Click this link to go to Financing Your MBA: Scholarships
So, aside from scholarships, how else can you pay for the MBA without asking for a dole-out from your parents?
Well, of course, you have got to have
a lot of personal savings.
I cannot stress this enough. Save as much as you can. Live like a
student and save as much as you can. Think of ways to grow your savings
(consult a financial planner about this!). In my case, I turned to the
stock market, which has its own risks.
There's
this article on BusinessWeek that suggests
working while studying for the MBA: search for work or
make work for yourself.
You might not receive as much as the income you're giving up but at
least it could give you something to live on while studying.
International students are usually restricted to working within campus
so don't think of working part-time in a corporate setting (besides, you
need a work visa for that). Also, you have to think of whether you can still work part-time with your studies, social events, extra-curriculars and career-related activities to juggle.
Internship, of course, is a different
matter -- it could be a source of income!
The financial adviser
at PAEF warned me over and over against relying on
private student
loans to finance my studies (and in doing so, curbed my desire to apply
only at ultra-elite schools). Private student loans in the US
(especially for those with no US co-signer) have high interest rates
and may take you years to pay back. This is why it's important for you
to know the ROI of your intended MBA program.
BusinessWeek has a great table on this, but it's the 2010 version.
I think one should try loaning from friends/relatives first before
resorting to a private lender. I believe that a private student loan should be a last
resort.
Anyway, here are some links I've found on international student loans (disclaimer: I haven't tried applying for a student loan yet):
In India, there are institutions offering loans to students who want to pursue graduate studies abroad. I'm not sure if there are any such institutions in the Philippines; the nearest I've found were the local banks offering personal loans.
