(Newswire.net — April 16, 2020) — The following article has been inspired by the thoughts of Mr. Mayank Srivastava. He is the Founder of Experts’ Global, one of the world’s leading EdTech firms in the field of GMAT prep and MBA admission consulting
Earning an American MBA has been the dream of countless aspiring management professional, across the world, for several decades now. These MBA programs have rich legacies, some stretching back more than a century. They provide their students with a truly unparalleled combination of academic rigor, team projects designed to build collaborative skills, live simulations, experiential learning, interactive case studies, multicultural exposure, lively campus life, healthy global network, markedly deep intellectual capital, world famous brand value, knowledgeable faculty, experienced career services, diverse extra-curricular activities, spectacular networking opportunities, and access to a spectrum of potential recruiters. The experience that an American MBA course provides more than lives up to its reputation. Of course, another aspect of the American MBA reputation that these programs live up to is their heavy cost. The exuberant costs of American MBA programs discourage many international students from even considering American MBAs as an option. This is a particularly unfortunate state of affairs, as these students do not even fully explore their options before giving up on their ambitions. Here is some information on the way that international students may be able to fund their American MBAs.
Scholarship Options
There are many strong scholarship options for American MBAs, some that will cover a full 100% of your tuition requirements. There are many students who, coming from humble backgrounds, would not have been able to even consider American MBAs if not for these scholarships. Most MBA scholarships are merit-based and share the same criteria as the admissions process. Work experience, academic record including the GMAT score, and co-curricular activities are the factors that will decide both the possibility of securing and the extent of your scholarship. You must bear in mind, however, that not all American business schools are scholarship friendly. You must conduct careful research, into the availability of scholarships, while you are short-listing schools. It will also be helpful if you speak to the current students and recent alumni from the prospective schools about the competitiveness of profile and GMAT score of students who win scholarships. You will have to be thorough in your research and carefully consider the profiles of the schools you plan to apply to. Here are some of the most prominent, scholarship friendly schools- Carey, Boston University, Owen, Jones, Smeal, Kelley, Fisher, Smith, Broad, UIUC, Irvine, Krannert, Foster, Goizueta, Olin, and Tippie.
Availability of Collateral Free Loans
Most of the US Top 20 business schools have tie-ups with certain American financial institutions that agree to give their students collateral free loans. These institutions are also willing to waive any requirements for the students to have a cosigner, as well. These loans come at a very reasonable rate (5%) and will cover both your tuition and your living expenses. If you plan to work in America for a few years, after graduation, these loans are a very good option. Let us assume that the total your total expenditure will be 100,000$. The average annual salary of graduates from the US Top 20 business schools is 130,000$ per year. This means that you will be able to pay off the loan in just a few years. Of course, very few schools have this option and all of them are extremely competitive. This is only to be expected; as the financial institutions offer this option, under the assumption that the graduates will secure high paying employment and promptly repay them. This is why you must closely research the availability of such loans and your chances of admission to these premier schools. A few of the American business schools with the option of collateral free loans include- Harvard, Wharton, Booth, Stanford, Sloan, Haas, Tuck Stern, Duke, Yale, and Cornell.
A US-Based Cosigner
American citizens and Green Card holders, who have a healthy credit history, can act as cosigners for an international student’s student loans. Cosigner loans are quite convenient and cheap (5%). If you have a relative, or someone else who can vouch for you, this is a great option for you.
Affordable Programs
Most American MBA programs are indeed quite expensive, but there are exceptions to the rule. In these cases, it would be wise for you to remember that a program being economical does not mean that it is low ranked. The cost of a program depends on numerous factors, not just its quality. Many prestigious programs are, in fact, quite affordable and some less prestigious programs are much more expensive. With a little bit of careful research, you should be able to find a program that is affordable and highly ranked. To this end; use the US News Rankings for obtaining a comprehensive idea of the fee structure, employability, average starting salaries etc.
Earn While Studying
Most MBA students earn quite well, while pursuing their degree. This is, in part, due to the fact that the American University ecosystem and their program structures give students a lot of space to work. International students are allowed to work for a maximum of 20 hours a week. There are a number of Graduate Assistantship, Teaching Assistantship, and Campus jobs that students can apply for. Most MBA programs also involve an internship period, during which students can earn up to 18,000$. Most MBA students, actually, earn their living expenses and only arrange their tuition fees, beforehand.
The major takeaway here is that funding an American MBA is very much possible. Plenty of international students have managed to do so. You need to focus on the factors that are most in your control – your GMAT score, your profile and, your applications. Do not spend too much time worrying about money, you will find a way.