For getting an international MBA degree, funding is more nerve-racking than getting an acceptance letter. Most of the students face financial problems while applying for an MBA degree in foreign countries. Canada is one of the most sought after countries for pursuing an MBA degree. The Government of Canada offers loans and grants that make studying for an MBA a little easier for the applicants.
The loans provided by the Government have a deferred payment period and provide extremely flexible payback options. Here are some of the best options a student can look for while applying for an MBA course and can finance their education:
Canada Student Loans Program (CSLP)
The Government of Canada offers loans and grants to the applicants who wish to apply for an MBA in Canada. The Canada Students Loans Program is a government-funded scheme to provide student loans to the applicants for their post-secondary education. For the loan, students can pick up a fixed or variable interest rates.
The fixed interest rate is equal to the prime interest rate + 5% rate. Under the scheme, the interest starts accruing after the completion of the degree only. The repayment starts after 6 months after the course completion.
Working in Canada
In order to finance their degree, most of the students prefer working along with studying. Most of them are freelance workers who work from home and some of them do part-time jobs. Also, some of the students go for summer internships and full- time employment. Some of the international students choose to return home during the summer for 4 months between academic years, or upon completing the MBA program, while others remain in Canada to seek full-time work. This is one of the best ways to finance an MBA in Canada.
Financial Aid for International Students
International students studying in the United States or Canada are eligible for many of the School’s scholarships, fellowships, teaching, and research assistantships. A number of external organizations also offer scholarships, fellowships, and loans to citizens of various countries to study in Canada.
In addition, many countries provide loans or scholarships specific to their citizens. Every scholarship or fellowship has its own eligibility criteria. The students may also apply for the external scholarship provided by the organisations outside the University they are enrolled in.
International Peace Scholarship for Women
Most of the students apply for the student’s scholarships offered by the Universities they are taking admission in or some of them apply for the external scholarships offered by the institutes. International Peace Scholarship is specially designed to provide the scholarship fund to the women for graduate studies in the United Studies and Canada.
In order to apply for the scholarship, an applicant must be qualified for admission to full-time graduate study and working toward a graduate degree in the college or university of her choice in the US or Canada. A student holding citizenship in either of these countries is ineligible.
MBA Sponsorships
If an individual is looking for financial aid to enroll in the MBA program, MBA sponsorship is an amazing opportunity if you are a valued employee at your current company. Receiving a sponsorship also frees you from the financial burden of securing a loan to pay for your international business master’s degree.
However, sponsorships also have a downside. Since most companies require at least a 2-year commitment after graduation, sponsorships don’t make sense if you’re not thriving in that company or industry. This can be an excellent opportunity to pursue your degree of dreams.
Online MBA Degree
Specifically designed and dedicated to the working professionals, many universities and business schools offer online MBA programs. These online MBA programs often take a longer time to complete, but an applicant already has an impressive job experience to show for it. Pursuing online MBA degrees can have possible future advantages too.
The efforts of an individual are bound to be appreciated and rewarded by their current or future employer. There are many universities that offer online MBA degrees. Many top-notch business schools provide full- time or part-time MBA programs to cater to the needs of working professionals.
Start Saving
If you are very sure to pursue your MBA degree, it’s never too early to start saving for it, in fact, one should start saving as soon as one decides to apply for MBA in Canada. 50% of the students are eligible for need-based fellowships and scholarships which are difficult to avail
Saving now means getting serious about adjusting your expenditure downwards; this is a good time to cut back on your daily Starbucks. It can be a big shock to be thrust into a student lifestyle again, so it’s better to start the trimming earlier rather than later.
These are some of the ways how can a student finance his/her MBA in Canada. So, If you want to pursue your dream career and financing is an obstacle, then start looking for the options and go for it.
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Interesting related article: “What is a Master of Business Administration?“