Let’s get you covered when financing your MBA or Master’s studies at home or abroad. It is quite helpful to know that there are many funding options. Combining them with your resources can make most of the business and graduate schools of your dreams affordable.
Funding your Master’s or MBA study abroad
The types of expenses that MBA and Master's studies require fall into several categories.
The tuition fee is usually payable in several instalments – a deposit right after admission upon your enrolment to the programme, then before each quarter or semester.
The student fees are usually a small amount due upon enrolment or before the start of the programme.
Housing rent, depending on whether it is university housing or lodging you secure on your own, usually requires a deposit as you sign the contract and then monthly or per-semester payments.
Books and study material expenses can vary depending on whether you can use some at the university library, buy them second-hand, borrow or share them with other students.
Transportation expenses are two types: travel to your study location in case outside your city or country, and then daily travel to the university from where you live. If you stay in on-campus housing, you will save a lot from travel.
Food and personal expenses are not fixed and depend on how you manage your budget.
Study trips in the country of study or abroad can be an obligatory or optional part of your MBA or Master’s programme. In some cases, these expenses can be included in the tuition fee.
Medical insurance can be required by the university before the start of the programme. Expenses can be covered by insurance or by another healthcare plan that you should arrange before you begin your MBA or Master’s programme.
Budget and visa
Above are the main expenses that you should take care to plan before your studies. Note that in case you need a student visa, you will most likely be required to provide financial documents as evidence that you have all the budget secured before the visa application. This includes official documents about any scholarships, grants or financial aid awarded to you before you begin your studies.
Read: What to Do if You Cannot Afford MBA Tuition
How to get a scholarship and financial aid
Scholarships and financial aid are available from universities or business schools, national or international organisations, governments, companies, or associations. Since the diversity is quite big, start exploring well in advance. Application deadlines can be well ahead of the start of your programme.
While exploring various business schools and universities, you should dive deep into the various types of scholarships and financial aid available for the programme of your interest. Each programme offers a different set of options. Some might be on the university level, others specific for the particular school or programme.
Each funding programme or scholarship has specific eligibility requirements, application process, and deadlines. You must get all the details and list the options for which you will be eligible to apply. It is also important to know whether you can combine several funding options, especially if they are from the same source. For example, if a business school offers several types of scholarships for which you qualify can you be awarded all or just one of them?
The amount of the scholarships and financial aid differs. Often, the most generous scholarship or tuition waiver can cover up to 100% of the tuition fee, but in most cases, it can be partial.
So, the most important step is to find all the options for which you qualify. Then follow the application process and meet the deadlines.
As a general rule, you need to be a strong applicant to the programme, to meet all eligibility requirements, submit an outstanding application package, and perform at your best during the admissions interview if there is one as part of the admission process.
Now, let’s look at the various types of funding options for your MBA and Master’s studies.
Scholarships
Merit-based scholarships
This type of scholarship is awarded based on academic, artistic, or professional achievements demonstrated by prospective students. Merit-based scholarships are offered by universities, private organisations, and government agencies.
Need-based scholarships
Students with financial need are eligible for such scholarships, but they need to provide official documents to demonstrate their financial need. In addition, good academic performance can also be a requirement.
Field-specific scholarships
These scholarships are open to students in specific disciplines (e.g., STEM, education, arts, social sciences). They are available from the universities but are often funded by professional associations or industry leaders.
Diversity, equity, and inclusion scholarships (DE&I)
DE&I scholarships promote access to university education for underrepresented groups (e.g., minorities, women, LGBTQ+ students).
Scholarships for international students
Many business schools and universities aim to build internationally and culturally diverse classrooms to enrich the learning environment. Scholarships for non-domestic students are one way to achieve this strategy. In addition to universities, scholarships for international students are available from governments and global organisations.
Employer-sponsored scholarships
Companies or organisations provide scholarships to students who are their current or future employees. Often, this support requires that the students work for the organisation after graduation for a fixed period depending on the scholarship amount.
Read: How to Ask for Employer MBA Sponsorship
Community-based scholarships
Local communities provide scholarships through organisations, charities, churches, or community groups. This type of scholarship may require local residency or community service involvement.
Fellowships
Research fellowships
This type of fellowship is awarded to graduate students conducting research in specific fields. The funding can cover tuition, living expenses, and research materials.
Teaching fellowships
This option is offered to students who assist in teaching undergraduate (Bachelor’s degree level) courses and can provide tuition waivers and stipends.
Professional fellowships
These fellowships are focused on professional development and career advancement through MBA or Master’s studies, among others. They are often provided by government agencies or private institutions.
Grants
Grants are offered by academic institutions, private companies, or government agencies for research or project-based activities.
Assistantships
Teaching assistantships
This option provides tuition waivers and/or stipends when students teach courses or assist professors.
Research assistantships
Students who assist in faculty-led research projects can receive tuition coverage and living stipends.
Graduate assistantships
This opportunity combines administrative work with teaching or research responsibilities and offers financial benefits similar to Teaching and Research assistantships.
Loans
Government/Federal student loans
Some countries provide student loans with lower interest rates and flexible repayment terms. The loans are usually offered by banks, but the terms are set by the government.
Private student loans
Private student loans are offered by banks and private lenders and may require co-signers and higher interest rates. Often, international students will need a co-signer in the country of study.
Competitions and awards
Essay contests
Universities, organisations, and publications can award scholarships based on essay submissions. Essays may be part of the application process for other types of scholarships as well.
Project or research competitions
This type of funding can be provided to winners of academic or research competitions and can be used either at the students’ discretion or to be focused on university studies.
Alternative funding sources
Crowdfunding
Platforms or initiatives where the student or an organisation raise money for education.
Work-study programmes
Although graduate school study can be very demanding and is of top priority to students, there are options for part-time work, different from the fellowships and assistantships listed above, to help cover education expenses.
All these options are available to make your MBA or Master’s studies accessible. Free financial aid, such as scholarships, assistantships, fellowships, and grants can also boost the Return on Investment (ROI) because they will reduce the amount of your financial investment. So, dream big, explore the schools and programmes of your dreams, and you will find a way to afford your MBA and Master’s studies.
About the author
Iliana Bobova is a seasoned international education and career coach, advising prospective MBA and Master’s students globally during the Access Masters, MBA and EMBA events of Advent Group. In addition to writing articles, she has been the Chief Editor of the annual Access Masters, MBA and EMBA Guide.
