How to Pay Off your MBA Study Loan in 3 Years

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For most students who aspire to study MBA in UK, repaying the student loan is one of the biggest worries. Even the most well heeled Indians will find it difficult to pay for an MBA in the UK entirely out of their pockets. In most cases, taking a loan is inevitable. Once they find good placements and start paying off their loans, fresh MBA grads realize that it can take them as long as ten years to repay the loan amount. According to research, many MBA graduates often aspire to go into investment banking even if they don't have a finance background because the high pay will help them repay the loan. But, with a little calculation and by making small adjustments, it is possible to pay off the amount in three years! Read on to find out how...

Start Paying while Studying

Just because you are in a better position to pay off your loan after you get a job, doesn't mean you have to wait till so long. If you study your attendance requirement, you will find that it is possible to keep a full time job while pursuing your MBA program. Instead of waiting for your course to be completed, start paying off the loan in small amounts every month while you study. This can be made easier by minimizing your loan amount. Paying part of the amount directly to the university and taking a loan for only part of your tuition fees will help ensure that you're able to repay the amount faster.

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Cut Down on other Expenses

Keeping your expenses low can help you save more and pay off your loan faster. Instead of opting for an apartment, look for cheaper alternatives. Sharing an accommodation with roommates is one of the best ways to minimize living costs, so is a home-stay. If the accommodations closer to campus are more expensive, try looking for something a little farther away. Travelling by public transport like trains and buses are also a great way to save money. Cutting down on meal expenses is possible by carrying your own lunch from home. Every penny you save can go into your loan payment fund.

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Make a Payment each Week

There is no rule that limits your loan payment to once a month. If you're paid every week at work, then consider making loan payments once a week. You could also make small payments whenever you have a little extra cash in hand. By paying bi-monthly you can save on interest, and putting in your extra incomes like the annual bonus and tax refunds to your loan payments will help your loan get paid off faster.

Paying off your student loan in three years doesn't mean you have to sacrifice a lot while you study MBA in UK. Yes, you will have to live on a tight budget, but you can still have a fun student life. By making small adjustments you can easily pay off your loan in three years.

Summary

The article targets MBA aspirants with student loans, and highlights ways in which the loan can be paid off in three years.

Top Reasons to get an MBA from the UK

It is a good time to study MBA in UK. The country has widespread repute all over the world for more than hundreds of years of high quality educational history. With the same flexibility as offered by other MBA programs, most full-time programs in the UK take only one year to complete, while part-time programs- often the choice for working students- take two to three years. In recent times, international students also have the option of taking an online MBA course, without relocating. With more and more companies recognizing the value of a management degree, it makes perfect sense to get an MBA to boost your career.

Here are the top advantages of getting an MBA in UK:

1. Flexibility

The UK offers a number of MBA programs to cater to all kinds of students- working and non-working. There are full-time programs that require more time and dedication and there are part-time programs that offer more flexibility. There are also online courses and specialist MBAs, besides Executive MBA or EMBA programs for experienced managers. If you're from outside the UK, make sure you check before applying if the university accepts your degree.

2. Standard Admission Tests

Although some colleges in the UK may have their own admission tests, the standardized test for admission to any MBA program is the Graduate Management Aptitude Test (GMAT) that is the common MBA admission test for most universities over the world. If you're from a non-English speaking country, then you have to pass an English language test. You either have to take the TOEFL or the IELTS, and there are various books and guides available to help you.

3. Scholarships

The cost of an MBA program can be quite expensive in the UK, and along with living costs, the amount you will have to spend can be very high. If you have an exceptional academic record, you may be eligible for various scholarships to take care of some of the expenses. London Business School, Henley Business School, and Manchester Business School are some of the institutes that offer various kinds of scholarships, including full funding.

4. Industry Exposure

All MBA programs in the UK offer excellent career services, including internships and industrial training. Many B-schools have corporate hot shots as guest speakers or lecturers and this leads to networking opportunities for students. Strong alumni network in most schools also results in better placement opportunities for students. Some of them even land job offers long before completing their course.

5. Prestige

An MBA degree from a leading international institute gets more preference from recruiters. When you get an MBA from a prestigious school in the UK, your résumé is sure to stand out among several other graduates. If you work hard enough and can be at the peak of the class, then there will be no stopping you from getting hired by a top organization. The value an MBA from the UK adds to your CV is immeasurable.

It is definitely a wise decision to study MBA in UK. For more information on B-schools, get in touch with an education counselor for details and guidance on how to proceed.