Get Your M.B.A. Part-Time Part 7

Deferments/Forbearance/Cancellations Under certain circ.u.mstances you may be able to defer, or postpone, the payments of your Federal Stafford Loan. Deferments are not automatic; you must apply for them. You can also request forbearance in situations that aren't covered by normal deferments. Forbearance means the lender agrees to grant you a temporary suspension of payments, reduced payments, or an extension of the time for your payments. As a final option, you can get a portion of your loans canceled under special circ.u.mstances. Read your promissory note for details of all of these provisions. They should also have been covered in your entrance and exit interviews.

William D. Ford Federal Direct Loan Program The Ford Federal Direct Loan Program was authorized by the U.S. Congress in 1993. In this program, the federal government is the lender. Individual schools, rather than banks or other financial inst.i.tutions, originate the loans. This program includes two types of loans: the Federal Direct Stafford Loan and the Federal Direct Unsubsidized Stafford Loan.

The eligibility criteria, borrowing limits, interest rate, fees, grace period, and deferment and cancellation provisions for this program are the same as for the Federal Stafford Loan Program, covered above. The Federal Direct Loan Program has different application procedures and repayment options for students.

Application Procedures The FAFSA and the other required doc.u.ments that were discussed earlier must be completed. Usually, the Federal Direct Loan will be offered as part of your financial aid package. Once you accept the loan as part of the package, the financial aid officer creates a Loan Origination Record and electronically transmits it to the federal servicer for approval. The approval is transmitted back to the school, and the school produces a promissory note for you to sign. Once the promissory note is signed, the school can disburse the first semester portion of the loan (minus fees) to your student account. Any funds remaining after any unpaid balance you have with the university will be refunded to you. The entire process, from the point of loan certification to disburs.e.m.e.nt of the check, can take as little as a week to complete.

Repayment Most of the conditions of repayment are the same as for the Federal Stafford Loan Program. Although the same standard repayment plan (fixed payment for up to ten years) is offered in both programs, students who partic.i.p.ate in the Federal Direct Loan Program have three additional repayment options: the extended repayment plan, the income contingent repayment plan, and the graduated repayment plan.

Option 1: Extended RepaymentSimilar to the standard repayment plan, it allows the student to repay a fixed amount over a period longer than ten years.Option 2: Income Contingent RepaymentStudents pay a percentage of their salary no matter how much they've borrowed. If they have large debts, this option requires many more years of repayment than the standard ten years. As their salaries increase, so do their loan repayments. The drawback to this option is that the longer they stay in repayment, the more interest they pay on the loan. Indeed, if their payment does not cover the current interest due, unpaid interest is capitalized, increasing the amount of princ.i.p.al they owe.Option 3: Graduated RepaymentThis allows students to opt for lower payments at the beginning of the repayment cycle when their salaries are lower. The payments automatically increase as the years progress. The repayment term remains ten years, but the payments are more manageable in the beginning.

No matter which repayment option you select, the plan will be explained in the promissory note you sign. Repayments will be made to a federal loan servicer contracted by the U.S. Department of Education.

Federal Perkins Student Loan In addition to the Federal Stafford Student Loan Program and the William D. Ford Federal Direct Student Loan Program, there is another federal student loan program that merits your consideration. The Federal Perkins Student Loan Program is administered by colleges and universities. It is made possible through a combination of resources: an annual allocation from the U.S. Department of Education, a contribution from the partic.i.p.ating inst.i.tution, and repayments by previous borrowers. You may have taken advantage of this program under its previous name, the National Direct Student Loan (NDSL) Program. This program, one of the first federal financial aid programs, was inst.i.tuted more than 30 years ago.

Eligibility The college or university determines eligibility for Federal Perkins Loans based on your financial need (calculated through the FAFSA/SAR) and the availability of funds. Besides demonstrating financial need, you have to be enrolled at least half time, and maintain satisfactory progress towards a degree. Keep in mind that Federal Perkins Loans are reserved for the neediest students.

Borrowing Limits Federal policy allows the maximum annual loan of $5,000 per graduate student. Actually, though, many schools lack the funds to allocate this much to any one student. A graduate student may borrow up to a c.u.mulative total of $30,000, including all outstanding undergraduate and graduate Federal Perkins Loans.

Interest Rate The terms are very good. The annual interest rate is currently 5 percent. Interest does not accrue while the borrower remains enrolled at least half time.

Fees Another perk of the Federal Perkins Loan: no fees.

Application Procedures Usually, you're automatically considered for this loan when you apply for financial aid. If you've been offered and have accepted a Federal Perkins Loan, you'll sign a promissory note for each semester of the loan. The promissory note lists the amount of the loan and states your rights and responsibilities as a borrower. When the signed note is received, either you will be credited for one semester's portion of the loan, or a check will be cut for you directly.

Deferments You can defer payments of your Federal Perkins Loan while you are enrolled until you graduate or drop below half time. This deferment is not automatic; you must request the deferment forms from either your school or the billing agency to which you're repaying the loan.

Grace Period A Federal Perkins Loan has a six-month grace period after a student graduates or drops below half-time attendance. During this period, no repayment is required and no interest accrues. If you borrowed under the NDSL Program, you may have a different grace period. You need to check with the school that granted you the loan to find out what the specific grace period for your loan is.

Repayment Borrowers under the Federal Perkins Loan program repay the school, although there may be an intermediary. Many schools contract with outside agencies for billing and collection. Repayment may extend up to ten years, beginning six months (your grace period) after you cease to be enrolled at least half time. The amount of the monthly payment and the maximum number of months allowed for repayment is based on the total amount borrowed. The federal government has set the minimum monthly payment at $40. Under some special circ.u.mstances, borrowers may make arrangements to repay a lower amount or to extend the repayment period. There is no prepayment penalty.

Cancellations The entirety of your Federal Perkins Loans and/or NDSLs will be canceled if you become permanently disabled or die. Check your promissory note. Your loan may have additional cancellation provisions. Also, if you have "old" Federal Perkins Loans or NDSLs, there may be some different conditions depending on when the original loan was made. Check with your previous school for any special circ.u.mstances.

Federal Loan Consolidation Federal Loan Consolidation allows students with substantial debt to combine several federal loans into one larger loan with a longer repayment schedule. The new loan has an interest rate based on the weighted average of the rates of the consolidated loans. Students who borrowed under the Federal Stafford Loan (or the earlier Guaranteed Student Loan), the Federal Perkins Loan (or the earlier National Direct Student Loan), the Federal Supplemental Loan for Students, the Auxiliary Loan to a.s.sist Students (ALAS), and the Health Professions Student Loan Program can consolidate all these loans into one new loan.

To qualify for federal loan consolidation, you must be in your grace period or in repayment of your loans, and not be delinquent by more than 90 days. Apply to one of the lenders of your current loans. They'll negotiate to purchase your other loans from the lenders who hold them so your loans will be consolidated. If none of your lenders offers federal loan consolidation, you can go to another lender who does. Arrange to have that lender purchase your loans.

You have the option of consolidating all or only part of your loans. Often, students consolidate their higher interest loans, but keep their Federal Perkins Loans separate since the interest rate is so low. No fees are charged to partic.i.p.ate in this program.

Private Loan Programs Many M.B.A. students find that scholars.h.i.+p funds and the federal loan programs are not adequate to meet their expenses in an M.B.A. program. Over the last few years, several private loan programs have emerged to fill the gap.

As the economic environment changes, new loan private programs are added and some older programs are discontinued. Check with the individual programs for their current provisions.

The TERI Supplemental Loan Program This is a private educational loan program designed to help students make up the difference between their cost of education and their grants or loans. Approval is based on the credit-worthiness of the applicant.

Business Access This is a private loan program sponsored by The Access Group. Business Access offers private and federal loan funds up to the cost of attendance to students attending graduate business schools accredited by the American a.s.sembly of Collegiate Schools of Business. Although the rates and terms are subject to change, the current annual interest rate on these loans is the 91-day Treasury Bill rate plus 3 percent, and there is no origination fee. There is a loan minimum of $500, and students can take up to 20 years to repay. Visit their website at www.accessgroup.org.

The GradEXCEL Program This is an education loan program through Nellie Mae, a private loan agency, designed to meet the needs of students enrolled in graduate and professional degree programs. GradEXCEL offers graduate students an educational loan based on projected future earnings rather than on current credit-worthiness.

Tuition Loan Program (TLP) This private educational loan plan was designed specifically as part of a service called M.B.A. LOANS for graduate business students who need additional funds to support their educational expenses. Students may borrow on their own or use a co-signer. The program was designed by the Graduate Admissions Management Council (GMAC), the people who bring you the GMAT, in a.s.sociation with Norwest Bank and HEMAR Insurance Corporation of America.

FUNDS YOU DON'T NEED TO PAY BACK Unlike loans, scholars.h.i.+ps and graduate fellows.h.i.+ps do not have to be repaid. This type of funding is usually reserved for students with special qualifications including: merit (academic achievement), financial need, ethnic background or gender, or for students who will pursue a specific industry. Be advised that many scholars.h.i.+ps and grants do not apply to part-time students, so research carefully.

Individuals, Businesses, and Philanthropic Organizations These sources recognize the value of investing in the future of business professionals, and they provide fellows.h.i.+ps and scholars.h.i.+ps for outstanding students who otherwise would be unable to pursue graduate studies. You might receive this type of award through the school of your choice. Organizations often give money to schools to set up "named" scholars.h.i.+ps. These scholars.h.i.+ps usually go to students selected by the admissions/financial aid officers or faculty members. Often, you'll be considered for these scholars.h.i.+ps on the strength of your admissions application or your interview. Sometimes a separate application is required. If so, the extra steps will be outlined in the admissions or financial aid application materials.

Students who receive named scholars.h.i.+ps might also be offered interns.h.i.+ps or be honored at receptions where they meet the officers of the sponsoring organization. Some organizations and companies award scholars.h.i.+ps directly to students. There are various free scholars.h.i.+p search databases on the web which you can use to identify scholars.h.i.+p sources that you can pursue. This kind of research could turn up one or two small grants to help offset the cost of your M.B.A.

The most comprehensive scholars.h.i.+p search is FastWeb, the Internet's first, largest and fastest free scholars.h.i.+p search service. You can even submit a preliminary application to some of the scholars.h.i.+ps listed here directly via the web through FastWeb's E-Scholars.h.i.+ps Program (www.fastweb.com) .

Some other free scholars.h.i.+p databases that you may want to investigate are: * Sallie Mae's Online Scholars.h.i.+p Service offers free access to the College Aid Sources for Higher Education (CASHE) database, which lists private sector awards from 3,600 sponsors.* The College Board's Fund Finder scholars.h.i.+p database, also known as ExPAN Scholars.h.i.+p Search, lists scholars.h.i.+ps and other types of financial aid programs from 3,300 national, state, public and private sources.* CollegeNET MACH25 is a free web version of the Wintergreen/Orchard House Scholars.h.i.+p Finder database. The database lists awards from 1,570 sponsors.* SRN Express is a free Web version of the Scholars.h.i.+p Resource Network (SRN) database. The SRN database focuses on private-sector, non-need-based aid, and includes information about awards from more than 1,500 organizations.

All these scholars.h.i.+p databases can be accessed on the Internet through www.finaid.org, under "Scholars.h.i.+ps." Another great source of information is your public library.

Beware of Scholars.h.i.+p ScamsScholars.h.i.+ps are free funds, so stay away from anyone or any organization offering to provide information on scholars.h.i.+ps (or scholars.h.i.+p funds) for a fee. According to the Federal Trade Commission (FTC), you should be wary of any agency that guarantees or promises you scholars.h.i.+ps or grants, as they are most likely not legitimate. Visit the FTC website for further information at www.ftc.gov.

Financial Aid for Minority Applicants There are a number of fellows.h.i.+ps and scholars.h.i.+ps available for specific ethnic groups. If you are an African American or Hispanic American applicant, for example, it might be worth your while to take the time to investigate fellows.h.i.+ps offerings at your local chapter of the National Black M.B.A. a.s.sociation and the National Society of Hispanic M.B.A.'s. You might also want to check into fellows.h.i.+ps from the organizations listed below. The Consortium for Graduate Study Management provides fellows.h.i.+ps at selected M.B.A. programs, while the Robert A. Toigo Foundation offers fellows.h.i.+ps, interns.h.i.+ps, and mentors.h.i.+p for M.B.A.'s interested in the financial services industry.

Consortium for Graduate Study in Management 5585 Pers.h.i.+ng, Suite 240 St. Louis, MO 63112-4621.

Phone: (314) 877-5500 or (888) 658-6814 Fax: (314) 877-5505 Website: www.cgsm.orgRobert A. Toigo Foundation 1211 Preservation Park Way Oakland, CA 94612 Phone: (510) 763-5771 Fax: (510) 763-5778 Email: [email protected] Website: www.rtf.org Reference Service Press publishes a number of guides on scholars.h.i.+ps and other funding that are written with specific minority groups in mind, including: Financial Aid for African Americans Financial Aid for African Americans Financial Aid for Asian Americans Financial Aid for Asian Americans Financial Aid for Hispanic Americans Financial Aid for Hispanic Americans Financial Aid for Native Americans Financial Aid for Native Americans Veteran's Benefits If you've served in the U.S. military, you may be eligible for educational benefits. Check with the Office of Veteran's Affairs at your school, if your school had one. If budget cuts have closed the Veteran's Affairs office at your school, you can obtain information through the Department of Veteran's Affairs. On the Internet, go to www.va.gov.

SAVINGS.

With interest rates on the rise, it may be a difficult decision to take money from your hard-earned savings. If this is your only source, carefully weigh the pros and cons of your choice.

OTHER SOURCES.

Even if your company does not reimburse educational expenses, check whether they offer employee loans. Often, you can obtain funds from your firm (especially if they are a financial inst.i.tution and/or have a good credit rating) at more favorable rates than you would obtain as an individual borrower.

Before cas.h.i.+ng in your 401(k), mortgaging your home, or borrowing from credit cards, try asking a spouse or parent to lend you the money. If you are not able to finance your M.B.A., perhaps you should consider a cheaper means of obtaining the degree, such as an online degree or a shorter and less expensive route.

A last thought: If your company refuses to a.s.sist you in your endeavor to obtain an M.B.A., consider changing jobs. When you interview, be clear that you are looking for a firm that supports its employees in their academic pursuits and improvements.

For additional information regarding the financial aid process and products available, refer to Appendix A where we have listed some useful websites.

PART FIVE.

The Part-Time Experience

CHAPTER 14.

Opening-Night Jitters.

You've progressed a long way down the road to B-school. You've learned how to gain admission to a program that fits your needs. You've explored how to find the money to pay for your education. But you may still have many questions. What's business school really like? Will my investment be worth it? Of course, your own answers to these questions lie in the future. In the meantime, however, we can show you how people who have been down the road to a part-time M.B.A.

For many of you, the first day of your M.B.A. program will be the first day in quite a while since you've set foot in a cla.s.sroom. To help alleviate any anxiety you may be feeling about this big step, this section contains valuable advice for your school days, from the first to the last day and beyond.

THE FIRST DAY OF CLa.s.s.

The strongest memory from my first day of cla.s.ses at Fordham University was the sense of urgency and antic.i.p.ation prior to walking into the cla.s.sroom. I'm not sure exactly what I was expecting-all eyes to turn on me? What I received upon the entrance to the cla.s.sroom was the busy faces of about 30 students, most of whom were reading their Wall Street Journal Wall Street Journals or updating their Palm Pilots with the notes from the day's meetings. Did I expect to find a long-lost friend? Or maybe just hoping to find another eager first-day student?

It's a little like dating. You find things when you least expect them; don't push too hard. Yes, I was disappointed at first that other students were not a bit more friendly and interested in learning about the people who were going through the same process. But if you stop to think about it, everyone is there with a similar purpose: to learn, not to make best friends. Try to remember that for many students, the five-minute break before the start of cla.s.s may be the only time during the day when your neighbor, sitting in the seat next to you, can have a few minutes alone, without the phones ringing, the baby crying, and that all-important client complaining. So relax, enjoy your first day, and know that before long you will be well entrenched in the day-to-day business of part-time student life.

Suggestions for Your First Day Below are some ideas to help quell those opening-night jitters.

* Try to buy your books in advance and skim through them. Check with the registrar's office when you register that there are no reading a.s.signments for the first day. If there are, don't think you can slack off because it's the first day. Getting behind on your homework from day one is a bad idea.* Arrive very early. Since you are probably on unfamiliar terrain, allow yourself some extra time to get lost.* Dress comfortably and wear comfortable shoes. Your first day will feel very long, especially after a full day's work.* If your company does not provide you with a business card, create your own personal cards. To avoid the cost and time of having them printed up, you can design them yourself using presentation software. Purchase some business-card paper at an office supply store. (The sidebar on the following page is filled with tips on making cards.) This is an inexpensive and creative way of providing your fellow students with your phone numbers and addresses. Although the whole idea may sound a bit silly, sometimes it may be embarra.s.sing if you don't don't have a business card. Explain to your cla.s.smates that you have personal cards made up because you are usually in meetings and cannot be interrupted during business hours. have a business card. Explain to your cla.s.smates that you have personal cards made up because you are usually in meetings and cannot be interrupted during business hours. * Try to find out where other students live and sit near those who live in your neighborhood. Many cla.s.ses will require you to do group projects. Groups are usually a.s.signed at the beginning of the term (sometimes the first day), and since you will be required to get together for projects after work and on weekends, it is really in your best interest not to have to commute too far. * Try to find out where other students live and sit near those who live in your neighborhood. Many cla.s.ses will require you to do group projects. Groups are usually a.s.signed at the beginning of the term (sometimes the first day), and since you will be required to get together for projects after work and on weekends, it is really in your best interest not to have to commute too far.* Don't try too hard, but do make the effort to talk to your cla.s.smates. Above all, be yourself.* Lastly, take it easy. In general, when things start appearing unmanageable it is a good tactic to break down projects into smaller pieces. You have embarked upon a long and challenging journey-take it one day at a time!Card Making"Many word-processing software programs offer a template (a predesigned format) for making business cards. Usually these are found under the "Tools" and "Labels" indicators. You can also refer to the software user's manual for specific directions. There are several companies that produce finely perforated, 10-per-sheet business cards for laser and inkjet printers. The most preferable card stock is usually white or ivory-gray is also available, but I would not recommend it. Avery is probably the best-known brand name of business cards for computer generation and software, and you can purchased these items in almost any office supply store."A professional's business card should be clean and very readable. Look at others' cards that you have kept. Choose a standard format that you like from one of the business cards in your collection and re-create it for yourself. 'Designed' card sheets are definitely a no-no as they are too commonly used, and you want to stand out in crowd! One last tip: The best colors of font (type) to use are black, dark navy, or dark gray."- Debbie Petersen, Graphic Designer and Ill.u.s.trator

CHAPTER 15.

What the Experts Say In an effort to provide you with some insight on part-time M.B.A. programs from the people that stand at the gateway: admissions directors at select B-schools, we conducted a survey. Our survey included various schools from around the country, as well as one for-profit online university. Some of the issues touched upon by these contributors include: What is the marketability of the M.B.A.? What sort of criteria should prospective students look for in choosing a school? Which factors are weighed most heavily in the admissions process? How has the Internet revolution affected the M.B.A. degree? As experts, they were given the opportunity to provide their own interpretation of useful information and "dos and don'ts" for the part-time M.B.A. candidate. You will notice some consensus in their responses-specifically, that the student should research carefully the options available to him or her and to prepare by speaking with others that have gone through the process as well. Some responses may sound more like a sales pitch to recruit you for their program, but they all offer invaluable and comprehensive advice to a future M.B.A. student. But we'll let our survey group speak for themselves.

Kim Corfman, Academic Director, The Langone Program: A Part-Time M.B.A. for Working Professionals (New York University's Stern School of Business) Is a part-time M.B.A. right for you? If you want to stay in the business world yet at the same time are interested in moving ahead in your firm or industry, considering a career change, or preparing to launch an entrepreneurial venture, a part-time M.B.A. can be a valuable a.s.set. Students in the part-time M.B.A. program at the Stern School earn the same degree as students in the full-time program, and a degree earned part-time has proven to be just as marketable as one earned in a full-time program. The requirements, the renowned faculty, and the academic curricula are identical for both programs.

Good part-time business programs combine the high-caliber, rigorous business education that working professionals desire with the flexibility they need to be successful while going to school and working full-time. Look for a school like Stern that offers a wide range of cla.s.s times (evening and weekends) and formats, making the program very adaptable. Alternatively, Internet-based learning allows students in some cla.s.ses to lessen the number of hours they spend on campus. In these courses a reduced number of traditional cla.s.s meetings are supplemented by live online chats, moderated discussions, group meetings, lectures, a.s.signment submission, and other Internet-based methods. Another popular format, intensive minicourses, allows students to accelerate the program, utilizing the down time in the standard academic calendar. These offerings make it possible for students who wish to attend only on Sat.u.r.days, as well as those who attend during the week, to graduate from the Langone Program in three years, if they choose.

The school's environment can play a big role in the learning process, as well. For instance, New York City itself serves as a "cla.s.sroom" where the business, communications, and cultural worlds commingle to provide a truly dynamic learning environment. Because Stern is located close to Wall Street, Silicon Alley, and the entertainment and media industries, our students have numerous opportunities to enhance their education with exposure to executives from these industries, who are frequent guest speakers in cla.s.ses and at conferences.

Students are attracted to part-time programs for several reasons. Many want to pursue an M.B.A. part time so they can study business formally and advance their careers. Other students desire the degree to gain the skills, knowledge, and networking opportunities that will help them change careers at some time in the future. In both cases, students are not willing to give up their jobs to attend school full time. Because Stern's Langone Program is designed specifically for the working professional, it appeals to students who need to balance their studies with a full-time job.

For interested applicants, two years of work experience is the minimum prerequisite for admission to Stern, yet the average number of years among current students is between four and five. The admissions committee considers an applicant's essay, academic performance, letters of recommendation, and extracurricular activities. An applicant's GMAT, GPA, and work experience are used to take the application process to next level, to determine whether there is potential for admission.

In a time when many professionals want to stay on the fast track while getting a degree, a part-time M.B.A. may be the right choice.

Diane Dimeff, Director, Evening M.B.A. Program, Haas School of Business (University of California-Berkeley) I've noticed that the market is more interested in part-time M.B.A. programs for two reasons. First, many years ago, business schools started revamping their part-time programs so that students would have a richer experience than traditional part-time programs have provided in the past. These programs are now concentrating on providing academic, professional, and social experiences that complement the cla.s.sroom environment and approximate a full-time M.B.A. experience. This also includes a ramping up of student services so that part-time students can concentrate on the academic program and not the administrivia that is normally a.s.sociated with attending school. Second, with the economy as it is, part-time M.B.A. programs provide many fully employed individuals the opportunity to earn an M.B.A. while maintaining their career paths.

Because the cla.s.sroom experience is enriched by the discussion of experienced people, it is best for students interested in part-time M.B.A. programs to have at least a few years of work experience. Students will get more out of the program and make a stronger contribution to their cla.s.smates' experience if they have that experience to draw upon.

The most important factors that individuals should consider when thinking about attending part-time M.B.A. program are (1) whether they have a work schedule that will allow them the appropriate amount of time, and (2) whether they have support from their family, supervisors, and colleagues. Obviously, it's critical, also, that the student have a sense of what they expect to get from the M.B.A.

For most schools, the application is divided into two major components: the quant.i.tative component (GMAT, undergraduate and previous graduate records, and TOEFL, if applicable) and the qualitative component (work experience, outside activities, essays, letters of recommendation, and, if used, the interview). The quant.i.tative component of the application gives the admissions committee a sense of how well the applicant will do academically in the program. The qualitative component will give the admissions committee a sense of the applicant's promise as a manager or leader.

Haas requires applicants to respond to two essays in our application. The purpose of the essays is to give applicants an opportunity to let us get to know them beyond their statistics. There are no right or wrong answers to the essay questions; rather, admissions committees are interested in how applicants think about the essay questions and how effectively they communicate their thoughts. The Haas Evening M.B.A. Program strongly encourages interviews, though they are conducted by invitation only.

My best advice is to be sure to get to know the schools to which you are applying. Talk to alumni and current students, observe a cla.s.s, ask the placement center for placement statistics, and so forth. It's important for the applicant to know what kind of culture exists in the program and whether it offers what the applicant is looking for.

Joseph P. Fox, a.s.sociate Dean for M.B.A. Programs, Olin School of Business (Was.h.i.+ngton University) Olin's Professional M.B.A. Program (P.M.B.A.) offers students the benefits of a top-quality M.B.A. program in a flexible format designed to fit their needs and schedules. Professionals develop knowledge and skills immediately applicable to the work environment and vital to overall career advancement.

The P.M.B.A. is designed to take a cohort of students through a 54-credit evening program in three years. This cohort system, in which students move through the core required courses with the same cla.s.s of students, fosters a sense of community. The addition of teamwork within the new group system has greatly enhanced student satisfaction, cycle time, and graduation rate. (Note: Olin's cohort system was introduced in spring 1996. Program cycle time has improved from 4.5 years to 3 years, and the graduation rate has increased from approximately 50 percent to over 90 percent under the new design.) In contrast to the more traditional transient system, where students begin the program and move through at an individual pace, the cohort sys-tem dramatically enhances group interaction and meaningful cla.s.s discussions.

A student-centered approach that emphasizes individual attention reflects the Olin culture, a close and caring community that empowers students to make strategic decisions early in their professional careers. With the increased flattening of organizations, this skill has grown increasingly important. The diversity of backgrounds and experiences represented in each cla.s.s enriches the learning experience for professionals while preparing them to meet both immediate and long-term challenges.

Individuals considering enrollment in a part-time M.B.A. program should evaluate the reputation of the program, paying particular attention to the portability of the credential to new employers and/or to national or international locations. Look for accredited programs that will offer highly qualified colleagues, distinguished and accessible faculty, active alumni networks, world-cla.s.s facilities, and additional programs within the university that have achieved distinction, and will thus improve name-recognition and the longer term value of your M.B.A.

Additionally, you should consider cycle time and graduation rate, as well as type of program (cohort versus transient), flexibility of the curriculum so that it can be tailored to personal goals, access to courses in technology and international business, student services and support, and employer sponsors.h.i.+p.

Olin requires three years of professional, postgraduate experience of their P.M.B.A. applicants. This work world experience ensures that each individual possesses the appropriate breadth and depth of experience to allow for substantial contributions to cla.s.s discussions and projects, and that each student will have appropriate context for the information and perspectives shared by others. The most important criteria of the admissions application regards the quality of professional experience, the applicant's motivation and goals for pursuing the M.B.A., and academic preparation. Although no specific undergraduate path is required, previous academic success and readiness to embrace the quant.i.tative challenges of an M.B.A. program are essential.

At Olin, two essays are required, and a third is optional. No writing formula exists for these essays, which instead are designed to offer applicants the opportunity to present themselves to the admissions committee in a personal, unique way. The essays also can serve as a means to addressing what might be perceived as a weakness in the applicant's background or credentials. For example, applicants can supply explanations for frequent job moves, weak GMAT scores, or gaps in employment.

Olin does not require P.M.B.A. applicants to interview with the Admissions Committee, although they are welcome to do so. Applicants wis.h.i.+ng to provide additional information or discuss specific qualifications not well covered in their application will want to schedule an interview.

In selecting a part-time M.B.A. program, applicants should heed the following advice: * Visit the programs that interest you.* Talk with current students and alumni to learn more about the program.* Network with professionals in the field that you intend to pursue postgraduation to see what additional considerations they believe are important in selecting an M.B.A. program.* Adhere to deadlines.* Retake the GMAT, if needed (the highest score is used in the admissions process).* Maintain communication with the Admissions Office; don't hesitate to ask questions.

There is no one best program, nor is there one best type of student for a part-time M.B.A. The responsibility of a prospective student in the admissions process is similar to that of the school-to share information that allows both parties to a.s.sess the program's offerings in the context of the goals, professional priorities, and expectations of the would-be M.B.A. student. Ensuring the right fit is critical and will help lead to your happiness as a customer and a future alumni amba.s.sador.

Katherine Gerstle Ferguson, a.s.sistant Dean and Director of M.B.A. Programs, University at Buffalo School of Business Part-time M.B.A. programs are most suitable for people who are currently working in their field of interest but need graduate-level education in order to make their next career step. This may mean, for example, an increase in decision-making responsibility, the addition of supervisory activity, or a move from a technical position to a manager of technical staff. Part-time programs are ideal for candidates who are in the relatively early stages of their careers but have high potential and are interested in improving their marketability and career options. If an individual is interested in dramatically changing his or her career path, a full-time M.B.A. program is more appropriate. Students immersed in full-time study have time to take advantage of interns.h.i.+ps and networking opportunities to a greater extent than part-time students, which is critical to a successful transition with significant career-path changes.

Over the past few years, many M.B.A. programs have moved from offering very flexible part-time programs to those that are cohort based. This s.h.i.+ft has increased the opportunity for part-time students to develop competency in critical managerial areas such as team skills, leaders.h.i.+p, oral communication, and conflict management. Because team activities are so essential in cohort programs, students are forced to learn how to work over a period of time (semester, year, or entire program) with a.s.signed team members with different personalities, learning styles, and approaches to problem solving. These are invaluable skills.

In evaluating applications for admission to the part-time M.B.A. program, the Admissions Committee at the University at Buffalo reads each application in its entirety. Three factors most heavily influence the admission decision. The first is the applicant's academic record-overall GPA, performance in upper-level undergraduate courses and previous graduate work, and success with quant.i.tative coursework-considered within the context of the inst.i.tution(s) attended and the difficulty of the applicant's major. The second factor is the score on the GMAT. Our admissions decisions are based on a review the quant.i.tative, qualitative, and the a.n.a.lytical Writing a.s.sessment (AWA) results, using the highest overall score as the point of reference. We rely heavily on the GMAT because validity studies that we conduct biannually with the a.s.sistance of ETS consistently demonstrate that the GMAT is an excellent predictor of success in our M.B.A. program (as measured by M.B.A. grade point average and placement results). Finally, the third of the most critical decision factors is the applicant's employment history. The Admissions Committee considers current employment as well as career progression. In cases where an application provides evidence of potential, but the dossier is not completely compelling, we request that an applicant meet with one or more faculty members for a personal interview.

The Internet in general has revolutionized the M.B.A. experience by making both course material and business information more immediately available for student consumption and by allowing faculty a wealth of excellent examples for practical application of theory. It has also dramatically altered the courses that students want to take (more MIS and marketing, less finance), the pace at which students desire to complete M.B.A. programs (faster), and the nature of employment opportunities students are pursuing. These changes have emerged more visibly in full-time programs but are quickly catching on among part-time programs and students.

The University at Buffalo is currently immersed in the developmental phase of an online M.B.A. that will utilize a variety of pedagogical methods including audio, video, voice, and text. The program will be very similar to our traditional M.B.A. programs in content and rigor; however, students will work in virtual groups and will communicate with faculty electronically. They will also take courses and complete a.s.signments at a time and in a place that is convenient for them, not for us. We believe that the Internet provides a chance for excellent students who are bound to place or who have somewhat limited financial resources to pursue quality graduate management education. In addition, a forum for truly global student interaction can be much more easily achieved via electronic communication than if all the students must be in the same place at the same time.

Kathy Pattison, a.s.sistant Dean of Admissions, Fordham University Graduate School of Business Part-time students have different requirements and demands than full-timers. Fordham provides a flexible schedule that allows part-time students to attend cla.s.ses in Manhattan or Tarrytown while maintaining their professional and personal responsibilities. Cla.s.ses meet once a week for two hours, Monday through Thursday evenings. Limited Sat.u.r.day cla.s.ses are also available. In practice this means that most part-timers take two cla.s.ses per trimester. On average, part-time Fordham students take between three and four years to complete their M.B.A.

General Advice for Part-Time Students Do: * Seek out colleagues at work who are currently attending an M.B.A. program. Ask what they have found to be positive and negative about their experiences in the program. * Seek out colleagues at work who are currently attending an M.B.A. program. Ask what they have found to be positive and negative about their experiences in the program.* Talk to your employer about your plans and schedules. Be prepared to describe how getting the M.B.A. will benefit all parties involved. Make sure to investigate whether your company has a tuition reimburs.e.m.e.nt program.* Visit an evening cla.s.s. Sit down to discuss the reality of the part-time program with a current M.B.A. student in each of the programs that you are considering.* Attend an information session and/or part-time breakout session to learn about the benefits that part-time students have in each M.B.A. program.* Obtain a Program of Study to decide what courses you are required to take and approximately how long you will need to commit to the program.

Don't: * Delay completing your application. The sooner you have a decision, the more time you have to plan your M.B.A. program.* Take your application lightly-plan it strategically like you would for a job interview. Know what credentials are valued by each admissions committee and make sure that you address these issues as they relate to your background.* Forget about the GMAT. Allow enough time to study for the GMAT. Balancing GMAT preparation and a full-time work schedule is not only a good warm-up for a part-time program, but can indicate to an admissions committee that you are prepared for the rigors that lie ahead.

Jeanne Wilt, a.s.sistant Dean of Admissions and Career Development,

University of Michigan School of Business Education is always valuable and always adds to your marketability. Investing in your education is certainly a good decision; that's been a truism for a long time and will probably remain true forever! The value of both the full-time and the part-time M.B.A. degrees have greatly increased in the last 20 years. There have been so many changes in the economy-globalization, technology, entrepreneurs.h.i.+p, and greater management of diverse teams of people to achieve results-that the knowledge that comes with an M.B.A. degree is highly valued. The M.B.A. is, in many ways, seen as a gateway to leaders.h.i.+p in business, a credential that puts you in an elite group of business people who deal with all aspects of business.

Individuals bring very different goals into their decisions about education. To some extent, individuals determine the value, as different M.B.A. programs fulfill somewhat different goals. So the objective is to ensure that your goals are aligned with the M.B.A. program you choose to apply to and then attend.

In general, companies are looking for talent, and your resume and interview will adequately highlight your ability to contribute to a firm. A part-time M.B.A. from a school with an overall excellent reputation for management education is definitely marketable. Occasionally, a part-time M.B.A. student may run into a firm or an individual that prefers graduates of a full-time program, but most people recognize the value of current work experience and the dedication it took to achieve the degree while working.