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The following article has been inspired by the thoughts of Mr. Mayank Srivastava. He is the Founder of Experts’ Global, one of the world’s leading EdTech firms in the field of GMAT prep and MBA admission consulting
US MBAs are among the most prestigious, in the world. The resources that they offer their students make them the most sought-after degrees, for aspiring management professionals of all stripes. The high quality of these degrees is reflected in their costs. US MBAs are famous for being incredibly costly, as such, most international students completely write them off as options. This is something of a hasty step, as there are many strong funding options available. Here are some of the best ways that one can fund your US MBA.
Scholarships
A great number of US MBA courses offer scholarships. These scholarships are quite robust, many covering 100% of all expenses. Most of these scholarships are merit-based, with merit being judged along the same criteria as it is for admissions. However, not all schools are scholarship friendly. It is important to factor in the availability of scholarships, while short-listing schools. In order to ascertain their chances of securing a scholarship, the candidate should take a good look at the profiles of past scholarship recipients. Some US business schools that are very scholarship friendly are Olin, Carey, Boston University, Owen, Jones, Smeal, Broad, and Irvine.
Collateral Free Loans
Most of the US Top 20 schools have tie-ups with American financial institutions that offer loans to the school’s students, without collateral or a co-signer. These loans can cover a student’s tuition and living expenses, at only a rate of 5%. These loans are good options for those who intend to work in the US, after graduation. They are offered at such attractive rates because the financial institutions have confidence that the graduates of these premier institutions will be able to repay them, quite promptly. Of course, these courses are very competitive so the candidate must realistically asses their chances of getting admission to them. Some of the schools with this loan option are Harvard, Wharton, Booth, Stanford, Stern, Duke, Yale, and Cornell.
A US-Based Cosigner
US citizens and Green Card holders, who have a good credit history can cosign an international student’s educational loans. These types of loans are also available at rather attractive rates (5%) and are available at most of the Top 75 US business schools. This makes them a very good option for students who happen to know someone who fits the criteria to be a cosigner.
Economical Programs
While many US MBAs are very expensive, it is not a universal rule. It is also important to note that the cost of the program is not necessarily linked with its quality or ranking. A program’s cost is dependent on a number of different factors, not just it’s ranking. For example, BYU Marriot, a US Top 35 school whose total expenses, for international students, comes out to only 65,000$. It is not too difficult to find schools that are affordable but also of good quality. The US News rankings are a great resource for doing so.
Work While Studying
There are a number of great options for MBA students to earn, while they pursue their degrees. In fact, most US MBA students are able to cover all of their living expenses in this manner. International students may work for up to 20 hours per week; various Graduate Assistantships, Teaching Assistantships, and Campus jobs are easily available. In addition to this, most MBA programs involve a three-month internship period during which candidates can earn up to 6,000$.
The major salient point to take away from this is that US MBAs are possible to fund, even for students of humble backgrounds. Such candidates should not lose themselves in financial worries. Rather, they should focus on that which they can control, GMAT, profile and applications.
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