Well, today we bring you just that: three MBA student blogs laced with outrageous humor plus sharp and nuanced writing, revealing a slice of MBA life, and bursting with rich stories that both teach and inspire. You might just have so much fun reading them that you don’t even notice you’re being informed about MBA programs, online or campus-based.

Anderson’s MBA Student Voice: Wild, Raw and Educational

For the first blog, the MBA Student Voice, we can thank the current students of UCLA’s Anderson School of Management. It’s wild, a bit raw, and even educational at times! You can get a sample of it in this post from 2014 MBA student Ayushman Jain. He takes us along on a tour of a whole range of MBA-related topics: interviewing for top-level companies throughout the school year, on-campus classroom distractions, hardcore partying (“what happens in Anderson stays in Anderson”), never-say-never MBA students taking part in the Harlem Shake, and last but not least, the family-like atmosphere that grows up between business school friends and students over the course of the program.

The Online MBA Student Perspective

Interested or already enrolled in an MBA online program? Then you’re going to have different concerns than the typical readers of these campus-based blog posts. When it comes to study-abroad opportunities, networking with classmates and professors, and classroom activities (which take place wherever your computer happens to be), you’ll have to get creative and improvise. According to Devon Haynie, writing for U.S. News, it takes more effort for online students to gain the advantages of those normally on-campus experiences. But it is possible! Study-abroad opportunities? Check with your online business school. Networking? This calls for some initiative on your part. You might need to add a LinkedIn profile, arrange face-to-face meetings, and reach out to faculty, alumni and career services, according to Haynie.

But for the most part, your online MBA program experience is going to cover much the same ground – jobs, internships, interviews, papers, tests, and beyond – as the campus-based option. That makes these blog posts a great way for you to learn more about MBA programs, get an idea of the differences between online and on-campus study, and prepare for what comes next in your education.

In his UCLA blog, Jain devotes a few paragraphs to the difficulty of preparing for job interviews – large numbers of job interviews – while still keeping up with classes. Apparently, it’s even harder than it sounds! And this is where you’ll see one of the many ways his blog can help prospective MBA students who want more information about getting an MBA. In the midst of a light and enjoyable read, Jain reveals a detailed picture of the program, which provides you with that all-important educational goodness you need, along with the aforementioned entertainment factors.

Ross’ Ambassador Blog: Quirky, Stunning Images and Career-Focused

Another student-maintained blog, the Ross Ambassador Blog comes to us courtesy of the Ross School of Business at the University of Michigan. Here you’ll find sparkling and quirky musings on topics like student travel to remote locations, interviews, internships, and – the point of the whole exercise – what it’s like to move on to the next stage of life after graduation: namely, a career.

In fact, Ross’ blog actually goes beyond what it’s like to simply work towards an MBA. Stunning photos take you to parts of the world many people never have a chance to visit. Descriptions of interesting events outside the spectrum of education make you feel like you are there. And if you’ve been busy studying, prepping for interviews, taking tests and thinking about careers, you might just welcome the chance to escape for a little while from education or the work-a-day world. That’s what Ross offers.

VA Tech’s MBA Blog: Eclectic and Stimulating

As if that weren’t enough, our last blog today is the Virginia Tech MBA blog – an eclectic and stimulating mix of articles. Topics run the gamut from spring break trips, travel in Europe and challenging internships to careers, women in the MBA world and working while taking classes. Top that off with what to expect in the first year of an MBA, networking and the news you need, and you have a recipe for posts that really hit the spot for both campus-based and online MBA students.

To give you a taste, try this inspirational post from Barry O’Donnell. He talks about how to deal with rejection during your job search. As the Associate Director for Virginia Tech’s MBA program, O’Donnell definitely has a wider perspective for students, sharing words of wisdom for job seekers trying to open doors during their seemingly endless job search. He tells about one Virginia Tech alumna who was rejected by her target company four times! The key for her was to keep trying, and in the end she finally found the right door to knock on. If anything is a motivation-booster for graduating students, this should be it. And the story’s happy ending gets even better, says O’Donnell: 15 years later, she is still working there! Her perseverance obviously paid off in full.

A Sense of What an MBA is All About

We’re sure you’ll like all these blogs. They’re outstanding for two reasons. First, they entertain readers, and what is life without a little entertainment? Second, they give prospective MBA students a sense of what an MBA is all about. You get the inside track on everything from the classroom experience to online opportunities, and from travel and work to the lifelong friendships you can make during your study. This is not just valuable, it’s priceless.

And you get all this while having fun! It’s no secret that posts that are too dry, or that try too hard to be informative, defeat the purpose: they’re boring, tedious and repetitive. Today’s trio shows us the other kind, and they have a little something for everyone. Uncensored and witty, they bring you serious-minded educational updates touched with a raw vibe. Best of all, they give students a peek at what it really takes to do the work, meet the challenges, and succeed in the MBA program of their choice!

The post Three Uncensored, Raw and Exciting Student Blogs to Follow While Earning Your Online MBA first appeared on BusinessDegree.

Fortunately, if you’ve heard of any of these publications – Bloomberg Businessweek, Poets & Quants, The Wall Street Journal, The Economist, Beat the GMAT, or the Harvard Business Review – you know that you can look them up online and get the answers to those questions in short order. You can also find student blogs, school websites, printed articles, and more, all there just to help you learn everything you can about the familiar traditional MBA program.

Done, and done. But not so fast – what if you’re planning to attend an online program? Where do you go if you want to find out about those? You need the scoop on more than just the traditional scenarios – you want to know about everything from getting in to curriculum to advice from those who have come out the other end. Where can you go for intel about today’s new world of business school? Why, again, student blogs, of course! Coming as they do from students currently taking part in online learning all around the globe, they can give you a peek into the life of an online student. And guess what we have for you today? That’s right, some of the most interesting, informative, and entertaining student distance-learning blogs on the Web. Whether you’re hoping to learn more about online courses, networking, work load, or anything in between, you’ve come to the right place!

MBA@UNC Blog

One of the top resources for prospective online students is the MBA@UNC blog. Presented by UNC’s top-ranked Kenan-Flagler Business School, the online MBA@UNC program offers students the opportunity to earn their MBA from anywhere in the world. The MBA@UNC blog provides perspectives from both students and recent alumni, as they share the ins and outs of their program. Among other topics, you can read about how to use the 2NC platform to gain access to classmates, courses, and professors. The UNC online MBA combines social media elements with a well-designed interface, and the result is an accessible, practical, and rewarding experience.

In UNC’s case, each course lasts for 10 weeks and is divided into asynchronous – that’s anywhere and anytime – and synchronous parts, in which students listen to – and interact with – professors and other students at preset times. Students in the asynchronous portions have signed in from Texas, Florida, Georgia, North Carolina, and beyond, at all times, day and night. Furthermore, many of the UNC bloggers say the synchronous online material is a lot more engaging than the usual classroom-based approach. Being online seems to lend it an adventurous atmosphere, immersing students in discussion, case studies, and participation in a way that really sticks. From wherever they happen to be, students can discuss real-world examples and get real-time feedback from the instructor and their classmates, essentially sitting in the front row far more than they would be if there in person. Students even have virtual happy hours with classmates and office hours with professors. Sound like fun? This is just one example of what you can read about in these blogs – you get all kinds of details about UNC’s online program, and you can find out whether or not it’s something you would like to pursue, at UNC or a similar institution.

Financial Times and Online Education

While FT.com offers a full complement of blog posts from the campus-based viewpoint, you can also get an inside look at a few students making the dive into an online MBA. For instance, Linda Groarke contributes insights gleaned from her online MBA experience: how to choose the right program, successful networking, tips for making the most of an online program, and more. You can learn a lot from her informative and fun take on the MBA endeavor.

Just one interesting fact out of many: Groarke calculated that her part-time study over three years would require 11 to 12 hours per week, meaning around 1.5 hours per day. It’s an important reminder for prospective students. Even though your mileage may vary depending on your program, you’ll need to account for the time you’ll have to devote to study, over and above work, family, and other responsibilities already on your plate. Your success depends on it.

A Remarkable Online Experience

And that doesn’t begin to exhaust the amazing stories you can find on FT.com that will inspire anyone thinking about venturing outside their comfort zones. Howard Marsden, a construction manager in the midst of a project to build a diamond mine in Botswana, decided to take on the Warwick Business School DLMBA. And how, exactly, did he accomplish this feat, you may ask? Working on his online MBA in a tented camp in the Kalahari desert while maintaining his ongoing real work – with no phone communication in the camp, summer temperatures over 104 degrees, and dust as far as the eye could see – he underwent an ordeal consisting of assignments, tests, and a lengthy dissertation for good measure. During this time, Marsden reports that he learned, among other things, that he’ll never again undertake two projects of that magnitude! But he also affirmed that despite the rigors and complications, the hard work was worth it and will pay off in the end.

Looking Deeper

Kristen Fanarakis – a UNC student – wonders if the negative perceptions of online programs will ever change. She hopes that they will, in time. And for her part, she wants more students to experience what online study really has to offer. To find out for yourself, start by getting the most up-to-date information on online programs. Business Degree provides a lot of material in one easy-to-navigate spot.

Whether you’re interested in online or campus-based learning, there is a plethora of helpful information from schools, magazines, blogs, and social media that can help you make the perfect choice for your needs and circumstances. Getting educated about the endless possibilities available to you can be just the catalyst you need to start moving toward a brighter future, today. You weren’t going to wait any longer, were you?

The post Top Blogs to Get a Sense of the “Real World” of Online Business School Students first appeared on BusinessDegree.

• Student loans such as Stafford (see below) and Perkins (school-based) loans
• Parent loans, like PLUS loans
• Private student loans

Stafford loans are one of the most common Federal loans for students. They can be either subsidized – where the government pays your interest while you’re in school – or unsubsidized – where you have to pay your interest, though your payments may be deferred until you graduate. The subsidized loans are reserved for undergrads who demonstrate real financial need, but all students, whether undergrad or grad, are eligible for the unsubsidized variety.

Well, that sounds great, right? You don’t have to come up with tens of thousands of dollars to have an equal chance at a career! There is one small catch, though. It comes as a shock to many new graduates that these loans, with all their diversity of variable terms and interest rates, have to be repaid on a set schedule. Depending upon how much debt you accrued during your educational career, it can actually turn out that your starting annual salary doesn’t stretch far enough to cover the normal expenses (housing, food, entertainment, transportation, and everything else grown-ups have to pay for now that they’re on their own), plus on top of that, those darned monthly debt payments. If you haven’t done your homework (and you thought you were finished with that!), you can find things spinning out of control before you know it. And, unlike your so-far safe existence in academia, where you had some leeway, the rough-and-tumble real world can be unforgiving and subject you to some pretty harsh consequences for mistakes, even if you didn’t know you were making them!

So it’s important to figure out, ahead of time, what kind of trade-off you’re willing to make between two very important sets of numbers:

• the amount of student debt you’ll require to pay for the schooling you need to prepare for a better life
• the size of the payments you’re gambling that you can keep up with, as well as the number of years you’ll have to keep on keeping up with them (flash to image of retirement home facade) – not to mention the probability that you won’t find yourself working in a much lower-paying job than you expected!

If you haven’t thought these numbers through, here’s some help. And if you already have, then read on anyway – there’s always a chance you could find out something new!

So, How High Is Too High?

Knowing how much debt is too much debt at the start of the whole process can save you serious headaches later. According to U.S. News author JP, here are a few statistics every undergraduate student needs to know:

• If you graduate with $25,000 in student debt, expect installments of about $150 per month (for a 20-year payment term). If you make $30,000 to $40,000 yearly, you should be able to manage those payments.
• If you start out with $50,000 in debt, your monthly payments will run around $450. Your interest payments will probably be higher since you had to take on some private loans to cover your tuition because it was over $31,000. This will be taxing, but still doable, provided your yearly income is between $40,000 and $50,000.
• For $75,000 in student debt, you can look forward to around $750 per month as a graduation present.
• Those beginning a career with $100,000 in student debt will face monthly payments of about $1,075.
• $150,000 in debt means you’ll be paying back $1,700 each and every month for quite some time. You had better be doing some highly lucrative work (that means six figures), or else just plain lucky – speaking of which, it’s easy to predict that some folks will be eyeing lottery tickets whenever they buy gas.

If you haven’t come to terms with these facts or developed a well-considered plan of action – including such factors as how much you’ll be getting paid to start with – you may end up nose-to-nose with the realization that you can’t handle your student loan payments. This is among the more frightening experiences a young adult can have. Those in student loan purgatory to the tune of $50,000 see their monthly payments running neck-and-neck with their food expenses. At the $100,000 level, they may struggle to sustain expenses such as food, gas, and clothing. $150,000? Think about being a doctor, lawyer, or banker. Other ideas are welcome. In fact, here are some creative solutions for extreme student debt.

Important Resources for Money-Strapped Students

Part of dealing with big debt or its possibility is doing your due diligence. For up-to-the-minute information on all things financial aid, head over to FinAid.org. You’ll find helpful calculators to help you calculate the amounts you’ll need to borrow, whether it’s for undergraduate, master’s, doctoral, or professional studies. It’s not surprising that graduate and professional students tend to borrow more than undergrads – $30,000 to $120,000 more, in fact. StudentAid assists in explaining how much you can borrow, depending upon your specific circumstances. The site also offers a helpful guide to available Federal student loan programs.

More than Just Student Loans

For example, be sure to understand or get help to know what your best options really are. Not doing that can land you in difficulty. Alicia Aiello wanted to attend Syracuse University for her undergraduate studies. The only problem: Syracuse’s tuition was too expensive. So, Aiello, refusing to give up merely because of a shortfall in her existing financial aid, decided to take the initiative and get an $18,000 bank loan on top of everything else. When it later became clear she’d owe around $6,000 in interest alone, she realized she might have made a strategic error. Not only do students today face astronomical tuition rates and a weak job market, but they are also compounding their problems due to ignorance of financial matters, leading to small mistakes which tend to get much bigger months/years down the line. Many students simply sign on the dotted line with no understanding at all of the obligations they have just incurred.

In late 2012, the Consumer Financial Protection Bureau released a report saying private loans now account for approximately $150 billion of aggregate student debt. Around $8 billion of this debt was found to be in default. Adding fuel to the already out-of-control fire, private lenders, such as banks, tend to charge higher interest rates than their federal counterparts. Clearly, students need to know what they’re getting into when they start taking out loans. They need help to navigate the dense undergrowth of confusing terminology, interest rates, repayment plans, and refinancing – help in the form of financial literacy training, better communication between school financial aid departments and students, increased staffing within those organizations, and more in-person financial aid counseling, etc.

What about the Student Loan Interest Rate?

It’s Congress that sets the rates for federal loans – unchanged from 2001 until the start of July, 2013, when the previous rate of 3.4 percent doubled to 6.8 percent. Congress was unable to extend the lower rates for another year, so undergrads taking out new subsidized Stafford loans on or after July 1 will feel this change. And much discussion has occurred over how much this rate change will actually affect students. Luckily, while many students aren’t too happy about the changes, many experts feel there won’t be much to write home about: for instance, the average borrower will only have to pay about $20 more per month, according to financial aid expert Mark Kantrowitz.

Students are understandably concerned, but it’s not totally clear just what the real impact will be. Many graduates may find the interest rate increase a further burden just when they’re hoping to purchase a home, car, clothes, and food. For current students, though, the added interest payments mean more Federal funding available for their loans while they’re still in school. What remains to be seen is whether Congress can bridge the gap between the Democrats and Republicans and amend the law with a retroactive agreement to lower the new interest rates for undergraduate borrowers. The experts aren’t sure if that’s possible, at least right now.

What’s the True Goal of Higher Education?

It may seem repetitive, but it bears repeating: you have to know how much debt you can afford before you start. Then, after you graduate, you can make up some of the difference with a little skimping as you make your payments. It may be a drag, but in the long run, you’ll be much better off. Bear in mind that college graduates earn 80 percent more, on average, than folks with just a high-school diploma.

And remember: it’s not just about the financial side of it. It’s about your future and what you’re willing to do to get there. So do the due diligence, weigh the costs and benefits of your education, and make up your mind what you will sacrifice in order to accomplish your dreams. According to education consultant Danielle Babb, most students are simply looking for a way to better their lives: you’ll be working for the better part of 40 years, so why not invest during your 20’s or 30’s in making the most of your potential during all that time?

The post How High Is Too High for Student Loans? first appeared on BusinessDegree.

Women make up half the population of the world, and a few business schools are managing to reflect that proportion. Wharton business school, for example, as of 2013 achieves as close to parity in its student body as currently possible: female students make up 42 percent of the seats in its full-time MBA program. But that’s far from the norm at other campuses around the country: MBA programs lag behind both law and medical schools, achieving only about 30 percent female enrollment each year. And even Wharton has had to work hard for years in order to debunk certain pernicious myths when it comes to women in the workplace – namely, that they’re just not capable of man’s work, and that they deserve to be outnumbered from the get-go.

To improve this situation, we need to find answers to three questions: What, specifically, accounts for this disparity between men and women in America’s business programs? How can it be rectified? And are schools really doing everything in their power to turn the tide, both now and in the future?

Why So Few Women in B-School?

One major problem is that lots of women don’t even try to get into business school. The reason has to do partly with timing: bad timing, to be exact. Schools require a minimum amount of work experience – four years at many of the country’s top schools. There’s also the prospect of graduating in debt, not to mention the possibility of starting a family after (or even during) one’s studies. Add to this mountain of obstacles the extra mile women have to go at these male-dominated schools, plus a distinct lack of female mentors and lower pay upon graduation, and you end up with entry barriers for women that men don’t have to worry about.

In Contention

So b-school attendance is clearly skewed toward the male end of the spectrum. This article from Forbes in April, 2010, takes a hard stance against perceived lackadaisical efforts by business schools nationwide to entice female students to pursue MBAs. While a number of outreach initiatives are being implemented by schools, it’s not enough, according to writers Selena Rezvani and Sandie Taylor. They highlight the need for gender-specific leadership training in order to prepare female graduate students for the questions and issues they may face once they’re enrolled. In the typical school setting, many times it’s difficult-to-nearly-impossible to find answers for their issues. Female students may feel less welcome and have trouble getting equal time for their points or ideas. Some women may graduate without knowing how they can fit into the real business world.

Where Are All the Female Professors?

Another major fail from the female point of view is the lack of role models or mentors in business school. The shortage of female students in MBA programs mirrors a noticeable paucity of women who have reached the upper echelons of academia and made full professor. Only one out of five female business school professors working today are full professors, according to a 2010-11 salary survey by the Association to Advance Collegiate Schools of Business (AACSB). True, these figures are trending upwards: female b-school faculty increased from 23.6 of total faculty in 2001-2002 to 29 percent by mid-2011, according to Businessweek. But while the basic numbers may be increasing, John Fernandes, AACSB’s president, sees a problem with the path to promotion that means the increase may not be fast enough to appease both the schools and society as a whole.

Pay Inequality

In addition, there is the issue of pay inequality after graduation – a rather important topic. In many cases, we’re talking about massive discrepancies. Female MBA grads are paid an average of 93 cents for every dollar paid to their male counterparts. At Stanford, for instance, female MBA grads earn a paltry 79 cents on the dollar, relative to male grads. A woman contemplating these post-MBA prospects may find herself wondering if it’s really worth it.

What Can Be Done to Improve Female Enrollment?

It’s imperative, as Rezvani and Taylor suggest, that business schools provide a curriculum that prepares women for leadership roles, risk-taking, and other high-level skills and attitudes conducive to upward mobility. Expanded mentorship programs, more inclusive campus events, and women-oriented information sessions can only help. Hiring more female academics won’t hurt, either, according to Symonds. Schools and organizations around the world are taking it upon themselves to promote a more balanced business-school culture. Forte Foundation and MBA Women International are two that provide resources and assistance – scholarships, podcasts, articles, conferences, job fairs, online and on-campus opportunities, and more – for women looking to learn more about reaching their potential in business-related fields.

US News & World Report says that efforts are underway to move toward a more equal footing for women within the business school arena. Kellogg School of Management hosts the Women’s Leadership Workshop to attract high-level women; Women Connect, an annual recruiting event held by Columbia Business School, brings prospective students to campus to meet current students, faculty, and alumni; and, Duke’s Fuqua School of Business hosts the Duke MBA Weekend for Women to examine what it means to be a woman in our current business climate.

Additional Thoughts

So the way ahead is not totally dark, and the tide is turning. The Globe and Mail reports on a U.S. Graduate Management Admission Council report in 2012 highlighting gains made by women in business schools around the world. Women accounted for a record-setting 41.4 percent of global applicants for the Graduate Management Admission Test (GMAT), up from 34.4 percent two decades ago. Furthermore, a large proportion of female test-takers hailed from East Asia and Eastern Europe – 57 and 53 percent, respectively. Advances are being made, slowly but surely.

Still, much is left to be done. For some insightful articles on the subject, try this piece by Daria Burke, “What Business Schools Must Do to Put More Women in the C-Suite,” and this New York Times article, “Closing the Gender Gap at Business School.” Meanwhile, as always, the times are changing. Some observers may wish for more, sooner – but the one certainty is that change is coming, at whatever speed. And right now? What’s really needed is for schools and forward-thinking corporations to band together and thereby raise the tempo of change: to think up creative solutions to the gender disparity issue in our business schools and move toward a brighter, more equitable society with an ever-expanding pool of male – and female – talent to push us all forward to new heights. What’s not to like about that?

The post Why So Few Women in B-School? first appeared on BusinessDegree.

Despite its evolutionary strides toward something more, many experts say there’s still something missing from the online experience. What they’re talking about are in-person factors, such as true interaction, full immersion, and peer-to-peer communication. We’ve heard all this before, of course – it’s the old online vs. traditional education debate, busily creating its special brand of sound and fury. It will no doubt rage on indefinitely, but in the meantime, MIT Sloan may just have an idea on how to at least change the debate – by simply obliterating it! Their 4Dx educational experience permits online students to join in a classroom setting through the use of avatars – that’s right, like in a video game! – and participate in a way already familiar to most students. The avatars can thus interact in a completely immersive learning experience, whether in group discussions, Q&A sessions, swapping business cards (via LinkedIn) – the list is limited only by our creativity.

According to Executive Director Peter Hirst of MIT Sloan Executive Education, these new advances in online education are the wave of the future. He believes that even as on-campus learning maintains its firmly entrenched posture, these new technological breakthroughs are going a whole different direction and enabling an extraordinary development: creating a truly immersive and interactive learning experience for a student body that spans the entire world. According to both Hirst and MIT professor Erik Brynjolfsson, it’s an exciting and ground-breaking new teaching tool which may revolutionize education as we know it.

So, the question is changing the terms of the online vs. tradition stand-off. Now, with the advent of 4Dx class, MOOCs, and the like, we have a new question to resolve: is it possible that these new-fangled online approaches could provide the same – if not even better – learning opportunities and outcomes, compared to the more traditional two-year programs?

How Cool Is MIT Sloan’s 4Dx Program?

I must say, it’s pretty frapping cool! Using AvayaLive Engage, a web-based tool that provides a collaborative environment, the 4Dx program seduces us with the prospect of an immersive experience for students. How does it work? Picture yourself as an avatar – no, not a freakishly tall blue individual, a computer avatar! – walking to and fro on your computer screen. The 4Dx course takes place in a single physical location – Cambridge, Mass., to be exact – and simultaneously far beyond the physical in a virtual space. Online students can see what’s happening in the classroom about as well as the ones really sitting there, and the earth-bound campus-based students can also view the virtual space, which is projected into the MIT classroom.

The students who are virtually present benefit from high-tech audio capabilities that mimic the audio properties of actually being in the classroom. In the simulation, voices and sounds come from the direction of the speaker on screen. Voices will become either softer or louder depending upon their proximity to the listener. So everybody gets a similar experience – whether their address is campus, California, or Katmandu.

Online vs. Traditional MBA Programs

Returning to the original debate for a moment, James Dean, dean of the University of North Carolina Kenan-Flagler Business School, feels strongly that online MBA programs can reach a level of quality as high as – or even higher than – a traditional two-year, full-time program. What will it take to get there? It appears that effort and engagement from both professors and students is required to make it work. For example, the experience at UNC’s Kenan-Flagler includes virtual happy hours and virtual hallway conversations to help foster a sense of community and commitment. With a sincere investment from the student, rigorous coursework from the professor, and the immersive interaction made possible by the technology, there’s no reason an online program shouldn’t succeed. And for many students, the new online option opens up opportunities for learning from anywhere in the world, when you want, sidestepping the old constraints of work and family obligations.

A Dissenting Opinion

There are other views, of course. Don’t bet the farm just yet, suggests Garth Saloner, dean of the Stanford Graduate School of Business. His beef with it is that despite advances in online education, it will never be able to replace the traditional on-campus experience of student-faculty interaction, hands-on learning, and just plain being there that makes it all work for his students. The self-discovery and transformation that occurs within the on-campus journey demands in-person interactions between students and potential future business partners, internship opportunities, and more. Saloner’s take is that online study is inherently unable to provide the ingredients that feed into the tried-and-true campus recipe that’s worked now for over 100 years.

That’s not to say that Dean Saloner sees no value in online education. He simply doesn’t think that online learning will ever overtake full-time, campus-based programs. He believes the power of online technology will make itself known by reinventing on-campus learning opportunities for his students through innovations ranging from online software tutorials to video conferencing around the globe, and everything in between. When it comes to tech-based approaches like MOOCs, Stanford Ignite, and 100 percent online certificate programs, the best they can hope to accomplish is to extend, refine, and improve student learning – not to overtake the traditional, full-time on-campus learning model.

Education in the Fourth Dimension

Writer Renee Boucher Ferguson offers an interesting take on Saloner’s views. She – and her avatar – actually took part in MIT Sloan’s Big Data 4Dx executive education course, “Big Data: Making Complex Things Simple”, last April. Over a two-day period, the students learned about big data and its implications. What impressed Renee, however, was how completely immersed she felt during those two days. The mediating technology, far from getting in the way of interacting, enriched it. The students shared information, worked in small groups, and had an experience like no other. The missing factors of shared experience with peers, high-level communication, and interaction between students, were in fact not missing at all in the 4Dx experience!

Not everything was rosy, though. Renee reports that there were technical issues at first. Her avatar sometimes awkwardly bumped into classmates, the animations were reminiscent of Super Mario 64 back in the day, and audio delay sometimes interfered. But once these bugs were shaken out, Renee found herself immersed – as did her fellow avatars – and able to move, listen, speak, and eventually split up into one of six separate conference rooms to for small-group discussions of big data.

“Can My Avatar Go to Class for Me, Mommy?”

So you can see that the debate is far from over. Faced with the dizzying speed of advances in online learning technology, it’s tricky to know whether the online business student can have the same quality of learning experience – through hands-on projects, student-teacher collaboration, and full immersion in their educational experiences – as their fellows in their more traditional two-year programs. It all depends on who you ask. No clear answer seems to be materializing out of the fog of the contentious traditional vs. online debate. What is certain is that online learning has grown by leaps and bounds over the past few years, with the state of the art of MOOCs and 4-D learning. Are these high-tech systems the wave of the future? Guess we’ll just have to wait and see how far the 4-D revolution takes us. In the meantime, you might as well dust off your old gaming system, pop in Super Mario 64, and get down to some serious – er, practice. If anyone asks, just tell them it’s for school!

The post The Wave of the Future: 4-D Online Learning first appeared on BusinessDegree.

For business students in particular, loans play a big part in their education. A recent 2013 Alumni Perspectives Survey done by the Graduate Management Admissions Council found that 51 percent of prospective business students look to loans – over and above personal savings, scholarships, and grants – to pay for their educations. According to the report, loans are helping to put two thirds of full-time MBA students through school, along with 47 percent of part-time students and 50 percent of executive MBA students.

The main question is the same for all students: is there a way to pay back these outrageous loans quickly, while staying out of trouble? We are happy to present you with three stories of recent graduates who faced down their nightmarish situations, found creative solutions, and lived to tell their tales. Their successes should inspire you to rid yourself, once and for all, of those oppressive, stressful student loans!

Food Stamps, Ensure Shakes, and Secrets Of Cutting Expenses

Brian McBride took paying off his $20,500 student loan debt – plus $6,000 for a recent Honda Civic purchase – very, very seriously. How seriously? Well, how about skipping meals and going to sleep hungry? His meager sustenance consisted of Ensure shakes and protein bars. McBride kept his heating and cooling bills down by not using either one. Ever. We mean it. And he paid for groceries with food stamps during his time of skimping for the greater good.

Now, bear in mind that McBride was living in Green Bay at the time. That’s in the northern half of Wisconsin. If you’ve ever seen a Green Bay Packers home game, you know the winters there aren’t exactly balmy. McBride was one serious dude, we must say, when it came to paying off his debt.

Here is a formula for consistency in paying down an ungainly student debt. It’s called the 50/20/30 split method:

• 50 percent of your take-home pay goes toward essentials, like utilities, rent, groceries, and transportation costs.
• 20 percent goes to pay down your debt.
• 30 percent goes towards fun – vacation, living it up, or what have you.

The living-it-up part was particularly hard for McBride. In his efforts to cut costs, he got just a bit lax with expiration dates on food. OK, really lax. Well, way beyond lax. We’re talking about pushing the envelope so far past the sell-by dates that he entered the realm of pure faith in food’s ability to keep. Science has not yet trodden the paths he took. It was not an easy road he traveled – suffice it to say, he paid the price more than once for his convictions.

Later, after he moved to Atlanta and snagged a higher-paying job, McBride found he could cut even more: cable, phone, and gas were all shaved down to the bare minimum. He arranged his shopping life around grocery store deals. It all paid off, though. McBride worked out a way to pay for what he needed while still managing to pay down his loans. For an occasional splurge, McBride would head to his neighborhood McDonald’s, pay five bucks for hotcakes, sausage, and two – count them: two! – hash browns. This was a man willing to do whatever it took to be free of the shackles of debt!

$90,000? That’s All?

Forbes.com presents the story of Stephanie Hood, debtor and debt repayer extraordinaire! When she checked the Department of Education’s student loan site, she found a daunting number staring back at her: a whopping $90,000! At the rate she was then paying it off, it would have taken her almost 112 months – nine years – to pay it all back. After some initial calculations, she discovered that she was going to need a new plan. She ended up finding a way to pay down her loans faster, smarter, and with just a bit more creativity than most.

Alexa Von Tobel provides nine tips for students looking to get out of their student debt dilemmas. Tobel tells graduates the following: knock off private loans first. Then arrange the remaining loans in interest rate order, from higher to lower. Finally, pay them off in that order. That way, interest costs are minimized.

Stephanie took up the challenge but went through trials and tribulations. She moved to a lower-rent apartment and added a roommate. She cut costs on cable, gym, phone, and entertainment. When she traveled, she stayed in hostels and ate the cheapest food available. These measures were not enough, though. Even with the cuts, she still needed to bring in extra income. This is another of Tobel’s recommendations, by the way. So Stephanie turned to babysitting, mystery shopping, Craigslist ads, and more. Finally, she was able to tip the balance. Through her hard work and creative planning she was, at last report, expecting to make her final debt payment in February of 2013. Congratulations, Stephanie!

Even More Than $90,000 in Debt? Say It Ain’t So!

Joe Mihalic, a graduate of Harvard Business School, had a life a lot of people would sell a kidney for: two cars, one motorcycle, a beautiful home, and a six-figure annual paycheck. But he also had over $101,000 in student debt and was making structured payments of $1,057 per month. After a while, confident that he had been making solid progress on his ungodly debts, Mihalic went online to enjoy checking his “progress.” Imagine his shock upon finding that he still owed more than $90,000! And because of the staggering interest payments, it would take another 10 years to pay it off!

Joe was made of sterner stuff than most, however. Instead of crawling into a corner, turning off the lights, and hiding from the gods, Mihalic did something about his problem. In fact, he did several things. He, too, got creative. Now, did he resort to Ensure shakes for meals, use food stamps for his groceries, and live in the cold? Well, no. But he did temporarily stop contributing to his 401k, skip Christmas with his family, abstain from new clothing purchases, jury-rig his car with duct tape, and find roommates to lessen his monetary load. Mihalic ended up selling one of his cars (the one held together by duct tape? we were wondering that, too), as well as his motorcycle and a road bike, in order to recoup some of his previous losses. Finally, he started a weekend landscaping business with his friend, to bring in more money on the side.

214 days later, Mihalic made his last student loan payment and was debt free. For more on Mihalic’s experience – and a short film he created about it – check out his story at the Huffington Post!

There, you see? With a little elbow grease, some creativity, and healthy dose of commitment, and the will to overcome (or go around) all obstacles in the way, these three proved that debt is nothing but a number. It doesn’t have to rule your every waking thought. It is, in fact, something that, with an investment of time, can be vanquished. Imagine how it will feel to have that weight lifted off your shoulders – and it will be so. If these three can do it, so can you.

Does an MBA actually make sense for you at this point in your career? Have you shown strong leadership qualities in your work environment? How’s your work experience? How’s your GMAT score – is it high enough? Is your undergrad GPA good enough? Aim to make your second application different than your first. Show what’s changed in your life, how you have grown, and how you have shored up your weaknesses.

And get practical. Figure out what it takes to get accepted the second time around. Realize how your scores compare to that school’s averages. Remind your recommendation writers about your leadership skills and accomplishments, so they can give you really outstanding letters. If possible, get feedback from the rejecting school on their decision. Finally, be honest with yourself and admit your failings. Present yourself to the admissions officers as you are, warts and all. And never, ever – ever – do this!

Examples of the Potential Highs and Lows for the MBA Applicant

An anonymous MBA applicant, Just-Ship, writing at Poets & Quants, describes his experience of applying for top MBA programs across the country. Taking a rejection from MIT Sloan in stride, Just-Ship came up with a great come-back: it was one of his earlier applications, still suffering from certain basic flaws, and probably should have waited till he had worked out his best MBA applications strategy. In the end, Just-Ship chose not to attend business school, and now is focusing on starting a small business.

Entrepreneur Joseph Misiti was another would-be MBA student who didn’t get accepted to his dream school (or any others for that matter!). When he was rejected, he felt like the world had stopped turning. In the end, though, he realized it was for the best. He started his own business, began to focus more on what was important in his life, and found success. Misiti turned the rejection into an opportunity to grow, and transformed it into the fuel for his new path.

And What About You?

If you’re rejected by grad schools, now’s the time to re-think your financial costs and potential earnings down the road, and don’t forget your family and work responsibilities as you decide how to proceed. You may still have options. Online, part-time, and even executive MBA programs can be great ways to get an MBA while still having a life. The bottom line: there is always more than one path to success.

Additional Resources

In the end, what doesn’t kill us really does make us stronger. It may not seem like that at the point of rejection, but it is easier to see when you take time to reflect. For more information, Business Insider offers “9 Useful Tips for Getting into the Business School of Your Dreams.” A slightly older, but still outstanding, resource from BusinessWeek offers students solid advice on bouncing back. It all comes down to your resilience, your drive to earn your MBA no matter the cost, and your ability to forget about the naysayers once and for all. Don’t let a rejection letter stop you from achieving your dreams!

The post How to Pay Back Crazy High Student Loans in Record Time first appeared on BusinessDegree.

Many business schools – like The University of Texas at Austin McCombs School of Business, and the University of Chicago Booth School of Business, among countless other programs – offer special opportunities for students to study abroad at partner schools located around the globe. There are many amazing opportunities to get into some great experiences that await those folks who are willing to step out of their comfort zones and dive head-first into an awe-inspiring, sometimes scary, yet always exhilarating study-abroad learning experience.

So, what are some of the most interesting opportunities awaiting prospective travelers? Just ask yourself this: how far off the grid do you want to go? And what do you want to accomplish while you’re there? Think fun, friendship, sightseeing, higher learning and making a real world difference in the lives of others. Read on to find out how!

Northern India

Italian exchange student Faustino Musicco spent his time on a rural development project in northern India. What made his experience different from your normal run-of-the-mill study-abroad trips, you ask? First and foremost, he lived amongst the villagers in an impoverished setting reminiscent of an earlier time: Musicco would fetch water from a nearby source, collect firewood and prep food, just like the villagers.

While it was almost certainly difficult for him at first, being uprooted from his comfortable home environment and dropped into, for him, a truly alien environment, Musicco said that it was actually quite peaceful once he got used to the rhythms and flows of his new milieu. He was allowed to move at his own pace and eventually become an integral part of the community during his stay.

In essence, Musicco discovered an experience like no other, meeting people he would never have met otherwise, understanding a place previously unknown to him, and learning as much about himself as anything else. For more information on Musicco’s and others’ experiences abroad, check out the blog post at the GMAT site.

The Far Reaches of Africa

A student blog from Duke’s Fuqua School of Business offers insights into traveling – alone! – to the farthest reaches of Africa. Blogger and MBA student Anjali Menon traveled through Tanzania, Uganda, and Kenya – solo – before starting her program at the University of Cape Town. Through her travels – and the educational opportunities they opened up for her – she gained valuable insights into cultures that were not her own and learned about many of the struggles inherent in African society. Just one of the more valuable lessons she learned during her trek: splurge on a business-class seat when you fly back home, so that you can stretch out.

The Middle East

The University of Washington’s Foster School of Business offered MBA students a unique opportunity, and a first for the school: to voyage across the Atlantic, across Africa and across Arabia to Dubai, Muscat and Abu Dhabi, as part of their study tour. Multiple student stories painted a vivid picture of the trip: bonds grew stronger, new cultures were explored, and a sense of purpose was instilled in everyone on the trip. The MBA group took part in snorkeling, touring the desert, viewing impressive architecture and enjoying the overall opulence of their temporary homes. Most who took part in the trip were changed forever; to this day they still marvel over their experiences.

Kelley School of Business – GLOBASE Experience

Indiana University’s Kelley School of Business offers an eclectic mix of coursework, internship and travel abroad, all rolled up into a ball: the Global Business and Social Enterprise Program (GLOBASE). Students enrolled in Kelley’s full-time MBA program have a chance to participate in this multifaceted program that aims to tackle some of today’s most important business challenges. They’ll work side-by-side with nonprofit organizations or like-minded entrepreneurs to solve problems in emerging economies in India, Latin America, Africa and beyond.

Here’s how it works: a student meets with a client on campus and works through the client’s history, business goals and challenges standing in the way of success. Seven weeks is the time window for student and client to meet and talk; from there the student heads abroad for a two-week stint in the client’s home country to perfect their leadership skills, better understand the new culture and become fully immersed in the experience in a way that couldn’t happen in the classroom.

The student works through issues, troubles and roadblocks during the two-week stint, and after returning home, reports on the solution to the client’s business problem. Not only will the student have grown in leadership, project management and business skills to boot – most important of all is the opportunity to affect people’s lives in a positive way.

EME Experience

Kelley also provides an Emerging Markets Experience (EME) in which students pose a question about a business aspect in other parts of the world – say Brazil, Cuba, Indonesia, South Africa, Czech Republic, China, or Chile – and then spend their time trying to answer this question with the help of a faculty overseer. Students prep for a 10-day excursion to their off-the-map locale where they work with local companies and leaders in order to understand the real-world implications of their business question.

Thunderbird Online MBA

For online study-abroad programs, Thunderbird offers students a chance to participant intensive study-abroad international programs. Students in these programs have traveled to China, Africa, Europe and Latin America in order to learn more about other cultures, histories and politics. Students glean new skills and ideas from local companies, alumni, guest speakers and exciting cultural excursions. For more information on the Thunderbird online MBA, check out their website.

That should whet your motivation to get into a study-abroad program. It opens your eyes to the world around you like nothing else can. Take a look at what your university offers and step out of your comfort zone! You’ll be glad you did. A chance to learn, grow and become a better you awaits!

The post Unique Internships and Travel Opportunities for MBA Students first appeared on BusinessDegree.

Then a curious thing starts to happen. Inexplicable, even. You do receive communiques from the schools you so lovingly researched. The only problem is that each letter, amazingly, contains what has got to be a misprint – a word that begins to induce an inescapable sense of depression and despair. This word rudely occupies the space that should by all rights belong only to – “Wait, didn’t they mean ‘accepted’ instead of ‘rejected’?”

Yes, it’s the R-word. How can it be, after your arduous slog through essay after essay, applications galore, and more? You can’t help coming to the earth-shattering realization that you may not be as qualified as you thought. Take heart, though – you’re not alone. Only 13 percent of MBA applicants to Harvard Business School last fall were accepted. And only six percent of applicants made the cut at Stanford University’s Graduate School of Business.

The truth is that it’s an extreme challenge to get in to these places. You can thank an overabundance of competition from some of the most qualified candidates the world over. It will take hard work, dedication, and a resolve to overcome the formidable obstacles in your path. Yes, that means even repeated and demoralizing rejection! So, how do you deal with some of higher education’s cruelest blows? Let’s find out!

Three Ways to Deal with Rejection in Life

Drs. Elaine Dundon and Alex Pattakos, co-founders of The OPA! Way suggest three ways to deal with rejection without crying in public. And it’s not just for potential MBA students. Rejection is becoming more and more common in our online lives, dating, work, and beyond, so all of us can take a note from the good doctors on how to keep putting our best feet forward, but still cope with rejection and turn it into a genuine learning experience.

Elaine and Alex say the first step in dealing with rejection is to stop and reflect on why the rejection may have happened in the first place. Did you put enough effort into your application? Were your GMAT scores really high enough for the school of your choice? Is it possible that the school’s tight (under 10 percent) acceptance policy is to blame? When you step back, analyze, and try to understand the factors at play, you are jump-starting your own learning process.

Step two is to “reboot.” This means changing your approach to improve your results. Of course, you have no guarantee that you can in fact improve them. If that turns out to be the case, then it’s time to take heed of the third step in the coping process: acceptance.

Or, in the words of our helpful doctors, “rejecting the rejection.” Basically, you have to know when to walk away. You recognize the reasoning behind the rejection and thus save yourself from torturing yourself about all the things you could have done differently. Accept the things you cannot change, and you won’t become a prisoner of your own thoughts. Remember their formula: reflect, reboot, and reject. It’ll give you a healthier, happier, and more meaningful life.

I’ve Been Rejected? Now What?

Stacy Blackman offers another take on the problem as it affects the student mindset. What can seem like the end of the world can actually be the beginning of a new and challenging adventure in self-improvement. Blackman suggests her own three-part formula, one that may more helpful for students dealing with grad school rejection: 1) devastation 2) soul-searching for the “why” and 3) striving to improve.

The disappointment can be overwhelming at first. Following on its heels, if you agonize over what you could have done better, you will not only waste a lot of your time – you may end up pulling out what little hair you have left after your reaction to the initial shock! But make no mistake, understanding your failures can be a jumping-off point toward creating a better you. And, more to the point, it will help you create a stronger application, a better essay, and even more memorable letters of recommendation that resonate with the admissions reader.

Before doing this hard work, though, Blackman advises us to regroup after the onslaught of rejection letters. Give yourself a break, hang out with friends, make time for family, and do something fun for yourself. Decompress from the rigors of it all. Once you’ve done this, it’s time to answer some important questions.

You Need Answers

Does an MBA actually make sense for you at this point in your career? Have you shown strong leadership qualities in your work environment? How’s your work experience? How’s your GMAT score – is it high enough? Is your undergrad GPA good enough? Aim to make your second application different than your first. Show what’s changed in your life, how you have grown, and how you have shored up your weaknesses.

And get practical. Figure out what it takes to get accepted the second time around. Realize how your scores compare to that school’s averages. Remind your recommendation writers about your leadership skills and accomplishments, so they can give you really outstanding letters. If possible, get feedback from the rejecting school on their decision. Finally, be honest with yourself and admit your failings. Present yourself to the admissions officers as you are, warts and all. And never, ever – ever – do this!

Examples of the Potential Highs and Lows for the MBA Applicant

An anonymous MBA applicant, Just-Ship, writing at Poets & Quants, describes his experience of applying for top MBA programs across the country. Taking a rejection from MIT Sloan in stride, Just-Ship came up with a great come-back: it was one of his earlier applications, still suffering from certain basic flaws, and probably should have waited till he had worked out his best MBA applications strategy. In the end, Just-Ship chose not to attend business school, and now is focusing on starting a small business.

Entrepreneur Joseph Misiti was another would-be MBA student who didn’t get accepted to his dream school (or any others for that matter!). When he was rejected, he felt like the world had stopped turning. In the end, though, he realized it was for the best. He started his own business, began to focus more on what was important in his life, and found success. Misiti turned the rejection into an opportunity to grow, and transformed it into the fuel for his new path.

And What About You?

If you’re rejected by grad schools, now’s the time to re-think your financial costs and potential earnings down the road, and don’t forget your family and work responsibilities as you decide how to proceed. You may still have options. Online, part-time, and even executive MBA programs can be great ways to get an MBA while still having a life. The bottom line: there is always more than one path to success.

Additional Resources

In the end, what doesn’t kill us really does make us stronger. It may not seem like that at the point of rejection, but it is easier to see when you take time to reflect. For more information, Business Insider offers “9 Useful Tips for Getting into the Business School of Your Dreams.” A slightly older, but still outstanding, resource from BusinessWeek offers students solid advice on bouncing back. It all comes down to your resilience, your drive to earn your MBA no matter the cost, and your ability to forget about the naysayers once and for all. Don’t let a rejection letter stop you from achieving your dreams!

The post How to Cope with Business School Rejection first appeared on BusinessDegree.

But the times are a-changing. Today’s hesitant economy forces students to weigh costs – tuition, fees, housing, books, etc. – when choosing an MBA program. Many will appreciate the flexibility to balance work and school schedules that comes with MBA options such as online or executive programs and part-time study. These students often find that the one-year MBA can cut costs, allow them to keep working (fingers crossed!) and accelerate their coursework so they can get in, out and hired on graduation.

Rahul Choudaha, Ph.D. points out that Kellogg at Northwestern University, F.W. Olin Graduate School of Business at Babson College, Mendoza at the University of Notre Dame, and Johnson at Cornell University are among the business schools now offering both an accelerated one-year MBA and the more traditional two-year MBA. The question is, which is the best option for you?

What Does A One-Year MBA Offer?

The costs of business school can be huge. CNN Money calculates that students end up paying close to $350,000 when they add up interest from student loans, tuition and fees, and loss of job income. For those looking to save, one-year MBAs can be a big help. These accelerated programs have been popular across the pond in Europe for years, and lately they’ve been making gains in the U.S., too. They do students a great service, greatly reducing the burden of tuition, fees, and room and board by cutting their grad-school stint in half.

But what about job pay after graduation? Does the outlook for a student with a one-year degree look any worse than that of a two-year MBA? Let’s just say that in these “lean” (OK, harsh) economic times, it pays to be smart. According to CNN Money author David Bogoslaw, one-year grads tend to come into jobs at the same pay rate as two-years. In certain instances, one-year MBAs even ended up earning more than their traditional counterparts. This was due mostly to a longer work history: one-year MBA students tended to have more work experience before entering the program than their two-year counterparts.

Still, Ron Alsop, writing over at GMAC.com, offers a different viewpoint. Alsop marshalls research from the University of Rochester’s Simon Graduate School of Business, along with a global GMAC survey, to suggest that placement rates – along with job prospects and pay – weren’t necessarily as rosy as the previous figures might lead us to believe. One-year grads received a lower median starting salary ($73,203) than two-year grads ($85,000). On top of that, 86 percent of two-year 2011 MBA grads reported immediate job offers post-graduation, compared to only 75 percent of one-year grads. Now, does this mean students should avoid the one-year programs? That’s something I’ll just have to leave up to each student’s individual take on salary and taste in research papers.

What’s the Real Skinny on One-Year MBA Programs?

Shena Simmons, a graduate of the accelerated program offered at Goizueta, says that students entering a two-year program are looking for a true college experience. In contrast, their one-year colleagues simply want to get in, learn what they need, and get out in time to restart their careers.

A number of schools are combining their one-year MBA programs with a 100 percent online study option. These online MBA programs allow even more flexibility for their working students, who are already juggling family, work and other responsibilities that take up most of their time. Cleveland State University, for instance, launched its Mobile Accelerated MBA (MAMBA), which is an accredited, 100 percent online, accelerated one-year crash course.

What Do You Really Want Out of Life?

Free doughnuts would be nice. But I’m thinking in a slightly different direction (sorry doughnut lovers!): Can an accelerated one-year MBA program adequately prepare student for everything they will face in their imminent – and most likely, long and varied – work career? Robert F. Bruner, Dean of the Darden Graduate School of Business Administration, has the answer. Spoiler alert: it’s a resounding “No!”

A few years back, Bruner was named “Dean of the Year” by Poets & Quants, so it’s safe to assume he knows a thing or two about MBA programs, business, and everything else in between. Dean Bruner thinks education isn’t meant to be a sprint to the finish line. Zipping through grad school defeats the purpose of an MBA: to have enough time to learn, grow, and transform yourself into a better you. Fast-tracking the MBA program makes it nothing more than the quickest route from point A to point B, which does a great disservice to the student, says Bruner.

And deans across the country – including some of the more prominent business schools – tend to agree with Bruner. A two-year MBA program offers students a chance at a summer internship, provides study-abroad and leadership opportunities, allows for specialization and immersive learning, and hammers home lasting bonds between students, many of whom go through first-year core classes together. To Bruner, the two-year program is all about transformation, plain and simple – reaching your potential.

What Are Some of the Shortcomings of the One-Year MBA Program?

Summer internships often play a vital role for students hoping to land a real job when they graduate – and typical one-year accelerated programs don’t include a summer. Many schools with one-year programs are now trying to compensate for this potentially damaging lack of internship experience by pumping up their career services. Among other assistance, they help students with resume writing and interview training, according to Cathie Gandel, writing in U.S. News & World Report. Another opportunity for one-year students is to get outside their comfort zone through study abroad. Goizueta, in particular, offers one-years a chance to head off to India, China, Nicaragua, and elsewhere, to get a taste of real-world issues beyond the sometimes-narrow U.S. field of vision.

What’s the Verdict: The One-Year or Two-Year MBA Program?

What it boils down to is that the one-year MBA program offers students a way to cut costs, expedite their educations and gain job opportunities, which are, according to many experts, comparable to those of their two-year MBA colleagues. For students who prefer a more traditional approach, the two-year MBA program provides internship opportunities between the first and second year, strong networking potential, study-abroad opportunities, and more. In the end, it all comes down to desire, level of work experience, money in the bank, and job prospects during your education. So, learn all you can and choose the perfect MBA program for you!

The post The Differences between One-Year and Two-Year MBA Programs: Which Is Best for You? first appeared on BusinessDegree.

And public institutions, says CNN Money, raised tuition and fees 4.8 percent for the 2012-13 academic year. The average student – not including those who got financial aid benefits – paid 3.8 percent more. That brings the average overall outlay for students – including fees for books, cafeteria expenses, tuition, dorm and other college-related costs – to a whopping $22,261 for the year.

With college costs exploding like this, most would agree that it’s at least important, if not imperative, for incoming (and currently enrolled) students to understand the many intricacies of financial aid programs. These programs can go a long way toward lightening the burden on students and their families. You’re no doubt wondering how to make sense of – and turn to your advantage – the financial aid programs out there. Well, let’s take a look at some ways to make the most of financial aid while avoiding pitfalls that could cost you a lot more money in the long run. We begin with the basics, right now.

Problem: I Have No Idea What I’m Doing! Help Me!

First of all: breathe. Second of all: get ahold of yourself. Help has arrived!

To begin with, each (and every) year, you’ll want to fill out the Free Application for Federal Student Aid as early as February. Be sure to submit a new application each year, even if you don’t think you meet all the criteria for financial aid. To get federal, state and institutional aid, students must fill out the FAFSA. Be aware that there may be different student aid deadlines (http://www.fafsa.ed.gov/deadlines.htm) for state, federal and/or college-based programs. That link you just saw is important to you, because depending on your state and the year for which you’re applying for aid, it will show you exact dates and last-minute deadlines for your particular circumstances.

Don’t overlook the basic eligibility requirements for financial aid. They require that you:

• Are a U.S. resident or eligible non-citizen
• Can demonstrate financial need
• Are enrolled as a regular student in an eligible degree (or certificate) program
• Meet certain general requirements

You’ll probably also want to check out FinAid.org. Here you’ll find a wealth of information on financial aid topics, both large and small, including a college cost calculator; a financial aid estimation calculator; and descriptions of aid options, such as student loans, private loans, scholarships and other sources like military or tuition payment plans. If you’re looking at graduate schools or business schools, don’t worry. FinAid has you covered, too.

Problem: Confusing Financial Aid Letters

Once you’ve submitted your aid application, you can expect to hear back in early to mid-April. But don’t think the hard part is over! According to The Daily Free Press, the letters many students receive leave them scratching their heads. Unclear wording and indecipherable terminology can make it difficult or impossible to make out what the financial aid is actually going to be. Most students simply want to know the bottom line. Instead, they – and their equally confused parents – are forced to struggle through dense bureaucratese, irrelevant details and muddled information.

Many financial aid letters don’t even provide a single, bottom-line cost figure for families. The result is confusion over how much to take out of savings and income, not to mention in loans, in order to pay the Cost Of Attendance (COA). We recommend and urge you and your family to seek outside assistance – not just university help – to get clarity. FinAid, once again, offers a special section to help you with financial aid award letters. Here you can learn about potential problems, resources, and how to identify the amount awarded, among other topics.

You’ll also find an extremely useful glossary tool to guide you through the confusing terminology that may have confronted you in your letter(s). And for further informative and helpful resources on financial aid, head over to Federal Student Aid.

Problem: Know What You’re Paying!

In other news, while financial aid – from university, federal and state grants to loans – can increase each year, so can tuition and fees, according to The Daily Trojan. Cynthia Wang, a USC biochemical engineering student, ended up paying more in her sophomore year than she did as a freshman. The problem wasn’t her loan amount: that went up. The problem was that her tuition and fees went up even more! Wang wishes the amount of aid were a constant proportion of tuition, to cover the price jumps each year. That way, she could continue to pay the same amount each year. Make sure you understand what you may owe, not just in the first year, but three or four years down the line.

The Bottom Line

Many people are thinking hard about how to help students find the best student aid deals available.

• Kathleen Kingsbury, in a Reuters article, urges students not to give up in their search. She stresses the importance of financial aid and explains why even high-income families should apply.
• Another writer, Tanya Abrams, provides a helpful Q and A about financial aid letters in her New York Times article, “How Final Is a College’s Financial Aid Offer?“
• FinAid says that both the Perkins and Subsidized Stafford Loans can be solid bets for students who need low-cost loans. The government will actually pay the interest on both, so long as the student is enrolled in classes more than half-time.
• An article in the University of Texas at El Paso’s Prospector, “Financial Aid Problems Plague Students“, urges students to stay up-to-date with the prerequisites for keeping their financial aid. These criteria include minimum GPA and the number of hours they must study each year, among others. The article also urges students not to wait until the last minute to check on their status.

A number of institutions are also looking at the overall debt students accrue while in school. Many graduates find these loans crippling as they enter the workforce. According to The Project on Student Debt, two thirds of the 2011 graduating senior class was in debt – and serious debt, too. We’re talking about $26,600 for the average student!

What does all of this mean for you? In three words: knowledge is power. Know everything you can about how financial aid works. That will give you a chance to sidestep some of the pitfalls in the system, save yourself a chunk of money, and focus on what really matters: namely, your education!

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