Funds for MBA Admission Abroad- Many MBA aspirants back out at the last moment even after getting offer letters by completing GD/PI rounds due to the high fees of these B-schools. MBA fees are high. In India it can cost between 5 to 15 lakhs on average and in abroad it can be even more. These amounts are very which can make a student think twice about his/her MBA planning. But for students like these who have financial problems, there are many options available that provide Funds for MBA Admission Abroad.
Funds for MBA Admission Abroad: Financing Options for Indian Students-
1. Scholarships On Merit
These scholarships are awarded according to different criteria such as academics, hobbies, achievements, talents, affiliations with different career aspirations or groups. These scholarships can be provided by state and federal government, local businesses, large corporations, universities or professional organizations. Each type of scholarships has their criteria for eligibility.
2. University Offered Scholarships
The eligibility criteria for these scholarships offered by universities are generally excellence in academics and age limit for students. Also, for each degree level their different scholarship offers. For example, students may find less number of scholarships for MBA as compared to Ph.D. in Switzerland.
In Sweden, the scholarship covers living expenses, tuition fees, insurance and some travel grants. In France, some students having scholarships receive a monthly allowance, and also it covers many things like return trip, cultural activities, and health insurance but not tuition fees.
3. Government Offered Scholarships
Usually, these types of finance for admission abroad provide tuition fees for universities. Most of them last for six or nine months and even three months.
Eligibility criteria for these types of scholarships are:
- The chosen institution’s required educational qualification.
- Certain language knowledge.
- In some cases, age limit.
Some of the government scholarships cover:
- Tuition fees.
- Return fair.
- Monthly allowance.
- Additional allowances and grants to cover some other expenditure.
Other than these there are many types of scholarship options available.
4. Student Loans
These are types of Funds for MBA Admission Abroad that have to be paid back by the bearer. They are like other loans but with some differences. The students looking to study MBA abroad can avail a student loan from any private or government bank. It can be a bank of the country the student belongs to, or it can be a bank of the country the students aspire to study in.
As most of the students don’t have a credit history to get a big loan so co-signing along with a legal tutor or parents is very common for a private student loan. But student loans offered by the government are more favored by students as the interest rates are lower as compared to private banks. Some of these loans depend upon financial need, but most of them are like other loans that depend upon the credit score.
5. Student Loan Types
There are numerous types of student loans, but the most common are listed below.
- In Europe, students can get loan schemes for masters degree that provide EU support to students for bank loans like up to 12,000 euros for a year and 18,000 euro for 2-year programmes.
- In the US, students can avail of federal loans provided by the federal government. They have very flexible return terms, options, benefits as well as low-interest rates.
Student Prizes
The student prizes are as simple as they sound. They are just amount of money represented by a prize. They can’t technically support all the Finance for MBA degree abroad, but they act as a form of aid for financial needs. These are one time awards and can range from hundred to thousand dollars depending upon the thing for which it is awarded like:
- Prizes offered for achievements in academics.
- Prizes offered to reward excellent performance in UG exams.
- Awards depending on results of public examinations or coursework.
- Prizes awarded for best paper in a particular subject among a wide range of papers.
- Prizes offered for outstanding work in an examination, dissertation or thesis.
6. Sponsorships
Most companies offer sponsorships to their employees who want to pursue MBA as most companies require candidates having an MBA degree. The companies want those employees to come back to work for them after a post-graduation degree.
But many students change their job stream after being introduced to all the career opportunities and new networks. These were all the options for an Indian Student looking to study MBA abroad. But apart from all this, it is also very important to know everything about this Education loan for MBA abroad options.
7. MBA Loan Eligibility
These loans can be availed if the student is an Indian citizen with a documentary proof that the student has a confirmed admission to a particular course. Most of the loan providers provide a loan to individuals who are between the age group of 16 to 35.
Getting a loan for students to become easy if they get admissions in top management institutes like Indian Institute of Management (IIM), faculty of management studies (FMS), Indian Institute of Technology (IIT), XLRI Jamshedpur, SPJIMR Mumbai, etc. In cases like these, some education loan providers or private banks call from their end to the students.
8. Expenses Covered By These MBA Loans
Other than tuition fees there are many expenses that a student has to bear during the MBA course. Education loan covers all the course fees, but some other things also get covered under this Funds for MBA Admission Abroad like:
- Tuition fees and hostel fees payable to the college.
- Books, instruments, equipment and other study materials.
- Exam, laboratory and library fee, etc.
- Caution deposit, refundable deposits, building fund, etc.
- Purchase of laptops, computers and other essentials for completion of course.
- Travel expenses.
- Passage money for abroad study.
- Other related expenses like study tours, thesis, project work, etc.
The options available nowadays for students aspiring to study abroad are numerous. And depending upon the eligibility criteria and other requirements a student must choose the right funding option by doing proper research.
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