Guidelines while getting finance for foreign MBA:
Think of MBA as an investment and judge the cost benefit
Before selecting a MBA program at a particular university, think about the costs involved. All relevant details of the MBA program, the modules and the fees are listed on the university website. Now think about the financial value associated with it. You need to look for different elements such as median starting salaries and that increase by 20% a year. These calculations will give you the total amount of the loan including the interest liability. The total investment you make for the foreign MBA will be a fraction of the earnings in your late 30’s. Thus the calculations show the feasibility of the investment you make for a foreign MBA degree. When you add other benefits of foreign MBA like credibility, the network, the experiences and the friends you make, the whole investment will appear as an intelligent personal decision.
You have scholarships
You need to keep in perspective that foreign universities offer scholarships to deserving students, and part funding can be gained through scholarships which will reduce the financial burden. There are hundreds of scholarships available at different business schools. Many scholarships cover large part of the tuition fee besides the several individual scholarships offered. All that is required is contacting Financial Aid office of the university after admission is confirmed.
Loan terms are generous for education loan
The education loan terms are more generous in terms of interests and repayment. You have a big window of repayment which can be around 15 years after you complete your foreign MBA. The other benefit is the repayment starting a few months after completing the foreign MBA when you start earning.
MBA funding opportunities from companies
Several companies offer part or full funding to employees wanting to pursuing MBA in return of surety that employee will join the company again after completing foreign MBA. Some companies are also willing to part fund your foreign MBA education provided you accept their employment offer. This allows the companies benefit from your talents after completing your education.