How To Pay For an Entrepreneurship Degree

If you're interested in pursuing an entrepreneurship degree, you may have dreams of starting your own business or helping other business owners run their companies. However, you know a college degree can be expensive. So, you might wonder, ''How am I going to pay for my degree?''

Many aspiring entrepreneurs seek financial aid to help them cover their higher education costs. Types of financial aid include federal assistance through the FAFSA, private grants and scholarships, entrepreneurship fellowships, student loans, and work-study programs.

Keep reading to see how to pay for an entrepreneurship degree so you can become a business owner.

How Much Does an Entrepreneurship Degree Cost?

Before we discuss how to pay for your education, let's discuss how much you can expect it to cost. Below, we'll look at the types of entrepreneurship degrees and how much they typically cost.

Associate Degree

Entrepreneurship and small business management associate degrees take about two years for full-time students to complete. Students often complete these degrees at community colleges, which typically charge much lower tuition rates than four-year schools.

The average one-year cost of tuition for an associate degree is around $3,800, so the total cost in two years would be around $7,600. Bear in mind, this only reflects tuition costs; you may also incur expenses related to fees, books, and transportation or lodging

Bachelor's Degree

An entrepreneurship bachelor's degree typically takes four years to complete if you study full-time. Bachelor's degrees are sometimes available at community colleges, but most students earn them at four-year colleges and universities.

Annual tuition for a bachelor's degree varies from around $10,700 at a public state school to $38,000 at a private, nonprofit school. Multiplied by four, that brings total tuition costs to around $42,800 to $152,000. Again, this does not account for the total cost of attendance, only tuition.

Master's Degree

Master's degrees are typically two-year programs, though they may take anywhere from one to three years to finish depending on the type of program and whether you study full- or part-time. They are available at many four-year colleges and universities.

Annual tuition for a master's degree typically ranges from about $12,400 to $28,400; so, for a two-year program, you're looking at about $24,800 to $56,800. Costs vary widely depending on whether you attend a public, private nonprofit, or private for-profit school. Online master's in entrepreneurship programs may offer lower tuition costs.

Tips for Paying for an Entrepreneurship Degree Program

There's no doubt about it: college degrees cost a lot of money. Let's look at some tips for finding student aid that can help you pay for your degree.

1. Complete the FAFSA

The Free Application for Federal Student Aid (FAFSA) is a form you can fill out. It can help you find funds from grants, loans, work-study programs, and other types of aid from federal and state governments.

Most FAFSA aid is need-based, so you must submit financial documentation to help agencies determine your eligibility. Still, most students who complete the FAFSA receive at least some financial aid, even if they think they might not qualify.

2. Explore Scholarships for Entrepreneurship Majors

Scholarships are merit-based funds available to those pursuing specific career paths and demonstrate academic excellence. Scholarships are typically more competitive than need-based aid, and they may have stricter eligibility requirements.

Let's look at some scholarships to consider applying for as an entrepreneurship student.

North Star Dreamers Memorial Scholarship

The North Star Dreamers Memorial Scholarship was created in memory of Dr. Jeremy Michael Higgins, a scientist and entrepreneur. The scholarship awards $5,000 to students who demonstrate a passion for entrepreneurship with a scientific bent.

To apply for this scholarship, you must be a junior or senior in high school and complete a 400-600-word essay explaining how the scholarship would help you reach your career goals.

El Jefe Entrepreneurial Scholarship

The El Jefe Entrepreneurial Scholarship is available for high school students in Florida who are interested in pursuing entrepreneurship. Each student awarded the scholarship receives $1,000 toward their education.

Students from an underrepresented minority are encouraged to apply by completing a 400-600-word essay expressing how they plan to make a positive impact through entrepreneurship.

3. Discover Entrepreneurship Degree Fellowships

Entrepreneurship fellowships allow aspiring entrepreneurs to gain hands-on experience in various business-related programs and initiatives. These highly selective programs are typically awarded to those demonstrating academic excellence and great promise in the entrepreneurship field. Some good fellowships to consider include the following.

Impact Entrepreneurship Graduate Fellowship (IEI)

The Impact Entrepreneurship Graduate Fellowship, also known as the Impact Entrepreneurship Initiative (IEI), is a program at The New School in New York. The program is designed for graduate students enrolled in one of the school's master's degree programs. A total of $10,000 ($5,000 per year) is awarded to students participating in this fellowship.

Northwestern Entrepreneurial Fellowship

The Northwestern Entrepreneurial Fellowship is a program offered at Northwestern University in Illinois. The one-year program provides students a salary of at least $80,000, along with a $10,000 stipend for expenses.

By the end of the program, fellows will launch their own startup company. The program is designed for those who have graduated from a Master of Business Administration (MBA) or Doctor of Philosophy (PhD) program.

Venture For America (VFA)

The Venture for America (VFA) fellowship program is available for college graduates interested in growing their entrepreneurial skills, starting a new business, or finding employment opportunities with existing startups. The program provides competitive funding and stipends to support fellows throughout the two-year program.

4. Look for Student Loans

If you still need help funding your education after receiving grants, scholarships, or fellowship opportunities, consider taking out student loans. Federal student loans may be offered as part of your FAFSA financial aid package and generally feature the lowest interest rates.

Pay close attention to the type of loan you're taking out. Subsidized loans allow you to defer interest until after you've graduated, while unsubsidized loans begin accruing interest immediately.

Private Loans

If you still need additional funding, private loans may be useful. These loans are offered by private organizations such as businesses, nonprofit foundations, and individuals.

Always make sure you understand the terms of the loan before you agree to it. Private loans typically charge higher interest rates and may have stricter repayment policies than federal loans.

5. Consider a Work-Study Program

Finally, a work-study program may help learners earn additional funds toward their degree. These programs allow you to work while in college and apply your earnings toward coursework and other expenses.

Those earning an entrepreneurship or other business degree should look into work-study programs available at their school. They may also establish eligibility for federal programs by filling out the FAFSA.

Is an Entrepreneurship Degree Worth the Cost?

It is possible to start many types of businesses without a degree; you may be able to learn all you need by taking entrepreneurship courses, working in other business capacities, and pursuing certifications.

That said, getting a degree in entrepreneurship can teach you valuable business skills in a controlled environment, preparing you for earlier success in your business ventures. Degree programs teach many fundamentals that it would take years to learn otherwise.

So, even though an entrepreneurship degree is expensive, it can be well worth the money by helping you be better prepared for your new venture and giving you better access to other business jobs after graduation.

What Can You Do with an Entrepreneurship Degree?

The entrepreneurship field is vast, providing various career opportunities. Let's look at some career options you can pursue with a degree in entrepreneurship.

Business Consultant

Business consultants meet with company executives to discuss performance and business goals and to help improve and implement those goals. They may work for consulting firms or within individual businesses, using their expertise to help companies perform better.

Project Manager

Project managers are team leaders within companies. They oversee all aspects of individual projects, ensuring the team adheres to all budgets and deadlines and gets the job done right. They may also be responsible for hiring contractors for specific jobs.

Small Business Owner

Small business owners are individuals who run their own businesses. They oversee and manage every part of the business, including marketing, finances, and human resources. They must have a well-rounded understanding of all facets of business to succeed in this role.