Are your financial concerns keeping you from pursuing your ideal MBA degree in a foreign country? Perhaps we can suggest some options you haven’t explored. In addition to applying for a scholarship or a student loan to help pay for your MBA, part-time jobs and employer support are all options for funding your graduate business education.
Here are some details on the most common methods for funding your MBA studies:
1. Select the ideal MBA scholarship
Scholarships are perhaps the most popular form of financial aid when it comes to paying for an MBA, or any other type of degree for that matter. Scholarships allow students to focus only on their academics.
Some scholarships, on the other hand, include particular restrictions, such as a minimum undergrad grade and minimum GMAT requirement, a maximum time to completion, and other performance-related conditions. The majority of MBA candidates look for a scholarship at the university or business school where they intend to study. Candidates are sometimes automatically considered for a scholarship when they apply to an MBA programme, but the institution may also need an essay/letter of recommendation.
Around 70% of current MBA students at the University of Virginia’s Darden School of Business, for example, get financial aid. Being the top-ranked Harvard Business School, one of the most prominent in the world, has higher academic criteria, only 65 percent of its MBA students receive financial aid.
Top-ranked business schools in the United States provide between 65 and 70 percent financial aid to MBA students, which is more than what European business schools provide. However, an MBA school in Europe might be substantially less expensive than one in the United States, so the balance is fairly equal.
Prove to the admissions team that you Deserve it and / or you need the financial aid.
2. Consider taking student loans to pay for your education.
Even though the term loan has taken on a negative connotation because of the current financial crisis, student loans are less daunting than you would think. Student loans are typically meant to finance the costs of education. Some just cover tuition, while others also cover living expenses.
A student loan has a significantly lower interest rate than a conventional loan, and you won’t have to start repaying it until after you’ve completed your MBA. This way, you’ll have enough time to look for a decent work and establish a steady income to begin repaying your debt.
3. Employer-sponsored MBA
Certain companies will fund a portion or even the entire tuition price for your MBA program, however, this is more common for an EMBA (Executive MBA) rather than a standard MBA. Obviously, your company may impose a requirement that you work for them for a period of time after completing your MBA, or you may be required to repay a portion of the covered expenses.
Some firms provide customized MBAs to their workers in collaboration with well-known business schools. As a result, it is well worth asking your current or future employer if this is a possibility for them.
4. Earn an MBA while working part-time.
A third of all MBA candidates think about doing a part-time MBA programme. While some argue that a part-time MBA does not provide the same benefits as a full-time MBA, for some prospective students, it is the most convenient option, as well as a cost-effective way to further their education.
Part-time MBA students, on the other hand, appear to be less focused on networking because they are already employed and have less interest in making business relationships.
5. Become a teacher or work as a research assistant.
If you want to finish your MBA loan as quickly as possible, you might apply for a teaching assistant or research assistant position at the same university where you’re getting your MBA. This option may not entirely cover your expenditures, but it is certainly worth considering because having your employment where you study will save you both time and energy.
6. Prodigy Finance
Prodigy Finance’s student loans are funded by a network of alumni, institutional investors, and qualified individual investors who earn a financial and social return on their investment. They give these investors some information about their borrowers, including their repayment status and because of this openness, our identity and profession serve as collateral and co-signer.
Do remember that the financial liability you are taking today, will help you make a better professional asset in the coming future. Reach out to us and allow our consultants at CrackAdmission to carve your unique scholarship essay and give yourself some financial freedom.