The MBA Journey 3 - Funding

Funding an MBA Programme is pretty expensive (unless you’ve got some decent funds, chances are that you’ll need some extra cash). A lot of the top schools are usually in the $70,000+ range. The B-Schools realize the value they are adding and your earning potential after school and so, they ready to make you pay now that they can have you. A lot of schools have good scholarship programmes, but please, apply very early in the year even if you don’t have their admission yet.

Your school would most likely have lots of scholarships; so, check on them early enough so you can apply online. There are also loads of scholarships nationals from various countries, so, check with your local authorities. A number of scholarships are available for commonwealth citizens (check out the scholarship section for more information).

Another way to fund the programme is through a student loan. Barring the current financial crisis, you should get good loans from banks that have partnerships with the school of your choice. A good practice is to start this process before the middle of the year when there’s a lot of rush. Most of these banks would like to know that you have a solid background. They mostly carry out a risk analysis that takes a number of factors into consideration (especially if you are from foreign or developing countries).

Lots of Banks would be willing to give you a student loan but more often than not, the problem is usually how you will guarantee the loan if you are not a resident or native citizen. This is getting worse especially with the credit crisis. Best bet would be to get a local co-signor (a citizen that can stand for you or you get a Bank Guarantee from your country).

A lot of US institutions offer student loans even if you are not from the US (they will also ask you to get a guarantor). A good one is http://www.teri.org/ (they are suspending applications right now due to the credit crisis but I think you should still call them 1 (800) 255-TERI (8374)) - you never can tell.