So you want to travel overseas in pursuit of your MBA degree? I’m very sure you know it would take a lot of focus and determination to achieve your goal. In the same vein, it would also take a considerable amount of resources to conquer your target. To pursue your international MBA, careful planning is both necessary and wise. You will be required to prove to the consular officials of the country you intend to study for your MBA in that you have sufficient funds to cover your living costs, health insurance, as well as your university tuition fees.
To get a total of estimated costs you will be spending on your MBA, you will need to study the catalogs or application information provided by the university. It is important to note that tuition fees varies for different universities. Generally, it is usual for state universities to cost less than private universities. Some private institutions may be able to offer scholarships that state schools cannot. Two-year or community colleges are usually less expensive than colleges and universities offering bachelor’s and graduate degrees.
The cost of living is also very different because normally there are residential areas that more expensive than others. Usually, urban areas are usually more expensive than rural areas. And even in urban areas, there are high-brow areas, middle-class areas, and even low-cost areas. Depending on where you would be living, you would need to check how much you can afford on this expenses monthly. Rents, food, clothing, entertainment and other expenses would be normally more expensive in the city than the rural areas.
Here are some steps you can take to achieve this goals:
How To Create A Budget
You must ensure to involve your family, this is very important if you are still dependent on your parents. If they would be paying for your MBA program, you should inform them on all steps you take when creating your financial plans. Make sure that everyone is on the same page when it comes to who will pay for what, how much money will be distributed, and how much leeway you’ll have in making financial decisions.
Secondly, you should list out your sources of income which could include; financial aid such as scholarships, grants, work study, and student loans, savings, contributions from parents, and income from a part-time job.
Thirdly, list out your expenses. If you are not sure what your expenses are, you might try tracking them for a week, a month, or more. Recording everything you spend can be a great way to determine areas to cut out.
Also, make sure you plan for emergencies. Life can never be completely planned. If your car breaks down or you get sick, you’ll be grateful that you have money saved up in case of emergency and you won’t have to rely on credit.
One other important point is; don’t stop saving. You should make sure you save up for big expenses. It could be for anything you would like to buy or for a trip you would love to make in future. Create your your budget in a way that increases the amount you save.
Finally ensure that your budget is balanced. Total your income and expenses and make sure they are balanced. Your expenses should not be more than your income. They should be balanced or your income should be higher; this is actually preferable.
Now you are set for the next stage of planning.
How To Get Financial Aid
The next step to consider is the sources of financial aid. Normally, the cost of education increases with every passing year and this happens around the world. The increase in the cost of education notwithstanding does not mean you cannot achieve your dreams of getting an international MBA. Even if you do not have enough to fully cater for yourself, there are avenues for you to source for funds to help you get through your international MBA. Let’s check out other avenues you can consider when sourcing for funds to finance your international MBA.
- Online Scholarship Search
There are platforms online that help international students search for ways to receive aids and grants that would help them finance their international MBA pursuit. Two of these major platforms are:
International Education Financial Aid (IEFA) provides financial aid, college scholarship, and grant information for international students wishing to study abroad. Their search feature allows users to find scholarships around the world.
International Scholarships deliver a comprehensive listing of grants, scholarships, loan programs, and other information to assist college and university students in their pursuit to study abroad.
- Your Country
Most countries around the world have created programs and funds to support their citizens who are studying outside the shores of their countries. Most of these funds are created with some rules and conditions before they can be assessed by students. For example, most of these programs created and funded by the government of countries, have a strict condition which demands that the citizens return to the country immediately after their study ends.
- International Organizations
There are several international organizations around the world grant aids to the students all over the world. Some of these organizations are; Fulbright Commission, The United Nations, Soros Foundation, AMIDEAST, World Health Organizations etc. You can apply for these grants by visiting their websites and learning the process as well as the terms and conditions.
There are several international universities who offer limited and in some cases full financial aid through their financial aid programs to international students. Any international student interested in these facilities can go through this site as we have several articles on scholarships and grants awarded by schools. Do well to also check their terms of eligibility and other necessary procedures involved.
- International Student Loans
There are organizations who also give out loans to international students and you can find them online but be careful not to borrow too much which is very easy when you can actually get as much as you need and more from such loans. Over borrowing actually puts you on a very disadvantaged position because you end up raking in too much debt. Borrow only what you need and if possible try getting other sources of income and only borrow to complement what you already. That way you won’t bury yourself in large debt.
Unless pre-arranged this could be very dicey. Unless you have the required qualifications and certifications, the chances of an international student securing a job immediately upon arrival is very slim except it has been pre-arranged. Also, when stating your financial resources, you cannot list potential income except it is something that is concrete. Your financial statement must be assured and must exceed the cost of your first year expenses.
This is actually supposed to be the first point I could have easily picked but it is not something that need much thinking. Family is actually the biggest source of income to international students. After that, the college and university funding is second place. Since slots for international funds can be competitive, it is only normal that family should be more in a place to support any international students’ dream who wishes to obtain their MBA abroad.
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