With the economy in transition and the stock market fluctuating, now is the time to invest in yourself by earning a master of business administration degree. The most common way to finance an MBA is the federal Stafford student loan, which allows graduate students to borrow up to $18,500 each school year.

“Not many investments, particularly today, give a greater return,” says Bruce Williams, University of Phoenix vice president and director of San Diego campuses.

The interest rate on Stafford loans is set July 1; this summer it dropped from 5.99 percent to 4.06 percent.

Other methods for paying for an MBA range from employer reimbursement to scholarships.

The key to financing an education is to plan ahead. “A lot of people wait until the end,” says Alda Ruggiero, financial aid counselor at University of California, Irvine. Instead of procrastinating, students should explore financing options while researching which campus to attend and what to study. In addition to the traditional MBA, campuses such as the University of San Diego offer the international master of business administration. For the midcareer professional, San Diego State University and UC Irvine have executive MBA programs. Already have an MBA? There’s a doctorate in business administration program at Alliant International University.

Keep career objectives in mind when selecting a campus, says Lee Betrand, dean of admissions for the University of Redlands School of Business. “Not all top-school grads get the top jobs.” He advises people to ask themselves, “What school is well-regarded in my industry?”

Another important issue is the cost of graduate school. California State University, San Marcos’ MBA program costs less than $8,000. That amount covers tuition, fees and books, says Keith Butler, program operations manager. State funding allows CSU to keep costs low. About 90 percent of students work full time, and program tracks range from 16 to 28 months. Track length varies because students may need to take business courses before beginning graduate studies. Keller Graduate School of Management’s MBA program costs $22,000, says Thomas Horstmann, San Diego Center director. The program consists of 16 courses, and the center schedules five terms each year.

National University’s MBA program consists of 12 courses and costs $11,940, says Matthew Levine, director of financial aid. Each course is one month long. National and the University of Phoenix are among the schools that schedule courses on campus and online. The University of Phoenix costs about $9,000 per year, and the MBA program is about two years long, Williams says.

San Diego State University’s executive MBA program is a two-year, all-inclusive program. The $30,480 cost includes fees, books and meals, says Candace Williams, program director.

Chapman University’s graduate programs include the 36-unit master of arts in organizational leadership degree. The total cost for classes is $10,980, says June Goodrich, financial aid adviser.

The USD MBA program requires 48 units. Tuition this fall is $775 per unit for a total of $37,200, says Stephani Richards-Wilson, assistant director of the graduate business program.

The UC Irvine Graduate School of Management’s executive degree program costs $56,000 when courses are taken continuously for seven quarters, reports Ruggiero. The fully employed MBA program costs $58,500 and takes about three years to complete. The health care MBA is $56,000 if students attend courses from fall through spring for two years. All UCI program fees include the cost of a mandatory laptop.

At the University of Redlands, tuition runs $10,000 annually. Add in books, and Bertrand says the two-year program costs $24,000.

At Alliant International University, the fee is $435 per unit for the MBA and International MBA. The yearly cost is $7,416 for two semesters, says Parvesh Singh, university director of financial aid. The number of units required for the graduate business degrees varies because they are based on transfer credits, Singh says. For a student who earned an undergraduate bachelor’s degree at Alliant, 104 units are needed for an MBA. The doctorate is $485 per unit, and the program consists of eight units.

Campus representatives say most students use federal loans to pay for graduate school. Stafford loans can be subsidized. The government pays the interest on $8,500 of a subsidized loan. The subsidy is based on financial need, and that status is based on information that the applicant provides on the Free Application for Federal Student Aid. The form, known as FAFSA, is available in financial aid offices and online at www.fafsa.ed.gov.

At USD, about 56 percent of graduate students seek financial aid, says Judith Lewis Louge, director of financial aid services. However, 42 percent of students in the MBA and IMBA programs rely on financial aid. The lower percentage might reflect employer benefits, she says. Employers may pay for the entire graduate program or just some classes.

Geico insurance company provides tuition assistance because the organizational leadership graduate degree is required of its employees, says Chapman’s Goodrich. At SDSU, Williams says that about 50 percent to 60 percent of students in the executive MBA program receive tuition assistance from employers. About 20 percent to 40 percent of employers provide full reimbursement. Sometimes the amount of reimbursement depends on company policy or how the business is doing that year, says Williams.

Some employers base the reimbursement amount on the employee’s grade. Some employers pay 100 percent of course costs for an A and 70 percent for a B, says Horstmann of Keller. He adds that Keller’s deferral plans allow the student to make two or three payments on a course. The remaining payments are due five weeks after a term ends. By then, a student should have received an employer reimbursement or saved money to pay for the course, says Horstmann.

Alliant International provides assistance when employers pay for courses. Through its Business and Industry Tuition Assistance program, the university matches 10 percent of the employer contribution, says Singh. Moreover, Alliant awards from $250 to $3,000 in scholarships per term. Eligibility is based on criteria that includes the results of the Graduate Management Assessment Test and previous grade point average. The university also gives $4,000 grants. Eligibility is based on GMAT, GPA and need, says Singh.

The University of Phoenix has an alumni scholarship. Financial aid advisers refer students to resources such as FastWeb (www.fastweb.com), a free scholarship search service. After filling out an online profile, the student is directed to potential scholarships.

Not all scholarships are based on prior grades; some are based on essay writing. Aid available in August included the $1,500 Best Book Buys Scholarship. Applicants were asked to write up to 500 words on the topic, “What book should our political leaders read and why?” A 1,500- to 2,500-word essay on brand names could net a $3,000 scholarship from the Institute for Brand Leadership.

Working on campus is another way to pay for an MBA. At USD, qualified students can receive up to seven fellowships, says Richards-Wilson. The fellowship covers 80 percent of the cost of a graduate business course. In exchange, the student works 60 hours during a semester for a business school faculty member or administrator. “Students not only benefit from this form of financial aid, but they also get the opportunity to develop their networking options,” says Richards-Wilson.

Alliant offers work study programs of $4,500 to $5,000. AIU is among the universities that assign grad students to teaching assistantships. “We’re trying very hard to meet the needs of the students,” says Singh. Financial aid representatives urge students to regard credit cards as a last resort for paying for an MBA. With the Stafford loan interest rate at an all-time low, Levine of National University said a federal loan could serve two purposes. “You can get a degree and pay off credit cards,” he says. “You can’t beat 4.06 (percent); it’s the best rate we’ve seen.” But don’t let the lower rate lure you into borrowing too much. “Make sure you borrow what you need, not what you’re eligible to borrow,” says Lewis Louge of USD.

She adds that prospective students should also consider the time involved in getting an MBA. Time spent in school is time away from family or in other pursuits. However, time spent in school can lead to a higher income. “When you make more over a lifetime, it’s a big incentive,” says Lewis Louge. “Don’t forget, life changes. If you have an opportunity to get a degree now, you shouldn’t put it off.”