How To Finance Your MBA Abroad

Taking into account how expensive higher education can get, especially when you want to pursue it abroad, it is important that you plan your future well. In addition to researching the best options you have at hand you also want to do a basic study of how much it will cost you to live the city you want to move to. 

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Here are a few key things that MBA admission consultants Bangalore recommend that you take into account when planning your finances –

·         Start Saving Early On

Choosing to pursue higher education abroad isn’t a decision one takes over night. This means that it is something you should start preparing for at least one or two years in advance. Especially if you are pursuing an Executive MBA or any such course that requires significant work experience, you have the freedom to start saving small amounts every month that can eventually help you cover your expenses when you move to study abroad.

·         Saving in the Local Currency

Once you start applying for programs in a specific country, you could also start saving money in the currency of the country you intend to move into. This will help you protect yourself from drastic fluctuations of exchange rates. Furthermore, the more solid your saving plan, the better will be your demonstrated ability to manage your monies. All of this will influence your chances of obtaining an education loan or scholarship.

·         Do all the Research

Find out if all or any part of your expenses towards your international education is tax deductible in any way. Find out if there are any viable loan options that help you get through your initial years. Speak to current students and alumni from your city to understand the approaches they took to finance their education abroad.

·         Scholarships

Your MBA admission consultants in Bangalore will be able to help you apply to a variety of international, national and private scholarship programs that offer full or partial support for students willing to study abroad. If you are able to showcase your dedication towards your academic endeavour and highlight a justified reason for applying or a scholarship, chances are that you will be able to acquire significant financial aid for your studies.

·         Support from your Employers

Many companies, especially larger MNC’s and the likes run programs for their middle and senior level managers who intend to pursue a post graduate degree abroad. However, most companies expect you to sign an agreement that you will come back to the firm and work with them for a specific number of years. Such aid can cover a significant cost and is easier to acquire if the course you are pursuing is relevant to your current and future job profile.

When budgeting for your education abroad, also account the cost of living over and above your tuition fees. Your expenses towards your rent and other everyday things can run really high especially in western countries. Do some basic research to arrive at a realistic budget and assess if the move abroad will truly bring you the wanted ROI in the future.