How to pay for business school | Earnest | Earnest

How to pay for business school — a guide to cost, payment, and saving for business students

By Carolyn Morris | Published on March 9, 2026

)

Do your career goals include working in marketing, accounting, or general management? If so, chances are you’ll want to earn an undergraduate business degree. But have you thought about how you’ll pay for business school?

Business school can be a significant investment, not just in terms of time, but also when it comes to finances. At top undergraduate business schools such as University of Pennsylvania, the annual tuition can reach up to $87,860 per year for tuition, fees, standard room rate, meal plan. You’ll also need to budget for other expenses, including room and board, food, utility bills, and any additional costs like travel for internships or networking events.

Before committing to your business education, it’s important to evaluate how you can cover the cost without placing too much financial strain on yourself.

How much does undergraduate business school cost?

The cost of attending business school varies greatly depending on the institution but typically costs between $56,000 and $89,000. Here are a few examples:

To plan your finances effectively, it’s essential to look beyond just tuition. Additional costs often include textbooks, technology fees, supplies, and travel expenses for internships or networking events. Understanding the full scope of business school costs can help you make informed decisions and prepare a comprehensive plan to finance your education.

With these costs in mind, let’s explore ways to pay for business school.

Ways to pay for your undergraduate business school

Just like with other college degrees, there are multiple ways to finance your business education, from scholarships to loans. Let’s break down some of the most common methods.

1. Start with financial aid

Your first stop should be the financial aid office at your school. Most schools offer scholarships and grants for undergraduate students, and some of these are merit-based or need-based. To be considered for financial aid, you’ll need to complete the Free Application for Federal Student Aid (FAFSA), which determines your eligibility for federal grants and loans.

2. Apply for federal loans

Federal loans can be an excellent starting point to finance your undergraduate business education. These loans generally have lower interest rates than private loans, and there are multiple repayment plans available after graduation.

Here are a couple of key federal loan options:

Read More: A Guide to the Types of Student Loans Available

3. Participate in work-study programs

If you demonstrate financial need, you may be eligible for the Federal Work-Study (FWS) Program, a valuable resource that can help offset your educational expenses while gaining professional experience.

The program offers part-time jobs to qualifying students, allowing you to earn money to cover day-to-day costs like textbooks, supplies, or personal expenses without increasing your loan debt. Since many of the jobs are on campus or within close proximity, they’re typically convenient to fit around class schedules.

One significant advantage of the FWS Program is that many positions are related to students’ fields of study. For business students, this could mean opportunities to work in university administrative offices, assisting in the business school’s operations, or even collaborating on research projects with faculty.

These roles provide both income and hands-on experience, often giving students a closer look at the inner workings of business management, finance, marketing, or operations.

4. Apply for scholarships and grants

Business schools often provide scholarships based on academic performance or financial need. Beyond institutional scholarships, there are many third-party organizations that offer funding opportunities. For example:

These scholarships are often competitive, so it’s important to research and apply early. You can search for scholarships offered by your prospective school.

5. Look for employer sponsorship

Some employers may offer financial assistance for undergraduate students who plan to pursue business careers. In exchange, you may need to commit to working for the company after graduation for a certain number of years. This can be a great way to reduce student debt while also securing a job post-graduation.

To find out if your employer offers this benefit, check with your HR department or employee handbook for information on tuition assistance or student loan programs. Some companies may have specific guidelines or requirements for eligibility, so it’s worth scheduling a meeting with an HR representative to discuss any educational support options available and the conditions tied to these benefits.

6. Explore private student loans

If federal loans aren’t enough to cover the cost, private student loans can be a helpful resource. Private loans typically require good credit and often have different terms and rates based on the lender. Be sure to compare options and consider using a co-signer to secure better rates if necessary.

Read More: How do private student loans work?

Commonly asked questions about paying for business school

Q: Should I take out loans for business school?

A: Loans can be a viable option, especially if you qualify for federal loans with lower interest rates. Be sure to exhaust all other options like scholarships and work-study programs before borrowing more than necessary.

Q: Are there specific scholarships for business school students?

A: Yes, there are many scholarships specific to business school students worth exploring! Many schools offer merit-based scholarships specifically for students pursuing business degrees. Additionally, there are external scholarships targeted at business students from organizations such as the National Business Honor Society or Jack Kent Cooke Foundation.

Q: Can I work while attending business school?

A: You can absolutely work full time or part time while attending business school depending on factors such as commitments outside of work and school, how many credits you take per semester, your health, and your desired lifestyle. Many students participate in work-study programs or internships to help cover costs while gaining real-world experience. Balancing work and school can be challenging but rewarding.

Q: How do I know if I qualify for financial aid?

A: You’ll need to submit the FAFSA to determine your eligibility for federal financial aid, including loans and grants. Many schools also use the FAFSA to assess your eligibility for institutional scholarships and other aid.

Plan for a future business career without the financial strain

Investing in a business degree is a powerful step toward achieving your career goals, but funding it wisely is crucial. By exploring various financial aid options, scholarships, and loans, you can lessen the financial burden and make a smart investment in your future. If you’re considering private student loan to help bridge any gaps in funding, companies like Earnest offer flexible loan options tailored for students.

Ready to explore your loan options? Visit Earnest to see how their student loans can help make your business education more affordable.

About the Author

Carolyn Morris

Carolyn is a content marketer and editor who specializes in financial services. With over a decade of experience in the financial services industry, Carolyn has a passion for demystifying the loan application and repayment process for students and their families.

Disclaimer

Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.