. Then, she sought the appropriate loans to pay for what she could not handle herself. The hope, says Aponte, is that after graduation she'll get a job, which will pay more than the one she had before school.

Aponte is certain that enrolling in graduate business school was a "sound financial decision," even though she will be paying off loans after graduation in 2009. Like anyone making such a big investment, Aponte was apprehensive, but she consider that a positive. "It's a good thing to be concerned about finances," she says. "Don't shy away from being nervous." It shows that personal finance—and your financial security—is important to you.

So embrace your anxiety. If you're an aspiring MBA losing sleep over how you are going to afford graduate business school, then you should check out the financial aid tips below:

Ask for Help

Even before you apply, you can get information about the financial aid services available at each school that interests you. Some of them have financial aid offices specific to the graduate business sc