Getting admitted in MBA course is an achievement, but bearing its cost is equally worrying. To spend $70,000 for an international student and $38,000for the students in the States for one year is difficult for the working class. To cover those expenses, students seek different ways. Sometimes these ways are based on misguided direction, which can be very damaging.
Helpless students either leave the idea of a brighter future or frustratingly join the low-cost specialization of MBA and loose attractive job opportunities due to lower grades or the degree which may not be in demand. It is a lifetime investment, and the decision should not be taken in haste. Consider the following example of two colleges:
The cost of MBA for a full time, four-semester course, per annum is $36,800 for a States student while out of state students are required to pay approximately $70,400. Living expenses are $9,825 including lodging and boarding, $7,250 for books, $750 for transportation, $825 for personal and $1,000 miscellaneous, which totals to $9,825.Comparatively, if you get online MBA admission, the tuition fee of Rice Business School is $1,995 per credit, an additional $1,200 for an intensive learning experience (ILE)and $2,500 for books. Moreover, the enrollment deposit is $2,500. As you can see, the higher education of MBA is very costly for common students who are intelligent and capable.
Education institutes have considered this discrepancy and offer scholarships to eligible students. So, don’t lose hope just yet.
In every university, there is a department named ‘student financial aid and help.’ This department provides you with various options to get scholarships, bursaries or studentships. Every school keeps a certain amount in grants for helping students in sorting out their tuition fees.
Before opting for a scholarship, you will have to consider your requirements carefully and gauge your potential advantage. Some schools only provide a waiver for tuition fees or a concession upto $1,000/-.This amount might not be enough to cover other overheads. If you opt for global Field Experience [GEE], it will cost you $1,600 with lodging and boarding. If you are in a US B-school, you are eligible for FAFSA loans as well, i.e. Free Application for Federal Student Aid. There are many other categories which can grant you eligibility, such as military members, special categories, etc.
To get scholarship, just scrutinize different offers from your chosen school, check out different funding sources and get the help of student financial aid. But be quick about it. Remember that this is a competition and students with previous acquaintances in MBA would also be applying for scholarships. They are well equipped with their GMAT scores, consistent good graph of academic progress and persuasive essays.
Apart from tuition fees, you will have to pay extra cost for books, library, experience course, and some advanced courses like STEM [Science, Technology, Engineering, and Math] to ensure your job opportunity. This expenditure is not included in online MBAs. However, these are a must in getting good jobs. So, be smart to tap all funding sources. Apart from universities, there are other institutions which provide scholarships to bright students such as:
- Foundation for Excellence in Management Consulting Scholarship for MBA in consultation;
- National Academy of Human Resources Graduated Scholarship for HRD management;
- Wiley CPA excel scholarship $2,500 for CPA students;
- Mary Elizabeth Lockwood Beneventi MBA scholarship for students in the US accredited schools.
You can also seek funds from Rotary or Lion or any special NGOs. The universities will rate your candidature for scholarship on the following criteria:
- GMAT score;
- GPA;
- Rich work experience;
- Any special category.
Accordingly, you will either get a full or partial tuition fee scholarship. To cover other expenses, you can get funding from above non-government institutions or a loan from a financial institution, bank or a family. The schools which give a scholarship to millions are :
Harvard Business School;
Pennsylvania Wharton School;
Chicago University;
Stanford University;
New York University;
South Hampshire University.
On average, these institutes disburse $20,000 to $33,000/- worth of scholarships to worthy students. So, fulfill your dream, don’t back out and don’t give up!
