Can Middle Class Student Pursue MBA at IIM? Know How?

Master’s in Business Administration is one of the most sought after post graduate degree worldwide. In India, the premier institutes that offer this esteemed degrees are IIM’s i.e. Indian Institute of Management. These are government institutes, yet they charge a fortune for the coveted MBA degree.

The average range of fees of various IIM is 13 Lacs to 19 lacs for the entire two year course. This amount is inclusive of Admission fee, Tuition fee, Computer and Library fee, Books and Instructional material, hostel expenses, Student welfare and other expenses. This can be difficult to arrange for a middle class person with a limited income. Do not get disheartened, if you’re really keen to join one and have faith that you’ll crack CAT with a good percentile, you can pursue MBA at IIM using the tools that we write about:

1.    Educational Loan

Banks nowadays provide students with educational loan that does not require collateral. The student can himself apply for the same on the basis of his mark sheets and it is an easy process, if you’ve been selected in a top B-school. The banks charge the regular rate of interest and you’ll be asked to pay the installments only on completion of the course, while they’ll be paying your entire course fee.

2.    Scholarships

These institutes offer a host of merit and merit-cum-need based scholarships to its students. So, if your performance is exemplary, you might be rewarded with a concession in your fee.

In addition to scholarships provided by the Central & State Government, a lot of big business houses have instituted various awards and scholarships. If you manage to get these through your performance, you’ll be able to supplement the fee payment.

3.    Financial Aid

IIM’s offer partial or full fee waiver to students, based on their family income. You can apply for one, if you’re eligible. These are purely based on financial conditions and not merit-cum-means. Here, attributes such as academic performance, category (SC/ST/OBC), educational background and work experience of the applicant are not considered.

4.    Part-time Jobs

You can always apply for part time jobs, and earn something to supplement the payment of fees and other structures. This will also be reflected in your resume and hence might increase the chances of getting a decent job.

The students who get to study in IIM’s are mostly from middle class families and get admission purely on the basis of merit. If you are passionate about doing an MBA, and are ready to put in your best, do not think much about the expense and go for it. Expenses can be taken care of by various means, some of which have been mentioned.

You’ll be earning manifolds of what you invest in an MBA, provided you work hard and stay true to your job. Focus on being capable, and you’ll soon find success knocking at your door.