MBA – Strategy – Funding Options
One of the most difficult aspects of the MBA decision is money. How in the world can you afford it? We in general advise
you to apply for any scholarships you happen to be qualified for and then devise a plan for funding your MBA once you know
how much money you have available to you and where you have been accepted. An MBA in the US can cost up to $60,000 a year.
But you have options. To support yourself and cover some of your own expenses, you should consider part-time work.
Summer internships between your first and second years are often very well-compensated in terms of helping you save up
for your cost. There is a tremendous number of scholarship opportunities overlooked every year as well.
Most MBA students take out loans. Counting on the greatly increased earning potential after completion of the MBA,
students tend to find loans the simplest funding option. Federal loans are the best type of loan you can get. For example,
in the US, you may take out no more than $18,500 from the Federal government per school year if you are a citizen or
permanent resident and the rest will need to come from private institutions, such as Citibank, Access group and the GMAC.
The financial aid offices of the schools you are applying to are in general quite helpful in assisting students in
locating the best option for them. Scholarships, grants, and part-time work are all options to help finance your MBA.
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Now I am preparing for my GMAT tests. The course books Turbocharge Your GMAT and Official Guide For GMAT are very helpful. I think the combination of these two books is very good. What I like the most about Turbocharge Your GMAT course is Vocabulary lists. The other books don't provide such lists, but for me as a foreigner it is very important to learn the words that may appear in GMAT. For example, I was afraid not to understand a task in math section or to misunderstand it, and not to give correct answer to relatively easy question just because I didn't understand the data or the question. But after I learned Math Vocabulary list I very seldom misunderstand a task. Now the hardest GMAT task for me is Reading comprehension, because my vocabulary sometimes is not enough to understand a text, especially if it is historic matter. So now I am learning words from Vocabulary lists. Now I study hard every day, because I realize I am at a disadvantage in comparison to test takers, whose native language is English.
-Natalia (This student is based in Russia.)
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