MBA Financial aid Information Handbook This information has been collated from Jamboree internal research, Financial Times, Forbes, US News, Economist, Business Week, and Business Insider. It is important for the MBA aspirant to realize that there are many good colleges in the world, and colleges should be chosen based on a number of criteria including ranking, location preference, and funds availability amongst other factors.
Financial aid for USA MBA Colleges Information is provided in the best interest by Jamboree to help MBA aspirants to choose the apt program. It includes subjective pointers from our experience and data from various credible sources. For more details on financial aid, and help in selecting the right college, the student should approach the Jamboree admissions counselling team. Data collated on Jan 2015.
Financial Aid for US MBA Colleges - 2015 Ranking Name of college Location Program cost (USD) Living cost (USD) Avg. GMAT Score Avg starting salary & bonus (USD) Need based scholarships Merit based scholarships Special Interest scholarships Loans with Cosignor Loans without Cosignor Teaching & Research Assistantships Part time work 1 Harvard University Boston, MA 112000 50000 727 138346 Yes No Yes Yes Yes No No 2 Stanford University Stanford, CA 120000 65000 732 137525 Yes No Yes Yes Yes No No 3 University of Pennsylvania (Wharton) Philadelphia, PA 120000 60000 725 141243 No Yes Yes Yes Yes Yes Limited 4 University of Chicago (Booth) Chicago, IL 118000 50000 723 135982 No Yes Yes Yes Yes No Limited 5 MIT (Sloan) Cambridge, MA 122000 60000 713 137057 Yes Yes Yes Yes Yes Yes Yes 6 Northwestern University (Kellogg) Evanston, IL 120000 55000 713 135838 No Yes Yes Yes No Limited Limited 7 University of California (Haas) Berkeley, CA 108000 55000 714 134078 Yes Yes Yes Yes Yes Yes Limited 8 Columbia University New York, NY 122000 50000 716 137654 Yes Yes Yes Yes No Yes Yes 9 Duke University (Fuqua) Durham, NC 110000 40000 694 135101 No Yes Yes Yes Yes Limited Limited 10 Dartmouth College (Tuck) Hanover, NH 118000 25000 718 139036 Yes Yes Yes Yes Yes Limited Limited 11 New York University (Stern) New York, NY 115000 75000 721 131975 No Yes Yes Yes No Yes No 12 University of Michigan (Ross) Ann Arbor, MI 115000 36000 704 134883 No Yes Yes Yes Yes Yes Limited 13 Yale University New Haven, CT 115000 48000 714 126013 No Yes Yes Yes Yes Limited No 14 University of Virginia (Darden) Charlottesville, VA 105000 45000 706 136102 No Yes Yes Yes Yes No Limited 15 University of California (Anderson) Los Angeles, CA 110000 52000 706 123353 No Yes Yes Yes Yes Limited Limited 16 Cornell University (Johnson) Ithaca, NY 112000 40000 691 129037 No Yes Yes Yes Yes Limited Limited 17 Carnegie Mellon University (Tepper) Pittsburgh, PA 114000 40000 691 131181 No Yes Yes Yes No Limited Limited 18 University of North Carolina (Kenan- Flagler) Chapel Hill, NC 102000 45000 683 123526 No Yes Yes Yes Limited No Limited 19 University of Texas (McCombs) Austin, TX 98000 35000 690 123868 No Yes Yes Yes No Limited No 20 Indiana University (Kelley) Bloomington, IN 90000 36000 664 113898 No Yes Yes Yes No Yes Limited 21 Washington University (Olin) St. Louis, MO 100000 45000 696 110533 22 Emory University (Goizueta) Atlanta, GA 92000 45000 681 124148 23 Arizona State University (Carey) Tempe, AZ 78000 42000 673 103903 24 Brigham Young University (Marriott) Provo, UT 45000 25000 665 110216 25 Georgia Institute of Technology (Scheller) Atlanta, GA 75000 30000 678 108055 26 Ohio State University (Fisher) Columbus, OH 92000 35000 666 108510 27 University of Wisconsin Madison, WI 54000 30000 676 109293 28 University of Notre Dame (Mendoza) Notre Dame, IN 90000 35000 690 115296 29 Vanderbilt University (Owen) Nashville, TN 92000 45000 688 113170 30 Georgetown University (McDonough) Washington, DC 102000 50000 688 118620 31 Rice University (Jones) Houston, TX 97000 55000 676 115693 32 University of Minnesota (Carlson) Minneapolis, MN 90000 32000 686 117972 33 Michigan State University (Broad) East Lansing, MI 86000 35000 655 102806 34 University of Illinois Urbana- Champaign Champaign, IL 60000 35000 661 94751 35 University of Washington (Foster) Seattle, WA 82000 45000 670 118759 36 University of Southern California (Marshall) Los Angeles, CA 101000 40000 686 116011 37 University of Texas Dallas Richardson, TX 60000 30000 672 83944 38 University of Rochester (Simon) Rochester, NY 100000 35000 680 92262 39 Pennsylvania State University (Smeal) University Park, PA 72000 37000 645 108961 40 University of Florida (Hough) Gainesville, FL 60000 30000 681 84281 41 University of Maryland (Smith) College Park, MD 91000 32000 654 98723 42 Texas A&M University (Mays) College Station, TX 40000 30000 648 97480 43 Purdue University (Krannert) West Lafayette, IN 84000 25000 607 100609 44 Boston University Boston, MA 88000 40000 682 103291 45 Boston College (Carroll) Chestnut Hill, MA 84000 40000 666 96915 46 University of California (Merage) Irvine, CA 94000 55000 654 89719 47 Temple University (Fox) Philadelphia, PA 78000 40000 646 93694 48 University of Arizona (Eller) Tucson, AZ 76000 25000 639 86867 49 University of Georgia (Terry) Athens, GA 61000 33000 645 86096 50 University of California Davis, CA 97000 35000 685 88301 Data restricted to Jamboree Students
Funding your Foreign MBA Information is provided in the best interest by Jamboree to help MBA aspirants to choose the apt program. It includes subjective pointers from our experience and data from various credible sources. For more details on financial aid, and help in selecting the right college, the student should approach the Jamboree admissions counselling team. Data collated on Jan 2015.
FUNDING YOUR FOREIGN MBA By Jamboree the No. 1 Institute in India for GMAT, GRE, SAT & study abroad admissions counselling Doing your MBA from abroad is extremely expensive. Because of this reason, the counselors at Jamboree encourage you to spend time in exploring all available financial aid options. The following document provides an introduction to the types of funding that is available. For more details, please contact us at 09582320407. USA Financial Aid to the US MBA programs is of the following types: Need based scholarships Very few MBA colleges offer this type of aid. But for those colleges that do offer, the student must prove to the college that their personal and family savings fall far short of the required amount. Keep in mind that this is a very small and highly competitive scholarship, and most middle class Indian students will not qualify for this. Merit based scholarships Also known as Grants or Fellowships, the amount can range from $1000 to the full tuition and living costs. The money does not need to be paid back. Most of the top 50 MBA colleges in USA will offer this scholarship, but the amount will vary. These scholarships are mostly reserved for special qualifications such as academic, athletic or artistic talent. Some colleges require a separate application, but others don t. Even though these are highly competitive scholarships, all students should try for these. Check on each college website for specific merit based scholarships and the process for applying for those. Special Interest Scholarships These scholarships are provided by organizations that want to promote a particular special interest or goal or agenda. Scholarships are provided by companies (with the agreement that you will go and work for them after the MBA), industry associations (with the agreement that you will work in that industry after your MBA), foundations (with the agreement that you will work towards the cause promoted by them), fraternal organizations and clubs (if you or your family member has belonged to that club), ethnic organizations (to members of their own ethnicity), minority groups (to members of the group) and countries (to citizens of that country). In most cases, special interest scholarships are not restricted to a particular college, which means that after you ve got admission to a college of your choice, you have to submit a separate application for this scholarship.
There are hundreds of thousands of such scholarships available, and it will require a lot of your time in doing research and applying for them. Details for many of these scholarships are available in this document. Employer scholarship In some cases, your employer will offer you part or full scholarship, with the condition that you will go back and work with them after finishing your MBA. Talk to your employer about this option. Loans with cosigner Many US based organizations and banks will give you a loan if you have a US citizen or green card holder as a cosigner. That means if you decide not to pay back the loan, the cosigner is responsible for paying it back. Therefore you should choose your cosigner wisely, and give them ample reason for signing for you. Mostly a close family member, or someone who has known you and your family for many years will sign for you. It is a big responsibility to sign for a loan of $150,000 or more, so make this choice carefully. The advantage of having a cosigner is that you will get the best rates the banks have to offer. Details of banks in the US who offer this kind of loan are given later in this document. Loans without cosigner Very few US based organizations and banks will give you a loan if you do NOT have a US citizen or green card holder as a cosigner. It is risky for a bank to do this, since if you decide not to pay back the loan, and leave the US after your MBA, there is little they can do to recover their money. In all cases, the interest rate at which the bank will lend you money without a cosigner is 1% to 3% higher than a loan with a cosigner, and that will make a different of many thousands of dollars. So, it is in your interest to get a cosigner loan. The banks that offer loans without a cosigner are different for each college, and you should talk to the college about it. Loans from home country Many Indian banks are now offering loans for a study abroad. In all cases, they will require an immovable collateral such as a family property, or company factory. The owners of the property or factory will have to be a cosigner. Since the rupee depreciates faster than the dollar, the interest rate offered will be much higher than that you will get for a loan from the US in dollars. Details of organizations that provide loans in India are given later in this document
Crowd-funding A crowd-funding company is not a traditional bank or finance company. Their sole purpose is to give loans for student education. They raise their funds from alumni and investors, in the form of debt and equity. The company will have tie ups with universities, and will only be able to lend to students who are attending those universities. Their interest rate might be higher than a traditional bank. They don t require any cosigner or collateral. This is a relatively new business model, but is becoming very popular, since the paperwork required is much lesser than traditional banks. However not all colleges have a tie up with crowd-funding companies. Research & teaching assistantships Many US universities will offer assistantship positions. This means that you will work within the department of the college (such as marketing, finance, accounting, IT, etc) and work on jobs like helping the professor with research, part time teaching for undergraduate classes, correcting exam papers, etc.) In some cases, you can also take up assistantship positions in other colleges within the same university (for example if you know how to play a musical instrument, you can work in the music school). In general, the higher your skill level, the more pay you will get. You will get paid by the hour, and most of these positions will take up about 5 to 15 hours per week of your time. In some cases, you can get such a position during your application process itself by speaking directly to the admissions office. Part time work On an international student visa, the student can work on-campus in US universities for a maximum of 20 hours. You can get part time work in the college or university for example in the library, in the cafeteria, in the dormitory, etc. In all cases, you will only be able to get these positions once you arrive at the college. You have to speak directly to the person in charge of that facility, and make a case for why you should get that job. NOTE TO STUDENT In rare cases, you will be able to get full tuition and living scholarship from the college of you choice, without having to put in too much effort. But don t be disappointed if you don t. In most cases, the student will have to do a lot of research, work very hard to make many applications, and finally do a mix of various sources to pay for their MBA college. So do look at all options detailed in this document, and tap into all resources. Don t assume you will be able to get something until you ve actually got it.
EUROPE Most European MBAs are 12-15 month MBA programs, and do not have as many funding options as the US MBA programs. Merit based scholarships Though not abundant, some European B schools such as HEC Paris, Manchester Business School, etc. offer merit-based scholarships. These scholarships can be in the form of monetary awards or tuition waivers. Some of these scholarships can be given out along with the admission offer. These scholarships, if given along with the admission offer, are given to the 5-10% of the admitted students. So, if an applicant is willing to compromise on the quality and ranking of the college, then he stands higher chances of winning these scholarships and tuition waivers. External Scholarships In a lot of the B schools, there are scholarships offered by external agencies. Very often, these scholarships require separate application and interview process. For instance, information related to all external scholarship programs available for MBA programs in UK can be collected from the British Council. Loans Quite a few European Business schools offer loan programs to International students. These loans are given usually for 100% of the cost of the MBA program and, cover both the tuition and living expenses. These loans are offered at much lower rates of interests as compared to the Indian banks. Some B schools such as INSEAD, LBS, etc. offer loans to International students and require a credit worthy citizen or permanent resident as a cosigner. Paid Internships Some of the European B schools have an internship as a part of their curriculum. This is a paid internship and helps students pay for some portions of their MBA tuition. Part-time employment The best part about a European MBA is that on an international student visa, one can work off-campus. The cost of living can be easily taken care of through this. SINGAPORE AND HONGKONG In terms of cost, the Asian Business schools are the most affordable. In fact, one of the reasons behind the recent surging popularity of Asian B schools such as National University of Singapore, HKUST, Nanyang, ISB, etc. is that these Business schools come across as a great combination of world-class education and affordable tuition. The cost of an MBA ranges from INR 15 lakhs to INR 35 lakhs only. Moreover, these schools give generous scholarships and tuition waivers that bring down the cost further.
Search engines for scholarships 1. www.iefa.org - a website with a comprehensive listing of financial aid, college scholarships and grant information for all students wishing to study abroad. The mission of the organization is to promote study abroad and international education for all students across the world. 2. www.fastweb.com 3. www.finaid.org 4. www.scholarships.com 5. Institute of International education (IIE) www.iie.org 6. International Research and Exchanges Board (IREX) www.irex.org 7. Council for International Exchange of Scholars (CIES) Fulbright scholarship www.cies.org 8. Internationalscholarships.com 9. Petersons.com/graduate-schools/graduate-loans-scholarships.aspx 10. www.eastwestcenter.org/scholarships-fellowships/ 11. simpletuition.com International Scholarships all Indian students are eligible 1. The Aga Khan Foundation Applicants must show consistently excellent academic records, genuine financial need, admission to a highly reputable university or program, and relevance of the field of study to the Foundation s focus areas. Amount of award is 50% scholarship and 50% loan. 2. The American Association of University Women Fellowships to female international students studying in the US. 3. The Association of Management Consulting Firms and Richard Metzler Scholarships are for students who demonstrate a commitment to management consulting while pursuing their MBA 4. The Bridgat Scholarship Program is a merit-based fund awarded to one full time graduate student who must be an Asian country citizen. Only available for second year MBA students 5. The Credit Suisse MBA Fellowship Program in Americas grants merit based awards to leading MBA candidates at selected business schools. There is an intensive interview process, after which award recipients are paired with mentors from Credit Suisse and have the opportunity to interview for a 10 week summer internship 6. Don Kuhn Memorial Scholarship Fund provides a scholarship to a Masters student with a commitment to pursuing a career in non-profit industry or interactive marketing. 7. The Financial Leadership Scholarships for Bay Area Women is a scholarship for female students pursuing an MBA from a Bay Area college 8. The Fulbright Scholarship program offers awards to students who aim to increase mutual understanding between the people of United States and other countries through the exchange of persons, knowledge and skills 9. The HR Symposium Lynne Boone Memorial Scholarship Program awards scholarships to graduate students enrolled in HR and Organizational Development degree programs, including those pursuing an MBA with HR as a major. Three scholarships are awarded and the criteria includes academic excellence, work experience in HR, volunteer work,
extra curricular activities and professional/faculty recommendations. 10. The Lynn Adamson Memorial Scholarship is awarded to females currently enrolled in a graduate degree program related to health care. 11. The Markowski-Leach Scholarship is for gay or lesbian students with a commitment to excellence and leadership 12. Mckinsey & Company Emerging MBA Scholarships are for MBA students who thrive in a challenging and collaborative work environment 13. The Orbis Investment Management Fellowship is for an exceptional MBA student who can demonstrate his or her talent and passion for investing 14. The PEO International Peace Scholarship Fund for Women open to women. The candidate must be accepted full time for a graduate degree to an accredited US institution. Candidates must commit to return to their country of origin within 90 days of completing their degree to pursue a professional career. 15. The Phi Kappa Phi Honor Society offers multiple graduate scholarships and awards for the first year of professional study. 16. The Switzer Foundation has fellowships for graduate students who show a passion for solving problems and effecting environmental change 17. Women in International Trade Northern California Scholarship Program awarded to 1 female with career aspirations in the field of international trade, business or policy. 18. Rotary International www.rotary.org 19. The Kaplan Life Sciences Fellowship Presented to students with a background in Life Sciences and who want to pursue a career in the Sciences related field 20. Horace Goldsmith Fellowship Students who have exhibited leadership and a commitment to the non-profit sector 21. Howard Mitchell Fellowships full tuition awards for exceptional students from under-represented backgrounds 22. Emerging Economy fellowships For students from emerging economies 23. Forte Fellowships Female students who demonstrate exemplary leadership 24. Social Impact fellowships For students with demonstrated leadership in the public and/or not for profit sectors Scholarships available in India for study abroad 1. Narotam Sekhsaria Foundation - www.nsscholarship.net 2. Debesh-Kamal Scholarship - www.sriramakrishna.org/scholarship.php 3. Inlaks Shivdasani Foundation - www.inlaksfoundation.org/ 4. JN Tata Endowment for the Higher Education of Indians - www.dorabjitatatrust.org/ 5. KC Mahindra Education Trust - www.mahindra.com/how-we- Help/Foundations/K.C.-Mahindra-Education-Trust 6. B.D. Bangur Endowment Educational Scholarships 7. R.D. Sethna Scholarship Fund 8. Sahu Jain Trust Loans in India
1. University Grants Commission - Provides a list of some loan schemes - www.ugc.ac.in/ 2. Bank of India - www.bankofindia.co.in/english/home.aspx 3. Credila Education Loan Services - www.credila.com/ 4. Global Student Loan Corporation/HSBC Mumbai - www.globalslc.com 5. Indian Bank - www.indian-bank.com/education.php 6. State Bank of India - statebankofindia.com - Under Personal Banking 7. State Bank of Travancore - www.statebankoftravancore.com/home.htm 8. Bank of Baroda 9. Canara Bank 10. Star Education Loan Loans with cosigner 1. Citizens Bank - Citizensbank.com/edu - 800-708-6684 2. Discover Bank - 877-728-3030 - discoverstudentloans.com 3. Sallie Mae Bank - Salliemae.com/international - 888-272-5543 4. Union Federal Savings Bank - Unionfederalstudentloans.com - 866-513-8445 5. Wells Fargo Financial Services - Wellsfargo.com/student - 800-658-3567 6. Sun Trust - Suntrusteducation.com - 866-232-3889 7. Credit Union Student Loans - Lendkey.com/custudentloans 8. PNC - pnconcampus.com - 800-762-1001 Crowd-funding companies 1. Prodigy finance prodigyfinance.com, started by INSEAD graduates. More international in nature 2. Commonbond commonbond.co started by Wharton graduates. More US based. 3. Social Finance sofi.com started by Stanford graduates. More US based.