Students finance
their degree from a number of sources - loans, savings or scholarships.
Financing Your Degree
Different
kinds of financial aid are available,
but the most common amongst MBA
aspirants is loans.
Banks
offer educational loans as they
feel that students pursuing an MBA
will have the earning power to pay
back the loans, especially if you graduate from one of the top 15
B-schools. These loans are quite easy to get, as they
do not require any guarantee. But what makes bank loans
such a desirable option is that you don't have
to repay the loan till you start working, which
should not be difficult once you get the 6-7
figure salary after graduating from one
of the top 10 B-schools.
B-schools
make it a point that no student
is denied the opportunity to pursue
a postgraduate program in management
for want of adequate financial resources.
Substantial need-based loans are
available for students belonging
to economically disadvantaged families.
For example, 25% of the PGP students
at the IIMs can expect to get adequate
financial assistance from the institutes'
funds, trusts and companies. Last
year, 5 IIMs together gave scholarships
worth Rs. 1.8 crores to 255 students.
Companies also provide loans to MBA aspirants. The company you work
for might fund your MBA program. The
only key point is that you as an employee
might have to sign a bond according to
company policy and it might prevent
you from finding a better job through
campus placements that are
offered through your course.
Scholarships
are also available from corporates at the national level,
as well as local charitable trusts
and foundations. For example, the Aditya
Birla Scholarship is offered to
students who are performers.
Do
your research well and don't let financial
constraints stop you from pursuing your dream
career.
