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Check Out the Schools

Find out which schools offer financial assistance to students. Of course, you need to have a rough idea about your target schools. Check for scholarships, loans, earning
opportunities as well as options that allow you to bring down the cost of your MBA. Some scholarships only become available when you've enrolled yourself with a program or are already at the school. Don't leave any stone unturned. Check out everything!

Some schools offer loans repayable in shorter durations of 5-6 years after the MBA while others will allow you to repay them in 15. Look at your circumstances and figure out what fits you best.

Some will even offer a scholarship to worthy students who express difficulties in finding financial support. Scholarships are typically dished out to about 1/3rd of all students at most business schools although the amounts will wary. Approach alumni in your country to best understand the financing and scholarship opportunities available. Do not hesitate to tell the school that you need financial support. Some of us shy away from it while applying, in the fear that it may result in the school rejecting the application. Schools are looking for merit and diversity and will go far to hold on to those who are bright but may not be financially able. They realize that such students will opt for schools that offer them the best financial deal and they will use this to tie them in.

Getting yourself a recommendation from an alumnus of the school is highly likely to raise your chances of getting a scholarship. The MBA world is highly incestuous what with over a third of all students typically recommended by alumni. This is not to say that you can get away by simply getting an alumnus to recommend your application. Instead, use the opportunity to get support from a school's alumni and communicate your needs to him or her.

Explore Other Global Options

Seek out help from your near and dear ones. Sometimes, friends and family overseas are willing to oblige with much-needed funds to help you fulfill your dreams. Remember, they earn in dollars / pounds, etc., and not in rupees. And sometimes all you need is for them to stand as guarantors without them having to make a financial commitment upfront. All you need is a commitment to repay and a track record of keeping to your word, and of course, a willingness to prove it. For many kith and kin, it is a great privilege to be able to claim that a relative or a friend studied at a big business school, and by helping you, they can claim their share of pride.

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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.