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5 Things MBA Applicants Should Do Before Business School

By U.S. News & World Report

An MBA program is an opportunity for career advancement, experts say, but it’s hard to use that opportunity to the fullest if you don’t start business school knowing what you hope to gain from the experience.

“I would advise students to make sure they have very clear and defined goals in mind for their professional roadmaps before applying,” Katy Tripses, a 2016 MBA graduate from Hult International Business School in London, said in an email.

When she began her MBA program, Tripses was uncertain about her career plans, she says. “If you had asked me back then what it was I wanted to do after getting an MBA, I wouldn’t have been able to provide you with an answer,” says Tripses, who is now the head of growth for Study Soup, an education technology startup. “I just knew I wanted more opportunity.”

[Read two successful MBA admissions essays.]

David Simpson, admissions director at the London Business School, says an MBA can provide a chance for career exploration and career change.

“The period before an MBA is a great time for reflection and mentally preparing yourself to potentially reinvent yourself,” he says.

[Learn about MBA recommendations that counted.]

Here are five ways experts say prospective MBA students can maximize their chances of success in the MBA admissions process.

1. Choose an academic focus: Lilian Ngobi, an MBA student at Carnegie Mellon University’s Tepper School of Business, says the vast array of courses and extracurricular activities at MBA programs can be overwhelming at first. She says it is important for MBA applicants to set priorities about what they’re most interested in learning, so they can make an informed choice about where to apply.

2. Research career options: Ben Preston, a 2016 MBA graduate from the University of Oxford and a co-founder of ViaHero, a travel technology company, says prospective MBA students should conduct informational interviews with business professionals whose work they admire and read extensively about industries where they could envision themselves working. That thorough research, Preston says, will allow MBA applicants to eloquently explain their career goals to business school admissions officers.

3. Overcome math anxiety: Ngobi of Carnegie Mellon says business schools provide abundant academic support in quantitative courses, so prospective MBA students shouldn’t stress about the math component of business school. However, she says, MBA applicants need to be vigilant about their standardized test preparation.

4. Speak with current MBA students, recent graduates and potential classmates: “Wherever possible, speak to students and alumni to really understand the culture of a school — what it is, what it isn’t, and what differentiates it,” Simpson of London Business School suggests.

[Consider these key career benefits from MBA programs.]

Simpson says prospective MBA students who have admissions offers from multiple business schools should make an effort to meet their potential classmates at these schools.

“Your classmates are pretty much going to be your greatest educators and your greatest asset in your business school education,” he says. “Of course, amazing professors are a huge part of your learning, but in your personal development, the people you’re surrounded by for hours on end — the other students — are often going to be the ones that build your global understanding.”

5. Imagine life after business school: Preston of Oxford says that once he realized he wanted to be an entrepreneur, every aspect of the business school admissions process became easier because he had a sense of purpose. MBA applicants should consider what they hope to accomplish in their career before they begin writing their admissions essay, Preston says.

Simpson says a little self-awareness goes a long way towards helping prospective MBA students choose the right business school.

“When it comes down to it, this is a very personal decision, and you have to build your own framework of what’s important,” he says.

Searching for a business school? Get our complete rankings of Best Business Schools.

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5 Things MBA Applicants Should Do Before Business School originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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