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Reach, Target, Safety: How to Choose MBA Programs Strategically

By U.S. News & World Report

One of the most important decisions in the MBA application process is what schools you’re going to apply to in the first place. It’s crucial to put significant thought into the programs you’re going to dedicate dozens of hours to over the coming months.

The MBA application process takes time and effort, and many candidates feel overwhelmed with applying to more than the average of four or five schools. The key is to select schools strategically and come up with a competitive mix of MBA programs to target.

[Demonstrate five key qualities of successful MBA applications.]

— Dream schools: The majority of candidates who apply to the leading business schools are bright, personable overachievers who would be an asset to any program. However, each year excellent candidates prematurely take themselves out of the running for some of the top programs. Certain programs have single-digit acceptance rates, and literally thousands of more-than-qualified applicants are turned away annually.

But if you don’t even give yourself a chance at admission, you may always wonder, “What if?” B-school is an ambitious dream, so shoot for the stars or you might regret not trying. While the process is extremely competitive, you shouldn’t count yourself out before the game even begins.

That’s why we typically recommend that people ask themselves whether or not getting an MBA is most important to them — or if getting an MBA from a certain school is what really matters most. If you’d truly be at peace with never getting an MBA if you weren’t accepted to a particular school, then you can move forward by focusing all of your efforts solely on your dream school or schools.

Word of advice: If your test scores are much lower than the average at your dream school, consider giving the GMAT or GRE another shot, and start thinking about how to explain your academic weaknesses and highlight the unique strengths you would bring to the classroom setting. In any case, come decision time, it’s important to be realistic.

[Learn when to apply to only one MBA program.]

— Target schools: When it comes to considering potential MBA programs, you’re ultimately going to have to balance what school you want to attend with where you can actually get in. Start with the hard data points. As a general guideline, take a look at MBA programs you like where your profile falls within the top 10 percent of admitted students.

Compare your undergraduate GPA, GMAT score, years of work experience and particular industry with those of accepted applicants reported by the school in its class profile page. If your industry is underrepresented, consider that an advantage for your application. Research the schools, make sure you know what’s important to you and figure out which ones fit well. Remember the golden rule of MBA admissions — only apply to schools you would be thrilled to attend.

Word of advice: If you’re in an industry that typically makes up a bigger portion of the applicant pool, such as investment banking or consulting, make sure within your application that you think beyond your obvious achievements and differentiate yourself through your essays and interviews by picking stories and experiences that are memorable and unique.

[Follow exercises to help MBA applicants develop a personal brand.]

— Safety schools: A good way to determine whether your list should include one or more so-called safety schools is by asking yourself how important it is for you to go to business school next year. Perhaps there’s a compelling reason you need to exit your job and make the move to grad school ASAP. If so, including safety schools among your targets would be a smart strategy.

If the need is immediate, then definitely include a range of schools of varying degrees of competitiveness. The application pool fluctuates each year, and all you need is one admit, so spread some risk around.

It’s important to be pragmatic and align your expectations with the MBA programs that match your particular profile, particularly if your GMAT score isn’t through the roof or your career trajectory has stalled out.

Word of advice: Safety schools don’t mean bad or less desirable schools — they’re simply a more obvious fit with your numbers and profile. Remember though, you’re still not guaranteed an offer of admission. Safety merely means your chances are far greater than at a program with an acceptance rate of 15 percent or lower.

In the end, be yourself in your application and find the right school for you. Contrary to popular belief, it’s not uncommon to be admitted into a more highly ranked program and denied by a seemingly less competitive one. That’s because the MBA admissions process is not only about numbers — it’s also about experiences, personalities and fit.

More from U.S. News

Reapplying for Business School: Don’t Make These 5 Mistakes

Keep 3 Goals in Mind During MBA Admit Weekends

Ramp Up Extracurriculars Before Round 1 Business School Deadlines

Reach, Target, Safety: How to Choose MBA Programs Strategically 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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