Pursuing an MBA is a dream of many students and many of them want to study at prestigious Business Schools in the US. However, being able to finance your MBA program is as important as getting accepted to a business school.  

Studying MBA at a top business school can cost you an average of 60,000 USD per year while you can finish your MBA program at a public business school within USD 100,000. It is still a significant amount of money that your personal savings cannot cover and requires some kind of financial help.  

How to Get Scholarship for MBA in USA? 

You should search for fellowships, scholarships and grants offered by the university you’re applying for or other institutions, NGOs, etc. 

Once you conduct your own research, you will notice that there is no shortage of need-based or merit-based financial aid in the US. You must however, meet their requirements and prove yourself eligible. 

Fellowships are awarded to students who have shown exceptional academic performance from the grant money that is given to the university. 

There are several scholarships reserved for minorities and underrepresented students. You will also find scholarships available for women as well as LGBTQ students. 

How to Finance with your Personal Savings? 

You can use your personal savings to finance your degree to some extent. 

The majority of the MBA students are in their late 20s and have an average work experience of 3-5 years. You can start saving right after your graduation and you will have enough money to pay tuition fees for a year. 

You can rely on financial support from your parents, relatives, or close friends which will help you cover a fraction of the total cost of the program. 

How to get sponsorship from the company that you are working for? 

MBA sponsorship is an extremely popular option for many students to fund their MBA. Although very few people’s applications are actually accepted and sponsored, you can go ahead and apply if you feel you’re an exceptional employee at your company. Receiving such a sponsorship can free much of your financial burden.  

In exchange, your employer will ask for a commitment for two years or more to the company after you graduate. You should consider sponsorship only when you’re sure that you want to continue working in that company and industry for a significant period of time. 

How to get a student loan or private loan? 

Private Student Loans are a great option for MBA aspirants as it helps you fund your MBA degree fully or partially. However, such loans require a credit check on part of the student as well as a co-signer (a person who is responsible for fulfilling monthly payments or even the entire loan if the primary borrower is unable to pay). 

You should opt for federal student loans that might require a credit check but does not require a co-signer. Federal student loans give you accessibility to loan forgiveness programs as well as income-driven repayment programs. 

You must conduct thorough research before taking loans as they differ from country to country. You can also choose to take student loans from your home country if you’re an international student as the interest rates will be much lower and you will have to pay very less in terms of overall interest due to foreign exchange (conversion of one country’s currency to another). 

Conclusion 

The range of applications of an MBA degree are ever increasing and so is the need for MBA graduates for senior management positions. As more students strive to gain excellence in management principles, the need for funding MBA programs is going to increase. These four ways will surely help you navigate your finances and become financially independent as early as possible.