How can you fund your MBA?
There are many options for financing your MBA abroad. It’s always better to think about multiple options, rather than depending on only one or two.
Top Business Schools do offer generous scholarships to international students. But not everyone will end up with a free-ride (full scholarship). You also can avail bank loans
You need to pay the tuition fee.
You also need to factor in your living expenses as well.
You do need to think about your financing options early. It is as important as selecting the right business school or crafting your MBA essays in a compelling way.
You can get scholarship
- at the initial stage (admission process)
- after admission (few months after your course starts)
so how do you get the scholarship ?
5 Steps to get an MBA scholarship:
- Research, comb through financial aid sites and scholarship listings.
- Look for scholarships in external sources, such as community groups and other organizations.
- Get a great GMAT score.
- Tailor scholarship applications to the scholarships you’re applying for. …
- Apply early
So what are your scholarship options..
Scholarship options:
Category 1: Scholarships Awarded while applying to the B-school.
1. Merit based
Merit-based scholarships are generally offered to students with outstanding academic performance based on undergraduate GPA, standardized test scores or exceptional professional achievement.
2. Dean’s Scholarship
The Dean’s Scholarship is one of the most prestigious scholarships and is awarded to a limited number of the most meritorious admitted students. This scholarship which covers full tuition and fees is presented in the name of Dean and affords the opportunity to connect directly with Dean
3. Faculty scholarship
The Faculty Scholarship is designed to pair some of the most meritorious students with some of the college’s most distinguished and prestigious faculty. This scholarship, which covers full tuition and fees, matches admitted students based on their background and interests with a designated faculty member in that field.
4. Corporate (national and international)
This Fellowship (covers full tuition and fees and is awarded in conjunction with a partner organization). Students from various ethnic groups can apply. Each college has its own partner organization.
5. Diversity and Gender-based
Diversity and Gender-based MBA scholarships help promote diversity in the student body of MBA programs. These scholarships help increase representation and advance the interests of traditionally underrepresented communities in MBA programs.
6. Country specific
Country of origin-specific – These are the scholarships that are awarded to international students planning to attend a study abroad program from a particular country. These are awarded as a motivation for students from that country of origin, to study in that college. You will have to check with government-sponsored education websites or student bodies to study to see what scholarships are available.
7. Subject specific
Subject-based scholarships are awarded by colleges or government institutions to students according to the particular major or field of study they want to pursue. These scholarships require the applicant to be enrolled in the subject-specific courses while abroad.
8. Need based
A few top business schools provide only need-based scholarships and fellowships to students who have received an admit.
Need is determined based on the candidate’s
- income from the last N years
- assets owned
also from the external fellowships and scholarships received as well as the cost of MBA program …
9. International non-profit
Some college seek executives who are working in non-profit organizations. The college would fund your MBA program, so that you could, in the future, improve the effectiveness and efficiency of these non-profit organizations. The scholarship will provide the successful candidates with a tuition waiver of up to 25% of the total tuition costs for the MBA Program.
Category 2: Scholarships awarded after admission
Some scholarships are awarded to Full-time MBA students, typically during their first semester. They are..
1. Research and Teaching assistantship
These assistantships are a way of financially assisting your educational expenses by working in part-time positions within the university.
You may either be offered a monthly stipend and sometimes a reduction in the tuition amount.
Teaching assistantships involve assisting a professor in administrative or teaching tasks such as grading assignments, conducting office hours, etc. Teaching assistants generally help professors with undergraduate or in some cases graduate-level courses.
Research assistantships involve assisting members of the faculty with a research project. The nature of work depends on the specific research project.
2. Donor Awards for Second-Year Students
Through the generous support of alumni and friends, you have another opportunity to receive funding in your second year of the MBA program. All students are considered for second-year awards based on merit and the criteria specified by the donor. No application is necessary.
What next?
You can schedule a counselling session with me.
- I can do a profile check…
- I can also suggest ways of building your profile.
