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5 Ways to fund your education and get the management degree of your dreams

Management

Blog Date
December 7,
2022

For many people, their financial status is a barrier for continuing their education. Due to their poor economic condition, many talented students were forced to discontinue their education and provide for their family. Fortunately, with the advent of online education and its ever-growing popularity, finances are no more a big problem for people looking to continue their education. Online degrees are much more affordable than the traditional on-campus degrees, but they still require a significant investment. After deciding to enrol in an online degree program, you must look at your finance possibilities. While finding a way to pay for your online education may seem like a difficult task, it’s actually easier than you might think.

Today a lot of business schools and reputed institutes are offering flexible payment options to make these degrees more affordable and accessible. Besides, there are a whole lot of funding options you can rely on to fund your education and repay later. So, don’t let financial constraints get in the way of the management degree of your dreams. Here are some of the ways to pay for your online education:

Scholarships

One of the most sought-after ways to pay for an MBA degree, be it in your own country or abroad, are scholarships. Almost all leading B-schools and universities offer these merit-based scholarships. Their appeal lies in the fact that students can focus entirely on their education, without worrying about where the next instalment of the fee will come from.

However, since scholarships are based on merit, they also require applicants to meet certain eligibility criteria such as past grades, a timeline for completing the degree and performance-monitoring.

Student loans

The next most popular option for funding your higher education, such as an MBA, is student loans. These are long-term loans with a provision of repayment after you’ve completed your degree. While some loans cover all expenses such as tuition fee and living costs, others only cover the academic cost.

A lower interest rate as compared to other loans is what makes these appealing to students who don’t have the immediate resources to bear the cost of a professional management degree. A lot of banks also have tie-ups with institutions offering MBAs. This makes the process of loan application and approval a lot more streamlined and hassle-free.

Sponsorships

Today, many companies are willing to offer financial assistance for their employee’s degree as it will help them become a better asset to the company. Upskilling has become a major focus in organisations across the world and employers have finally woken up to the fact that helping their existing workforce acquire new skills proves far more cost-effective and productive in the long run than hiring and onboarding new employees. And, as Online MBA programs are more flexible and let you continue working either full- or part-time while you study, employers might be more willing to sponsor one. If you’re a working professional, you can look for a employer-sponsored MBA program.

EMI options

Most educational institutes providing online degrees focus on making it more affordable and accessible for all learners, students or working professionals. To facilitate this, they are allowing students to pay the fees easy instalments. Some of the renowned universities such as Manipal University Jaipur is offering no cost EMI options in order to reduce the financial burden on students

Self-funding

Getting a job before enrolling in online classes is one of the best strategies for people who want to pay for their own education. Find paid internships and part-time employment that fits you and start building a saving habit to help you reach the goal of paying for your own college. One can also pursue an online MBA while working a full-time job. It’s one of the major advantages of doing an online degree. Online MBA allows you to continue work while studying which makes self-funding much easier.

Also check out: An affordable MBA doesn’t break your bank

Online Manipal is the best source for affordable online degrees

Online Manipal is the virtual learning platform of Manipal University Jaipur (MUJ) through which you can enol and pursue your degree. MUJ has a long history of providing quality education to students across the world. The online degrees offered by MUJ are UGC-entitled and NAAC A+ accredited. During the program, you will be mentored by highly qualified and experienced faculty, have access to live and recorded lectures, webinars from industry experts, and placement assistance. Online Manipal offers attractive scholarships, and no cost EMI options for students. Get an online MBA degree from MUJ and increase your chances of landing in a higher job role with better salary packages.

You may like: Top 20 career prospects for a management graduate

The bottom line

There is no one size fits all approach when it comes to funding your own MBA degree. The right fit depends on your circumstances and vision for the future. That said, the option to pursue an online degree and pay for it as per your ability remains unmatched in terms of flexibility and affordability, even more so for those who cannot secure a full scholarship


Disclaimer

Information related to companies and external organizations is based on secondary research or the opinion of individual authors and must not be interpreted as the official information shared by the concerned organization.


Additionally, information like fee, eligibility, scholarships, finance options etc. on offerings and programs listed on Online Manipal may change as per the discretion of respective universities so please refer to the respective program page for latest information. Any information provided in blogs is not binding and cannot be taken as final.

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