Many students feel that they are more tensed about how they will finance their MBA studies abroad rather than waiting for the acceptance letter from the university. Funding has always been the top concern for most students. The funding not only includes the tuition fees but also the cost of living and staying abroad. Hence, to reduce these tensions, Education Asia has come up with four ways in which you can finance the MBA degree abroad easily.
Read more: How to fund your education in USA?
Using the savings for funding the degree
This is one of the options available for students who want to study for an MBA degree abroad. You may have the money or your family members might financially support you in coping with the finances. However, one must remember that this covers a part of the tuition fees. Even if the students have money, but it is unlikely that they have enough money saved even before they complete the course. The graduate applicants do not usually have a huge amount of bank balance with the help of which they can fund their MBA studies abroad.
Exploring sponsorships from companies that pay for an MBA degree
MBA sponsorships can be a good way to complete MBA easily. If you are currently employed in a company, you can get sponsorship from the current employer. This enables you to become free from the financial burden of getting a loan to pay for the fees of completing the MBA degree.
These sponsorships also have a disadvantage. Most of the companies need an employee to be in that company for a period of two years before they can at least apply for this sponsorship. If you want an MBA degree abroad to change the profession or use it as an opportunity for getting better jobs, then fund the degree on your own. Then you will not be tied to the old company even after you complete the degree.
Using scholarships and fellowships
There are a number of scholarships and fellowships available for the students wanting to pursue an MBA abroad.
Fellowships are quite similar to the scholarships. They are given through the grant money that is not to be repaid.
Different business schools and universities offering business programs offer scholarships and fellowships on the merit and need of the particular student. There are more scholarships for underrepresented and minority students too. Some of the scholarships include Kellogg Scholarship, Tahir Fellowships, Forte MBA Fellowships for Women, Khosla Booth Private Equity Fellowships,s and so on.
MBA loans to supplement tuition fees
Getting loans for MBA course financing is another option that you can opt for. However, getting loans is also a problem as many students do not have a good credit history or they do not have enough assets to provide as collateral, and so on. These factors cause problems in their getting a student loan. However, there are banks that give loans to international studies, and contacting them can solve the financial problems of the students.
With the help of these simple steps, you can easily finance your MBA degree and complete your education abroad.