10 Financial Aid Tips for MBAs

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Education Loan In India
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• 10 Financial Aid Tips for MBAs
• Look at your individual circumstances
• While its tempting to Google Education Loan In
  India and hope for a quick fix, there is no
  one-size-fits-all solution when it comes to
  financing your MBA. Each student is different,
  points out Sarah Lopez, director of financial aid
  at Berkeley-Haas Not every student will come in
  with the same resources. Not every student is
  comfortable taking on debt at the same levels.

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In addition, each student coming into business
school has a different set of circumstances and a
different financial situation, so the best
financing option for one person wont necessarily
be the best for another. Even on an individual
basis, there may not be one perfect solution,
since deciding how to pay for your MBA isnt as
cut and dry as knowing when to start saving for
retirement. There are a lot of different factors
that affect your MBA financing choices, including
your intended post-MBA career, living costs, your
credit situation and the amount of money you have
saved. Thats why you should run through all the
different potential MBA financing scenarios and
make decisions based on your individual
situation.   If you have problems finding the
best plan to fit your circumstances, the good
news is that youre not alone. According to
Lopez, the financial aid office can help
students craft a plan so they understand the
specific sources of aid as well as their
individual circumstances.
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2. Save your money Save, save, save, would be
our best advice, states Marilena Botoulas,
assistant dean of financial aid at Columbia
Business School. Specifically, Botoulas advises
that students come into school with a level of
savings that will allow them to achieve the
personal, community and interpersonal goals they
have set for themselves."   Attending a top
Educational Loan For Mba program is an expensive
endeavor, and having money saved up beforehand
helps with living costs and reduces your reliance
on loans. Students also have to consider
potential costs beyond tuition and cost of
living. Having money saved can help you prepare
for the different scenarios that could occur
during your MBA program. For example, familial
obligations may require you to travel home more
often than you expected, or you may need money to
cover expenses associated with recruiting or
spring break trips.
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3. Look for MBA scholarships and free money
before loans Before applying for MBA loans, all
MBA students are encouraged first to look for any
grant, scholarship or fellowship assistance in
order to keep their loan borrowing at a minimum
while they are enrolled, states Botoulas. Most
business schools offer need and merit-based MBA
scholarships. Business schools also usually keep
lists of external scholarships and programs which
can help students pay for their MBA.   It is well
worth the extra work to find MBA scholarships and
grants, because, as Lopez states, its free
money, essentially, and its better than taking
out loans.
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4. Ask your family and company for help As with
MBA scholarships and grants, receiving money from
your family or company can help lower your
dependence on MBA loans. Thats why you should
consider asking your family and/or company for
help towards paying for your MBA. Whether or not
asking for money is a good idea, however, depends
on your own situation, particularly when it comes
to sponsorships. Lopez states that sponsorships
are a good option when someone knows that
theyll be going back to that company and theyre
comfortable making that decision.
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5. Review your living expenses In addition to
paying for your program, you also need to have
money for a place to live, food to eat, plus
other living-related expenses that come up during
your MBA. In fact, the cost of living is the
second-highest cost associated with attending an
MBA program. While your MBA program will provide
you with a suggested budget which includes
tuition, fees and living expenses, those
factored-in living expenses are moderate. Thats
why, according to Botoulas, anything that could
be considered a lifestyle choice should be
reviewed carefully.
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6. Estimate your post-MBA salary Before
committing to business school, students should
research the kind of salaries they can expect to
receive, post-MBA, in their chosen industry and
position, states Botoulas. Estimating your
post-MBA salary is the first step towards being
able to evaluate you capability to pay off a
loan, as well as the maximum amount you should
borrow in the first place.   7. Go to the
financial aid office We recommend that students
contact the financial aid department as soon as
theyre admitted, states Lopez. After that, any
point a student has confusion about the process
is a good time.   Theres a common misconception
that financial aid offices are only open when
classes are in session when, in fact, most
offices are open year-round. Indeed, Lopez says
that summer is a particularly busy time for
Berkeley-Haas financial aid department.
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8. Know what factors to look at when evaluating
MBA loans According to Botoulas, students should
look at the following factors in order to
evaluate whether or not an Education Loan In
India For Mba is right for them Origination
fees, interest rates and whether they are fixed
or variable, the term (length) of the loan, grace
period but also whether a loan product offers
repayment flexibility for economic hardship or
unemployment, income-based repayment, loan
forgiveness for death or total disability as well
as for working in a nonprofit or government
agency. Another major factor to consider is the
maximum loan amount.
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9. Dont wait and apply for your MBA in the last
round According to Lopez, its really critical
that students apply early instead of waiting for
the final round. Individual business schools only
have a certain amount of scholarship money
available each year and some fellowships are
likely to be awarded very early in the admissions
cycle. Even if you are a superstar student,
applying late could mean that you will miss out
on a scholarship you might have been able to get
had you applied earlier.   10. International
students should look for financial aid options in
their home country first When it comes to MBA
financing for international students, Lopez
advises students to look to MBA scholarship and
grant options in their own country before looking
at options within their intended host country.
International students may be competing with
domestic students for scholarships and
fellowships, so its important that they know the
full array of options available to
them. Sourcehttps//goo.gl/M31nzq
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