Monday, April 12, 2010

KD and Financial Aid

What’s up KD? I hope that this message finds you well.

It’s been a month – so I figured I’d drop in, and say hello. Things for me are going okay, just busy. I’m in the middle of looking for a new job, working my old job, being a parent, and being a KD student. So, as you can imagine – I have really appreciated the flexibility of KD this past month.

As for this blog, I figure that I would give you some advice on financial aid – since it’s that time of the year. Right now, I pay for KD with a combination of employee contributions and federal loans. It is a good package – not the best, but I am definitely grateful for all of the support that I get.

I know that if any of you are like me, you wondered how you would be able to pay for an MBA – especially if your company doesn’t pay for it. Here are a couple of things to know that have been helpful for me.

  • Fill out a FAFSA.
I know that some people are nervous about the debt that can come from 2 years of college loans. But, it’s a really good investment. I’m only one year into my program – and I have learned about million things that have made me more marketable for promotions and given me other career options.

To fill out a FAFSA, go to They have all the information there. It can be done all online, takes about 20 minutes, and can take a lot of the financial burden of your MBA.

  • Talk to your Human Resources Department.
A lot of people do not talk to Human Resources for a number of reasons – but remember, they are there for you. There may be a number of programs that your company has that will pay for all or a portion of your MBA (or other degree).

The other thing to know is that their contributions to your MBA could be viewed as taxable income. Make sure that you get all the information about the contribution plan before you sign up.

  • Understand your financial award.
You may wind up being award more money per quarter than you actually need for your costs per quarter. This money will come back to you as a refund. I know that for me, I need that refund amount to get my books and other school costs.

If you can afford it, it would suggest that you reduce your award to make it stretch further. Once you run out of loans for the year, you have to pay the rest, which may mean that you are not able to take classes for a quarter.

Well, those are just my tips. I hope that you find them helpful. Until next time, I’ll catch you later KD.

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