Studying MBA can be a costly affair for which financial help
students may need to take. A proper planning and allocation of funds is
necessary while applying to MBA colleges. According to a survey, the top 10
global MBA programs have tuition fees at an average of $ 102,000 which is quite
an amount for a student to afford. However not all MBA colleges offer so
expensive degree programs, but the overall study costs is extended by
accommodation, living costs and array of fees right from GMAT application to
getting graduated. Here you need to also calculate the loss of earnings that
the student has to sacrifice while studying for MBA.
To fund your MBA
study, students can consider many funding options that are available. They can
choose from options like education loans, scholarships for Indian students or
alternative subsidizations. These options have to thought and worked upon
beforehand, as it can be time consuming process.
The fees can vary
from college to college for the MBA degree program, it can be somewhere between
US$50,000-US$60,000 per annum. Although procuring MBA degree from a reputed
B-school can ensure a brighter career with high salary package during campus
recruitment, thus students can easily pay off their educational loan. But it’s
highly important to know about the options available to cover these costs. Choose
the right funding option to support your MBA study plan. If the MBA aspirant is
lucky enough, they can get scholarship or fellowship from the selected
B-school, thus saves great amount of money.
1. Educational Loan:
Many well-known banks in India and all over the world offer
educational loans to students for higher studies. The amount of loan you would
get depends upon the MBA program that you apply to which can go up to
US$16,000.
Banks do offer educational loan, but they do not offer the
entire amount of fees. Hence the candidates have to rely for the rest from
family members and savings. The Indian education loans are given to selected
students who abide by their set terms and conditions. The borrower needs to
provide the bank security for the loan they take.
Scholarship/Fellowship:
Financial help for students in US is much higher than Europe,
Education loan for MBA
Colleges prefer to give admission on merit basis. They also offer scholarships
or fellowships to the deserving students. Several B-schools of US features
scholarship that can be applied for by the admitted students through their
websites.
2. Sponsorship from
Employer
There are
corporate companies who contribute financially for their employees’ MBA. Some
offer partial or total sponsorship to their employees.
Source: (http://www.msmbainusa.com/articles/cost-of-education/finance-help-for-mba-educational-loans/)
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