Manage your budget for MBA studies – scholarships to loans

Manage your budget for MBA studies – scholarships to loans
  • At top-ranked business schools, the tuition fees, accommodation, food and modest living expenses can cost up to 100,000 Euro per year for a student. The fees alone can cost up to Euro 50,000 for an MBA even at less expensive institutions.
  • However, the investment is found to have a strong return in the future years. There are multiple funding sources that can be used by the students to pay for their studies and can also combine personal savings with partial or full-tuition scholarships, loans and corporate sponsorships.
  • If students wish to study abroad, they should research the funding options available in their home country before exploring those offered by host universities and business schools. The schools’ financial aid offices must be used to connect with current students and alumni so that the students may be guided in the right manner.
  • Schools offer three types of scholarships namely; competitive, merit-based and needs-based. Competitive scholarships are offered at the end of a competitive application process to identify MBA candidates who demonstrate outstanding academic achievement, professional accomplishments and high promise as responsible leaders with the potential to contribute to the community.
  • Merit-based scholarships are awarded based on the candidate\’s application along with the metrics and factors around the promise they demonstrate. Needs-based scholarships are awarded based on the student\’s financial situation and are offered to promote diversity.
  • Applications must be made after admission to the program and deadlines for scholarships are different to those for the program. It is necessary to research the application requirements for each of the funding options such as an essay or an extra component in addition to what’s needed for the course or is there an interview involved.
  • Some other universities offer additional funding opportunities besides those on offer. The majority of students also fund their MBA in part or fully through a student loan provider such as banks, finance companies and sometimes governments that lend to nationals of a particular country while others work across regions.
  • It is necessary to initiate conversations with such loan providers at an early stage if the student is in need of financial support. Some students are sponsored by their employers if the students are ready to return to the existing company after their study.
  • Expenses can also be covered through personal savings along with potential financial support from family and friends. Self-funding students can pay the tuition fees at the start of each year or pay in instalments, while this does not alter the cost, it can help with budgeting.

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