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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information@jamboreeindia.com
Ph: +91-9582320407

Copyright Jamboree Education Pvt. Ltd.

Location

Program cost (USD)

Living cost (USD)

Avg. GMAT Score

Need based
scholarships

Merit based
scholarships

Special Interest
scholarships

Loans with Cosignor

Loans without
Cosignor

Teaching & Research

Assistantships

Part time work

Harvard University

Boston, MA

112000

50000

727

138346

Yes

No

Yes

Yes

Yes

No

No

Stanford University

Stanford, CA

120000

65000

732

137525

Yes

No

Yes

Yes

Yes

No

No

University of Pennsylvania (Wharton)

Philadelphia, PA

120000

60000

725

141243

No

Yes

Yes

Yes

Yes

Yes

Limited

University of Chicago (Booth)

Chicago, IL

118000

50000

723

135982

No

Yes

Yes

Yes

Yes

No

Limited

MIT (Sloan)

Cambridge, MA

122000

60000

713

137057

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Northwestern University (Kellogg)

Evanston, IL

120000

55000

713

135838

No

Yes

Yes

Yes

No

Limited

Limited

University of California (Haas)

Berkeley, CA

108000

55000

714

134078

Yes

Yes

Yes

Yes

Yes

Yes

Limited

Columbia University

New York, NY

122000

50000

716

137654

Yes

Yes

Yes

Yes

No

Yes

Yes

Duke University (Fuqua)

Durham, NC

110000

40000

694

135101

No

Yes

Yes

Yes

Yes

Limited

Limited
Limited

& bonus (USD)

Name of college

Avg starting salary

Ranking

Financial Aid for US MBA Colleges - 2015

10

Dartmouth College (Tuck)

Hanover, NH

118000

25000

718

139036

Yes

Yes

Yes

Yes

Yes

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

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

Data restricted to Jamboree Students

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
information@jamboreeindia.com
Ph: +91-9582320407

Copyright Jamboree Education Pvt. Ltd.

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-WeHelp/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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