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Deciding whether and how to take
an MBA program is - for many people - also a financial
issue. MBA programs are not cheap. The fee is
often substantial - and to this must be added
living costs, cost of materials, travel, and for
full time programs the loss of income for the
period of the program. For many people therefore,
this is one of their largest financial decisions.
In some countries are there are some
tax benefits - e.g. the fees for certain types
of program attract tax relief. Some people may
be fortunate and get support from their employer
- but many must pay for themselves, and many therefore
seek out some form of financial aid to relieve
some of the burden.
This article provides some information
on the type and sources of financial aid that
might be available in certain circumstances.
Support from
Business Schools
Many Schools offer their own scholarship or bursary
schemes. In some cases their support is available
on a competitive basis - i.e individuals apply,
and are judged in some way. In some cases funds
are made available to applicants from particular
groups that the school wishes to attract to their
program - e.g. people from particular countries,
professions, ethnic groups etc. Some Sschools
provide earning opportunities - e.g. Research
Assistantships, to help offset fees. The best
way of getting information is to check out the
schools to which you might apply - e.g. look at
their prospectus, Web pages etc., and/or ask them.
Some schools also offer loans on beneficial conditions.
Support from
other sources
Financial support may be available from governments,
charities, companies, financial Institutions etc.
There are two types - grants/scholarships and
bursaries, and loans. The former may be awarded
to you to cover some or all of your costs, and
you will not be required to repay the funds, although
there may be other conditions attached - e.g.
that you return to your own country after completing
your MBA. The latter will require repayment, but
the interest rates will usually be lower, or the
conditions of the loan beneficial in some other
way - e.g. the repayment period.
NOTE: We have provided all the relevant
information that we have. It is as accurate as
we can make it - but always check with relevant
source/organization before taking any action.
Please also check out the links page at the AMBA
Web site (www.mbainfo.org.uk) as there may be
more information there about other Web sites that
provide relevant information.
Often the financial support available
will be for study in a particular country - so
we have arranged the information below by country,
with a general category at the end.
This information is advisory only.
We cannot provide assistance in securing funding.
Schemes which apply to one school only are not
listed below.
STUDY IN THE USA
1. Loans
· MEFA Loans (www.mefa.org) For programs
in the Massachusetts area
· GATE (www.gateloan.com)
· FAFSA. For US citizens - and in some
cases for international students
· GMAC Loans Program (Tel: 1 888 4404MBA,
www.gmat.org)
· International Student Loan Programs (www.InternationalStudentLoan.com)
· eStudentloan.com - a comprehensive service
for intending MBA students (visit eStudentloan.com).
2. Grants and Scholarships
· AAUW (aauw@act.org) For women
· DuPont International Scholarships
· Hansel Scholarships
· IRC Asian Scholarships. For Asian students
· MasterCard.
· GM/Circuit City Scholarships
· Worrel Fellowships. For students from
developing countries
· Global Grants. For international students
· BUNAC. Top-up Scholarship for British
Graduates for study in USA or Canada
· Kennedy Scholarships. For study at MIT
or Harvard (Kennedy Memorial Trust)
· International Student Scholarship Search
(www.InternationalScholarships.com)
STUDY IN EUROPE
1. Loans
· NatWest Bank.
· HSBC Bank
· CitiBank
· ABN AMRO. For Eastern European students
at Rotterdam, IESE, London Business School and
INSEAD (contact the schools)
· The Association of MBAs MBA Loan Scheme.
Operated with NatWest Bank (tel (in the UK) :
0800 200 400 / tel (outside the UK) : + 44 20
7390 2532) and the Bank of Scotland (tel (in the
UK) : 0500 313 111 / tel (outside the UK) : +
44 13 1549 8041) for British residents who have
a place on an MBA programme accredited by The
Association of MBAs or on selected leading MBA
programmes around the world
· Career Development Loans. For UK people
studying in the UK. (Freepost, Newcastle upon
Tyne, NE85 1BR)
2. Grants and Scholarships
· Sainsbury Management Fellowships. For
UK Engineering graduates for study at INSEAD,
Rotterdam, Theseus, IMD (www.smf.org.uk)
GENERAL (for study in any country)
1. Loans
· GradLoans (www.gradloans.com)
2. Grants and Scholarships
· Rotary Foundation (Rotary Center, 1560
Sherman Av, Evanston, IL 60201, USA. www.rotary.org)
· World Bank, Grad Scholarship Program
(1818 H Street NW, Room M4035, Washington, DC
20433, USA. Tel: +1 202 473 6849)
· Inter-American Development Bank. For
graduates from one of the 46 member countries
for a program abroad. (1300 New York Av NW Stop
W0602, Washington, DC 20577, USA)
· Mary Lugard Schorarship. Tennable at
50 leading schools worldwide. (Tel:+44 207 833
0120)
· Charles Bell Fund. For UK citizens engaged
in commerce and commercial education. (London
Chamber of Commerce)
· International Education Financial Aid
(www.IEFA.com)
With thanks to: THE MBA PROGRAM
INFORMATION SITE (www. mbainfo.com)
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