You might have completed your graduation recently or expecting it very soon. Obviously, you might be considering getting an MBA degree from the USA universities because it is the most sought after degree in the world. In that case, you need to know the total cost of MBA course in the USA which generally covers a period of 2 years.
The basic constituents of cost of doing MBA in the United States are tuition fees and living expenses. Business Schools in the USA are covered under two categories; Public institutions aided by the state and Private institutions. For international students, the tuition fees at state sponsored business schools are based on non-resident costs.
Cost of Education:
High Cost Private Schools charge $35, 000 for one year while $15,000 is charged by Low Cost Private Schools. On the other hand, High Cost State Schools charge $20,000 against $10, 000 by the Low Cost State Schools. To cite an instance, whereas Harvard and Wharton Business Schools charge $30,000 a year, Colorado Technical University charge less than $10,000 a year. Thus you have wider options to suit your budget.
Living Expenses vary depending upon the location you decide to stay and the lifestyle you adopt. An estimated $1200 per month is good enough for covering $ 500 per month towards rent for single living, groceries, utilities and phone for $150 each. The sundry expenses come to around $ 250 per month. If you are little spend-thrift, you can meet your living expenses for $700 to $1000 a month by making use of economy of scales. Be sharing apartment houses, you can have savings on utilities, fixed charges extent of phone and to certain extent on groceries too!
Universities Fees:
You can make your own evaluation for decision, considering the highest MBA education cost for studying in the Harvard Business School, in the USA. For a full time 2 years course, you will be required to pay $ 1, 02,400 towards Tuition Fees, $20,000 towards living expenses and $ 10,000 towards other expenses. The total cost of $1, 32,400 works out to 79, 44, 000 INR.
In case your own funding permits, you can opt for private school, or apply to State sponsored schools. You can find the list of such schools and the prevalent tuition fees. You make a comparison of fees of other schools and take your decision. In case you are confident of your merit for obtaining scholarship from High Cost private Business schools, you should always take advantage of the situation.
There are a number of other means for economizing the cost of your MBA education in USA. You may opt for part-time work, either on-campus or off-campus. You may select Business schools located in small cities or towns. Financial assistance by few schools is also available in the shape of waiver of tuition fees or assistantship.
In order to meet with the financial constraints, you can avail education loans from banks, to the extent of 25 to 30 lakh INR and pay it off within a year or two, by getting employed in financially lucrative jobs.