More Good News!
Europe's current economy is making an MBA increasingly obtainable. Unfortunately for Europe their economy has taken a hit recently with the depreciation of the Euro. Currently the Euro is at its lowest in 12 years, with many economists predicting it will continue to fall below the value of a dollar in coming years. Tuition rates have not increased as much as the Euro has depreciated, making it less expensive to pursue an MBA in Europe than it has been in recent years. Now students pursuing their MBA in Europe not only reduce their opportunity cost by completing their degree in accelerated programs compared to the longer US programs, but also benefit from declining tuition costs.
Not only is the Euro depreciating but many European programs, valuing diversity, offer scholarships and loans available to international students to attract a diverse student body. Just briefly visiting schools websites we found competitive low-interest loans made available to students, that offer long repayment periods if necessary. Just think, if the Euro continues to depreciate, that means tuition continues to decline as you pay it off!
IESE Business School, in Spain, offers both the Banco Sabadell Global Loan and Prodigy Finance Loan Program for International Students. If a student meets the bank requirement, the Banco Sabadell Global Loan covers a maximum of 80% of tuition fees. It has a repayment period of 8 years and has either a one or two year deferment depending on the length of the program. Comparatively the Prodigy Finance Loan Program for International Students offers up to 100% coverage of tuition fees with no collateral nor guarantees required. The repayment period is 10 years and it offers competitive interest rates, with the possibility of a capital deferment.
The University of Cambridge - Judge Business School offers many scholarships based on merit which range from €2.500 to €15.000 euros. There are a few smaller scholarships reserved for students from the US or North America (including Canada), such as the Lucy Cavendish College American Friend Studentship for €1.000. This scholarship is not only based on nationality but based on merit requiring a 3.5 GPA and GMAT score of 680 or above. Most schools offer scholarships based on merit,nationality, gender, leadership and entrepreneurship, providing support for a wide range of students. If you take the time to do the research and start the process early, there are many resources available to help finance this investment.
Learn more about financing your MBA directly from business school admissions officers at an MBA Conference near you.