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HOW TO PREPARE FOR SCHOOL FINANCIALLY

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HOW TO PREPARE FOR SCHOOL FINANCIALLY [#permalink]

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New post 21 Mar 2016, 07:09
Business school can be quite heavy on your pocket. According to Harvard Business School’s current statistics, the average tuition fee is $63,000 excluding boarding fees and insurance plans each year. That could be quite a hefty price if you are unprepared, so here are some tips to help you pay your tuition and fees.
You firstly need to understand your finances, that means you need to break down your total costs into what it is comprised of, in order to know the exact amount required. The total cost should include the total cost of tuition and related academic expenses, (compare the costs of each school you are considering in order to make the best choice), the total cost of living (factor in the location of each school). Refer to The Harvard Business School Statistics for a guideline of typical costs.
If you find yourself running short on being able to cover some of your expenses, you can consider taking out student loans; there are federal loans and private loans. Federal loans are given to you by the government and they have different programs that suit your needs. Private loans are not funded or subsidized by the federal government, but are instead funded by banks, credit unions, or other types of lenders. Make sure you understand these loan types and what exactly you need. Loans are a good way to finance your business education, but avoid borrowing more than you actually need.
Keep in mind that loans are paid back over time, with interest accruing, so be careful and don’t borrow so much that it’s a struggle to make the monthly repayments after you graduate.
Understand your financial aid options. Statistics obtained from business school reports show that 61% of MBA students get financial assistance of some sort. Therefore, most prestigious universities offer financial aid to domestic and international students. Both require you to meet the eligibility criteria provided by the school. Make sure you contact the school or check their website for full details on the financial aid options you have.
Once you decide on a program, start saving money as early as possible to reduce the amount that you will need to borrow. You can start by getting job and choosing a dollar amount or a percentage of your wages to save, even if it is just $30 per week will yield you $1,560 by the end of the year. You can also spend less of your income and direct most of it to your savings. A little goes a long way.
You should also request for your free credit report. By law, you are entitled to at least one free annual credit report from each of the three major credit reporting agencies: Equifax, Experian, and Transunion. You should understand how your credit score works as the better your score, the lower your interest rates on your educational loans. You should also try to resolve any discrepancies as early as possible.
If you have the means, you ought to pay off your consumer debt. Make sure you keep all of your debt obligations current including student loans. Most student loans that you already have can be deferred once you are enrolled in school full-time.
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Re: HOW TO PREPARE FOR SCHOOL FINANCIALLY [#permalink]

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New post 21 Mar 2016, 08:17
When we take out student loans, would these typically cover things like utilities, food, rent, etc.? I've saved up money but doubt it's enough for the amount of time required... I think I have enough for about 6 months.

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Re: HOW TO PREPARE FOR SCHOOL FINANCIALLY [#permalink]

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New post 21 Mar 2016, 09:08
Yes, typically the school will provide a "cost of attendance" or living expenses. Lenders will use this to provide the additional funds to cover those expenses such as rent, utilities, etc. Obviously you should still do your best to keep costs down by looking for roommates, eating in, etc.
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HOW TO HANDLE THE MOVE TO BUSINESS SCHOOL [#permalink]

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New post 16 Apr 2016, 17:18
Joining business school may seem daunting, as it is a new experience and there are so many things running through your mind, since you hope to do your best and to be in the top rank of your classmates. Here are some tips on what to do once you join business school.
Try to network with upper classmen. Since you are treading new ground and the best way to know what is ahead is to take advice from individuals who have walked the same road you are going down. Meet up with someone in the classes ahead of you and ask them what they encountered and what their challenges were. Doing so, will help you to stay ahead of the game.
Make sure you take the three pillar approach. Business school is not about books alone and the three pillars of growth that you require, whilst in business school are: academic which entails your reports and tests, social (clubs and fun events), and career (interviewing with job recruiters). Schools such as the Robert Emmett McDonough School of Business at Georgetown University offer annual events like Global Diversity Day to celebrate the various backgrounds of students enrolled in the school that have proved beneficial to students. An article by the Guardian also states that having a good balance between school and social activities, will significantly aid your school life.
You should also go for as many internships as you can because it will give you hands on experience in the career you want to pursue, as you will have when you join the workforce. Professor Dishan Kamdar, Senior Associate Dean at India School of Business, explains that “Internships have their advantages, but given the prior work experience, international exposure and diversity of the ISB class, we have successfully facilitated live consulting engagements for our students which have received a very positive response from industry.”
Build relationships in business school because no man is an island; making connections with people in your class and other classes will help you get through the tough times in school, as you are not alone. They will also be great allies in future as you will foster business partnerships and relationships with them.
You should also make sure that you are fully prepared for business school so make sure that you have acquired the correct textbooks, reference materials, notebooks, gadgets, and whatever it is that you need for the year. This will help you to stay organized and keep you from being distracted. You should also organize your time properly to get the full experience.
Try to also make sure that you network outside your field because many people think that the only connections and networks they require are those that are within their field. Meeting and networking with people outside their career field, will help in the future, as you will be able to make long-lasting business partnerships in different fields.
You should also make sure you ask for help when you need it. Whenever you require any help, be it academic or social, seek it. Most schools have study skill workshops, mental health specialists, and whichever support you require, while in school. You should also fully utilize your tutor, as he or she is there to give you your money’s worth in terms of knowledge acquisition. Ask as many questions as you need and most will be happy to answer.
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STUDYING ABROAD FOR YOUR MBA [#permalink]

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New post 16 Apr 2016, 17:18
While there are benefits to staying at home and studying your MBA there, broadening your horizons by studying abroad, could give you an added advantage career wise. The top countries in which people go to study their MBA are: the United States, United Kingdom, Spain, Canada, and Australia. However, earning your degree abroad provides you with multiple personal and professional benefits. So what are these benefits of studying abroad for your MBA?
You will experience personal growth. Studying and living in a foreign country will give you a new understanding of your personal heritage, values, and culture. A study done in the University of Maryland shows that 96% of alumni claimed an increase in self-confidence attributed to study abroad. In addition, you gain skills such as independence, self-reliance, and self-confidence, which are all applicable in the work force.
You will be able to advance in your career, as you will be able to stand out from your peers by having such a high-level credential and experience based on the fact that you will have attained international experience, such as strong cross-cultural communications and familiarity with international standards, laws, and regulations. Once you have that kind of knowledge, moving back home and pursuing your career there will be easier. A study done by IES Abroad shows that 25% of graduates who studied abroad gain higher starting salaries as compared to those college graduates who do not study abroad.
You will get to broaden your worldview and make diverse partnerships by your exposure to a new culture and way of life, which will allow you to gain a broad and sophisticated view of the world, and expand your thoughts and values. A study done by American Institute of Foreign Study (AIFS) showed that 80% of people who studied abroad said that it allowed them to adapt better to diverse work environments. It will also help you form partnerships with citizens from all around the world that will enable you to work effectively and tackle global and multinational challenges, which is definitely an added advantage in the workforce.
You will get to strengthen your leadership skills because studying abroad exposes you to these different business and leadership styles that will help you to gain valuable experience, while working with a diverse team.
You can gain really valuable life skills by immersing yourself in different cultures and experiences and you may also attain master-level proficiency in a different language. According to the IES Abroad study, about 84% of alumni felt that studying abroad helped them build valuable job skills, such as language proficiency, cultural training, and tolerance for ambiguity, adaptability, and communication. Such competency will help you while networking and forming partnerships, as you will gain the respect of other cultures.
Companies are also looking to hire individuals who are flexible, multilingual, and comfortable in multicultural settings. The same survey by IES Abroad showed that 97% of graduates who study abroad secure jobs within the first 12 months, compared to only 49% of respondents in the general college graduate population. Studying your MBA abroad, gives you those specific skills, thus aiding you to garner that managerial position you have been eyeing or even establish your own multicultural company in different countries.
Studying abroad will also help you gain knowledge that you may have not acquired in your home country because education systems are different all over the world and some are proved to be better than others, so you may learn something new and vital in another school abroad. Statistics show that 59% of employers say study abroad will be valuable in an individual’s career later on with their organization.
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WHAT TECHNOLOGY SHOULD YOU BRING TO SCHOOL? [#permalink]

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New post 16 Apr 2016, 17:18
In this digital era, technology is one of your biggest allies, if you want to stay ahead of the game in education. According to the College Explorer study from re:fuel, they stated that the average 18-34-year-old college student owns 7 tech devices. Using technology will make your work way easier and more efficient. Here are some tips on what gadgets and applications will make your school experience a whole lot easier, faster, and convenient.
Invest in a laptop. It may seem obvious to some, but many people do not see the value of a laptop. According to re:fuel’s study, it shows that 85% of the college student population have laptops. It will vastly aid you in digitizing your work, submitting it on time, and saving your work. There are many brands that offer different laptops for different needs, but make sure you do proper research on what you want and need before purchasing a laptop.
Invest in a tablet. The same study also stated that 36% of students own tablets, which is a device that is convenient and less bulky to carry around compared to a laptop. Another study by Pearson Foundation, stated that More than six in ten college students agree that tablets help students to study more efficiently (66% and 64%) and help students to perform better in classes (64% and 63%). They can be used to type in notes in class or follow the lecturers PowerPoint presentation. Applications such as Amazon & Apple iBook are also available to purchase and read E-textbooks all on your tablet.
Invest in a portable hard drive. Whether you have a bulk of digital school notes or a bunch of assignments that you have, a portable hard disk is useful for backing up all your information just in case something may happen. The capacity of your hard disk wholly depends on your preference.
A portable flash disk, is a very convenient portable device that can be added to your key chain or even around your neck whenever you require notes to be transferred or to submit some work.
A portable charger can be vital. Imagine a scenario where you have work to submit but you do not have a charger for your dead device. A portable charger will be convenient and will aid you to restart your device and submit the work that you needed to.
A smartwatch will make your life way easier. Whether a new document has been sent to you or you need to check what time a class was meant to be, having a smart watch will make all these necessities convenient for you. You also will no longer have to pick your phone in the middle of class or answer a text; all of these will be conveniently displayed on your watch.
Applications are also key in making your student life better. You cannot have the best gadgets without proper applications to accompany them. Applications such as Evernote, Springpad, and OneNote will help you take down notes during a class. They also have features to organize and send them if necessary.
Drobox Mobile is convenient in saving and sharing documents, photos, and videos in a secure location. Group projects are also made easier as you can share to a group. Other applications such as Easy Bib will help you as you are writing your research paper as it will help you format you list of references in different citation styles including APA and MLA.
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HOW TO SCHMOOZE WITH RECRUITERS AT BUSINESS SCHOOLS [#permalink]

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New post 16 Apr 2016, 17:19
If you are going for an interview at the business school of your dreams, you will need to know how to talk and converse with your recruiters in order to secure your position at the school. Harvard Business School, for example, of the 10,000 applicants they get annually, only 2,000 get admitted. Most are not accepted due to failed interviews. It is in the best interest of both of you, if you are candid so that your professional needs, job requirements, and career goals are all addressed. Here are some tips on how to converse with recruiters in business schools.
Speak as if you know what exactly you want. If you are asked why you want the opportunity, speak with a clear mind and say the truth. Honesty and being candid is quite vital as dishonesty may bring distrust and you will not be able to foster a good relationship with the recruiter. You also need to relax. Being nervous or tensed will only do you more harm than good as you will not fully be able to answer the questions asked to the best of your ability. Remember that these recruiters are people like you and you are no inferior to them.
You should also make sure that you avoid ‘smart-aleck’ or clever-flip demeanor, which is the extra effort to be cute, snappy, alert, or falsely-witty. Acting in such a way will make you seem like you are trying a bit too hard to impress the recruiter, while they are quite comfortable with you just being yourself.
Make sure you have done research because recruiters are looking for individuals who show interest in the school and business in general. Therefore, you ought to read up online on the school and the course you are about to undertake. Know the history of the school and even the alumni statistics. You should also read up on the common interview questions asked. Chioma Isiadinso, a former Assistant Director of Admissions at Harvard Business School and co-founder of the admissions consulting firm Expartus, wrote an article on this.
You should also ask as many questions as you can because asking questions about faculty research and interests shows that you are interested in the course and business as a whole. This will make the recruiter quite impressed with you as you are going an extra mile to find out more about the school. However, make sure you ask relevant questions to the recruiter as irrelevant questions would render you a carefree student thus giving the recruiter a bad impression of you.
You should also discuss the degree as a whole and how it will benefit you. They will help you to know if this course for you. Ask as many questions about the course and exhaust all the information you would want to know.
Try to discuss special interests outside the classroom and how the school may help you pursue them. For example, if you have an interest in fundraising management, you may run the idea by the recruiter and he or she may help you realize your dream.
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HOW TO HANDLE BUSINESS SCHOOL DEBT AFTER SCHOOL [#permalink]

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New post 16 Apr 2016, 17:20
Business school can leave you with a hefty student loan that you need to pay off, having the average debt of students in business schools being $56,000. It may seem gruesome and tedious to pay these loans off but here are some tips that can aid you to handle and pay them off with ease.
Make sure you understand your loans. You must keep track of the lender, balance, and repayment status for each of your student loans as they determine your options for loan payment and forgiveness. If you are not sure about them, ask your lender or visit http://www.nslds.ed.gov, as they are listed in the site. Private loans are not listed and would require a recent billing statement.
Make sure you take advantage of the Grace period given because your lender may have granted you the luxury of a grace period; a period where you do not require paying off the loan. Take full advantage of that time and fully understand your loan. Do not sit back and relax. For example, if your loan payment is $300 per month, make sure you take that $2,400 at the end of 6 months and apply it towards your loan. Doing that will lighten your burden.
Make sure you choose the right payment option. Federal loans, generally have a standard 10 year repayment plan that you could extend if you want or need to. However, the extension increases the interest that you pay back. Some options for student loans is utilizing Income Based Repayment and Pay As You Earn, where a percentage of your salary is cut and pays off your loans. Private loans, may offer a type of forbearance for a fee that you may be able to make interest-only payments for some period of time. Make sure you scrutinize your loan paperwork.
Pre-paying your loans is a good idea. If you can afford to pay more than your required payment, do it, as it can lighten your load. A request must be written to specify the extra amount that is to be applied to your loan. Your prepayment may even be credited to a future payment and may allow you not to be billed for the next month.
Make sure you pay off the most expensive loan first. Start with the loan with the highest interest rate, as it is the hardest to pay off. If you also have private loans, make sure you start with them as they have higher interest rates than federal loans.
Know whether you want to consolidate or not. A consolidation loan combines multiple loans into one for a single monthly payment and one fixed interested rate which is very appealing. Private loans can be consolidated with ease. Federal loans, should not be consolidated as you will lose all the repayment options and borrower benefits such as unemployment deferments and loan forgiveness programs.
Make sure you utilize loan forgiveness. Some programs may choose to forgive all or some of your federal student loans in certain fields or for certain types of employers even business fields. The Public Service Loan Forgiveness is a federal program that forgives student debt after 10 years of qualifying payments for people in the government, public service or non-profit jobs.
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HOW TO HANDLE BUSINESS SCHOOL DEBT AFTER SCHOOL   [#permalink] 16 Apr 2016, 17:20
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HOW TO PREPARE FOR SCHOOL FINANCIALLY

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