Getting an MBA education is not always easy. You may have the right drive and a promising career but you must also know about your financial capability. Now, the question arises: Would you be able to afford the MBA fees? Most people are more busy preparing a good personal statement MBA and getting high GMAT scores, but what’s more important for a successful MBA application is your financial stability. These days, most B-schools evaluate the applicants based on their financial capability to see if the applicant can afford the MBA fees. It’s because even if the applicant have the required skills and motive, if he would not be able to afford the MBA fees, then the selection panel may feel that the slot can be filled in by some other applicant who would be able to afford the MBA fees so that he can finish the MBA program. So, for this reason, an applicant should look for a source of MBA scholarship, financial aid or student loans because an MBA education always provides a speedy promotion and salary hike. To get these benefits, you must invest on your education first. If you think that an MBA degree is what you’ve always dreamt of, and its rewards will be far more greater than the initial investments, here’s some guide for you to deal with the MBA schooling expenses:

Make your own budget cuts: Don't throw away money on things you don't need. Scrimp on entertainment and travel funds and be more practical with your spending. Remember that MBA degree programs will take years to finish, so better expect some changes in your spending. Think of delayed gratification as a small sacrifice you have to make in order to become a better entrepreneur or upgrade your skills as a business specialist.

Get a part-time job: Take advantage of the part-time job offers that you can squeeze into your schedule. Aside from your regular income, your earnings from part-time jobs can help you build a fund for your MBA. Even with enough income to support your education, you still need to save for other expenses such as transportation and resource materials. Make use of your extra time to earn more, so you don't have to take out a student loan anymore. Just make sure that the job has a flexible schedule and is easy enough for you to carry on as an added workload.

Ask the company for sponsorship: Your employer or company could be a source of loan or sponsorship for your MBA education. Inquire from the HR department or ask your boss. Many companies have this offer to groom future executives of the company. However, the financial aid you can get is usually tied in with a contractual agreement. By accepting the offer, be prepared to spend years working for the same company.

Consolidate your loans or look for debt settlement: Another good option is to look for loan consolidation. Instead of paying several loans with varied interest rates, you can just pay for the whole thing at one time. This will help you better deal with the risk of piling interest rates and defaults. You can also negotiate with the lender and ask for a better payment scheme or extension on your loan terms.

Think of the years you will waste, money you will have to use for the tuition, and the effort it will take for you to write a good personal statement MBA. This way, you will find the motivation to stick your goal and find ways to finish your degree on time.