Admissions Special: 2 Alternative ways to finance your MBA as an international student

by DJNY 20:39 0 comments

A lot of emphasis is put on utilizing scholarships, assistant-ships and federal loans. But, the cost of the MBA usually exceeds what many of the programs offer. Also, there is a lot of competition and little guarantee that you'll be able to obtain as much financial aid as required. So, people usually go for loans. But as I have discovered in the past, obtaining loans from your native country or for that matter from any US-based financial institution is not the easiest of tasks.

Thankfully, there are alternative ways to finance an MBA. Today, peer-to-peer lending is gaining traction. The reason why it's becoming a popular option is because there are less stringent formalities and you actually get a loan from an alumnus of the business school you're going to attend. You don't need to provide collateral or have a cosigner.

And most importantly, if you're planning to fully utilize your time at a certain B-school (by attending events or visiting foreign countries), you will find yourself appropriately funded by the peer-to-peer lending networks.

For international students, Prodigy Finance is a godsend. Prodigy Finance provides peer-to-peer loans without the requirement for cosigner or collateral and helps you connect with alumni from the school you plan to attend. If you're an investor, no need to worry about getting your capital back because prodigy has more than 99% student repayment rate. 75% of the loans are given to students from developing countries.

If you're a US citizen, hoping to pursue an MBA in Europe, you have even more options. Not only do crowdfunding platforms successfully help a lot of students, but there are even more P2P networks that are available to you. A great peer-to-peer lending website is Commonbond. They offer a similar program to prodigy, but only for US citizens. There are many more such websites, but the two above are the most popular.

Crowdfunding is another great way to fund your education. Indiegogo is a popular choice. It allows you to receive funds across the globe.

So, there are many more alternatives available today to finance your business education.

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