How to Pay MBA Fees? 8 Simple and Easy Options
MBA is one of the most desirable qualifications for management aspirants. It is also one of the most expensive as well. Depending on the type of institute you go for, you can expect to pay anywhere between 5-50 lakhs as your MBA fee. Are your financial worries prevailing over your decision of pursuing an MBA? Maybe with this article, we can help you choose the best option with the best ROI to pursue your management degree.
MBA Fee Structure in India
MBA fees in India range from Rs 20,000 to Rs 40 lakh for a two-year full-time program.
Although the fees of MBA programs offered by universities and government colleges are pocket-friendly, the ones offered by private institutes may be expensive.
The price range is not fixed and can vary considerably depending on the academic history, placement record and brand reputation of the institute offering the management course. Here is a table showcasing the average range for MBA fee for different types of MBA institutes.
Types of MBA Institutes
Average Fee for MBA Program
MBA Institutes of Tier 2 cities
|Top Tier MBA Institutes||
|International MBA Institutes||
Paying such exuberant MBA fee can be a problem for students with modest financial means and working professionals that have other important expenses. Thankfully for them, there are different options that you can use to reduce the burden of your MBA fee and earn your management qualification.
Ways to Manage your MBA fee
Depending on your student profile, work history and other factors you may be able to use one or more of the below-mentioned ways of controlling your MBA fee. Here is some information that will help you understand how to use them.
Know your Expenses
Even though the course fee is the main part of a student’s expenses, it is not the only expense that makes up the final MBA fee. Apart from the tuition fee, there are also other costs that you have to think about, such as room and board, stationery, books, food, clothing, transport and much more. These additional costs can become an unexpected hurdle in your education. So, it is important that you make sure to calculate the complete costs before you apply for an MBA program.
Once you know your costs, you will be able to start arranging a budget for paying the MBA fee. The first step is to dig into your own personal savings. These savings can come from your own accounts, from your parents/relatives or even built up over time by doing a regular job and building your experience at the same time. Even if these savings don’t take care of the complete costs, they will still help put a nice dent in the final figure.
Fee Waiver Program
The colleges are in charge of deciding what amount the students will pay as their MBA fee. This means that they have the power to reduce the fee as well, as part of a fee waiver program. These programs are run by various colleges and can provide a straight reduction of 20-50% in the costs. The colleges have their own criteria of deciding which students are eligible for the program, but you can always apply and see if they are willing to give you a helping hand.
Scholarships, Fellowships and Grants
Scholarships, Fellowships and Grants are different types of financial aid options available to exceptional students. The benefits offered can differ depending on who is offering the scholarship. It can be the college itself, the alumni, or some other third parties. They are offered to students who have shown great potential, whether in the entrance exams, in academics, arts or sports. One key difference that separates these financial aids from fee waivers is that unlike fee waivers that are applied before you pay the MBA fee, scholarships are offered as a reimbursement option instead.
In addition to regular students, there are also a lot of working professionals that look to pursue management courses as a way of improving their skills and qualifications. Such professionals have the option for either choosing an online MBA course or a full-time one. The employers can benefit from this as these added skills can be used for the benefit of the business. This is why many employers run support schemes that provide partial or full funding for MBA fee to employees. The eligibility for the scheme depends on the performance of the employee and the potential benefits that they can promise to the employers in exchange for their support.
Get a Part-time Job
If you aren’t willing or able to do a full-time job while pursuing a management course, you can always look for part-time jobs instead. They can be paid internships at industry-specific companies, or just regular jobs done solely for financial reasons. They offer enough money to put a small dent in your MBA fee while giving you a lot of free time to handle your studies as well. Not only do these jobs look good on your resume but can also lead to full-time positions once your complete management course.
Advances in technology have made it possible to do everything online, even asking for help. Online crowdfunding platforms are giving people a chance to ask their friends, acquaintances and even random strangers for help in accomplishing different goals. That goal can even be paying off your MBA fee, as websites like GoFundMe, Kickstarter, and Indiegogo etc. offer a safe and convenient way of asking for and giving help.
If everything else fails, you can always go for the traditional option of applying for a study loan. These loans are provided by different public sector banks (like State Bank of India, Punjab National bank, Central Bank of India, State Bank of India, Canara Bank etc.), private sector banks (like ICICI Bank, Axis Bank, Kotak Mahindra Bank etc.) and non-banking finance companies etc. The amount of loan, as well as the interest rate, can differ depending on your credit status, financial history and other factors. Even though it is a huge burden, it still remains one of the most common ways of paying off MBA fee.