Financing MBA: An Investment Plan

    Sayantani Barman Sayantani Barman
    Study Abroad Expert

    MBA is an all-time popular course among the students who aim to step into global business management. The main concern of the applicants is how to finance an MBA. One has to look forward to an MBA as an investment plan for the future rather than a mere cost. If an applicant is wealthy enough then funding MBA has not been a great problem. After securing a good score in GMAT, when the applicant’s lookout for the preferred business schools of the world the first shock coming to their minds is a huge fee structure. MBA program includes the cost of living, cost of study, travel expenses and other miscellaneous. Those who aim to secure their careers in the top business school, they will never consider MBA fees as expensive cost.

    High Return on Investment

    MBA program from any top business schools will give an exposure to the brilliant opportunities. If a student passes out from the best business schools in the world, then getting recruited in the best organizations is quite common. With the passage of time, one can secure the best organization possible for the career.

    How to finance your MBA

    In top business schools, tuition fees can be above $100000 for 2 years MBA program. Many business schools offer different kinds of funding sources to waive off tuition fees. Here is the list of few funding sources for MBA.

    Business School Fellowship

    In most of the business schools, applicants can find out general fellowship awards. These award amounts are equal to scholarships. It grants money that requires not to be paid. There are fellowship programs like Forte fellow program that offers fellowship programs to only to those women who have enrolled full time or part-time or executive MBA at the business schools. All those applicants who apply for a full-time MBA get selected for Forte Fellowship program. Fulbright is another full grant that allows the student to waive off tuition fees pursuing an MBA program from any university. Knight Hennessy Scholars Fellowship offers a fully-funded graduate program where the graduates enrolled in different courses can easily waive off the tuition fees.

    Graduate Scholarship

    These scholarships are quite common among the graduate students for completing the courses smoothly. There are many courses that don’t cover the living expenses of the students. In the case of MBA students, a score of GMAT becomes the determining unit of graduate scholarship. GMAT scholarship is helpful for those students who dream to get selected in the best business schools but due to the financial crisis, they choose other business schools.

    Graduate Assistantship

    It is also another source of financing your MBA. In most of the top business schools, the enrolled student of MBA can work as graduate assistant under any faculty. So in this program, one needs to take classes of undergraduate students to waive off own tuition fees. These graduate assistants can work along with the faculty. This assistantship program is offered on the basis of merit as well.

    Industry scholarships

    The students who want to apply for external scholarships to finance an MBA. Industry scholarships include where the applicant can choose the different departments of business world to find out the suitable scholarships offer.

    Employer Scholarship

    Many companies offer sponsorship to valuable employees who want to pursue careers in business management. This employer scholarship involves few obligations or contract including remaining or returning to the same organization for a certain point of time.

    Federal Student Loans

    There are two federal loans available for US graduate students each year. These loans are called Stafford Loan and Graduate Plus Loan. As compared to other loans or scholarships these Federal Student Loans have been given to the students at higher rates. Interest rates 6.6 % for Stafford whereas 7.08% for Grad plus respectively.

    Private Student Loans

    These loans can be taken by the applicant at a variable or fixed interest rates. Mostly the private lenders look for credit scores of the applicant before offering customized loans.

    Internship Stipend

    MBA program lasts for 15-18 months where the students have to enroll for a minimum of 6 months internship programs. In this internship program, the students usually get a pretty good stipend. With that stipend amount, one can easily waive off 40% of tuition fees.

    Bank Loans

    Most of the responsible students take bank loans for the easiest way out. With a comparatively low rate of interest, students can take educational loans from banks to finance MBA. Usually, the rate of interest is 15% and the banks retain any expensive possession as a guarantee. Usually, after completing MBA, most students get employed in the best organizations. Therefore paying off bank loans won’t be a headache to these MBA graduates.

    Now with the sorted list of different kinds of financial help for MBA, one can decide the right path to choose to achieve the goal easily. 



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