How to Seek Scholarships as an International MBA Candidate

moneyEvery year, the world’s top business schools become more and more expensive. There are various ways to pay for one’s MBA education, and for domestic students, the process is pretty straightforward. Many students will utilize loans as one of their primary forms of payments, others will pay out of pocket or enjoy the benefits of an employee sponsorship.

One of the most coveted forms of paying for an MBA is the scholarship, because it usually comes with no attached financial commitment to repay the money one is given. Now, these lucrative scholarships do not come easy, especially for international students. Free money is difficult to come by as is, but for international students, there are a few complicating factors.

The biggest challenge international students face with this process is the origin of the scholarship money – most scholarships that are applicable to MBAs at business schools in the United States usually come from domestic donors, and for this reason, the money is largely earmarked for domestic students. This leaves very little available money for international students. If you are an international student, make sure you use this information to research scholarships that are open to, or specifically target, international students.

Keep in mind, if you are applying from an over-represented group, this process may be even more competitive for you. With so many students applying for so little available money, attempting to secure a scholarship can be daunting, which makes it even more important to put your best foot forward in the application process (of course for admission purposes, but also for the limited available money). Candidates with top-notch profiles will obviously stand out in this phase of the process, as many scholarships are administered based on career potential and available scores and grades.

Do not limit your scholarship search simply to those provided by your school. Publicly available scholarships are certainly out there, and if your profile or career trajectory align with the requirements of the organization offering the scholarship, you may be “in the money.” Conducting a basic online search is a good way to find out what scholarships are available, and applicable, to you.

The best advice I can give to international students here is to try and get into the best and most reputed school possible – this will afford you the best career options and highest potential future income level, scholarship or not. Know the realities of the scholarship search and the unique challenges for international students, and set yourself up for success in securing financial support for your education.

Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or take our free MBA Admissions Profile Evaluation for personalized advice for your unique application situation! As always, be sure to find us on Facebook, YouTube, Google+ and Twitter.

Dozie A. is a Veritas Prep Head Consultant for the Kellogg School of Management at Northwestern University. His specialties include consulting, marketing, and low GPA/GMAT applicants. You can read more of his articles here.

Chicago Booth Announces New International Loan Program

More good news is on the way for international business school applicants. Last week the University of Chicago Booth School of Business announced a new loan program for international students. Launched in partnership with JPMorgan Chase, the new program will give these students access to private educational loans without requiring a co-signer.

The new program will provide loans to international students who are not eligible for federal assistance in the U.S. and cannot qualify for standard private loans because they do not have a U.S.-based co-signer.

Under the terms of the new deal, JPMorgan Chase will provide financing to qualified international students for amounts up to the total cost of attendance, minus any financial aid received. Exact terms will be announced later this spring, when students will receive more information on the program.

“Almost 20 percent of our students are from abroad, and they add a great deal of intellectual vibrancy and cultural richness throughout the University and our community,” said Kimberly Goff-Crews, Vice-President for Campus Life and Dean of Students, in a release on the school’s site. “We have focused our attention on finding loan programs that will meet the needs of this important segment of our student body.”

For more information on applying to Chicago Booth, visit the Veritas Prep Chicago Booth information page.

What Counts as Significant International Work Experience?

For international experience to be significant it has to be something that you can write about at length and appropriately in a b-school essay.

  1. Can you articulate how you lead a team in a multi-national or cross border environment? This is what the adcom would want to see if you were writing an essay. A lot of applicants have worked occasionally overseas. More important is what you learned, how it changed your perspective, how you overcame an obstacle and how you produced a positive team outcome.
  2. That is, what you got out of it and what you can put down on paper is what will set your experience apart from other applicants. That is where I consider the line drawn with respect to whether or not an experience is significant.
  3. With respect to any extracurricular international experience (start-up, professional volunteerism, etc.), if you can write about it effectively as part of your positioning then it