One of the biggest concerns when applying for an MBA is how to fund it. To some people, depending on their home country, this might not be such a stressful issue. For others, as myself, it was not only a deal breaker but also very complex. I’ll share my story with you and hope it gives a new perspective on options you might look for.
I was living in Chile for 5 years prior to my MBA in HEC Paris, although had a permanent residency I didn’t own any asset which could serve as collateral for a loan. That meant no bank loan from Chile was possible. Venezuela was neither an option as the economic situation prohibited the purchase of foreign currency. I searched various options online (institutions, scholarships, etc) but many were not open to Venezuelan citizens.
As time passed my application was approved. This put pressure in regards to the final decision as I was 15-20% off my ideal budget (most of my funds are personal savings and family loans).
You can image the situation of having received the news of acceptance, the eagerness to do the program but the reality of not having the funds to do it. Within a week of my acceptance HEC admissions communicated they were in cooperation with Prodigy Finance. An institution that provides loans for students wanting to do an MBA. Their special characteristic is that they could offer a loan to a person in my situation (which I suspect many others are in the same boat).
Before sending my first MBA installment I applied for the Prodigy Finance loan and after completing all the required documents it was approved. This was the final green light to join the MBA. The rest is now history. rom my experience, and for applicant in a similar situation (can’t access other type of loans) I would recommend looking into a Prodigy as an option.
Do you know of other loan options? If so please comment as surely others might find it useful.
Categories: MBA HEC Blog