One of the biggest challenges faced by aspiring MBA students is finding ways to meet ends as far as the high costs of attending B-schools are concerned. However, one can find many sources of funding, for their one year MBA & PG courses, that are worth giving a shot. Some students combine their own financial means (savings and assistance from family, etc.) with some external sources of funding, while others have to be dependent upon different sources including loans, grants, and income. Following are a few pointers that can be of huge help to aspirants looking for scholarships to fund their 1 year PG courses & one year MBA programs :-
Grants & Scholarships
An ideal way to begin searching for finances to support your one year pg program in India or MBA is to investigate what grants and scholarships are provided by governments and private foundations. These grants and scholarships, when obtained, don’t have to be repaid. Prestigious awards are given to those applicants who possess an exceptional academic and professional record, and show tremendous potential for future success.
There are several other grants offered to a selected few–it can be students belonging to a certain religion, ethnicity, nationality, or academic interest, for instance. To find out which scholarships you could be eligible for, please refer to one of the many publications that provide a list of scholarships and educational grants.
Many business schools offer merit-based scholarships and grants to a few, top applicants. Therefore, it is always recommended that you establish networks with the financial aid offices of business schools (if possible).
SOIL (School of Inspired Leadership) gives merit-based scholarships as well as scholarships based on financial needs of the applicants. Applicants with impressive academic records, excellence in extracurricular activities, community service, and exceptional performance during admission process of their 1 year PG courses or MBA programs qualify for a Scholarship. However, scholarships are provided on first-come-first-enroll basis, subject to fulfillment of scholarship criteria and the total budget. It is, therefore, suggested that interested applicants need to apply early to be considered. Some of the applicants can also get merit-based scholarships for PG programs.
It is important to remember that even after securing financial assistance through scholarships or employer sponsorship, many MBA students still might have to take out a loan to finance their education and living expenses. Several banks, lenders, and private institutions offer student loans. It is important that you carefully go through the terms and conditions of these lenders before taking the loan and understand the rate of interests applicable to each.
This article aims to clear any doubts in the minds of all the MBA aspirants who are looking for scholarships to pursue their 1 year PG courses & executive MBA programs in India.
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