Financing An MBA In The UK
Financing An MBA In The UK
Studying for an MBA is a challenging part of many people's educational experiences. However, it is also one of the most recognised qualifications in the world and having studied in the UK will give you an edge over other students due to the fact that quality standards for UK institutions are among the best in the world. Universities, colleges and schools continually have to prove that their courses meet strict criteria. Many other countries are now trying to follow the example of the UK.
Most students will fund their education using a loan or savings and some will opt for employer sponsorship. There are loan schemes that operate specifically for education purposes. The two main loan schemes operating in the UK are the AMBA Loan Scheme and Career Development Loans (CDL). Of these two the AMBA is the best option because they are specific for MBA courses in the UK.
The AMBA asks that students are of the following criteria:
* They must be permanent UK residents for tax purposes.
* They must have a place on an accredited MBA programme.
* They must have at least two years relevant work experience at a level of responsibility appropriate for study at masters level in Business Administration.
* They must have a degree or equivalent professional qualification. Non-graduates must have at least five years' relevant work experience.
The amount you can borrow from the AMBA for your course varies depending on your situation and course length. Students are normally expected to be able to cover around 20% of the course fees from sources other than the MBA Loan.
The scheme operates through NatWest and Barclays Bank PLC. For full time courses the loan is not repayable until the student has finished studying whereas a part time student will have to start paying the loan back one month after the loan has been taken out.
The CDL should be looked at as another option to consider.
Career Development loans (CDL) are slightly different as they are not specific for MBA courses. You must live in the UK or prove that you are intending to use your training or qualifications for work in the UK or elsewhere in the EU. The funds are dealt with by four banks Clydesdale Bank, Barclays Bank, The Royal Bank of Scotland and The Co-operative Bank. You can usually borrow up to £8,000, plus the costs of books, materials and other course expenses.
If you are looking to study an MBA there are definitely plenty or funding options so you should be able to cover the costs. The MBA qualification will enable you to pursue careers that will be more than worth it. MBA qualifications are recognized world wide and will benefit anyone looking to further their careers.
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