From Karen Schweitzer,
Your Guide to Business School.
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Unless you have a lot of cash or a rich aunt who is very, very fond of you, there is no easy way to pay for an MBA.

Financial aid is available, but funding for graduate students is limited and the grants and scholarships that are available tend to be small in size. For this reason, you’ll most likely need to pay for your MBA using one or more of the following sources:

Federal Loans
If you need to borrow money to pay for an MBA, federal loans are usually the best option. In addition to having lower interest rates, most federal loans have a deferred payment option. Examples of federal loans include Stafford Loans and Perkins Loans.

Of course, not everyone is eligible for government funded loans. Many loan programs are need-based. Eligibility will be determined by the financial aid office of your chosen business school.

Private Loans
Because federal funding for graduate students is limited, federal loans will only get you so far. The rest of the money will have to come from private loans.

Private loans are less desirable than federal loans because interest rates are higher and deferred payment is rarely an option. Eligibility requirements for private loans vary depending on the bank, corporation, or foundation that is issuing the loan. The best way to determine eligibility is to shop around and research as many different private loan resources as you can.

Employer Sponsorships
If you can get your current employer to reimburse you for all or part of your MBA education, you can avoid going into debt altogether. You will want to be careful through; every employer handles sponsorships differently.

You may be required to work full time while you attend school. You may also have to consent to stay with that employer for several years after graduating. The bottom line is that there are usually strings attached.