Loan and Scholarship Options for MBA

Loan and Scholarship Options for MBA

Seeking admission to the top B-schools in the world can intimidate you with their high fees and extra costs incurred for travel, loan interests, computers, etc. However, there is a brighter picture to give you a sigh of relief. It includes the education loan, scholarship, and financial aid program. There are several options for students who can pass the eligibility criteria set by institutions offering such finances. The options available with MBA aspirants include:

Company Sponsorship:

This is an excellent option for the students already employed with a company. If you are planning to continue this job even after finishing your MBA, you can ask your employer for a corporate sponsorship. It can improve your chances of acceptance at your dream school because many MBA programs favor the students backed by a corporate sponsorship.

Education Loans:

It comes forth as the next best option for MBA aspirants. Since the MBA from a leading business school gives you better career prospects and ROI, most of the students opt for this financing option. In this regard, they can apply for private loans, campus-based loans, or bank loans. While studying abroad, you also have to ascertain whether you wish to take a loan from an Indian bank or from a foreign institution. However, there are some factors that you must consider before opting for a loan. These include requirement of collateral security, repayment terms, and interest rates.

A loan from Indian banks typically covers admission fees, hostel charges, costs of books and equipment, refundable deposit, and other expenses imperative to complete the program.

Need-Based Scholarships:

This facility is available to Indian students in most of the IIMs. It is available to the students having family income below INR 2 lacs per annum. This is a non-refundable finance that is available only to the selected students possessing exceptional candidacy.

University Funding:

Many US-based business schools provide this facility to the needy students. It covers a part or complete tuition fees with no repayment option. However, it requires the students to work for up to 20 hours in a week depending upon the type of funding.

Postgraduate Private Scholarships:

These scholarships are either need-based or merit-based. They include partial or full expenses of living but are highly competitive due to restrictive eligibility criteria. Some of the best postgraduate scholarships available to Indian students studying abroad are Fulbright Program, Stanford Reliance Dhirubhai Fellowship, Aditya Birla Scholarship, etc.

These are your options while looking to get financial help for your MBA program at a leading business school or university.

 

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