MBA aspirants are often intimidated by the fees of the MBA programs. Wherever in USA you want to do your MBA from, financial aid seems a distant dream for most of the students. Basically, the situation is tougher for those hailing from low-income families. Even, if you arrange a loan through collateral, keep in mind that you have to pay massive tuition fees for completing these high-end programs from international B-schools.
Your need for financial assistance begins from the admission fees as well as GMAT, TOEFL, and IELTS scores reporting. Never underestimate the expenditure that will be incurred on this basic admission application and preparation. In general, it can cost nearly USD 1000 to apply at 3-4 leading B-schools. Next, you need aid for your tuition fees.
The situation looks grim but you shouldn’t fret.
Here are some alternative methods u can use to fund MBA education without getting debt-laden for years
Earn and Save:
This is the safest bet to fund your higher education. If you do not want to make your family indebted to a bank, you can work rigorously for few years and save money for your MBA education at a top-rated B-school.
If you are an exceptional employee with strong set of skills, you can ask the employer to fund your higher studies. However, always remember that you will be asked to sign a bond of service as a mandatory requirement in this regard.
Ace the GMAT:
It can be your winning ticket to the school of your dreams. Perform exceptionally in GMAT and score a high GPA. Improve your profile with academic excellence and award-winning essays. These efforts can pay you back in the form of waiver from the school itself. It can be a merit scholarship or funding.Private Funding:
Also called as Angel funding, this is a merit-based scholarship given by the private trusts to the highly deserving students.
If you are a brilliant student with lots of capabilities, the government can also fund your MBA education. Check the government websites for related information.
If none of this works for you, there is still an option that you can take a small education loan and apply to a mediocre B-school. Complete your MBA with outstanding scores and get placement with an impressive salary. Assess your financial situation but never give up on your dreams.