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International Students: Funding your MBA at a Top Business School
Scholarships and Grants
Business school fees are very high, and most students have to go for loan programs to pay for the fees. While there are several loan programs available to fund your fees at top business schools for both home country and international students, loan programs are quite expensive.
The other funding options available for students are scholarships and grants. Scholarships are highly attractive because students don’t have to pay them back; but it’s hard to earn. Many students are vying for it, and only a few get it. Grants are equally attractive as scholarships because they need not be paid back, and they are available from schools or from governments. For example, after getting admission to the HBS MBA programs, students have access to financial assistance either through loans or need-based fellowship. Students are not expected to work during the program as MBA would be quite rigorous, and you won’t have time to work.
Similarly, London Business School has several scholarships for different categories of students. You should check your eligibility for these programs, and apply accordingly. Some scholarships are entirely need based. Click here to read London Business School scholarships programs
It is highly important to submit the scholarship forms and documents within deadline. If you do not follow the instructions correctly or your application is incomplete in anyway, then your scholarship application might get cancelled. It is advised to take extra care on this front.
There are several scholarship programs, and all you can do is search for as many as possible, and apply to them. For some tips on scholarships, click here.
US citizens and permanent residents can avail federal student loan program, but this option is not available for international students; they have to consider private education loan programs. Before the recent financial crisis, several student loan providers had loan programs designed specifically for international students. Most of these programs were shut down after the crisis. A student seeking such loan has to be backed by a co-signer who must be a US citizen and of course, credit worthy. As market is improving, we are seeing some of these programs back again. For example, Deutsche Bank recently launched a new student loan program called the Affiliated Loan Program for Students. This is a unique program as students don’t need to bring US co-signer. There is a catch though; the financial institution backing the program must deem the b-school eligible, and they should agree to take a few responsibilities.
Most of the top business schools have made arrangements for international students to avail loan without a co-signer. Here is a list of the US B-schools along with the links or information about the loan program:
|Harvard Business School||Harvard University in partnership with the Harvard University Employees Credit Union(HUECU) provides co-signer free educational loans to international students for 2013-14 . Click here…|
|Stanford Graduate School of Business||The Stanford University Graduate School of Business in partnership with the Star One Credit Union provides private educational lines of credit to international students. Click here…|