Ever tried “Google-ing” out as to what it exactly means by bagging a scholarship for your MBA/PGDM? If yes, there’s no doubt you have been bombarded with pages of information (or may be, misinformation). Every business-school has some scholarship in store for their aspirants but the challenge comes in recognizing the purpose behind the same.
A recent survey points that every year an estimated 350,000 students and families are victims of scholarship scams, costing more than $5 million annually. So there’s clear need to understand and recognize the correct kind of scholarship and its nature for the sake of a smooth sailing academic career. A scholarship is not just a tool to cut down your expensive MBA/ PGDM fee but is a lot about recognition and achievement as well. So you have all the reasons to keep an eye before picking it.
Things to know before applying for a scholarship:
– Does a high MAT/ C-MAT score guarantee a scholarship? The answer is NO. Most of the business schools across the globe forward scholarships after evaluating an application holistically. Indian B-schools are no different.
– The amount of scholarship depends on students profile and differs institute to institute. So do not go by random calculation, rumors and misinformation. Seek clarity from the school you intend to apply for scholarship.
– There’s a romantic notion that most of the scholarships go unclaimed. That is not true in case of PGDM scholarships available in the Indian education scenario. Claim it or else it will be claimed by some other deserving candidate.
– Where does the scholarship money come from? Most of the scholarships awarded to students come from the schools they respectively attend. This money does not come from outside organizations. Such case happens when it is a sponsored scholarship.
– Be extra careful when you go about a sponsored scholarship. High chances are, the money might not reach you. So know where you are applying and how reliable is the source.
– Does your GD/PI session have anything to do with your scholarship? Often times, yes! Don’t take a back-seat thinking your entrance test score will do it all. It might not. Perform equally best at your GD and PI as well.
– Do you get the scholarship money pat on joining your B-school? No. It varies from school to school. Do not be surprised if it reaches you at the beginning of second year of your PGDM. Get clarity and have your finance sorted right from the beginning.
– When you win, know what you are winning. A 100% scholarship does not mean your transportation, room and lodging, insurance, transportation, the cost of books and other fees stand covered as well. It means your cost of tuition is being taken care by the school. It’s only comprehensive scholarship that covers it all but very few business schools in India extends that.
Scholarships are like needles in haystack. Finding a deserving one is equally difficult to earning one from a competitive pool. B-schools across India have designed some interesting and helpful scholarships for their aspirants. In fact, the 2014 intake promises to be more student friendly in terms of scholarships and aids for aspiring student managers across the county.
Keeping the IIMs aside, a lot of private Indian B-schools across tiers have been allocating huge budget for scholarships. The idea is to attract meritorious students and not let money be the barrier to education. So get your fundamentals clear about scholarships, read carefully about the nature of scholarship you are being eligible for, confirm with seniors or alumni of the school and then make your decision. A decisive approach will save you a lot of hassles.
So, go scholarship and make education a wonderful experience!