When it comes to online MBA, it’s pretty easy to choose the college and the specialization of the course from an endless list. The choosing of the college and the specialization of the course is based on an aspirant’s personal,academic,career and financial requirements.
The annual cost of a regular MBA varies 30 – 50 lakhs if planned to do internationally. This covers tuition fees and academic fee but need not cover the cost of accommodation, books and other living expenses. This is for the renounced colleges like Harvard Business School, Georgia Tech University, Stanford University and other top tier colleges.Again, when you seek for other colleges down the ladder, the cost might still reduce further.
However, in India, a regular MBA from a top tier college like the IIM’s might be around 9-22 lakhs. Again, this is for the top tier colleges and the fee might reduce further as you climb down the ladder. As far as regular MBA is concerned, the list of colleges and specializations are endless. There are multiple banks from where you can always avail an educational loan to back up your regular MBA plan.
Its easier to finance your regular MBA degree when compared to the online MBA. As far as an online degree is concerned, the banks have a second thought to approve the loans. Most of them will be concerned whether you will be able to complete the degree successfully or not. In the case of financing your online MBA, the list of banks which approves the loans are less when compared to the regular one, especially if you are planning to choose an international degree.
This is why it is most often stated that online MBA best suits working professionals who are planning to climb up the promotion ladder or those who are planning to switch their career to a different domain.
Corporate sponsorship
The best way to finance your online MBA is to seek for corporate sponsorship. Majority of the companies cover at least a certain portion of the fee of the online MBA degree. May big names like Apple, AT&T, Deloitte, Bank of America, Intel,Procter & Gamble, Ford etc help finance their employee’s online MBA education if they have served the company for a subsequent period of a time.
Scholarships
On choosing a college, whether it be in India or abroad, you also need to enquire on the merit-based scholarships, alumni awards and benefits provided by the college to its students. Some are ignorant of the fact that they are privileged to apply for various merit-based scholarships and end up in paying from one’s own pocket. The only point to be bored in mind is that scholarships should be applied in right time.
Private bank Loans
Most of the banks offer educational loans for regular courses. But as far as the online courses are considered, the number of banks offering loans are subsequently less. This is because the banks cannot approve the loans if the courses are not accredited and there is no surety on the completion of the course.However, the accreditation of the online MBA is the major factor for approving the loans whether it be a local or an international online MBA. The bank tries to cover 100% fee including tuition fee, examination fee, books etc. In case of online course, accommodation fee does not come into existence.Educational loans also helps save tax.
EMI options for fee payment
The EMI option for fee payment has to be checked with the college at the time of admission which lessens the financial burden to an extent.Thus, if possible, fee can be paid in installments.
