According to one report by India Today, more than 8.5 lakh Indian students are studying abroad for higher education. The number keeps on increasing annually. Although it is a dream for students to pursue higher education like a master’s, it comes with a high price. USA, UK, Canada, and other top countries where Indian students prefer to pursue masters have raised their application costs. Moreover, high tuition fees, living expenses, and other factors further create financial strain.
The average cost of pursuing a master’s in any foreign country is now more than 30 lakhs. The cost may vary depending on the university, master’s course, and country. This fee covers your application cost, tuition fees, and other aspects. Besides, you must take the GMAT exam, which would cost you different things. However, with a GMAT scholarship, you can get financial aid, which you must research about.
This article will give you insights into how you can save thousands on your master’s application and how the GMAT scholarship can be helpful.
Importance of Planning and Budgeting for Application Costs
When pursuing a master’s in an overseas university, you must have a proper budget and planning beforehand for the application cost. Inadequate financial planning might invite unwanted costs and lead to financial strain. Students should begin arranging their overseas study at least fifteen months in advance, especially when preparing for the GMAT exam. Creating a budget is the first step in a successful financial strategy. Here are some reasons why planning and budgeting for application costs is essential:
1. Avoid unnecessary expenses
Living overseas involves many things that can draw in cost. Since you are there to study, you must check on expenses from the application submission stage. Maintaining a budget helps you draw the line when needed and allows you to enjoy life’s little joys within reason.
2. Better Opportunities to Invest Money
When you plan and arrange your budget ahead of time, you are paving the way for benefits in your life. When there’s an opportunity to put your money where it could work in your favour, you should seize it. Since budgeting encourages savings, you can always go forward and arrive at a better destination.
3. Research Affordable Universities
One of the effective ways to save thousands in your application cost for overseas studies is to research affordable universities. A good GMAT score will open the door to a scholarship and a better option to select affordable universities.
There are many universities in the USA, Canada, UK, and other countries where affordable universities offer good education and scholarships.
Tips on finding universities with lower application fees
Most college application fees for master’s courses are between $40 and $50; however, some might be $90. These costs are a significant barrier for many students on the already expensive road to college. You may be eligible for college application price waivers or low if you find the application cost prohibitive.
You can submit your applications for free with these college fee waivers, just like with SAT and ACT. Moreover, many universities consider application fees for students with a good GMAT score. In addition to reviewing how much college applications typically cost and how much you may save with fee waivers, this guide will explain how to be eligible for and utilise college application price waivers.
Considering cost-effective study destinations
There is no compulsion to study for a master’s only in top universities in the USA, Canada, or the UK. Still, there are other countries, like Australia, Germany, Taiwan, Malaysia, etc. The low-cost living option and low application fees attract international students to study for a master’s.
How to find and apply for fee waivers?
Since there are different countries where universities offer application fee waivers, let us consider the USA as an option. Some of the top ones are-
- Case Western Reserve University
- Denison University
- Yale University
- Trinity University
Besides, there are organisations offering application fee waivers. These are-
- Coalition for College
- Ronald E. McNair Post-Baccalaureate Achievement Program
- AmeriCorps
- Gates Millennium Scholars
How applying early can save money?
Applying early for the master’s course can help save money on the application fee. Besides, when you apply early for admission, there is a higher chance of application acceptance.
1. Early Discounts and Benefits of Rolling Admission
Some universities may consider offering early admission discounts along with other admission benefits.
2. Reducing Test Preparation Costs
Applying early can also help you with lower test preparation costs and reduce stress levels.
Leveraging GMAT for Scholarships
GMAT scores are vital in getting a scholarship and lowering application fees. A good GMAT score to pursue a scholarship and a low application fee is between 495-555 points (25.1%-52.7%). However, getting more than 555 (52.7%) or close to 805 (100%) can further help the admission process. Many students who scored 675 (95.2%) on the GMAT receive a minimum 30% scholarship.
You can ensure that you will be eligible for all scholarship options and benefits by using the correct test on your application if you choose to take the GMAT exam.
Schools consider various factors while evaluating your scholarship application, not only your GMAT score. Schools also consider your socioeconomic status, GPA, and work experience.
However, because these variables differ significantly among applicants, business schools rely heavily on the GMAT to assess applications.
The majority of B-schools give scholarships or fee waivers based on GMAT scores. There are B-Schools considering giving scholarships or fee waivers to students on GMAT scores. It depends on the school whether they have a set deadline for their GMAT fee waiver program or if they offer fee waivers on an ongoing basis. Applying as soon as possible is the best you can do. You must take the GMAT exam before expiration if your school grants you a cost waiver.
If you want a scholarship or fee waiver, the best you can do is write a compelling scholarship application. Moreover, you must apply for different scholarships as you apply for different B-Schools. This gives a high chance of getting admission and affordable application fees. MBA/ Master’s admissions for round 1 at top universities around the world are closing soon. Make sure to take the GMAT exam and apply early for better chances of conversion.
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