How to Pay for Your MBA Degree

Education is expensive, and earning the MBA degree can be particularly expensive. Not only must you pay for tuition, books, and living expenses while at school, you must also forego the salary you could be earning using the undergraduate degree you already have. This article explores some of the ways that may help you to overcome the financial aspects of earning the MBA degree.

With the cost of MBA programs ranging from a low of about $50,000 to a high of over $100,000, many potential students may be asking themselves if the financial sacrifice is warranted. Some studies have claimed the earning the MBA degree has financial value only if it is earned from a top-tier university, and from any other school it results in a financial loss. It is therefore worthwhile, before we get into methods of financing the degree, to look at its monetary value.

Recent statistics on the starting salaries of graduates for four undergraduate fields that pay well can be compared with starting salaries of MBA graduates. The numbers are interesting:

* BS in Business – starting salary, $41,400; mid-career earnings, $70,600
* BS in Accounting – starting salary $46,500; mid-career earnings, $77,500
* BS in Paralegal – starting salary $50,000; mid-career $75,700
* BS in Nursing – starting salary, $52,700; mid-career $68,700

A recent Wall Street Journal article described a study of starting salaries for 2010 MBA graduates in the US. Their median starting salary was slightly more than $79,000, not including a sign-up bonus with a median of about $13,000. The median is the middle value. That means that half of the graduates earned less the $79,000 and half earned more. We know that graduates from some of the top MBA programs in the US easily receive salary offers of $100,000 and more. You can see that starting salaries of MBA graduates easily exceed mid-career salaries of undergraduates of the most lucrative fields. We can assume, therefore, that the MBA degree is worth attaining. The question then is “How do I pay for it?” Here are some approaches.

Most MBA programs accept students who have an undergraduate degree in any field and have worked in meaningful jobs for two to four years after graduating. People contemplating the MBA in their future should make every attempt to save as much as possible during the years gaining work experience that MBA programs desire. Personal savings are an important part of financing your MBA education.

Another vehicle is the job itself. Many companies encourage their employees to gain further education and support this by providing all or part of the cost. If you work for a company that helps to pay the tuition or other costs of an MBA program, taking advantage of such help is wise. Often such financial support requires that you continue working for the same employer after attaining the degree, at least for a specified time period. Financial help from the employer typically means participating in a local or distance learning part-time MBA program.

Part-time study can also be financed by continuing to work as a means of paying for the education. This often causes the degree to stretch over a longer period of time. It is not surprising that so many schools offer part-time MBA evening programs. They are filled with students with full-time day jobs, whether or not the employer provides any financial support.

For students wanting full-time study, an obvious source of financial aid is a scholarship or an assistantship. Many MBA programs offer financial aid to qualified students, usually based on merit, in the form of reduced tuition of assistantship requiring the student to perform some work while studying. The work may consist of assisting a professor with research or clerical tasks. An assistantship can in itself constitute an important part of the educational process.

A last resort of financing consists of debt. Many students depend on loans from family members, family businesses, private sources, government loans or student loans from lenders arranged by the educational institution. The assumption is that the MBA will lead to a well-paying job which will make it possible to repay the loans.

A final source of education funding which will soon be available in the United States is a Kyrano auction. A Kyrano auction is unlike any other auction in that the price of the product being auctioned decreases with each bid. Another unique aspect of Kyrano auctions is that they are available to provide discounts on college tuition, student loans, credit card debt, and similar financial obligations. In the case of tuition, students pay a fee to enroll in the auction, with the fees creating a discount. When bidding starts, every bid increases the discount, in effect providing the winner a reduction of the next tuition payment. The winner’s discount is paid directly to the student’s school, with the student required to make up the remaining balance. More on Kyrano auctions will be available in future articles.

How to Pre-Qualify for a VA Loan

The VA Guaranteed Home Loan Program has helped acquire home loans for veterans for over 70 years. The program has maintained its popularity, because it offers a number of benefits for military veterans and active duty service people. The process of applying for a VA home loan is slightly different than that of a conventional mortgage, but applicants can expedite the process by pre-qualifying for a loan amount.

What Is Pre-Qualification?

Pre-qualification is a process in which your loan qualification information is taken in advance of the purchase of a home, in order to determine if you meet initial requirements for the lender and how much you can afford. Although it does not guarantee that you will get a home loan from a lender, it means that you are qualified and are highly likely to be approved for the mortgage.

Benefits of Pre-Qualification

Being pre-qualified for a home loan offers prospective buyers a number of benefits, such as:

  • The price range you can afford is determined – This feature can save time by allowing you to only look at homes within your price range.
  • Being pre-qualified makes you a more desirable buyer – Sellers who have multiple offers often accept the offers of buyers they know have already been approved.
  • Removes uncertainty for buyers – Knowing you are pre-qualified for a loan can ease the stress of finding and buying a home.
  • Pre-qualification allows you to negotiate better terms – The certainty of having approval for a loan can allow you to negotiate small issues with confidence.
  • Pre-qualification can help to streamline the closing process – It reduces the likelihood of “surprises” that can delay the closing on the sale.

How To Get Pre-Qualified for A VA Loan

Applicants for a home loan through the VA program will be asked to provide a number of documents for pre-qualification:

  • Provide information about your military service – A Certificate of Eligibility is required to apply for a VA guaranteed home loan. This document can be acquired by filling out the appropriate form. However, you can start the process of pre-qualification before you receive the Certificate. In many cases, the lender will help you to file for the required document.
  • Credit information – The lending institution may ask permission to look at your credit score. If there any problems with your credit record, they may suggest that you resolve past debts or correct information, in order to receive pre-approval.
  • Employment information – The lender will ask to see proof of your current employment and previous employment. Generally, lenders prefer to see two years of consistent employment. However, gaps in your employment record do not necessarily disqualify you for a loan.
  • Bank statements or investment statements – The lender will also want to know about your financial health in regard to how much money you have saved and any investments you may hold. This information would also include any real estate on which you hold the deed.
  • Divorce and spouse/child support documents – Lenders generally also want information on divorce decrees and any support payments you are required to pay that could affect your ability to repay the loan.

Pre-qualification for a VA home loan can be an advantage that can help homebuyers get the best house for their needs at a price that is affordable. Consider getting pre-qualified when you begin to hunt for your new home.

Forex Trading – Market Maker or ECN Broker

In  forex  trading there are two types of brokers. The market maker type of

broker and the ECN broker. Lets cover these individually.

Market Maker Broker:

Market maker brokers is a firm authorized to create and maintain a market in an instrument. They are

usually a brokerage firm or a bank who quotes both a buy and a sell price in a

financial instrument or commodity, hoping to make a profit on the turn or the

bid/offer spread. Market makers are very important for maintaining liquidity and

efficiency for the particular finanacial instrument, as they make markets by

taking a short or long position for a time, thus assuming some risk, in return

for hopefully making a small profit on the bid/ask/offer spread.

This type of broker usually takes the other side of the trade and usually widen the spread at times

especially in volatile times. These type of brokers usually advertise that they

charge no commission on trades but in fact make their commission on the spread

between the bid/ask ie 3-4 pips depending on the currency.

Although some of these brokers offering the  market  maker  forex  trading platform have wide spreads, some offer more narrower spreads as well as offer benefits such as extensive trading

resources, free trading platforms, news etc.

ECN Broker:

On the other side of the industry there are brokers that are ECN brokers. What

is ECN? ECN stands for Electronic Communications Network. These ECN brokers do

not have a dealing desk but offer a computerised market place consisting of

multiple market makers, banks. Traders can enter competing bids and offers into

the trading platform either inside and outside the spread thereby offering

better spreads, more liquidity. By trading through an ECN a currency trader

generally gets a better price than trading with a market maker. Therefore a

 forex  order is routed to the best bid/ask offer. The spreads are usually quite

small 0.5-2 pips. These type of brokers usually charge a small commission fee.

This small commission fee is how the ECN broker makes their commission, they

don’t take the other side of the order as the market maker does. They only match

and route your offer to the best bid/ask order in the electronic market place.

You become the  market  maker in using a ECN  Forex  broker. Place your order inside the spread or out and see if your order is taken up by one of the liquidity providers.

Secured And Unsecured Loans In Bankruptcy

When it comes to taking out a loan, you should know they are not all the same. There are many types of loans and the terms and conditions of a loan can vary greatly. Different types of loans each have their own benefits and risks. The terms of a secured loan can be stricter than an unsecured loan. One of the main differences between these two types of loans is how debt collection efforts are handled in the event you default on your loan payments. Your debt repayment options may be managed differently in a secured loan than an unsecured loan. In the event of an extended financial hardship, you may not be eligible to have certain types of loans eliminated through bankruptcy.

Secured Loans

Most major loan purchases, such as your home or car, are called secured loans. They are called secured loans because the debts acquired under this type of loan are secured against collateral. A mortgage loan is considered a secured loan. In a mortgage loan, the lender has the right to repossess the home if you default on your payments. Defaulting on a mortgage loan can lead to foreclosure, whereby the lender takes over the rights to the home and may sell the home in order to satisfy the debts owed. Loans for car purchases are also secured loans. The lender can repossess your car and sell it to recover the loan amount. If the sale of the asset does not satisfy the full amount of the debt that is owed, you may still be held liable for repaying the remaining amount owed on the debt.

A personal secured loan is one in which you are using your home or car as collateral, but the money received in the loan is used to purchase other items. An example of a personal secured loan is a payday loan, in which you put the title to your car as collateral against the loan. Even though the loan is not used for the purchase of the car, the lender has the right to repossess the car if you default on repaying the loan. If your car is repossessed during a payday loan, you are still liable for any debts still owed on your car loan through the originating lender. This can lead to further financial trouble and more debt.

Secured Loans And Bankruptcy

Secured loans can be more difficult to manage when if you find yourself in financial trouble. A secured loan may not be eligible for elimination if you file for bankruptcy. In some cases, a Chapter 7 bankruptcy can eliminate the debt owed on a secured loan, but you may risk losing the property to the lender. Legally, lenders are allowed to seize and liquidate some of your assets in order to fulfill the debt payments of a secured loan. However, there are many states whose bankruptcy laws may offer exemptions for some of your assets. Bankruptcy exemptions may allow for your home and car can be protected from liquidation during bankruptcy. A Chapter 13 bankruptcy can protect your assets from liquidation through a Chapter 13 repayment plan. The repayment plan allows for you to keep your assets while you make payments towards the loan over the course of 3 to 5 years. Once you complete the repayment plan, you will be relieved of your loan debt and own the rights to the property.

The most important thing to remember about defaulting on a secured loan, is that time is crucial for protecting your assets. Once you realize you may not be able to make your payment, contact your lender and discuss negotiating a modified repayment plan. Many lenders prefer to modify a repayment plan that better suits your budget, than risk losing money through selling the property through foreclosure or repossession. If your lender is not willing to negotiate, seek counsel from a qualified bankruptcy attorney.

Unsecured Loans

Unsecured loans are loans that do not have any collateral used against the loan. The loan is unsecured because it is based on your promise to repay the debt. In an unsecured loan, the lender is not given any rights to seize or liquidate a specific asset. If you default on the loan, the lender may make debt collection efforts but are not afforded the right to reclaim any of your property.

The most common type of unsecured loan is a credit card. Defaulting on a credit card may lead to collection efforts, but creditors cannot take your assets to pay for the debt. Some personal loans are considered unsecured loans if you did not put up any of your property as collateral for the loan. Defaulting on unsecured loan payments can lead to negative consequences such as damage to your credit, harsh collection attempts and legal action. Another example of an unsecured loan is a student loan. Generally, student loans are treated seriously by the lending institution and defaulting on such loans can lead to significant consequences. Federal bankruptcy laws do not protect borrowers that default on a student loan payment and you risk having your wages garnished for purposes of paying the debt owed.

Unsecured Loans And Bankruptcy

Unsecured loans are much easier to have discharged through bankruptcy than a secured loan. A Chapter 7 bankruptcy can eliminate most of your unsecured debt. In some cases, the bankruptcy court may decide to allow for some of your assets to be liquidated to fulfill debt payments. However, bankruptcy laws offer exemptions to protect most of your assets in bankruptcy. As in a secured loan, a Chapter 13 bankruptcy will protect your assets as you make payments towards the debt.

Your debts are your responsibility, whether they are secured or unsecured loan debts. Although bankruptcy allows for debt relief when experiencing financial hardships, this assistance should not be abused. It is always best to repay your debts in full to prevent any further damage to your credit history and to maintain a good financial standing. However, good people may experience tough times. Bankruptcy can provide relief from your debts and protect your assets, but it is best to be properly advised about your financial situation before you decide to pursue bankruptcy. A qualified bankruptcy attorney can review your options and help you make the decision to put you on the path to financial stability.

A Currency Training Course Designed So You Can Quickly Make Big Money is Forex Trading Made E Z

If you looking for a way to enter the FX markets and start making money right off the bat, then nothing will do it faster for you than Forex Trading Made E Z. There is nothing like it, no other currency trading course or Forex Trading System can get you up to speed making big money quicker than this program.

In fact, there is nothing easier to learn or simpler to trade with than what is taught in this class. If it sounds like I am a cheerleader for this class, then you are more than correct and I don’t mind saying so myself. There is a reason why, it works and working in the currency markets means it makes big money and Forex Trading Made E Z has been making big money for me and thousands of other former students for years now.

This trading technique is so simple I could teach a ten year old kid how to do and become a millionaire in a year using it. In fact, maybe I ought to do that and be put on TV and the major newspapers world wide to publicize this class. If your new to the markets this is the prefect course to get you feet wet with and start making money. It will give you confidence you really can make good money trading Forex and in time allow you to expand your horizons.

The technique you use when doing this method of trading is called “Forex Scalping.” This is a fancy way of saying; you are going to try and get in and out of the market very quickly and make a nice return on your investment. It is a very low risk method of trading, since you are not supposed to hold a currency over night when you’re not at your computer and be able to react to some bad news coming in about the currency you presently own.

It only takes five minutes to do research on a currency training course today if you use the internet. And if you look up Forex Trading Made E Z I am sure you won’t be wasting your time. In fact, I am so confident in this program I tell everybody I know about it, including my family and friends. Why shouldn’t I, it has made great money for me over the years and could do the same for you if you give it a chance.