Few students can afford to pay in advance to cover the fast-rising cost of an MBA or other professional degree program. "The trend is not good," says Fernandes. "Debt from student loans is probably six times over what it was 10 years ago."

Rather than considering full-time programs, many students feel forced to study part-time while continuing to work. That can also make them eligible for tuition assistance from their employer. In fact, more and more employers are helping with tuition. "It's almost an expectation now," says Fernandes.

If your employer doesn't have a policy of paying for work-related education, there are several strategies you use to try to help change the policy:

• make the argument that it will benefit the company. A program that increases your business expertise will probably benefit your employer as well.
• team up with others. Get others to join you in making the case that it will help the company.
• agree to stay with the company for a couple of years. Promise not to take your new skills to another company soon after you graduate. You can't be expected to spend the rest of your life with the same employer, but it would be fair to agree to stay for at least two years after you earn your degree.

Are you looking for a new job? It is common practice to ask a prospective employer about education benefits. In fact, such benefits can be one indication of a company's financial stability and long-term potential. Furthermore, an employer that supports your education financially may also be supportive of allowing you to leave the office in time to get to class or take on a limited workload when you have a lot of homework assignments.

If your employer refuses to help out, despite your best lobbying efforts, discuss your options with the school. Ask about loans, grants, and other financial aid. MBA and other graduate students may borrow up to $18,500 per year with a federal Stafford Loan. The current interest rate for Stafford Loans is 6.8 percent, and you don't have to begin repaying the loan until you graduate.

For people who need to borrow more, the Graduate Management Admissions Council and the student loan organization Sallie Mae offer a program that combines Stafford Loans with private MBA Loans. Interest rates vary, but may be as low as one-half-percent below the prime rate. For more information, visit their Web sites at www.salliemae.com and www.mba.com/mba/MakeYourDecision.

Another alternative is the Graduate PLUS loan. It has an interest rate of 8.5 percent, but some lenders may offer reductions. Origination fees range from 0 to 3 percent.