Effective Ways to Finance Your Overseas MBA

Posted by Rita Biswas on August 23rd, 2019

Pursuing Master of Business Administration from an internationally acclaimed institute is what a major proportion of students aspire for.

But, there are ways that can effectively help students and their parents manage the finances and get the high-quality education which would lead to an elevation of the student’s career with leading MNCs at managerial positions.  This article touches upon these effective financial means of assisting students and include an Education Loan for Abroad Studies in addition to other alternatives.

Self-funding: Not a Very Smart Choice

Contrary to what most parents feel, self-funding is not the smartest choice that one can make for financing a study abroad program. Let us elaborate. Although you may manage to get the necessary funds required for self-funding your MBA, you are faced with the following issues:

1. Your funding may be arranged through liquidating stocks and other assets, selling off bonds and on maturation of a policy. All this takes time and a lot of hassle with the added loss of your assets.
2. Providing a consolidated proof of funds becomes difficult.
3. You don’t get any detailed guidance which you could have received if you had gone for an education loan advisor.

Hence, it is always advised to avoid going for self-funding when opting for overseas MBA or other study programs abroad which are cost intensive.

Employer Funded Education

For working candidates who wish to expand their skillset by either going for a regular or an Executive MBA (EMBA), the option of employer funding is always a possibility. This is an opportunity that must never be missed. One should always consider employer funding as a viable possibility, before one decides to quit a job and go on his own for studying abroad. Many companies have this provision of funding a candidate’s education overseas in order to expand that candidate’s skillset so as to ultimately benefit the organization. The company requires a bond to be signed which ensures that the candidate works for the company for a set period of time after having completed the MBA course. You must go through the company policies and demonstrate the optimum progress/ necessary working tenure in order to be eligible for employer assistance.  Availing this opportunity would not only ensure that your MBA fee is taken care of, but would also guarantee you a higher position upon your MBA completion, when you return to your organization.

Overseas Education Loan from an Education Loan Advisor

Getting a Foreign Education Loan is often the last option that parents resort to, when they cannot generate self-funding. However, the option of an education loan is the first that you must consider. Instead of directly approaching banks, it is always beneficial to take loan services from an education loan advisor since you get the following benefits:

1. All the financial needs of the student are assessed and the right amount is suggested.
2. The advisor streamlines the entire application process and helps the student with document submission and other formalities involved.
3. A consolidated proof of funds is arranged through the help of the advisor which is required by the visa authorities.
4. The property papers required for the valuation process are checked and any corrections are suggested.
5. Owing to tie-ups with multiple banks, the best possible education loan option is suggested to the student.

Part-time Work and Internship Options

A possibility to recover a significant portion of the money spent is through part-time work and paid internships. Most of the popular study-abroad destinations allow 20-hour per week of part-time work for the student at specified hourly wages. Countries like Australia have a high minimum wage for students and a significant amount can be earned through part-time work. During holidays the work tenure can also extend in many countries to 40 hours per week. MBA students can also take up paid internships as and when possible to earn some money and gain relevant work experience.

Scholarships for International students

Before opting for a program, the student must consider all scholarship options in his home country as well as the destination country. There are many Popular Scholarships to Study Overseas, available as need-based or merit-based scholarships. Many universities have their own scholarships for meritorious students for which students are automatically considered through their application for admissions. For others, a separate application through the scholarship portal may be needed.

So, before embarking on your study abroad journey, never forget to plan your finances thoroughly. Consult the best overseas education loan advisor to provide you the option of the Best Bank for Overseas Education Loan and to give you sound financial advice, thereby ensuring a hassle-free education process.

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