MBA Finance Abroad: Pursuing MBA abroad is a dream for many as it is the gateway to a golden career. But while getting into a foreign MBA institute is not easy, financing the course isn’t easy either as you need to pay in lacs for getting the degree. For instance, even if you make it to the top Business schools abroad you need to arrange a lump sum amount of around INR 30 lacs to even as high as INR 80 lacs and even more as fees for pursuing the course. So, what if you are not able to economically support your MBA in a foreign country? We are here to provide you solutions for that. Read to know more.
MBA Abroad Average Fee
Here are some glimpses of fee structure (approx..) in some top abroad MBA institutes:
- Universities of Canada West – INR 11.7 lacs/year
- University of Alberta – INR 28.6 lacs/year
- University of British Columbia – INR 47 lacs/year
- Santa Clara University, USA – INR 43.8 lacs/year
- University of Toronto – INR 47.8 lacs/year
- University of Greenwich – INR 22.9 lacs/year
So just think, even after performing well in so many exams like GRE, GMAT, IELTS, TOEFL, etc., and getting your dream college, you may not be able to pursue it because of such huge finances and investments required. So, isn’t there any solution for it? Aren’t there any ways of financing an MBA? Of course, there are!
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ALSO CHECK: Best Scholarships For MBA Students And Eligibility
6 Ways for MBA Finance Abroad
Here are some easiest ways of financing your MBA abroad:-
EDUCATION LOANS
First of all, you can apply for collateral educational loans in which a bank is going to keep any of your valuable assets like your property or house. And depending on the property that has been mortgaged, you will be provided with a loan. For instance, a property worth INR 1 crore can give you a loan of at least 60-70 lacs for your foreign education. You need not worry at all about its repayment as once you get your degree and grab a good placement, you will be able to repay it on your own and that will also not possess any pressure on your family. There are many banks in India like SBI, IDBI Bank, HDFC Bank which provide loans for educational purposes in India For MBA Finance Abroad as well.
Even if you don’t have a property to mortgage you will be able to take loans from Indian banks. But the amount granted as loans will be lower and generally, they do not provide a loan of above INR 7.5 lacs in that case. It’s called a non-collateral loan.
Also, if you are skeptical about repaying the loan find yourself a reliable co-signer who will make the repayment if you fail to do so. Banks like Wells Fargo and Citizens Bank provide loans to international students with a US co-signer.
SELF-FINANCING
After graduating from college, get yourself a 9:5 job in any sector to earn money and start saving it to pursue MBA in your dream destination in the future. In fact, you must be knowing that to pursue the course from the majority of foreign institutes, you need to have at least five years of work experience. In these years, accumulate your earnings so that even if you have to take a loan afterward it’s a smaller amount that would be much easier to repay. And if you have to take a small number of loans, instead of taking it from banks you can also take it from someone who is close to you, some close relative or close friend. Even if that’s not the case you can finance your MBA studies by selling some of your assets like a car or a bike or some furniture. I’m pretty sure that you will be able to afford better ones once you become an MBA graduate and start earning huge packages from MBA Finance Abroad.
ALSO CHECK: Top 10 Countries To Study Abroad: New Zealand, Germany & So On
APPLY FOR SCHOLARSHIP PROGRAMS
There are ample scholarships that finance many students’ MBA, but for that, you need to be eligible. You can go for need-based as well as merit-based scholarships provided by some organizations for Indian students pursuing MBA abroad. Besides, there are institute-wise scholarships, country-wise scholarships, and whatnot. Some of the best scholarships you can apply for are:
- Prodigy Finance Scholarship
- JN Tata Scholarship
- Stanford Reliance Dhirubhai Fellowship
- Harvard Business School MBA Scholarships
- MBA Scholarship for International Students at Cambridge
- International Scholarships for MBA in Germany at University of London
- UWE Bristol MBA Scholarship
- Global MBA Scholarships for Women and so on.
Such scholarship programmes can finance a major portion and even your entire course of MBA.
APPLY FOR COMPANY SPOSORSHIP
In this case, sponsors are corporate entities that support financial services to MBA students. It depends on the candidates whether they are able to make the company agree to invest in their MBA.
LOAN FORGIVENESS PROGRAMMES
Search for loan forgiveness programmes that allow the MBA graduates to work in different sectors where they can get rid of the burden or pressure of loan repayments, at least to some extent. For applying to such programmes, you need to fulfil certain criteria. There are a number of loan forgiveness programmes like the Public Service Loan Forgiveness, Pay As You Earn, Income-Driven Repayment Plans, Bankruptcy Discharge, etc. The eligibility criteria vary (e.g., in case of low income, your loan can be forgiven up to a certain amount) and you need to do a little research on this.
ADMIT INTO AFFORDABLE MBA INSTITUTES
Prepare yourself and score so well in the entrance exams that you can enroll yourself in some comparatively MBA institutes. The cheapest institutes for MBA abroad include the University of Hawai, University of North Carolina, San Diego State University, University of Houston, University of British Columbia, University of Cambridge, etc. where you have to pay a fee under INR 3,800,000 which is lesser as compared to the other institutes.
ALSO CHECK: All About MBA: Eligibility | Best Colleges | Job Prospects | FAQs
Business schools today attract a large number of youths to pursue a masters’ degree in business administration for a bright future ahead. As more institutes are coming up with the course more financing options for MBA are emerging. Instead of rushing, you just need to do a little research on your dream institute and then apply. Try maintaining a good GRE or GMAT score so that you can just grab the grand scholarship opportunities in one go. We wish you all the best for your future success.