How to Pay for your MBA

Business schools are either public (State supported) or private (Independent). The cost of an MBA program for these schools varies immensely. A private school can cost up to $30,000 annually whereas, a state school can cost as low as $10,000 a year. The expenditure of MBA is also dependent on the courses taken up by the candidate. Apart from just the MBA program cost, you also have to calculate the living expenses for yourself. A rough estimate of annual living expense for a person during the MBA program is about $12,000. However, this can also fluctuate because of the variance in living habits for individuals.

This section of the website provides with the different alternatives for paying for your MBA program.

Financial Aid

Most of the US universities do not offer financial aid to international students opting for MBA. However, tuition waivers and assistantships are plausible options after completing a semester.

You are at a better chance of being granted a financial aid if you:

Provide outstanding academic record.
Attain high GMAT scores.
Indicate financial need but have private funding to cover some of the cost.

Financial aids are an assortment of the following:

Sponsorships: As the name suggests, you can ask your parents or a rich relative to sponsor your MBA program. Universities provide you with an official estimate of study and living expenses. On behalf of which, you provide a letter or affidavit from your parents or a rich relative, stating their income and support for your studies.
Tuition Waiver: Candidates with excellent academic records are waivered from paying the tuition fees at the university. On the other hand, general fees such as using the campus facilities still have to be paid by the students themselves.
Scholarship/Fellowship: Similar to tuition waiver, scholarships are an instinctive grant for students with an excelling academic record and performance in the MBA program. Students are either granted full or partial scholarships depending on the eligibility criteria of the program.
Assistantship: Most of the students receive aid in the form of assistantships. Such students receive a cash stipend in return of working for a maximum of 20 hours a week. Teaching and research assistantships are a possibility for universities that consist of a huge percentage of under-graduate students and research prospects respectively.
Bank Loans: A convenient choice for US residents; bank loan is a best alternative for paying for an MBA degree. If you are an international student, you are still eligible for a bank loan. However, you need a co-signer who is a U.S. citizen or a permanent resident. The co-signer is responsible for paying back the loan if you should default on it. Some banks don't require co-signers to grant you a loan. In any case, make sure you understand the terms and conditions of the loan before signing any legal document.
Grant Organizations: There are many organizations and agencies granting scholarships to deserving candidates. Search online to know about these organizations and the eligibility criteria for these grants.
Part-Time Work While Studying: With such a demanding course such as MBA, this option is not very feasible. However, it is likely that you may find a part-time job that helps you finance your MBA program to an extent. There are many jobs that you can hunt for within or outside the school campus. On-campus jobs may not pay very well and are usually given to students with very high academic records. The prospects of international students of finding off-campus jobs remain very restricted.
Internships: Although an internship opportunity spans out to only three months at the end of two semesters. Yet, it might provide you with the much needed finances in due time. This can also build your prospects of actually continuing employment with the organization at the end of your MBA program.