MBA

Financial aid
Information
Handbook
This information has been collated from Jamboree internal research, Financial Times, Forbes, US
News, Economist, Business Week, and Business Insider. It is important for the MBA aspirant to
realize that there are many good colleges in the world, and colleges should be chosen based on a
number of criteria including ranking, location preference, and funds availability amongst other
factors.

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 Financial aid for
USA MBA Colleges
Information is provided in the best interest by Jamboree to help MBA aspirants to choose the apt
program. It includes subjective pointers from our experience and data from various credible
sources.

For more details on financial aid, and help in selecting the right college, the student should
approach the Jamboree admissions counselling team.

Data collated on Jan 2015.

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 Financial Aid for US MBA Colleges - 2015

Teaching & Research

Avg starting salary

Loans with Cosignor

Program cost (USD)

Avg. GMAT Score

Living cost (USD)

& bonus (USD)

Name of college

Special Interest

Part time work

Loans without

Assistantships
scholarships

scholarships

scholarships
Merit based
Need based

Cosignor
Location
Ranking

1 Harvard University Boston, MA 112000 50000 727 138346 Yes No Yes Yes Yes No No
2 Stanford University Stanford, CA 120000 65000 732 137525 Yes No Yes Yes Yes No No
3 University of Pennsylvania (Wharton) Philadelphia, PA 120000 60000 725 141243 No Yes Yes Yes Yes Yes Limited
4 University of Chicago (Booth) Chicago, IL 118000 50000 723 135982 No Yes Yes Yes Yes No Limited
5 MIT (Sloan) Cambridge, MA 122000 60000 713 137057 Yes Yes Yes Yes Yes Yes Yes
6 Northwestern University (Kellogg) Evanston, IL 120000 55000 713 135838 No Yes Yes Yes No Limited Limited
7 University of California (Haas) Berkeley, CA 108000 55000 714 134078 Yes Yes Yes Yes Yes Yes Limited
8 Columbia University New York, NY 122000 50000 716 137654 Yes Yes Yes Yes No Yes Yes
9 Duke University (Fuqua) Durham, NC 110000 40000 694 135101 No Yes Yes Yes Yes Limited Limited
10 Dartmouth College (Tuck) Hanover, NH 118000 25000 718 139036 Yes Yes Yes Yes Yes Limited Limited
11 New York University (Stern) New York, NY 115000 75000 721 131975 No Yes Yes Yes No Yes No
12 University of Michigan (Ross) Ann Arbor, MI 115000 36000 704 134883 No Yes Yes Yes Yes Yes Limited
13 Yale University New Haven, CT 115000 48000 714 126013 No Yes Yes Yes Yes Limited No
14 University of Virginia (Darden) Charlottesville, VA 105000 45000 706 136102 No Yes Yes Yes Yes No Limited
15 University of California (Anderson) Los Angeles, CA 110000 52000 706 123353 No Yes Yes Yes Yes Limited Limited
16 Cornell University (Johnson) Ithaca, NY 112000 40000 691 129037 No Yes Yes Yes Yes Limited Limited
17 Carnegie Mellon University (Tepper) Pittsburgh, PA 114000 40000 691 131181 No Yes Yes Yes No Limited Limited
18 University of North Carolina (Kenan-Flagler) Chapel Hill, NC 102000 45000 683 123526 No Yes Yes Yes Limited No Limited
19 University of Texas (McCombs) Austin, TX 98000 35000 690 123868 No Yes Yes Yes No Limited No
20 Indiana University (Kelley) Bloomington, IN 90000 36000 664 113898 No Yes Yes Yes No Yes Limited
21 Washington University (Olin) St. Louis, MO 100000 45000 696 110533
22 Emory University (Goizueta) Atlanta, GA 92000 45000 681 124148
23 Arizona State University (Carey) Tempe, AZ 78000 42000 673 103903
24 Brigham Young University (Marriott) Provo, UT 45000 25000 665 110216
25 Georgia Institute of Technology (Scheller) Atlanta, GA 75000 30000 678 108055
26 Ohio State University (Fisher) Columbus, OH 92000 35000 666 108510
27 University of Wisconsin Madison, WI 54000 30000 676 109293
28 University of Notre Dame (Mendoza) Notre Dame, IN 90000 35000 690 115296
29 Vanderbilt University (Owen) Nashville, TN 92000 45000 688 113170
30 Georgetown University (McDonough) Washington, DC 102000 50000 688 118620
31 Rice University (Jones) Houston, TX 97000 55000 676 115693
32 University of Minnesota (Carlson) Minneapolis, MN 90000 32000 686 117972
33 Michigan State University (Broad) East Lansing, MI 86000 35000 655 102806
34 University of IllinoisUrbana-Champaign Champaign, IL 60000 35000 661 94751
35 University of Washington (Foster) Seattle, WA 82000 45000 670 118759
Data restricted to Jamboree Students
36 University of Southern California (Marshall) Los Angeles, CA 101000 40000 686 116011
37 University of TexasDallas Richardson, TX 60000 30000 672 83944
38 University of Rochester (Simon) Rochester, NY 100000 35000 680 92262
39 Pennsylvania State University (Smeal) University Park, PA 72000 37000 645 108961
40 University of Florida (Hough) Gainesville, FL 60000 30000 681 84281
41 University of Maryland (Smith) College Park, MD 91000 32000 654 98723
42 Texas A&M University (Mays) College Station, TX 40000 30000 648 97480
43 Purdue University (Krannert) West Lafayette, IN 84000 25000 607 100609
44 Boston University Boston, MA 88000 40000 682 103291
45 Boston College (Carroll) Chestnut Hill, MA 84000 40000 666 96915
46 University of California (Merage) Irvine, CA 94000 55000 654 89719
47 Temple University (Fox) Philadelphia, PA 78000 40000 646 93694
48 University of Arizona (Eller) Tucson, AZ 76000 25000 639 86867
49 University of Georgia (Terry) Athens, GA 61000 33000 645 86096
50 University of California Davis, CA 97000 35000 685 88301
 Funding your Foreign MBA

Information is provided in the best interest by Jamboree to help MBA aspirants to choose the apt
program. It includes subjective pointers from our experience and data from various credible
sources.

For more details on financial aid, and help in selecting the right college, the student should
approach the Jamboree admissions counselling team.

Data collated on Jan 2015.

www.jamboreeindia.com Copyright Jamboree Education Pvt. Ltd.

information@jamboreeindia.com
Ph: +91-9582320407
 FUNDING YOUR FOREIGN MBA

By Jamboree the No. 1 Institute in India for GMAT, GRE, SAT & study abroad
admissions counselling

Doing your MBA from abroad is extremely expensive. Because of this reason, the
counselors at Jamboree encourage you to spend time in exploring all available
financial aid options. The following document provides an introduction to the
types of funding that is available.

For more details, please contact us at 09582320407.

USA

Financial Aid to the US MBA programs is of the following types:

Need based scholarships

Very few MBA colleges offer this type of aid. But for those colleges that do offer,
the student must prove to the college that their personal and family savings fall
far short of the required amount. Keep in mind that this is a very small and
highly competitive scholarship, and most middle class Indian students will not
qualify for this.

Merit based scholarships

Also known as Grants or Fellowships, the amount can range from $1000 to the
full tuition and living costs. The money does not need to be paid back. Most of the
top 50 MBA colleges in USA will offer this scholarship, but the amount will vary.
These scholarships are mostly reserved for special qualifications such as
academic, athletic or artistic talent. Some colleges require a separate application,
but others dont. Even though these are highly competitive scholarships, all
students should try for these.
Check on each college website for specific merit based scholarships and the
process for applying for those.

Special Interest Scholarships

These scholarships are provided by organizations that want to promote a
particular special interest or goal or agenda. Scholarships are provided by
companies (with the agreement that you will go and work for them after the
MBA), industry associations (with the agreement that you will work in that
industry after your MBA), foundations (with the agreement that you will work
towards the cause promoted by them), fraternal organizations and clubs (if you
or your family member has belonged to that club), ethnic organizations (to
members of their own ethnicity), minority groups (to members of the group) and
countries (to citizens of that country).
In most cases, special interest scholarships are not restricted to a particular
college, which means that after youve got admission to a college of your choice,
you have to submit a separate application for this scholarship.

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There are hundreds of thousands of such scholarships available, and it will
require a lot of your time in doing research and applying for them.
Details for many of these scholarships are available in this document.

Employer scholarship
In some cases, your employer will offer you part or full scholarship, with the
condition that you will go back and work with them after finishing your MBA.
Talk to your employer about this option.

Loans with cosigner

Many US based organizations and banks will give you a loan if you have a US
citizen or green card holder as a cosigner. That means if you decide not to pay
back the loan, the cosigner is responsible for paying it back. Therefore you
should choose your cosigner wisely, and give them ample reason for signing for
you. Mostly a close family member, or someone who has known you and your
family for many years will sign for you. It is a big responsibility to sign for a loan
of $150,000 or more, so make this choice carefully.
The advantage of having a cosigner is that you will get the best rates the banks
have to offer.
Details of banks in the US who offer this kind of loan are given later in this
document.

Loans without cosigner

Very few US based organizations and banks will give you a loan if you do NOT
have a US citizen or green card holder as a cosigner. It is risky for a bank to do
this, since if you decide not to pay back the loan, and leave the US after your
MBA, there is little they can do to recover their money.
In all cases, the interest rate at which the bank will lend you money without a
cosigner is 1% to 3% higher than a loan with a cosigner, and that will make a
different of many thousands of dollars. So, it is in your interest to get a cosigner
loan.
The banks that offer loans without a cosigner are different for each college, and
you should talk to the college about it.

Loans from home country

Many Indian banks are now offering loans for a study abroad. In all cases, they
will require an immovable collateral such as a family property, or company
factory. The owners of the property or factory will have to be a cosigner. Since
the rupee depreciates faster than the dollar, the interest rate offered will be
much higher than that you will get for a loan from the US in dollars.
Details of organizations that provide loans in India are given later in this
document

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Crowd-funding
A crowd-funding company is not a traditional bank or finance company. Their
sole purpose is to give loans for student education. They raise their funds from
alumni and investors, in the form of debt and equity. The company will have tie
ups with universities, and will only be able to lend to students who are attending
those universities.
Their interest rate might be higher than a traditional bank. They dont require
any cosigner or collateral.
This is a relatively new business model, but is becoming very popular, since the
paperwork required is much lesser than traditional banks. However not all
colleges have a tie up with crowd-funding companies.

Research & teaching assistantships

Many US universities will offer assistantship positions. This means that you will
work within the department of the college (such as marketing, finance,
accounting, IT, etc) and work on jobs like helping the professor with research,
part time teaching for undergraduate classes, correcting exam papers, etc.) In
some cases, you can also take up assistantship positions in other colleges within
the same university (for example if you know how to play a musical instrument,
you can work in the music school).
In general, the higher your skill level, the more pay you will get. You will get paid
by the hour, and most of these positions will take up about 5 to 15 hours per
week of your time.
In some cases, you can get such a position during your application process itself
by speaking directly to the admissions office.

Part time work

On an international student visa, the student can work on-campus in US
universities for a maximum of 20 hours. You can get part time work in the
college or university for example in the library, in the cafeteria, in the
dormitory, etc. In all cases, you will only be able to get these positions once you
arrive at the college. You have to speak directly to the person in charge of that
facility, and make a case for why you should get that job.

NOTE TO STUDENT
In rare cases, you will be able to get full tuition and living scholarship from the
college of you choice, without having to put in too much effort. But dont be
disappointed if you dont.
In most cases, the student will have to do a lot of research, work very hard to
make many applications, and finally do a mix of various sources to pay for their
MBA college. So do look at all options detailed in this document, and tap into all
resources. Dont assume you will be able to get something until youve actually
got it.

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 EUROPE

Most European MBAs are 12-15 month MBA programs, and do not have as many
funding options as the US MBA programs.

Merit based scholarships

Though not abundant, some European B schools such as HEC Paris, Manchester
Business School, etc. offer merit-based scholarships. These scholarships can be in
the form of monetary awards or tuition waivers. Some of these scholarships can
be given out along with the admission offer. These scholarships, if given along
with the admission offer, are given to the 5-10% of the admitted students. So, if
an applicant is willing to compromise on the quality and ranking of the college,
then he stands higher chances of winning these scholarships and tuition waivers.

External Scholarships
In a lot of the B schools, there are scholarships offered by external agencies. Very
often, these scholarships require separate application and interview process. For
instance, information related to all external scholarship programs available for
MBA programs in UK can be collected from the British Council.

Loans
Quite a few European Business schools offer loan programs to International
students. These loans are given usually for 100% of the cost of the MBA program
and, cover both the tuition and living expenses. These loans are offered at much
lower rates of interests as compared to the Indian banks. Some B schools such as
INSEAD, LBS, etc. offer loans to International students and require a credit
worthy citizen or permanent resident as a cosigner.

Paid Internships
Some of the European B schools have an internship as a part of their curriculum.
This is a paid internship and helps students pay for some portions of their MBA
tuition.

Part-time employment
The best part about a European MBA is that on an international student visa, one
can work off-campus. The cost of living can be easily taken care of through this.

SINGAPORE AND HONGKONG

In terms of cost, the Asian Business schools are the most affordable. In fact, one
of the reasons behind the recent surging popularity of Asian B schools such as
National University of Singapore, HKUST, Nanyang, ISB, etc. is that these
Business schools come across as a great combination of world-class education
and affordable tuition. The cost of an MBA ranges from INR 15 lakhs to INR 35
lakhs only. Moreover, these schools give generous scholarships and tuition
waivers that bring down the cost further.

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Search engines for scholarships
1. www.iefa.org - a website with a comprehensive listing of financial aid, college
scholarships and grant information for all students wishing to study abroad.
The mission of the organization is to promote study abroad and international
education for all students across the world.
2. www.fastweb.com
3. www.finaid.org
4. www.scholarships.com
5. Institute of International education (IIE) www.iie.org
6. International Research and Exchanges Board (IREX) www.irex.org
7. Council for International Exchange of Scholars (CIES) Fulbright scholarship
www.cies.org
8. Internationalscholarships.com
9. Petersons.com/graduate-schools/graduate-loans-scholarships.aspx
10. www.eastwestcenter.org/scholarships-fellowships/
11. simpletuition.com

International Scholarships all Indian students are eligible

1. The Aga Khan Foundation Applicants must show consistently excellent
academic records, genuine financial need, admission to a highly reputable
university or program, and relevance of the field of study to the Foundations
focus areas. Amount of award is 50% scholarship and 50% loan.
2. The American Association of University Women Fellowships to female
international students studying in the US.
3. The Association of Management Consulting Firms and Richard Metzler
Scholarships are for students who demonstrate a commitment to
management consulting while pursuing their MBA
4. The Bridgat Scholarship Program is a merit-based fund awarded to one full
time graduate student who must be an Asian country citizen. Only available
for second year MBA students
5. The Credit Suisse MBA Fellowship Program in Americas grants merit based
awards to leading MBA candidates at selected business schools. There is an
intensive interview process, after which award recipients are paired with
mentors from Credit Suisse and have the opportunity to interview for a 10
week summer internship
6. Don Kuhn Memorial Scholarship Fund provides a scholarship to a Masters
student with a commitment to pursuing a career in non-profit industry or
interactive marketing.
7. The Financial Leadership Scholarships for Bay Area Women is a scholarship
for female students pursuing an MBA from a Bay Area college
8. The Fulbright Scholarship program offers awards to students who aim to
increase mutual understanding between the people of United States and
other countries through the exchange of persons, knowledge and skills
9. The HR Symposium Lynne Boone Memorial Scholarship Program awards
scholarships to graduate students enrolled in HR and Organizational
Development degree programs, including those pursuing an MBA with HR as
a major. Three scholarships are awarded and the criteria includes academic
excellence, work experience in HR, volunteer work,
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 extra curricular activities and professional/faculty recommendations.
10. The Lynn Adamson Memorial Scholarship is awarded to females currently
enrolled in a graduate degree program related to health care.
11. The Markowski-Leach Scholarship is for gay or lesbian students with a
commitment to excellence and leadership
12. Mckinsey & Company Emerging MBA Scholarships are for MBA students who
thrive in a challenging and collaborative work environment
13. The Orbis Investment Management Fellowship is for an exceptional MBA
student who can demonstrate his or her talent and passion for investing
14. The PEO International Peace Scholarship Fund for Women open to women.
The candidate must be accepted full time for a graduate degree to an
accredited US institution. Candidates must commit to return to their country
of origin within 90 days of completing their degree to pursue a professional
career.
15. The Phi Kappa Phi Honor Society offers multiple graduate scholarships and
awards for the first year of professional study.
16. The Switzer Foundation has fellowships for graduate students who show a
passion for solving problems and effecting environmental change
17. Women in International Trade Northern California Scholarship Program
awarded to 1 female with career aspirations in the field of international
trade, business or policy.
18. Rotary International www.rotary.org
19. The Kaplan Life Sciences Fellowship Presented to students with a
background in Life Sciences and who want to pursue a career in the Sciences
related field
20. Horace Goldsmith Fellowship Students who have exhibited leadership and
a commitment to the non-profit sector
21. Howard Mitchell Fellowships full tuition awards for exceptional students
from under-represented backgrounds
22. Emerging Economy fellowships For students from emerging economies
23. Forte Fellowships Female students who demonstrate exemplary leadership
24. Social Impact fellowships For students with demonstrated leadership in the
public and/or not for profit sectors

Scholarships available in India for study abroad

1. Narotam Sekhsaria Foundation - www.nsscholarship.net
2. Debesh-Kamal Scholarship - www.sriramakrishna.org/scholarship.php
3. Inlaks Shivdasani Foundation - www.inlaksfoundation.org/
4. JN Tata Endowment for the Higher Education of Indians -
www.dorabjitatatrust.org/
5. KC Mahindra Education Trust - www.mahindra.com/How-We-
Help/Foundations/K.C.-Mahindra-Education-Trust
6. B.D. Bangur Endowment Educational Scholarships
7. R.D. Sethna Scholarship Fund
8. Sahu Jain Trust

Loans in India
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1. University Grants Commission - Provides a list of some loan schemes -
www.ugc.ac.in/
2. Bank of India - www.bankofindia.co.in/english/home.aspx
3. Credila Education Loan Services - www.credila.com/
4. Global Student Loan Corporation/HSBC Mumbai - www.globalslc.com
5. Indian Bank - www.indian-bank.com/education.php
6. State Bank of India - statebankofindia.com - Under Personal Banking
7. State Bank of Travancore - www.statebankoftravancore.com/home.htm
8. Bank of Baroda
9. Canara Bank
10. Star Education Loan

Loans with cosigner

1. Citizens Bank - Citizensbank.com/edu - 800-708-6684
2. Discover Bank - 877-728-3030 - discoverstudentloans.com
3. Sallie Mae Bank - Salliemae.com/international - 888-272-5543
4. Union Federal Savings Bank - Unionfederalstudentloans.com - 866-513-8445
5. Wells Fargo Financial Services - Wellsfargo.com/student - 800-658-3567
6. Sun Trust - Suntrusteducation.com - 866-232-3889
7. Credit Union Student Loans - Lendkey.com/custudentloans
8. PNC - pnconcampus.com - 800-762-1001

Crowd-funding companies
1. Prodigy finance prodigyfinance.com, started by INSEAD graduates. More
international in nature
2. Commonbond commonbond.co started by Wharton graduates. More US
based.
3. Social Finance sofi.com started by Stanford graduates. More US based.

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