Financing your international MBA
Resigning from a secure job, moving country, even leaving family and friends behind - potential MBAs seem to take such obstacles in their stride. But with programmes at top-flight schools now costing as much as US $75,000, one question seems to occupy business school applicants more than any other – just how can I find the money to pay for my education?
Every year, as part of its ongoing research project, TopMBA surveys nearly 4,000 aspiring MBAs to establish whether the issue of finance was likely to prove a barrier to study. The latest poll found that practically all had already looked seriously into how they would fund their time at business school and a wide variety of methods were cited from scholarships to personal loans. Scholarships, perhaps not surprisingly, were the most popular option around the world, favoured by 74 pc of respondents. Next came the student’s own savings at 68 pc and then some form of external loan at 61 pc. Only 28 pc realistically expected to get financial help from their employer.
The emphasis that students place on funding methods seems to vary considerably from area to area. Help from family and friends appears to be most common in the Asia-Pacific region where it was cited by 48 pc of those questioned, in contrast to only 43 pc in the USA and Western Europe. Personal loans were the preferred source for over 81 pc of US students, but less than 57 pc of those from Latin America. Company sponsorship was expected from 36 pc of respondents in the Middle East and Africa, but only 21 pc of those in Latin America and a student’s own savings were the favoured method of 80 pc of Western European candidates, but only 62 pc of those from the Middle East and Africa.
Whatever a student’s initial preference, the most common source of finance in practice is now the education or career loan. We look at some of the sources of such loans across the globe:
Finance sources around the world
India
Indian nationals have access to a wide range of education loans geared to fund MBA study. Key suppliers include State Bank of India, Allahabad Bank, State Bank of Mysore, Bank of Baroda and the Industrial Development Bank of India. Loans can be used to cover the cost of fees, travel to an overseas school, the cost of books, computers, etc and living expenses. In most cases candidates will already need to have secured a place at a recognised institution and may need to supply a guarantor, such as a parent or close relative, with sufficient funds to cover the loan. Repayment periods range up to four years after graduation and interest rates are currently around 8.5 to 8.75 pc.
The emphasis that students place on funding methods seems to vary considerably from area to area. Help from family and friends appears to be most common in the Asia-Pacific region where it was cited by 48 pc of those questioned, in contrast to only 43 pc in the USA and Western Europe. Personal loans were the preferred source for over 81 pc of US students, but less than 57 pc of those from Latin America. Company sponsorship was expected from 36 pc of respondents in the Middle East and Africa, but only 21 pc of those in Latin America and a student’s own savings were the favoured method of 80 pc of Western European candidates, but only 62 pc of those from the Middle East and Africa.
Whatever a student’s initial preference, the most common source of finance in practice is now the education or career loan. We look at some of the sources of such loans across the globe:
Finance sources around the world
India
Indian nationals have access to a wide range of education loans geared to fund MBA study. Key suppliers include State Bank of India, Allahabad Bank, State Bank of Mysore, Bank of Baroda and the Industrial Development Bank of India. Loans can be used to cover the cost of fees, travel to an overseas school, the cost of books, computers, etc and living expenses. In most cases candidates will already need to have secured a place at a recognised institution and may need to supply a guarantor, such as a parent or close relative, with sufficient funds to cover the loan. Repayment periods range up to four years after graduation and interest rates are currently around 8.5 to 8.75 pc.
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Courtesy: PagalGuy/TopMBA.com
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