Every 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.
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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.