Apart from the high tuition cost, students need to factor in living expenses, books and materials, extracurriculars and study trips. To be aware of these additional expenses might avoid a refinance mid-course and might even allow for career treks or to travel for interviews that weren’t planned beforehand.

The admissions consultants from Fortuna Admissions have assembled some useful financing tips in their blog. According to the experts students should start by defining a savings strategy. After that it is important to learn more about the potential costs surrounding the programme and to project a realistic budget for its duration. Finally applicants should explore their target schools’ financial aid resources, the Fortuna consultants write.

Usually options for finance include:

·         loans (public and private)

·         flexible payment terms

·         scholarships

·         employer sponsoring

·         creative ways like crowdfunding methods

Scholarships are not as rare as many students think. Forty-eight per cent of two-year MBA students received scholarship according to the FT’s 2017 ranking data. Scholarships are given for personal traits, gender, service and academic or industry distinction.

“It starts with your application – know it can position you to qualify for a merit scholarship, not just MBA admission. All candidates may be automatically considered for merit-based aid, and most schools regularly (if selectively) distribute fellowships,” the Fortuna Admissions experts write. “There’s often no separate paperwork to be eligible for MBA merit scholarships, but it’s advantageous to submit your admissions application in earlier rounds before they’re allocated.”

Examples of available offers are:

·         Scholarships from clubs and industry associations to ethnic associations and athletic groups.

·         NYU Stern’s Advancing Women in Business Scholarship or NYU Stern’s Fertitta Veterans Programme

·         Insead’s Mexico Excellence Scholarship

·         The Boustany Foundation’s scholarship for HBS (priority for candidates of Lebanese descent)

·         Stanford GSB fellowship

Many school websites have suggestions and advice on outside funding opportunities as well.

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