3 ways to Finance Your Postgraduate Business Education in America
At the Kellogg School of Management, a MiM costs $ 76, 424, a one-year MBA costs $ 128, 194 , and a two-year MBA carries a $95, 938/ year price tag. Whether you choose to pursue a MiM, a one-year MBA, or a two- year MBA, a postgraduate business education is a significant financial investment.There are options, however, that you may use to offset or fully cover the costs associated with your education.
American citizens and permanent residents can finance their postgraduate education through federal loans, such as the Federal Direct Unsubsidized Stafford Loan and the Federal Direct Graduate Plus Loan, and private credit-based loans. Students who are domiciled in the UK can partly finance their postgraduate business education through Professional Career and Development Loans and Government-backed Masters loans; however, both these options do not cover the full cost of a postgraduate MBA education.
International students attending programs in the US cannot access federal loan options, unfortunately. Furthermore, the private credit-based loans are only available to international students who have cosigners, guarantors with excellent credit who accept to service the loan in case the primary borrower defaults.
Thankfully, some elite MBA programs in the US offer their own loan programs to international students. Some examples of these schools are University of Chicago Booth School of Business, University of Pennsylvania’s Wharton School Of Business, Harvard Business School, Duke University’s Fuqua School of Business and Stanford School of Business. Additionally, Prodigy Finance, which was founded by international MBA students more than eight years ago, offers loans exclusively to international students who have been accepted to specific elite MBA programs in Europe, the US, Canada, China, Singapore and South Africa.
2) Fellowships, Scholarships, Grants and Financial Aid
Many business schools offer limited financial aid- merit scholarships, need-based scholarships, non-merit-based scholarships, and fellowships- to incoming students. Rarely do these options cover the entire cost of your business education, which is something to keep in mind.
Merit-based scholarships are typically awarded based on academic and professional achievements, while need-based scholarships are awarded based on demonstrated financial need. These scholarships are usually open to international students, so if you meet the requirements and are an international student, it doesn’t hurt to apply. Non-merit- based scholarships and fellowships may be country-specific, gender-specific, or subject-specific scholarships and fellowships that are available to incoming students who qualify.
Grants might also be available to citizens from certain countries who qualify; for example, the French Ministry of Foreign and European Affairs allocates a number of loans to international students every year.
Some employers will partially or fully finance employees’ postgraduate business education; however, they typically require the employees to commit to returning to the company after graduation. Check with your employer to determine whether any programs are available to company employees.
If you’re confused or need to have questions answered about the financial aid possibilities you’re eligible to apply for, don’t hesitate to contact us at the MBA Center . We’ve helped thousands of students to access elite institutions around the world such as Harvard, Oxford and many more for more than 20 years.