Pursuing My MBA Makes Money for Me Already

     My husband and I are in the process of paying off over six figures worth of student loans. Currently, we both work full time, and about 4 months ago I began pursuing my MBA. Wait, what?! That much debt and MORE school? Well, here is why…..not only is it FREE, but my MBA makes money for me RIGHT NOW. How? Keep reading…

My MBA is FREE.

     To clarify, My employer will pay up to $10,000 a year for graduate school. To make this work, I found an affordable school and take a relatively light load per semester. Since I’m working full time and have a 16 month old, this was necessary anyways. I buy my textbooks off Amazon {link!} instead of from my school bookstore to save as much of the $10,000 as possible.  So far everything has been covered 100%. Thankfully my employer allows me to utilize Amazon as long as I submit proof that the books are required and that I actually bought them.

There may come a time where I need to put in some money (which I would do in cash only – no more loans!) but I’m trying very hard to keep it free. It was essential to me to find an employer who would pay for graduate school because I always knew I wanted to go, but wouldn’t have the money for it. Many companies do this, and I recommend to any recent graduates who receive a job offer to ask this question, even if you don’t care to go to grad school right away.

TONS of free airline miles.

This is because the way my company chooses to reimburse. My company has you “apply” to them each semester with the classes you plan to take and the books you will need. I pay in advance, and am reimbursed for my employer by the next pay check. For this I use a credit card that gains me airlines miles. 

     WAIT PAUSE: I know you are about to click away because I used the words “credit card,” and I hear you. Hear me out though, my mom lives 3,500 miles away from me, and seeing her is very important to me. I WOULD NOT be able to afford this without the airline miles that I’ve gained. I have NEVER paid interest on this credit card and NEVER plan to. I would caution anyone considering a credit card to look at the risks and avoid if possible.UNPAUSE.

The reimbursement from my employer then happens within two weeks (pay period), and I immediately pay off the credit card. Since these are large purchases (upwards of $2000 a pop), I get 2000+ airlines miles without any personal expense to me. My MBA makes money in the form of being able to travel home. It’s awesome!

I get Tax Education Credit (US only)

     Again, since I am the one paying for the courses (even though I get reimbursed) I receive a Tax credit in the form of a 1098. This was a huge blessing last year and will be an even bigger on next year. This is only relevant to those in the US.

My loans went into deferment

     This might seem counterintuitive since I said my husband and I are paying OFF our loans, but it actually helps us to meet the goal faster! We have chosen to pay off our loans the *most efficient way possible* (more on that in a different post) which to us is by paying the highest % interest rate first, while paying minimums on the rest. Well, our highest % loan wasn’t one of mine. So now, pursuing my MBA makes money that would’ve gone to minimums on my loans available to put towards the loan we actually want to pay off first. So we are NOT spending away this “extra” money that came from the deferment. We are using it to get us out of debt faster!

Future Goals Are Easier

Okay, so this isn’t how an MBA makes money, but it is still a huge benefit to consider. Having an MBA opens up many career posibilities and help give me an advantage in terns of promotions/raises. Getting an MBA makes money more available to you in the long run. Guranteed. (I think.)

I hope that if you are considering graduate school that 1. You get real about any current existing student loans and where the money for graduate school will come from and 2. That I may have given you some positive perspectives to think about!

 



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