An MBA degree can be a major investment. But one that can open a whole new world of career options and employment avenues. Fortunately, today a lot of business schools and reputed institutes are offering innovative payment options to make these degrees more affordable and accessible. Besides, there are a whole lot of funding options you can rely on to fund your education and repay later. So, don’t let financial constraints get in the way of the management degree of your dreams.
Here are five ways you can fund your own education:
1. Merit-based scholarships
One of the most sought-after ways to pay for an MBA degree, be it in your own country or abroad, are scholarships. Almost all leading B-schools and universities offer these merit-based scholarships. Their appeal lies in the fact that students can focus entirely on their education, without worrying about where the next instalment of the fee will come from.
However, since scholarships are based on merit, they also require applicants to meet certain eligibility criteria such as past grades, a timeline for completing the degree, and performance-monitoring. You may also be required to submit essays or letters of recommendation to support your application. Besides, these scholarships are often offered on a first-come, first-served basis.
2. Student loans
The next most popular option for self-funding higher education, such as an MBA, is student loans. These are long-term loans with a provision of repayment after you’ve completed your degree. However, the terms of these loans vary greatly. While some cover all expenses such as tuition fee and living costs, others only cover the academic cost.
A lower interest rate as compared to other loans is what makes these appealing to students who don’t have the immediate resources to bear the cost of a professional management degree. A lot of banks also have tie-ups with institutions offering MBAs. This makes the process of loan application and approval a lot more streamlined and hassle-free.
3. Paying in EMIs
Online MBAs are preferred options for young professionals as well as students, as these present the perfect combination of flexibility and affordability while offering high-value degrees from prestigious business schools and universities. In terms of financials, not only are online programmes more cost-effective than a regular MBA, they are also easier on the pocket since you have the option of paying the fee in easy EMIs.
Another key benefit is that you can pursue your MBA and a full-time job at the same time. Your earnings can, thus, be used to fund your education. This means no debts to deal with later on.
4. Employer-sponsored MBA
Today, upskilling has become a major focus in organisations across the world. Employers have finally woken up to the fact that helping their existing workforce acquire new skills proves far more cost-effective and productive in the long run than hiring and onboarding new employees. If you’re a working professional, you can look for a sponsored MBA programme supported by your employer.
These are mostly executive MBAs, but you can earn your degree without spending a single penny from your pocket, and repay your organisation with your newly acquired skills.
5. Part-time earnings
Many students work part-time jobs to pay for their MBA degrees. This is typically the case when they’ve either secured scholarships or student loans that only cover the cost of education and no other expenses for this period. Tutoring, teaching, taking up research projects or working as assistants are some of the common profiles that students consider for part-time work to support themselves while pursuing an MBA.
The bottom line
There is no ‘one size fits all’ approach when it comes to funding your own MBA degree. The right fit depends on your circumstances and vision for the future. That said, the option to pursue an online degree and pay for it as per your ability remains unmatched in terms of flexibility and affordability, even more so for those who cannot secure a full scholarship.