The first question most people ask when they get accepted into an MBA is, “How will I pay for it?” Coming up with $100,000 for a one-year MBA, and over $200,000 for a two-year MBA is very challenging, but for students looking at careers with a high MBA salary, this money is investment (on which one can expect an impressive return). There are different products available for students, from family loans, country-specific loans from banks, government loans, MBA scholarships and loan programs designed for international students.
Over the past few years we have seen more and more students with family savings asking for loans for a simple reason: financial freedom and independence. With this financial freedom, however, comes responsibilit
SAVINGS
Every MBA candidate should be thinking about saving for at least one or two years before they begin their MBA. Initial savings are needed not only to pay the initial deposit to the school, but also for living expenses. Most universities want their students to have some ‘skin in the game’, using savings to pay for some of their education. MostMBA loan providers will also ask for savings from the student as it shows a commitment to their education and the fact that they have thought about this decision for a long time.
Some students are lucky to get support from their family; but it seems more and more of them prefer not to, instead choosing to become independent.
LOANS WITHOUT THE HELP OF OTHERS
Until recently most MBA loans required some sort of collateral or acosigner for a student loan. This often meant that a student had to put up their house in collateral for a loan. This would involve paying commissions for a guarantee and a review process of their house, lots of hours of paperwork and sometimes having to ask their parents to put up their house in collateral if they did not have one.
In other cases, banks ask for someone with savings or a high salary to sign in the name of the student. This makes them, and not the student, financially responsible for the loan.
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