One of the most difficult challenges that prospective MBA students would face is finding out how to fund the expensive tuition fee of MBA courses and living expenses for one or two years. After you get your MBA acceptance letter and enjoy the moment of the exciting news, you’ll only have a few months to get your finances in order. Before it’s too late, have a look what could be your possible funding options. There are more sources of funding that are worth exploring than you think.
- Scholarships and Grants
It is a smart way to start searching for financial support by checking into what grants and scholarships are available from governments and private foundations. Scholarships are clearly a best source of funding – it’s free money which you do not have to repay! – but it must be highly competitive as you can imagine.
Each grants or scholarships may require you to submit different types of documents and essays for applications. Also they would have different deadline, so always be aware of their specific requirements. You don’t want to lose good opportunities for financial support just because of missing a deadline or documents.
- Business School Resources
Merit-based scholarships from business schools are often given to a few of their top applicants. Establishing contact with the financial aid offices of your schools is a good idea to regularly get helpful information updated news regarding them. They can be great resources in the hunt for financial sources, and might lead you to the more obscure scholarship chances out there.
- Company Sponsorship
If you are already working in the business world, it would be also possible to find out sponsorships for prospective MBA students from your company. Bigger corporations often have generous assistance programs for their employees who are eager to develop their skills and knowledge. But keep in mind that it comes with an obligation in most of the cases. The company might ask you to commit to working for them for a set number of years in return for sponsorship. Breaking such an arrangement, after your MBA course can result in not only strained relationships with former colleagues, but also a mountain of unforeseen debt. So it’s important to see if the binding employment contract suits your future career plan ambitions in the long term before you accept the chance.
Even if you secured some financial aid from your school or other foundations, it might still not be enough for expensive tuition fee and living expenses. There are several private institutions, banks and online lenders that offer student loans. Be aware of the different terms, conditions, and rates which apply to these loan. One of the possible options in UK is Career Development Loans, a loan subsidized by the government. For this kind of loans, you may need to demonstrate eligibility and financial need.
Here is a collected list of scholarships and loans that can be used for MBA programs. Use the links below to find which could apply to you:
Scholarships and Grants:
- British Council
- British Foreign and Commonwealth Office
- DAAD – German Academic Exchange Service
- educationUSA – United States State Department Guide for International Students
- Erasmus Mundus
- Fulbright Commission
- Ford Foundation International Fellowship Program
- Institute of International Education (IIE)
- Chase Student Loans
- Citibank Student Loans
- Sallie Mae Student Loans
- National Education
Sources: Find-mba.com, Howtomba.com