But, it's really costly.
So, how does one incur the cost of studying at a great U.S. university?
Here are a few ways, how:
- Bank Loans: When it comes to studying abroad, the first thing that comes to mind is taking a loan. It's the most common way for Indian students to manage their fee and other finances, when going abroad for an MBA. A loan is of course secured by showing the bank a collateral against the loan amount. This option isn't just really common, but also very useful.
- U.S. Bank Loans with a Co-signer: Then, there is also the option to get loan from a bank in the U.S. One can do this by having one of their close friends or relatives co-sign their student loan. This option is not preferred by many, as the loan is taken while making their closed one liable for it. Also, the relative or friend must have a good credit history amongst other things which would make them worth being the co-signer.
- University affiliated credit union loans: Another way to get a loan, and that too without a collateral or a co-signer, is to get a loan from the affiliated credit union of the University you got admission in. Not all universities have this - but major ones like Harvard, NYU, and such, do have. The University, in this case, acts as your co-signer, if they think that you’ll be a promising student. These loans are also cheaper than the alternatives.
- Scholarships: If you're a really bright student, you might even secure a scholarship to one of the B-schools out there. You can even get scholarship here in India, like there's Dhirubhai Ambani scholarship for students going to Stanford. But, getting these scholarships is a really tough thing - you have to be exceptionally good, with an almost flawless academic record.
- Family Funds: Or, you can use your own money to get an MBA in the U.S. if your parents can afford to send you abroad to study, then there's probably no better option than this. You would not have to be under the pressure to get a good job after the MBA, just because you have pay back your loan. But, most students don't have this option, here in India.