Studying for an MBA is a worthy ambition to hold, and yet the main obstacle is usually the cost. This is particularly problematic for those hoping to complete a programme […]
Studying for an MBA is a worthy ambition to hold, and yet the main obstacle is usually the cost. This is particularly problematic for those hoping to complete a programme of this kind in the US, where postgraduate courses can cost tens or even hundreds of thousands of dollars.
There are some ways to cope with the expense of obtaining an MBA in America, so here are the main options available.
Get a student loan
The most common route forward is to take out a loan that will let you encompass the upfront costs all reputable MBA programme providers will expect of their students, while deferring repayment until you have graduated.
Obviously the size of your MBA loan will vary depending on where you study, and so it’s important to work with a provider that can cater to your unique student loan needs. That way you’ll have the support required to get everything set up correctly, as well as affordable repayment rates when the time comes.
Bear in mind that student loans will be subject to interest, and there will be other fees, terms and conditions to be aware of when you commit to this type of financial product. If in doubt, speak with a professional broker or advisor to get to grips with what’s involved and what your obligations will be.
Seek funding through scholarship schemes and academic grants
If a student loan doesn’t suit your circumstances, then you could look for financial assistance via a scholarship.
These are usually provided to students according to their academic abilities, so the better you perform in the admissions tests you take, the more chance you have of being offered a scholarship by an individual school.
All sorts of third party scholarships are also operated, usually with different criteria for eligibility. So researching such initiatives and applying for them wherever possible is wise.
There are also grants on offer, which cover a smaller portion of your tuition costs, and are again awarded on a case-by-case basis. Members of minority groups, for example, can find support specific to their backgrounds.
Find an employer that offers MBA incentives
If you want to study abroad and eventually end up living and working in the US, it’s helpful to see if there are any prospective employers out there who will be willing to provide financial backing for your MBA programme.
There are usually a heap of requirements to meet in order to be given this type of opportunity. For example, you will usually be tied in by a clause which means you have to work for the employer that sponsored your studies for a set period post-graduation. If you don’t take up a job with them after you’ve earned your MBA, you will have to repay the money that was invested in your education by the organization.
It’s essentially an incentive which is designed to give businesses access to the best and brightest graduates, and also to keep new talent loyal for as long as possible.
Generally speaking it’s the larger firms that are willing to provide MBA funding, so don’t expect just any business to provide this facility for you.
The bottom line on paying for an MBA in the US
Even if you don’t have enough cash available to cover the costs of an MBA programme, you should now know that there are a handful of strategies out there to suit your circumstances.
Be sure to weigh up the various funding options thoroughly, and don’t commit to a deal that you cannot afford in the long run.
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