For those considering obtaining an MBA, the question might not be whether they can afford it, but whether they can afford to continue to delay it. A graduate business degree can pay off in terms of promotions and higher salaries. San Diego professionals have a variety of choices about where to enroll and how much to spend. Tuition for area graduate business programs ranges from $12,338 at California State University, San Marcos to $55,000 at the University of California, Irvine.

United States International University's 60-unit MBA program costs $23,100 for the 2000-2001 school year. Students who completed undergraduate business classes can have units waived.

"Most students look at the cost of programs and say they can’t afford them," says Tina Moncada, USIU assistant dean of admissions and financial aid director. "They have to look at the cost as an investment, not an expense." Although that educational investment comes with a price tag, methods of financing MBA studies just start with the traditional student loan. Scholarships are available, along with fellowships, grants and employment opportunities.

Campuses offer incentives, too. CSU San Marcos has all-inclusive fees of $12,338 to $16,950 for California residents enrolled in the MBA program; the lower fee is for those with recent bachelor's degrees in business. Both figures cover classes, books, catered meals and parking. Students "just need to get there and learn," says Valorie Ashley, director of outreach for the MBA program.

At National University, the 14-course graduate program costs $12,800. A discount of 25 percent to 30 percent is offered when the university enters a partnership with a business to teach at least 15 students at their workplace, says Shahram Azordegan, dean of National's School of Business and Technology.

Sydney Blake, the school chair and a professor, says that partnerships with businesses like Pacific Bell are consistent with NU's mission statement to provide courses at different locations and programs that are relevant. And students appreciate that the teacher comes to them, Blake says.

San Diego State University's Graduate School of Business offers off-campus classes at several locations through its external graduate program. "Programs cost from $14,000 to $15,000, and most employers cover 100 percent," says Rebecca Peterson, external programs coordinator. Qualcomm employees who attend classes at work will graduate in August.

Sorrento Valley is the site of two external programs. SDSU's program at the Marriott Hotel is open to companies in the area. CSU San Marcos' program that includes dinner is located at the Wyndham Hotel. In addition SDSU recently started a program in Carlsbad, says Peterson.

Other educational institutions offer employer-supported external programs. However, the more traditional arrangement is for employers to provide tuition assistance for on-campus graduate studies. "Many companies have partial or full reimbursement. The student may have little or no cost," says Cecil Horst, director of operations for the Keller Graduate School of Management western region.

Keller offers six graduate programs. The 16-course MBA program costs $20,800, with fees for the 14-course project management degree closer to $18,000, says Horst.

Local employers provide some tuition assistance, although the practice is more prevalent in Los Angeles. About 70 percent of students in Los Angeles receive corporate sponsorship, and some employers provide full financing, says Candace Williams, executive director of SDSU's executive management programs. "They have lots of corporate headquarters, and we don’t. In San Diego, there are lots of small companies. About 50 percent to 60 percent give some tuition support."

There may be less corporate support, but educational costs are lower in San Diego County, says Williams. SDSU's two-year executive MBA program costs $27,600. The average cost is $40,000 nationwide and $50,000 in Los Angeles. At the University of California, Irvine, tuition is $54,000 for the two-year executive MBA program, reports Mary Bell, UCI director of student services and financial aid. Students pay the same fees for the two-year health care executive MBA. It’s $55,000 for the MBA program for fully employed people working in mid-level management positions.

The cost drops to $10,240 for a California resident who is a full-time MBA student. That program is state-supported, Bell says, and students "give up two years of their lives" in terms of full-time employment. He notes that for UCI's executive MBA program, corporate reimbursements average 50 percent or more of tuition costs. Since companies usually pay after classes are completed, some campuses allow students to pay for classes after grades are received. "We have a repayment rate of 99 percent," says Bell. Grades can affect the amount of reimbursement, with some employers expecting students to earn a B or C, says Williams. And some companies only give 100 percent reimbursement for an A, says Moncada.

Since many employers don’t provide full reimbursement, USIU provides matching financial aid through the Business Industry and Assistance Program. "The military generally covers 75 percent, and the student is responsible for the other," says Moncada.

Furthermore, USIU is offering business graduate scholarships of $3,000 to $6,000 annually this year and during the 2000-2001 academic year. Moncada says awards are based in part on the student's incoming grade point average, even if the student graduated years ago. The university also takes into account the results of the Graduate Management Assessment Test.

Don't forget scholarships when looking into financing graduate studies. "There are lots of unique scholarships for a specific situation," says Williams of SDSU. "Orville Redenbacher has a scholarship for women over 40 to get an MBA."

Scholarship information can be found in campus scholarship offices and on the Internet. FastWeb Scholarship Search (www.fastweb.com) is a free service that Moncada recommends. Aspiring students fill out profiles and are notified about scholarships that match their profiles. Credit cards and private loans can help pay for grad school, but consider those as last-resort methods. "Rather than leverage equity in the house, go the student loan route," advises Bell of UC Irvine. "Borrow only what you need in terms of tuition. (The student loan) costs out to a repayment rate of $550 to $600 a month."

The most common student loans are the federal Stafford Loans, which are subsidized or unsubsidized. The government pays the interest on subsidized loans, which are based on financial need. Interest is paid while the student is in school and during a six-month grace period afterwards. Graduate students can borrow up to $18,500 in Stafford loans per year. However, only $8,500 of that is subsidized.

Currently, a new loan carries a variable interest rate with an 8.25 percent cap. The determination on whether a loan is subsidized is based on information from a form completed by the aspiring student; the free Application for Federal Student Aid is available online at www.fafsa.ed.gov.

In addition to Stafford Loans, campus financial aid offices have information about private loans. Those are some of the financing options at the University of Phoenix, where courses cost $485 per semester credit, says Larry Etherington, regional marketing manager. The 51-credit MBA program costs $24,735.

Private lenders also offer MBA loans. For example, Wells fargo has a tuition loan program linked to the Stafford Loan. Interest rates vary and several repayment incentives are available, according to information on the Wells Fargo Web site. The Great Rewards Program brings a 2-percentage point decrease in the Stafford Loan if the first 48 payments on all loans were paid on time.

Another option for cutting educational costs is to work on campus. Fellowships and assistantships are among the work programs at the University of San Diego, where the 48-unit graduate program costs $32,500. "We try to help our students in any way we can," says Stephani Richards-Wilson, assistant director of the graduate business program. Fully employed students have such packed schedules that they usually don’t take on-campus assignments, say representatives from area campuses.

For USD student Lisa Greer, two fellowships eased the transition of leaving a sales and marketing position last October to return to school. "I knew I had to give 110 percent," she says. "Tuition is about $7,000 a semester; the fellowships cut it in half." Greer's duties include grading undergraduate papers. She also worked on a database and researched controversial advertising. "I do whatever's asked. I’m learning skills. The fellowship program is wonderful. I can put it on my résumé," she says. "You get all the money in an account before the work is done — of course, you've got to do the work."

Learning how to finance an MBA doesn’t have to be a chore because there's a wealth of information on the Internet. Moncada of USIU recommends starting with the Financial Aid Information page (www.finaid.org). There's a link to FastWeb and the site's business school page (www.finaid.org/otheraid/business.phtml) has details about financial aid. "This is the best site there is. From this site, you can search for scholarships, complete your FAFSA online," she says. "You can also subscribe to a newsletter from this site."