How to finance your MBA
The decision to undertake a Master of Business Administration (MBA) is an incredibly important one as you will need to factor in two major contributors – your time and your money.
MBA’s are a considerable financial investment, but ultimately are an investment in your future. Before you begin your MBA journey, be aware of the various financial assistance programs on offer to help support your studies.
1– FEE-HELP Loan
For many prospective students, the provision of a FEE-Help Loan through the Australian Government is an attractive option. This loan will help cover all or part of a student’s tuition fees but does not cover costs associated with accommodation or course materials. To access FEE-HELP, you must be one of the following:
- An Australian citizen and study at least part of your course in Australia
- A New Zealand Special Category visa (SCV) holder
- A Permanent humanitarian visa holder and meet the residency requirements.
And satisfy the following eligibility requirements :
- Be enrolled in a fee-paying place at a provider that offers FEE-HELP loans.
- Be enrolled in an eligible course at your provider by the census date (your provider can tell you if your course is eligible).
- Submit the Request for FEE-HELP form to your provider by the census date.
- Not have already borrowed up to your HELP loan limit.
2 – Employer paid or subsidised
A fortunate number of our MBA students have their studies supported by their employers. This is not an uncommon arrangement with many companies having a dedicated Learning & Development budget for their employees, however be aware that changes in market conditions may prevent your employer from offering this type of assistance. If you are looking to approach your employer to assist with the cost of your MBA, there are a few steps you can take to set yourself up for success:
- Develop a case and understand how certain market conditions may impact this
- Know who to present your case to
- Explain the reasons why the business would benefit from you undertaking the program
- Demonstrate the potential return on investment
- Present the reasons you are deserving of this assistance
- The more research and planning you undertake before your pitch, the better prepared you will be.
3 – Scholarships
The University of Adelaide Business School offers a range of specially funded scholarships for the Adelaide MBA across multiple categories to ensure the program is accessible to all prospective students.
Students can apply for a scholarship in the following categories:
- Academic Excellence
- Financial Need
- Community Achievements
- Emerging Leaders
Highly competitive, these scholarship cover part of the annual tuition fees and are awarded by the Scholarship Panel to exceptional students from within their respective categories.
For prospective students looking to undertake a Pre-Experience MBA or MBA Specialisation, there are a range of scholarships available through the University that you may be eligible for. There are also a range of international scholarships available for International applicants.
Studying an MBA is a considerable financial investment, but it doesn’t have to be a burden when there are a range of different finance options available to students from all different backgrounds. Invest in your future now and you will find the financial and personal returns after graduating with an MBA are priceless.