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Financial aid for MS in Business Analytics: Your top 10 options
- Lovish Rawal
- April 27, 2023
- 9:44 pm
- No Comments
Studying a Master of Science in Business Analytics degree in the USA can be a brilliant choice for students from India.
These courses offer high-paying jobs for students adept at quantitative reasoning. Moreover, till now, this is a sunrise sector. At the moment suggests the market is growing and needs to recruit more talent.
Courses in business analytics can provide a significant advantage in the highly competitive job market.
In this article, we will closely examine the Master of Science in Business Analytics course and explore the available financing options. Additionally, we will delve into the various universities in the USA and their support in securing funding for students.
Master of Science in Business Analytics in the USA: Top 10 Financing Options
1. Scholarships
Scholarships are awarded based on merit and do not have to be repaid. There are many different scholarships available for international students.
Here are some of the most important ones for those pursuing Master of Science in Business Analytics:
i. Fulbright Foreign Student Program
The Fulbright Foreign Student Program is a prestigious scholarship program that allows foreign students to study and conduct research in the United States.
Eligibility Criteria:
- Applicants must be citizens of a foreign country and have completed their undergraduate education.
- They should have excellent academic and English language skills.
- Applicants must meet the specific eligibility requirements of their home country.
Application Process:
- Interested applicants should contact the Fulbright Commission or the U.S. Embassy in their home country for more information about the program and the application process.
- Applicants must submit an application, which includes personal information, academic transcripts, and letters of recommendation.
- They must also write a research proposal or a statement of purpose explaining their research interests and career goals.
Application Deadlines:
The application deadlines vary by country, but typically fall between February and October for the following academic year. For example, for the 2024-2025 academic year, the deadline for India is July 15, 2023.
Benefits:
- The Fulbright Foreign Student Program provides funding for tuition, fees, and living expenses.
- It also provides health insurance and travel allowance.
- Scholars receive support from the program staff to help them adjust to life in the United States and succeed in their academic pursuits.
- Scholars have the opportunity to study at some of the most prestigious universities in the United States and conduct research in their field of interest.
- Scholars can also participate in cultural exchange activities and meet people from different parts of the world.
ii. Narotam Sekhsaria Foundation Scholarships
The Narotam Sekhsaria Foundation Scholarships is a scholarship program that provides financial support to Indian students pursuing postgraduate studies abroad.
Eligibility Criteria:
- Applicants must be Indian citizens residing in India.
- They should have completed their undergraduate education in India.
- Applicants should have a consistently good academic record.
- They must have secured admission to a full-time postgraduate program in any field of study at a top-ranked university abroad.
- They should be 30 years of age or younger.
Application Process:
- Interested applicants should visit the website to check the eligibility criteria and download the application form.
- Applicants must submit the completed application form, along with the required documents, such as academic transcripts, letters of recommendation, and admission letter from the foreign university.
Shortlisted candidates will be called for an interview.
Application Deadlines:
The application deadlines for the scholarships vary depending on the course and institution of study, but generally fall between January and March for the academic year starting in August/September. For example, for the 2023-2024 academic year, the deadline for courses in India is February 28, 2023 and for courses abroad is March 31, 2023.
Benefits:
- The Narotam Sekhsaria Foundation Scholarships provides financial support to cover the tuition fees, living expenses, and travel expenses for the entire duration of the postgraduate program.
- Scholars will also receive a one-time grant for purchasing books and study materials.
- The scholarship also provides mentorship support to scholars throughout their academic journey.
- Scholars will be invited to attend events and conferences organized by the Narotam Sekhsaria Foundation, providing them with opportunities to network and learn from other scholars.
iii. Aga Khan Foundation Scholarship
The Aga Khan Foundation Scholarship is a scholarship program that provides financial assistance to students from developing countries who wish to pursue postgraduate studies.
Eligibility Criteria:
- Applicants must be residents of one of the countries where the Aga Khan Foundation has a presence (check the website for the list of countries).
- They must have a strong academic record and demonstrate potential to make significant contributions to their home countries.
- Applicants should have no other means of financing their postgraduate education.
- They should be admitted to a reputable university for a master’s or doctoral program in any field of study.
- They should be 30 years of age or younger at the time of application.
Application Process:
- Interested applicants should visit the Aga Khan Foundation website to check the eligibility criteria and download the application form.
- Applicants must submit the completed application form, along with the required documents, such as academic transcripts, letters of recommendation, and admission letter from the university.
- Shortlisted candidates will be called for an interview.
Application Deadlines:
The application deadlines for the scholarship vary by country, but generally fall on March 17 for the academic year starting in August/September12. However, some countries may have earlier internal deadlines for pre-application forms or distribution of application forms. Applicants should contact the local office in their country of residence for specific instructions and deadlines.
Benefits:
- The Aga Khan Foundation Scholarship provides financial support to cover the tuition fees, living expenses, and travel expenses for the entire duration of the postgraduate program.
- Scholars will also receive a one-time grant for purchasing books and study materials.
- The scholarship also provides mentorship support to scholars throughout their academic journey.
- Scholars will be invited to attend events and conferences organized by the Aga Khan Foundation, providing them with opportunities to network and learn from other scholars.
- You must try for scholarships at your university. Worcester Polytechnic Institute (WPI) for example offers scholarships that range from $1,000 to $4,000 for MSBA programs. You could receive up to $20,000 for the Dean’s Fellowship.
- Many schools make available funds from private bequeaths such as the Kendall Family scholarship at University of Maryland, College Park.
2. Fellowships
A fellowship is a type of financial support awarded to individuals to pursue a specific academic or professional goal, such as research, study, or training. Fellowships are typically awarded on a competitive basis and can be sponsored by a variety of organizations.
Fellowships can provide funding to cover tuition, living expenses, and research expenses, and can vary widely in scope.
Difference between Scholarship and Fellowship
To be honest, they are used interchangeably. But in their original sense, there are a few differences.
Here are some of them:
- A scholarship for pursuing a Master of Science in Business Analytics is usually for undergrad and graduate students to cover their school expenses. A fellowship is usually for graduate students or research scholars to pursue advanced studies or research.
- A scholarship always comes with financial aid, but a fellowship may or may not include monetary support. A fellowship may also include an internship or a service engagement for the student.
- A scholarship can be merit-based, need-based, or category-based, depending on the criteria set by the granting organization. A fellowship is only merit-based and requires some form of achievement or potential in the chosen field.
- A scholarship lasts for at least a semester, but a fellowship can vary in duration depending on the scope of the work. Some fellowships are renewable, while some are one-time awards.
These are some of the general differences between a scholarship and a fellowship.
You should always check the specific terms and conditions of each grant before applying.
i. AAUW International Fellowships
The AAUW International Fellowships is a scholarship program that provides financial support to women from around the world who wish to pursue postgraduate studies in the United States.
Eligibility Criteria:
- Applicants must be women who are not U.S. citizens or permanent residents.
- They should have a strong academic record and demonstrate potential to make significant contributions to their home countries.
- Applicants should be admitted to a full-time postgraduate program in any field of study at a U.S. university.
- They should intend to return to their home country to pursue a professional career.
- Applicants must have proficiency in English.
Application Process:
- Interested applicants should visit the AAUW International Fellowships website to check the eligibility criteria and access the online application portal.
- Applicants must complete the online application form and upload the required documents, such as academic transcripts, letters of recommendation, and proof of admission to a U.S. university.
- Shortlisted candidates will be called for an interview.
Application Deadlines:
The application opens on August 1 every year and closes on November 15 every year. The notification of decisions is emailed to all applicants on April 15 every year. The fellowship year runs from July 1 to June 30.
Benefits:
- The AAUW International Fellowships provide financial support to cover the tuition fees, living expenses, and travel expenses for the entire duration of the postgraduate program.
- Fellows will also receive a one-time grant for research and travel expenses related to their studies.
- The fellowship also provides mentorship support to fellows throughout their academic journey.
- Fellows will be invited to attend events and conferences organized by the AAUW, providing them with opportunities to network and learn from other fellows.
ii. Hubert H. Humphrey Fellowship Program
The Hubert H. Humphrey Fellowship Program is a Fulbright program that brings accomplished young professionals from developing countries to the United States.
Eligibility criteria:
- Open to experienced professionals from eligible countries in various fields.
- Applicants should have at least five years of professional experience and a bachelor’s degree or equivalent.
- Demonstrate leadership qualities and a commitment to public service.
- Have sufficient English proficiency.
- Should not have recent U.S. experience or a dual U.S. citizenship or residency.
Application process:
- Submit an online application.
- Submit academic transcripts, English language test scores, a statement of purpose, a detailed curriculum vitae or resume, and letters of recommendation.
- Supplementary materials may be required depending on the field of study.
Application deadline:
The application deadlines vary by country but are usually between May and September each year. Applicants should check with the Fulbright Commission or U.S. Embassy in their country for specific dates. The notification of decisions is emailed to all applicants in March or April every year. The fellowship year runs from August to June.
Benefits:
- Provides tuition and fees at the host university, a monthly living stipend, round-trip international airfare, health insurance, and funding for professional activities and enrichment experiences.
- Opportunities to participate in professional development activities and engage with other Humphrey Fellows and professionals in the field
- Access to the Humphrey Fellows Global Network and alumni community
3. Grants
Grants are a form of financial aid that does not need to be repaid.
Whereas scholarships are based on merit, grants are based on need. It is best to see it as an education subsidy for those who are economically weaker.
If you are eligible for a grant, you would learn that after admission. Since it is a disbursement from the Federal or local government, your enrollment depends on your admission, and arrival in the USA.
Schools like Brandeis International Business School offer deserving students automatic grants based on their needs.
i. Pell Grant
It is the most well-known and provided by the U.S. government to college and university students. The maximum award currently is around $6500.
To avail, you have to demonstrate financial need by completing the Free Application for Federal Student Aid (FAFSA).
ii. FSEOG
The Federal Supplemental Educational Opportunity Grant (FSEOG) is an amount awarded to students who demonstrate exceptional financial need.
Awards can range from $100–$4,000 and do not need to be repaid.
To apply for an FSEOG, you need to submit your Free Application for Federal Student Aid (FAFSA) as soon as possible each year.
4. Assistantships
Assistantships are positions offered by universities or other institutions to graduate students that involve working as a teaching or research assistant.
In a teaching assistantship, the student works with a professor to assist with teaching responsibilities such as grading assignments, or helping lab sessions.
In a research assistantship, the student works with a professor or other researcher on a research project, assisting with tasks such as data collection, analysis, and manuscript preparation.
When searching for these, we came across many that were surprisingly supportive of their students.
Baruch College offers graduate assistantships that provide opportunities to work as a teaching, research, or administrative assistant. Students receive a stipend and tuition remission for their service. Graduate teaching assistants are paid $18 per hour and can work for a maximum of 80 hours.
5. On-Campus Employment
On-campus jobs are usually limited, so you should not rely on them as your main source of income.
Moreover, if you are studying MSBA in the US, there are legal restrictions on how many hours you can work.
F-1 students may work on-campus for up to 20 hours per week during the academic year and full-time during vacation. The work must be on the school’s campus and must be related to the student’s field of study.
College of Staten Island (City University of New York) has a dedicated page that helps students seek on-campus employment.
6. Off-Campus Employment
Part-time work off-campus can help you earn some money to cover your living expenses or personal needs.
i. Curricular Practical Training (CPT)
This program allows F-1 students to work off-campus for a specific employer as part of their academic program. The work must be directly related to the student’s field of study and the student must receive academic credit for the work. In other words, an internship. Miami Herbert Business School has a page for connecting students with internship opportunities.
ii. Economic Hardship Clause
F-1 students who experience unforeseen economic hardship may be eligible for off-campus employment authorization for up to 20 hours per week during the academic year.
7. Education Loans
You could raise a loan from the bank for your MSBA degree. Of course, it needs to be repaid with interest.
Loans can be obtained from various sources, such as banks, and financial institutions.
Educational loans may have different eligibility criteria, interest rates, repayment terms, and collateral requirements depending on the bank.
8. Family support
Your parents or siblings or relatives can help sponsor your education. They can help you ease your financial burden and focus on your studies.
Anecdotal evidence suggests that a large number of Indian students receive help from close relatives.
9. Savings
If you have saved from your previous earnings or have investments it can help further your education.
The biggest part is it can help you reduce your dependence on external sources of funding and plan your budget accordingly. You are not dependent on the government, any institution, or a sibling.
However, this requires careful management of what you have earned previously.
10. Crowdfunding
You can receive help using online platforms or social media by appealing to potential donors who share your interests or goals. They can help you fund a specific project or cause related to your education.
However, they may not be easy or guaranteed and may require a compelling story and effective marketing.
Wrapping Up
Scholarships, fellowships, grants, assistantships, and part-time employment are all options that can help students from India finance a Master of Science in Business Analytics .
Each type of financial support has its own eligibility requirements, benefits, and limitations.
You should carefully research and evaluate all the options to determine the best fit for your needs.