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1. Be social without spending your dough. Try to spend your time at networking events that don’t revolve around bars and restaurants. A couple hours spent at a local bar off-campus can easily equal a $50 tab. There will be a LOT of events, and you’ll break the bank if you try to eat every meal out, or buy round after round of drinks.

2. Buy groceries with cash. It’s a fact that people generally spend more with plastic than with cash. Before you go to the grocery store, make a list of the items you’ll need. Give yourself $5 extra for something fun, then leave the credit cards at home. If you get to the register and find you’ve gone over, you’ll just have to put some items back.

3. Avoid bank fees. Make sure your bank isn’t charging you a checking account fee every month. Why should you be paying a bank more than $100 a year for the privilege of holding your money? Shop around. A local credit union, or a bank connected to your school, may offer you a better deal.

4. Set up direct deposit. You can choose to put a fixed amount of your income into a savings or an investment account. Even if money is tight and you’re only working part-time, or living off loans, you can still put away $20 a month.

5. Pack a lunch! Become a serial snacker. When you leave in the morning, you probably will have a full day of work, classes, meetings, and study sessions. Avoid the fast food and expensive take-out places on campus. Keep healthy snacks in your bag all the time – sandwich baggies of apples, clementines, granola bars, almonds, etc. You’ll save a lot of money and won’t feel your energy drop as much in between meals!

Need some MBA admissions or GMAT advice? Ask one of Grockit’s expert instructors or leave a comment below!

Loans: Student loans.  Most MBA students who are not rich or on a full scholarship use this option.  There is not much to say as it is really your only way to borrow money for living and tuition and the rules are changing for these loans as the Federal Government assumes a larger role.  I do suggest that you read the loan terms carefully and become aware of your obligations and rights, as it will be a lot of money.  If you are coming from overseas this process can be a lot more painful and the Feds will not be there to help you out.

I signed up for one that gave a discount on the interest rate if you signed up for direct withdrawal for a year after school.  That’s not a bad deal and something that is not very hard to do, although I did feel a bit surprised when the first withdrawal took place a month earlier than anticipated.  Also don’t forget that you can defer these loans if you, like many current graduates, cannot find employment right after school.

Taxes: Tax write-offs exist for both your tuition and the interest you pay on your loans.  Ask your accountant to determine if you qualify for the tuition write-offs, but almost all of you will be able to write-off your interest.

Jobs: The final piece of advice is to find employment.  There are two types of jobs one can get during business school and I suggest both of them.  The obvious one is the summer internship, and even if you don’t go into banking or consulting gigs you can still make a decent amount of money for three months of work.  Some even offer signing bonuses.  Secondly, there are many teaching assistant jobs for students, which basically consist of grading exams and leading some study sessions.  At least at my school they paid fairly well for not being very taxing.  If you want one of these you need to both excel in the class and become friendly with the professor.

I was fortunate enough to land an Economics TA position and it helped me at least stop the hemorrhaging from my checking account for a couple of months.

That’s all the advice I have on this.  It will be expensive any way you run the numbers, but if you do some of these things it will be slightly easier.

Good luck.

Save: The first of course is to save ahead of time and the best way to save is a tax free way.  The option that I took advantage of is the 529 plan.  Every state has different rules on this so please check, but you can open a college savings plans even for yourself. You will save on taxes and if you end up not going to school, you can always transfer the money, tax-free, to another 529 plan for your children or spouse.  Your parents or even that rich Uncle can also set one up and if you end up not going, or even not using all of what they saved they too can transfer it to another person.

Clearly I did not save enough to cover the whole two years, but it felt good to spend tax free money from when I was actually making money during that long two year period of being without a paycheck.

In-state: The next step is only comes into play at certain state schools.  The UC system offers great in-state deductions and if you are planning on going to UCLA Anderson, UC Berkeley’s Hass or any of the other UC schools you should establish residency as soon as possible.  Even if you do not qualify for in-state rates in the first year, you can apply in the second year and save almost $10,000.  The best way to establish residency is to open a local bank account, register to vote, get a driver’s license, register your car, get a summer internship in California and pay some taxes (which will happen if you get a summer internship).  You will have to apply during the summer in between school years, but it is well worth the effort.

When I received the letter from the state of California I was more nervous opening it up than opening the acceptance letter.  It felt like the lottery, and in many ways $10,000 difference really is.

Fellowships: The next step is to seek out scholarships or fellowships.  Go onto the school’s website and view the list of fellowships and scholarships available.  Sometimes they will be offered to you if you are a stand out applicant, but for some writing a letter or calling the school has paid off.  If you believe you are uniquely qualified for one of them go for it.  It does not hurt to ask, especially once you are been granted admission and before you have accepted.

If you are lucky enough to receive one of these make sure to find out of the person giving it is still alive.  I almost lost mine for not writing him a thank you letter, because for some reason I assumed it was in honor of a person who had passed away and not a generous living breathing alum.

Now that you’ve completed the applications for admission at each of your schools and programs, you’re almost done. You’ll still need to pay for school, and in order to obtain scholarships and loans, schools require you to submit financial aid applications.
Step 8: Apply for financial aid and scholarships.

In order to apply for financial aid, you’ll need a massive stack of information. Perhaps most crucial in that stack of information: your taxes.
Gather all required application forms and information from each school’s website or other information provided to applicants.

Even if you haven’t heard anything from the programs you’ve applied to, go ahead and submit a financial aid application. Don’t wait for your decisions to start rolling in. In fact, most schools will tell you not to do so. Be sure to find all instructions and deadlines. You should have marked these dates on your application calendars a while back and you should have printed out all the required information and placed it into your application file box. Retrieve all that information now so you can complete the final step.
Retrieve or complete your current year’s tax returns.

In order to complete the FAFSA (Free Application for Federal Student Aid), you’ll need your tax information (and possibly your parents’ info, too). While it’s not 100% necessary to actually file your taxes, you’ll need information that essentially requires you to complete them, so why not submit them? Generally, if you’re under age 30, you’ll also need your parents’ tax information, too. Check with the schools to which you’ve applied to find out if parental information is required; requirements vary from school to school.
Complete a FAFSA.

Virtually all schools require the submission of the Free Application for Federal Student Aid (FAFSA). Your FAFSA is used to determine any need-based grants and your loan awards. New forms are available each year starting January 1st. Get started as soon as possible, as many schools’ deadlines are as early as March 1st.

You’ll need the school codes for each program to which you’ve applied. Codes can be retrieved from each program’s website or you can search for a school/program by name and location as you complete the FAFSA online at http://www.fafsa.ed.gov/.
Complete any required school-specific forms.

Some schools have a separate financial aid application you’ll need to complete, and this application is often available online or will be sent along with admissions information. If you haven’t found anything yet, make a call to the financial aid office to find out if there’s anything you should be completing and sending their way.
Apply for every possible scholarship!

Schools and private organizations often offer scholarships ranging from one-time $500 awards to renewable full-tuition awards. Usually, applicants for such a scholarship are asked to submit a topical essay and/or other information (letter of recommendation, résumé, etc.). There are tons of books available at your local bookstore and loads of information available online regarding such awards. Check your schools’ websites and hit the bookstore or your local library. Make a list of all the scholarship programs you’re eligible to apply for, and make a run at every dime you might get to help fund your education.
Research educational loans.

Chances are good you’ll need some loans to help fund your life through business school, and it’s never too soon to prepare. Get a credit report so you’re aware of your current standing, then research educational lenders. The financial aid folks at the schools you’ve applied to can offer you more information on public and private lenders with whom they work.
Hurry up and wait.

Everything is now officially on its way! Many schools will email you to confirm acceptance of your application materials, completion, and decision status, but some won’t. The waiting game you’ll play between application submission and decision notification can be nerve-wracking. Pick up a hobby. Throw yourself into work with new vigor. Read more books. You might hear in a week, but you might not hear anything for several months. Remember that each applicant is different, and try not to hedge bets on whether or not you’ll be accepted or rejected. There’s only one way to find out, and you’ve done all you can. Only time will tell.

Good luck!

Check out other articles in this series:
The Business School Application Process Part 1 – Building Your To-Do List
The Business School Application Process Part 2 – Managing the Application Process
The Business School Application Process Part 3 – Test Preparation
The Business School Application Process Part 4 – Transcripts and Paperwork
The Business School Application Process Part 5 – Recommendations
The Business School Application Process Part 6 – Essays and Personal Statements
The Business School Application Process Part 7 – Making it Official – The Applications