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An MBA is a big investment, and in order to make the best return from it, you may need to invest a large sum initially. Going to a big school in a big city could make all the difference to your career, and all for a difference of $ 20,000 when compared to a
cheaper school in a smaller city. Therefore, it is often worth rejecting a relatively lower-ranked school that offers you a full scholarship for a top-notch school that offers you nothing gratis. Obviously, this creates a huge funding gap in many cases. Let's consider how to deal with such a situation.

There are several sources out there, from loans to scholarships, as well as teaching assistance to earning opportunities (projects and internships) while you are at school. There are sources within your home country as well as in the country of your business school. There are small as well as large quantum sources. Evaluate each one of them. Nothing is small when you are embarking on the MBA expedition.

Explore, explore, explore! Here are some tips to go about financing your MBA: -

Begin Early

For many candidates, the application deadline for funding sources (read grants and scholarships) has often already passed by the time they find out about it. The earlier you start, the more options you will have available. I would recommend that you start the process of identifying potential resources 18 to 24 months in advance, if possible.

Start Locally

Having decided the countries which suit you best, start off by exploring financing options available through embassies / governments / institutions of those countries where you would prefer to go as well as the likes of British Council, USIS, Max Mueller Bhavan, etc. Explore opportunities in the public domains like corporate scholarships, trust funds (e.g., Lions Club or Rotary Club).

Often these require to be made well in advance or require you to satisfy some criteria, i.e., membership, etc. So, make sure you get a feel of these well in advance. Talk to your local bank to find out how much you can get. The amount is likely to depend on the security offered. Foreign / private banks are likely to offer much more than what legacy banks typically offer provided that you or your family has the net-worth to support it.

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Atul Monga graduated from London Business School with an MBA in 2005, and currently works in the transaction support space with a leading professional services firm. Prior to that, he was with the Kotak Mahindra Group, and also spent time as an independent advisor. He has been counseling international MBA candidates for the last several years, answering questions relating to the GMAT, international MBA programs and careers. He is active contributor at CoolAvenues and Moderator of CoolAvenues' GMAT Forum.