Try to manage a scholarship

• Q: Is there any financial aid offered by B-schools? What does it cost to do an MBA from an IIM? Are there any scholarships for needy students?

— Ritesh Dang

• A: Most B-schools do not offer financial aid. IIMs are the only B-schools that have a policy of not denying any deserving candidate admission due to lack of funds.

Although the annual fee at IIM-A has gone up to Rs 5.5 lakh per annum, the IIMs try to ensure that no student is denied the opportunity to pursue the postgraduate programme in management for want of financial resources.

Every year almost half the students admitted to the IIMs apply for loans. The State Bank of India, Allahabad Bank and Punjab National Bank visit the campuses to offer loans. The loans cover the fees and mess bills, and a computer (optional). Moreover, you can easily get an unsecured loan of up to Rs 4 lakh from any nationalised bank. A collateral is required only for higher denomination loans of Rs 7 lakh and above.

A few other B-schools like XLRI and XIM offer need-based scholarships. However, the fees charged by the MBA departments of Delhi, Chandigarh and Lucknow universities are comparatively modest. The All India Management Association (AIMA) also offers scholarships to economically disadvantaged students.

So, if you manage to get admission to a good B-school but are plagued by thoughts of coughing up lakhs of rupees in fees, you could ask your institute for financial assistance, or go for industry-sponsored aid or in-house scholarships.

Moreover, all nationalised banks provide educational loans to aspiring MBA students. You have to repay these only after you start working. Considering that you will be going to a top B-school, finding a high-paying job should not be difficult at all.

Put your mind to going abroad

• Q: Does a postgraduation degree from abroad make any difference to a person’s career? I have done bachelors in psychology but am not sure whether I should do my postgraduation from India or abroad. I have always nurtured a desire to be a child psychologist.

— Lubna D’souza

• A: postgraduate degree from abroad would definitely make a difference, but it is important that you check the accreditation of the university to which you are applying.

There is no point going overseas if the university to which you have applied is not well-known. In that case, a masters from a university in India would suffice.

It is better to consult a knowledgeable professional counsellor to help you choose the right university abroad.

In a field like psychology, a postgraduate degree leading to a PhD would carry greater value than a mere masters, even if it is done from an overseas university.

Engineer a loan for UK studies

• Q: I am a diploma holder in electronics and communication engineering. I have been working for the last five years. I intend to do a BE from a university in the UK. I have an offer from a university that is offering direct admission to the final year. But it is difficult for me to afford the hefty tuition fees. Is there any way I can get a scholarship? I am very confused and don’t want to lose this once-in-a -lifetime opportunity

— Nipun Sengupta

• A: Why do you need to have a degree from a university in the UK? Which is the university that has offered you admission? Do check its ranking in the UK before you proceed any further. If it’s some third-grade institution, it will serve no purpose here or anywhere else.

Log on to the British Council website (www.britishcouncil.org) for information on courses and other important links. Also remember, unlike our four-year BE / BTech programmes, an engineering degree in the UK is of three years’ duration.

However, if your research shows that it is a decent institution, you can get a loan from a nationalised bank if the amount does not exceed Rs 15 lakh. This is, however, easier said than done and requires a collateral besides a good deal of running around. Alternatively, why don’t you go for the IETE associate membership? This or AMIE’s certification is considered equivalent to a BE degree by the ministry of human resources development and will work out much cheaper. Moreover, you can pursue this course while continuing to work.

Similarly, a number of engineering colleges will give you a lateral entry into their BE / BTech programmes at a fraction of the cost. Besides, our technical education is highly rated all over the world. Institute Nationale the Sciences Appliquees is to France what IIT is to India.