Top 5 Funding Options for MBA Abroad

Want to pursue an MBA abroad, but lack financial resources? Want to find the best possible way to fund your MBA abroad? Then here’s a cut-to-cut solution to your problem. Find the best possible resources to fund your MBA abroad along with tips on financial planning. 

Funding MBA Abroad: Studying MBA abroad can be costly, so we have enlisted a few resources that you can take into cognisance. These resources can prove beneficial for students to pursue an MBA abroad. Indian students can also adequately plan their finances so that they don’t overspend while pursuing an MBA from abroad.  

Cost of MBA in Countries Abroad

Before getting to the resources to plan an MBA abroad, let’s check what the cost of an MBA abroad country-wise in the table below: 

Since MBA is overall an expensive affair, it is better to choose the best funding option possible. MBA in USA is the most expensive, followed by UK, Canada, Australia and Germany. These are just one year of tuition costs for MBA abroad, however, more costs are included to calculate the entire cost of MBA abroad. 

Miscellaneous Expenses for MBA Abroad

Apart from the tuition costs, there are additional costs also which have been given below:

• Living expenses (lower if on-campus, higher if off-campus)
• Costs of books and resources
• Personal expenses (for shopping or eating out)
• Travel expenses
• Utility expenses (like phone bills, internet bills, etc)
• Exam fees at the university

These are all miscellaneous costs that have to be incurred at any cost. These costs will vary for Indian students irrespective of the country they choose to pursue their MBA. The exchange rates are different for all currencies, hence, students must also calculate them along with their tuition costs. 

Now that you know what all to calculate when planning your budget to study abroad especially for an MBA course, we can get to the funding options available. 

Top 5 Funding Options for MBA Abroad

Are you struggling to find the appropriate funding option for your MBA abroad? Here are a few suggestions to rely on. Check out all the possible options you can use to fund your MBA abroad:

1. Scholarships for MBA Abroad

There are a plethora of scholarships (both merit and need-based) for MBA aspirants abroad. You can either check out university specific scholarships or you can go for externally funded scholarships. Some of the most popular MBA scholarships abroad are as follows:

• Stanford Reliance Dhirubhai Fellowship
• Chevening Scholarships
• Commonwealth Scholarships and Fellowships:
• INSEAD Scholarships for Indian Students
• Fulbright Program for Non-US Students
• Columbia Business School Board China & India Fellowships

Scholarship amount will vary based on country, university and scholarship provider. While some scholarships can be fully funded, others may be partially funded. Those in genuine need for funding can also be eligible for a scholarship. So the amount will vary on a case by case basis for students applying for scholarships for MBA abroad. 

Check: MBA Scholarships in USA

2. Education Loan for MBA Abroad

The next best option for Indian students is to go for an education loan for an MBA abroad. There are three types of education loan options that students can go for,

• Student education loans from either private or public Indian banks. Education loans from private or public banks can be chosen based on the lowest interest rates. 
• Education loan from the USA if you have a relative. Getting a loan in the US through a relative can be cheaper on the pocket in terms of interest rates in comparison to Indian banks. 
• Lastly, some of the top B-schools abroad like HBS, Stanford Graduate School, Wharton and others act as guarantors and help students get loans from foreign banks. This helps students to get education loans based on the brand value of the B-school. 

There are numerous banks which can offer education loans to students. The students can choose the best option based on interest rate and repayment tenure. If you are fully satisfied only then should you go for this option. 

You can also apply for an education loan through Shiksha from some of the best loan providers in the country. 

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3. Personal Savings & Family Support to Fund MBA Abroad

Another possible option for funding MBA abroad is using your savings or requesting a family member to fund your MBA education abroad. Students can rely on their family and their savings to attend their MBA course abroad. Also, students can carefully make a plan and list out all the expenses that would be required to be taken care of. This way you’ll know how much you have and how much more financial help you’d need. 

4. Seek Employer Sponsorship for MBA Abroad

If you are a working professional and wish to expand your skill set, you can pursue an MBA executive course abroad. For this, you can request your employer to fund your MBA education abroad. Companies can usually spend and send their employees for an MBA, provided they return and join the company back and take the company forward with their skills. Thus, this can be another option for students to depend on to fund their MBA abroad. 

5. External Funding Sources

The final option is the external funding sources like taking a loan from some friends or going for MBA abroad. Also, students can look for funding from NGOs or government agencies which offer scholarships. External funding can be another option for students looking for funding if none of the options above work. 

Tips for Financial Planning for MBA Abroad

Here are tips for managing your finances for an MBA abroad-

• As soon as you make your mind for studying abroad, begin your search for suitable colleges and courses. Starting early give you access to several scholarships and fee waivers.
• Network with the Indian alumni of your chosen college to learn some budgeting tips from their experience. 
• Learn about the basic need expenses, make a budget and them stick it. If possible, never exceed your spenditures out of this budget. 
• Save as much as you can, whenever you can. 
• Choose a good specialisation in MBA which seems to remain in demand even 5-10 years after college.