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Paying for your MBA

Pursuing an MBA requires a lot of planning. Planning with respect to choosing the right MBA course, selecting the study mode- online or on-campus, the location of the university and planning out the monetary aspect of investing in an MBA degree program. MBA receives students from all spheres of society, be it a business man’s son or a middle-class government job holding employee’s daughter. The status-quo of any family should not stop a learning enthusiast from believing in their dreams and giving up on their aspirations. Therefore as a mode of help, government and banks have come up with certain loan plans which can help with funds for education. Apart from that, there are various other modes of payment which let you plan your studies. Let us take look at what they are:

  • MBA Student Education Loan- Banks these days help provides the financial aid for education. Colloquially termed as Student Loan the banks offer them at a rate of interest payable by the candidate after education. Do ensure you make this a part of your groundwork research while planning for the MBA course. The expenses covered under the loan are- the basic course fee, tuition fee, accommodation cost, Exam fee, basic amenities funds, transport cost, College deposit, refundable deposit and Additional fee required for tours and projects. The eligibility criteria to apply for a loan and getting it approved is primarily only two- He/she must be a citizen of India and the documents to prove the admission confirmation in the college or university.
  • Online or On-campus- Online programs among a lot of other things is famous for its cost-effective nature. If a good online MBA program under a fine university is available, one might not mind preferring it over the comparatively expensive On-campus MBA, the first variation coming from the tuition fees between the two. A candidate looking for flexibility, convenience and cost effectiveness must go for Distance learning or Online MBA programs. It is like hitting the jackpot.
  • Credit card- Most of the business schools have the instalment way of payment which is easier on the pocket as one doesn’t need to swipe the whole amount at one go and the fund planning can be easier.
  • Savings- If you have been working for some time and have some funds saved from your previous employments, or if you want to pursue Executive MBA while still keeping your job, it is most easy to do so as your income doesn’t stop and you get to educate yourself in the most flexible and cost saving way.
  • Combine MBA and part time work- Some candidates prefer part-time MBA degree. Allotting a few hours to work and mostly taking their lectures over weekends is a plan that works best for them. This helps them save a little while still pursuing a post-graduate degree. In such cases too, many students consider taking an educational loan. With a steady income each month, a loan is a feasible option to provide funds for education.

A further education to excel yourselves in the corporate, work sector and academics is not difficult. It is just about finding a way and planning how to work it out. Most of the times, even universities and colleges provide help by giving you information about the ways possible to make payment for your MBA degree program. Drop that hesitation to ask and find yourself closer to your aspirations.

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