Financing an MBA is a common challenge for most MBA aspirants.
MBA is getting really expensive. Most students rely on some sort of external funding like loans that come with a high-interest rate, and that’s why a lot of students look forward to getting a scholarship.
For those of you who wish to pursue their education in an MBA abroad but don’t have the financial backup that it requires, then an MBA scholarship is the thing for you!
In this video, we are going to show you a variety of MBA scholarships for Indian students that are available whether they are within the country or abroad.
Before we begin, have you wondered why Universities offer scholarships in the first place? Why do they fund international students every year?
Well, here are two main reasons
The first is Universities look at making it easier for deserving candidates to get an MBA admit. The second is Increased competition between schools in getting their desired applicant. And hence the funding.
Now let’s look at the different kinds of scholarships that you can make use of/. So essentially there are two kinds:
Need-based Scholarship and Merit-based scholarship
1. Need-based scholarship:
This is the most common type of financial aid at independent schools This type of aid is awarded to a family strictly based upon their financial need.
That means it doesn’t discriminate by any factor apart from financial need. Eligibility is based solely on the assets and income of the prospective student and his or her family. Factors such as test scores or athletic ability have no bearing on need-based aid.
To mention a few, you can look at Stanford Reliance Dhirubhai Fellowships for Indian Students, Rotary Foundation Ambassadorial Scholarship, Tata Scholarships for Cornell University and several others that assess your background and are willing to fund your studies abroad.
2. Merit-based scholarship:
Merit scholarships are not dependent upon a family’s financial need. Merit scholarships are most commonly awarded in one of two ways: a student’s connection with an affinity group or for a student’s academic performance.
Do Spend time on each MBA program’s financial aid webpage, and make a note of all the scholarships and fellowships that you may qualify for.
Now that you know of the two types of scholarship, the next question is- How do I increase my chances of getting a scholarship amongst thousands of applicants?
Just remember you will need to be an above-average candidate for the school you’re applying to in order to be considered for a valuable MBA scholarship fund.
This means your academic credentials and GMAT or GRE score will figure in prominently—so will your work experience, volunteer or community service, and undergraduate work.
So here’s are strategies that you can apply to get that desired scholarship.
1. Get a high GMAT Or GRE Score
Your best chance to outshine your scholarship competition maybe your GMAT or GRE score.
Because it’s the only factor you can change with just a few months of regular prep.
2.Apply Early to the B-schools
Applying in round one means that you are applying for all available seats and, sometimes, all scholarship chances. The longer you wait, the more these opportunities and MBA scholarships may disappear, because they are awarded to other applicants.
3. Reach Schools- Apply to Reach Schools
The schools in the Reach Category should be those that you stand a great chance of getting into. A reach school is one where your academic credentials exceed the school’s range for the average first-year student.
The final step, work on your MBA application and make sure you have a great essay that showcases your profile to MBA Adcomm in the best possible way!
As a part of our MBA application process, we at CrackVerbal will guide you at every step in order to crack the admissions at your desired school. You will be assigned a top B-school alum as a personal MBA mentor, who will help you craft an essay that will get the attention of the admission committee and also increase your probability of getting an admit into your target B-school.
We have helped a lot of students get admission into top B-schools with scholarships. You can check out the links to their stories in our description.
For more information, visit us at www.crackverbal.com