Funding Your Affordable Online Business Degree: Tips, Scholarships, Programs & More
| 8 Min Read
It goes without saying that a quality business education is a wise investment. Earning an affordable business degree not only opens doors to advanced professional opportunities, but it can also lead to a higher salary and a lower risk of unemployment.
In fact, research conducted by the Bureau of Labor Statistics reports that the median weekly earnings for bachelor’s degree graduates was $1,493 in 2023. This is about $500 more than the median weekly wages of those who do not complete a college degree.1
Additionally, the unemployment rate for bachelor’s degree graduates that year was only 2.2%, while the national rate was nearly double.1,2
Though the statistics are convincing, the cost of tuition and the long-term commitment of completing a degree can make career advancement seem impossible for those who work full-time and have families to care for.
However, with the right financial tips, tuition aid resources and an affordable online bachelor’s degree in business, it is possible to complete your education on your schedule – and on your budget – while making your professional dreams become a reality.
In this guide, you’ll find helpful information for earning an affordable business degree online with New Mexico Highlands University through financial aid, scholarships and employer reimbursement opportunities.
How to Pay for a Bachelor’s Degree
Choosing to earn an affordable online business degree with Highlands University is only the first step. Determining how you will finance your education is next. You may be eligible to
receive funding through student or federal loans and grants, an employer reimbursement program, scholarships or military benefits.
When getting started, it’s important to identify and understand the financial aid resources and funding opportunities available to you. Let’s explore common finance options and determine what you may be qualified to receive.
FAFSA®
Students throughout the United States are often surprised to learn that they qualify for federal loans or grants. To discover if you’re eligible to receive this type of funding for your affordable online business degree, complete the Free Application for Federal Student Aid (FAFSA®) online as soon as possible. Once you complete this application, you may then apply for other forms of financial aid to cover remaining costs.
When completing your application, use Highlands University’s school code: 002653.
Business Degree Scholarships
How to Find Scholarships
Scholarships are often awarded to students for outstanding academic achievement or potential, financial needs or diversity inclusion. While many are offered directly by colleges and universities, this type of financial opportunity is also often awarded by local companies, global corporations, facets of the government and nonprofit foundations.
To find scholarships you qualify for, get started by speaking with one of Highlands University’s enrollment counselors. They will share information about scholarships available through the University and how to apply for them. You can also find information about externally offered scholarships on our website.
As a prospective student seeking an affordable online business degree, there are many scholarships available to you just for pursuing your dreams. Your current employer and other local and global companies may offer tuition assistance for students striving for careers in specific areas of business.
How to Apply for Scholarships
Because scholarships are offered in abundance, it’s helpful to apply for multiple opportunities when funding your affordable online business degree. Many scholarship opportunities feature a similar list of basic requirements, so it’s important to have these materials on hand when applying.
Scholarship application requirements often include:
- Official identification: Identification is required for all scholarship applications. This is especially important when applying for a diversity-focused opportunity. Have photo and digital copies of your identification ready to include with your submissions.
- A letter of intent: Write a letter describing your professional goals and how earning an affordable business degree will help you achieve them. Be sure to include information about your previous education and professional experience, and explain why you’re pursuing a career in business. The required length of this type of letter varies, so make sure yours meets the appropriate word count before submitting your application.
- Financial records: Your financial records may be required to demonstrate a need for financial aid. This information may often determine how much funding you receive through certain scholarship opportunities. Be ready to submit documentation of this information when applying for scholarships.
The New Mexico Opportunity Scholarship
The New Mexico Opportunity Scholarship is awarded by the New Mexico Higher Education Department and offers reduced tuition rates or in-state tuition to both established and new residents of the state.
Regardless of your chosen area of study, you may be eligible to receive funding through this opportunity if you meet all qualifications.
Student Loans
Federal and private student loans are both common funding options for students across the country. When choosing this type of education funding, consider your career goals and salary potential after graduation. This will help with budgeting and creating a comprehensive financial plan for your future.
Before choosing a loan, it’s important to understand the differences between federal and private loans, and which is the best option for your personal financial situation.
Federal Student Loans
Federal student loans are offered by the government to allow all citizens the opportunity to earn a college education. According to the Office of the U.S. Department of Education, this type of loan is often less expensive in the long term than private student loans.3
Interest Rates: A fixed interest rate is offered through this type of student loan, allowing you to lock a set rate and not experience increased payments as the economy fluctuates.
Repayment Terms: Repayment for federal student loans does not begin until you complete your degree program and they are often based on income. The government determines how much you can afford to pay back on your student loan each month depending on your post-graduation salary.
Private Student Loans
Private student loans are offered by non-federal lenders, which include banks and credit unions, colleges or universities and private agencies. Because this type of loan is not regulated by the government, repayment can take longer, as you may be subjected to fluctuating interest rates.
Interest Rates: Depending on the lender, a fixed rate may be available for a private student loan. However, in some financial situations, interest rates may change with the economy, making your payments increase or decrease over time.
Repayment Terms: Repayment for private student loans is dependent upon the lender. Many loans require you to make payments before completing your degree. It’s important to discuss all available repayment options with a lender before choosing this type of student loan.3
Employer Sponsorship
Many employers invest in their employees by providing scholarships or tuition reimbursement opportunities. This supports employees as they continue their education and, in turn, they graduate prepared to advance within their current company.
Speak with your current employer about opportunities that are available to you. If an employer sponsorship program is not currently offered, suggest the benefits of a tuition assistance or reimbursement program to your employer and ask for an investment in your affordable online business degree.
Benefits of Employer Sponsorship
- You’ll grow as a leader: Education ensures that leaders have the right skills to step up and positively impact their organizations.
- You’ll gain a multicultural perspective: Attending a college or university, even through online courses, offers students access to new ideas and perspectives that can benefit their employers.
- Online courses offer schedule flexibility: Learning online allows students to maintain their full-time professional schedules.
- Accelerated programs develop skills fast: With the right affordable online business degree, you can complete accelerated courses and graduate fast with advanced skills you can immediately apply in your career.
Military Benefits
Veterans, those who are currently serving in the military and their families, may be eligible to receive funding through military benefits like scholarships or grants. In many institutions throughout New Mexico, military students qualify for in-state tuition regardless of their residency.
The GI Bill®
For those who qualify, the GI Bill® may fund tuition in full for degree programs at public and state colleges and universities. This program may also contribute up to $25,000 per year for tuition at private institutions and those located outside of the United States. If you’re an active member of the military or veteran, visit the U.S. Department of Veterans Affairs website to find out if you qualify.
For more information about scholarships, student loans, employer sponsorship and other financial aid benefits, visit our website.
Choosing an Affordable Online Bachelor’s Degree in Business
Regardless of how you fund your education, choosing the right affordable online business degree can help keep your total expenses low and your schedule flexible. With New Mexico Highlands University, you can earn a Bachelor of Applied Science in General Business degree online on your time and on your budget.
In as little as 21 months, you can complete your degree with the skills to level up in your business career or become qualified for positions outside of your current field. All of the program’s courses are asynchronous and can be completed online, allowing you to participate in lectures and complete assignments on your schedule and at your pace.
Balance your degree with your full-time work schedule, family commitments and your personal calendar. Start preparing for the business career you want today.
Learn MoreSources
- U.S. Bureau of Labor Statistics. Education Pays, 2023. Retrieved from https://www.bls.gov/careeroutlook/2024/data-on-display/education-pays.htm.
- U.S. Bureau of Labor Statistics. TED: The Economics Daily. “Average annual unemployment rates decreased in 6 states in 2023.” Retrieved from https://www.bls.gov/opub/ted/2024/annual-average-unemployment-rates-decreased-in-6-states-in-2023.htm.
- Federal Student Aid, an Office of the U.S. Department of Education. “When it comes to paying for college, career school, or graduate school, federal student loans can offer several advantages over private student loans.” Retrieved from https://studentaid.gov/understand-aid/types/loans/federal-vs-private.