6 Surprising Ways to Finance your MBA!

Finance your MBA

Choosing to further your business education with an MBA is a fantastic decision that will greatly boost your career opportunities. Unfortunately, some students do not have savings to dip into or parents able to fund their MBA. For these students there are other unusual options available that can work out with some foresight and a little planning.

  1. Scholarships

Most universities offer some sort of financial aid or scholarship for students who meet certain qualifications. Sometimes colleges even offer up to 100% scholarships to cover their course fees if you score high enough marks on your previous examinations. Besides colleges, there are also other sources of scholarships for students such as the government or a corporation.

  1. Part-time MBA

Just because you want to pursue an MBA, doesn’t mean you have to give up on your job or put your career on hold. Part-time MBA courses and distance learning courses are available all over India, which give you the opportunity to balance work and study side by side. In addition and more importantly, because you are working you will be able to finance your MBA as needed. Studying and working part-time makes it easier to pay for your MBA than studying full-time.

3. Employee sponsorship

Although unorthodox, this method of funding your MBA can prove extremely effective. Usually an MBA applicant is required at least 2 years of work experience so you can request that your current company provide the finances for your MBA at an institute they associate with. For example, if you work at a company like Symantec, ICICI or Berger Paints your best bet would be to pursue an MBA in Bangalore at AIMS University as these are the companies that their graduates get placements with. It will take convincing and a spectacular work ethic on your part to make the company commit to you in such a way. But if they believe you are worth the investment, it’s a real possibility. Additionally, you will most likely be required to return to work with them for a number of years after your course is completed.

  1. Non-bank loan

It is possible to receive an education loan from a non-bank source. This means that you will borrow on a lower rate of interest and have more than 5 years to pay it back. HDFC Credila will allow you to study abroad on a 9.33% interest rate, Global Student Loan Corporation works with a network of banks to allow a student to study in the US and ISLP is a fantastic option for those wishing to study anywhere abroad.

  1. Crowdfunding

If you’ve heard of Kickstarter then you know that simply asking for funds for a cause works! The people of India have giving hearts to support peoples’ dreams and numerous platforms to show it. Start51, Catapooolt and TheHotStart are all crowdfunding websites where you can present your dream of a successful career and ask people to invest in you. FundDreamsIndia is a special site that encourages personal as well as humanitarian causes and could be the perfect way to fund your MBA education.

  1. Tuition Free College

Oh yes, you read that right! There are colleges in Germany, Austria, Finland, Estonia and Sweden that literally offer free courses in Management and few other Social Sciences. Of course, you still have to accumulate funds for the living expenses (for which there are usually scholarships, etc) but it still saves you a huge bulk of investment that you would otherwise make for paying the tuition fee.

As is apparent, bank loans and savings are not your only option when it comes to paying for an MBA degree. It comes down to finding an organization willing to invest in you, your hard work and resourcefulness. From scholarships and distance learning to the Global Student Loan Corporation – there are options out there for you!

Guest Author : Sid Arora

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