The University of Tennessee (UT) Executive MBA for Global Supply Chain (EMBA-GSC) delivers the skills and competencies professionals need to become global supply chain leaders. A curriculum focused on applied learning and leadership development enables students to make an immediate impact in their workplace and emerge prepared for the next level in their careers.
Before enrolling in an Executive MBA program, you will want to understand the financial commitment and resources available to help you reduce tuition costs. This article explores options that help UT students cover the cost of their EMBA-GSC.
Overview of the University of Tennessee, Knoxville’s Tuition and Fees
The total cost of the UT Executive MBA-GSC includes tuition, fees and travel costs associated with the four residence periods.
Tuition and program fees include:
- All university tuition and fees
- Case studies, periodicals for required reading
- Technical support for all software
Travel costs include:
- Airfare
- Lodging expenses
Students should also budget for additional expenses such as a computer (the UT Vol Shop offers student discounts on laptops), travel expenses (including food and entertainment costs), books, supplies, professional subscriptions and personal expenses.
Financial Aid Options for Executive MBA Students
Students can apply for federal financial aid by completing the Free Application for Federal Student Aid (FAFSA). Submitting this form provides access to federal assistance, including grants and loans. Some state aid programs and schools also use the FAFSA to determine aid eligibility. Two types of federal loans are available to graduate students:
- Direct Unsubsidized Loans: These loans provide a low, fixed interest rate and flexible repayment terms. They have a set loan amount (determined by the school) and a loan fee. They are not need-based.
- Direct PLUS Loans (also known as grad PLUS loans): These loans typically require a good credit history. They offer a fixed interest rate and include a loan fee, both higher than those for a Direct Unsubsidized loan. The maximum loan amount is the cost of attendance after applying other financial aid you receive. They are not need-based.
Students in the UT Executive MBA-GSC program also have access to institutional aid. The department awards partial scholarships at the discretion of program leadership. Students may qualify for external scholarships from foundations, industry organizations, and civic groups.
Students who do not receive federal financial aid or need additional support may consider private loans. These loans typically have higher interest rates than Federal loans and interest rates, grace periods, repayment options and fees vary by lender.
Employer Sponsorship and Reimbursement
According to the Society for Human Resource Management, 48 percent of employers offer tuition assistance benefits, so there’s a reasonable chance your employer will help fund your professional development. Your employer may sponsor some or all of your education costs, typically including tuition, fees, books, and supplies. Funding generally comes in two forms:
- Tuition assistance: The employer pays the education costs.
- Tuition reimbursement: The employee pays the education costs upfront and the employer reimburses them periodically or at the end of the program.
Employer sponsorship and reimbursement plans have various limitations and requirements, so prospective students should review the details before beginning a program. Some of the most common conditions include:
- Limited funding
- Limited to full-time employees
- Restricted to employees who have been with the company for a minimum time
- Limited to specific types of programs
- Minimum grade requirements may apply
- May require a commitment from employees to stay at the company for a certain period after completing the program
Many UT Executive MBA-GSC students receive employer sponsorship because the program includes job-relevant assignments that deliver a positive return on investment. If your employer doesn’t offer education benefits, consider negotiating for them by explaining how the program would benefit the company. You can share the program brochure highlighting some key components and program benefits. You can also discuss your experience and career goals (and how they tie into company objectives) to show how the program will help you achieve your personal goals while contributing to the company’s success.
Personal Financing Options
If you are considering an Executive MBA program, you likely have progressed far enough in your career to have savings and leverageable assets. You can take advantage of these to finance your education.
Because a UT Executive MBA can deliver a substantial return on investment, investing personal wealth in pursuing your degree makes sense. Consider it a downpayment on future opportunities and income. Draw on savings first, then look for assets to borrow against. If you own property, you could take an equity loan. You can also borrow from your 401(k). You can borrow up to half the amount in your 401(k) up to $50,000, and while you will pay that loan back with interest, those interest payments will wind up right back in your 401(k). That’s a significant benefit when compared to borrowing from a third-party lender.
Military and Veteran Benefits
Military veterans can access a full range of support services through the Veterans Success Center (VSC) at UT. Program coordinators and the VSC offer assistance and guidance to help veteran and military-affiliated students use their educational benefits to pursue their academic goals.
You can apply for the Post-9/11 GI Bill and Yellow Ribbon Program through the US Department of Veterans Affairs. After applying, the VA will review your application and send you a decision letter. If approved, EMBA-GSC students can use the GI Bill to cover in-state tuition and fees, books and supplies, and program fees. Out-of-state residents can use the Yellow Ribbon Program to help pay for tuition and fees, covering up to $15,000 per academic year. The MBA program accepts 10 Yellow Ribbon Program students each academic year and allocates spots on a first-come, first-served basis.
Veterans and military service members can also access exclusive scholarships, grants, and other funding options.
Invest in Your Future with the Executive MBA for Global Supply Chain
Students interested in pursuing an Executive MBA can access several resources to help fund their degrees. Between federal financial aid, state aid, UT funding options, employer sponsorship and reimbursement, external sources, personal financing, and military and veteran benefits, students can find the support they need to bridge the financial gap.
Earning your EMBA-GSC at UT can help you develop the skills and connections to advance your career while delivering an immediate ROI to your organization. To learn more about the EMBA-GSC program, contact an enrollment advisor. They can offer additional program insights and resources to help you make a confident investment in your future.