Doing an MBA is probably the best decision for you career-wise. Master of Business Administration as a postgraduate degree is currently one of the most pursued courses across the globe. It is a perfect degree for you if you want to have a career with high earning potential and opportunities on different occasions all along the way.
Online MBA is the best option for students who do not have time to attend a university physically and for professionals with full-time jobs. Doing an MBA online gives such learners the chance to continue with their education while also earning a rewarding degree. Apart from this, the icing on the cake is that an online MBA gives the chance to the management aspirants to not only pursue management education, but they can also earn this degree at their convenience.
They have their self-paced learning with recorded lectures and can choose the right time and course for themselves. Just a screen and Internet connection gives them the same opportunity as regular management learners.
Online MBA can be just the right option for any management aspirant, but the most important factor here is the cost of the programme. It is not an unknown fact that an MBA from a highly ranked institution can often be pricey and so, not every learner can afford to do an MBA. But presently, there are several options by which you can avail aid for your education and finance your MBA learning. After all, money should not be a hindrance if you believe it is an online MBA that can change the course of your career.
Paying for an MBA: Finding the Easy Ways
MBA is not an easy degree to pursue and at the same time, it can be very costly for learners. There are multiple options by which you can easily finance your education and manage the fee payments for the two-year degree course.
- Financial Assistance from Workplace
- Part-Time Work
Multiple institutions offer scholarships for students either based on their economic backgrounds or academic performance. There are also many other categories like belonging to either military backgrounds or special categories that are eligible to apply for scholarships. Scholarships often waive off a huge amount of the cost of the programme and the management learners find it easy to pay off the remaining programme cost.
2. Loans (Private/Government)
Multiple loan schemes run in favour of students wanting to pursue degrees either by the private sector firms or the government. A student can look into such best loan schemes that can help them pay off the fee of the programme. Many loan schemes come with verylow-interestt rates for the students, so it can serve as the best option for adding the cost of financial education. If an MBA is pursued from a recognised university that has good placement facilities, you are sure to land a job at a good workplace and you can easily pay off the loan amount taken for the MBA.
3. EMI Option
Presently many universities offer EMI options for fee payment so the students do not burden themselves with the cost of the MBA programme. The universities realise the calibre and the talent of their students and so, they offer easy financing options by paying the programme cost through small EMI either monthly or semester-wise. For example, Chandigarh University, Chitkara University, etc. are such institutions that offer the option to complete the fee payment during the online two-year MBA course through easy EMI options.
4. Employer Assistance
If you are a professional, you can avail the employer assistance that many companies have as a policy. Multiple workplaces help professionals financially if they wish to continue with their learning further. Doing an MBA means that, as a professional, you are giving a boost to your career and so, if you ask around your workplace, you may avail employer assistance and may be able to pay the fee of the programme through easy ways.
5. Working Part-Time
An online MBA provides more flexibility than a regular degree. This means that a learner can find more time and they can invest that into finding a part-time job. This way, they can manage their finances and pay the programme fee. You can work and use the money indirectly or directly towards paying your tuition fee and programme costs.
Factors that Play Obscure Role
There are some factors to consider when you go about finding scholarships or different ways to finance your online MBA education. Let’s have a look at some of the factors that can help a learner get the best scholarships and financial aid opportunities.
|Course at the University
|When you are searching for the right institution, and the course to apply for, also look for different scholarships and financial aid opportunities that the university offers. Do not be fixated on just a single university, and rather expand your research to different financial opportunities offered by different universities.
|Count Your Points
|Counting your points means that you should look for any of the factors like your family, background, gender, ethnicity, etc. For example, many universities offer fee concessions for girls, people with military connections, people belonging to a scheduled caste/tribe, etc.
|Research and Look for Hidden Scholarship Gems
|One way that you can boost your chances of getting a scholarship is when you apply to such scholarship schemes that most people are not aware of. This increases the chances of your portfolio being selected and at the same time, there is less competition involved in availing that particular scholarship
How to Navigate around Getting the Scholarship
|1. Constantly Review Your Application
When you are looking to avail a scholarship, make sure that you have carried out thorough research about the requirements for it. Do not waste your time, cost, and energy applying for a scholarship for which you do not fulfil the requirements. Ultimately your application will be discarded and you will not be the right candidate to avail of the scholarship.
|2. Submit the Right Documentation
Always make sure that you submit all the documents that a scholarship form requires. Make sure that all the documents are verified and hold validity. Gather all the documents that are expected of you to attach with the scholarship form so that your application does not get rejected on any of these basis.
|3. Mention Work Experience (if any)
If you have any related work experience in the field of education that you are applying for, don’t forget to mention it as it will strengthen your portfolio. It will eliminate most of the competition for the scholarship. Scholarship granters often look for people with good academic scores and related work experience if applying in that category.
|4. Don’t forget the deadlines
One of the common mistakes that learners and students often make while availing scholarships is that they forget the deadline for submitting the scholarship form and related documentation. They wait till the last date and often lack on some part while trying to complete the formalities on the last day and at the end time.
Financing your MBA degree means that you will have a way of arranging financial resources to cut down your cost of the postgraduate degree. There are different ways that you can cut down your expenses for the two-year program to navigate onto a path of management success and a boosting career.
Kamaldeep Singh is an accomplished digital marketing specialist, and has been associated with the education industry since 2022. With a flair for knowledge, he finds joy in learning and sharing insights on education, technology, digital marketing, and self-care through his writing. He is passionate about cars, tech-gadgets, and loves long drives.