Financial aid for MS in Finance: Your top 10 options
Financial Aid for MS in Finance: Your Top 10 Options
Want to pursue an MS in Finance, but afraid of the tuition fees?
Don’t worry, we’ve got you covered!
From scholarships to loans and employer tuition assistance…
There are plenty of ways to get financial aid for your degree.
In this article, we’ll share with you the top 10 options for financial aid for MS in Finance. Get ready to kickstart your finance career without breaking the bank!
Scholarships are financial awards that do not need to be repaid. They are based on academic merit, financial need, and/or other criteria. (Such as leadership potential, community involvement, or diversity.)
Some popular scholarships that you can apply to for financial aid for MS in Finance include:
Name of Scholarship
Amount of Scholarship Available
For pursuing a master’s degree in any field in the US, including finance
Indian citizens with an undergraduate degree
July – October annually
Full funding for tuition, travel, and living
For pursuing a master’s degree in the US, UK, or Europe in various fields, including finance
Indian citizens with a strong academic record
April – October annually
Up to $100,000
For pursuing a master’s degree in various fields, including finance, at top universities in the US, UK, and Europe
Indian citizens with a strong academic record
March 31 annually
Full funding for tuition, travel, and living
For pursuing postgraduate studies, including finance, at top institutions around the world
Indian citizens under 30 years of age
Up to INR 30 lakhs
For pursuing a degree in finance or a related field at a partner university
Students from selected countries, including India
Up to $10,000 per year
Now, according to data only 12% of students received merit-based educational scholarships.
Thus, it is best that you also explore other options to fund your MS in Finance degree in the US.
2. Fellowships and assistantships
As an MS in Finance student, you can work part-time as a research or teaching assistant. With fellowships and assistantships, you can receive tuition waivers as well as stipends.
Financial awards given to graduate students to support their education and research without an expectation of work in exchange.
Financial awards are given to graduate students in exchange for their work as teaching or research assistants, which may involve teaching, grading, or assisting with research.
No work is required.
Work is required as part of the award.
Can be funded by a university, private organization, government, or foundation.
Usually funded by the university or department.
Applications are usually submitted directly to the organization providing the fellowship.
Applications are usually submitted to the university or department offering the assistantship.
Can provide full or partial tuition coverage, living expenses, and/or stipends.
Usually provides a stipend, partial or full tuition coverage, and health insurance.
Can be one-time or renewable for a specific period of time.
Can be one semester or for the duration of the program.
Based on academic achievement, research interests, and other criteria .
Based on academic achievement and work experience.
Often used to support independent research or other academic pursuits.
Often used to support teaching or research activities.
Depends on the organization providing the fellowship and the field of study. Can range from a few thousand dollars to full tuition coverage and stipends
Stipend depends on the department and university. But usually enough to cover living expenses.
Education loans are financial awards that must be repaid with interest. They can be a great source of funding for students unable to secure other forms of aid.
Other than banks, NBFCs are also increasingly contributing towards overseas education loan disbursement. Especially for MS courses.
4. Employer Tuition Assistance
Many companies offer tuition reimbursement programs to employees pursuing MS in Finance. So if you are already employed, it is worth checking with HR if you can get financial aid for higher education.
5. Private Loans
Private lenders offer student loans to graduate students. Typically, these loans have higher interest rates than regular loans. But these come with more flexible repayment terms.
Crowdfunding platforms can also help you raise funds for MS in Finance in the US. It’s a good option if you have a compelling story to tell.
Top crowdfunding platforms where Indian students can raise funds include GoFundMe, ImpactGuru, and Indiegogo.
7. Professional Associations and Organizations
Several financial institutions offer scholarships, grants, or other forms of monetary assistance to members pursuing a graduate degree in Finance. Some such associations and organizations include:
- Financial Executives International (FEI)
- The Risk Management Association (RMA)
- Financial Women’s Association (FWA)
- Bank of America Student Leaders Program
This program provides a summer internship and a scholarship to students interested in pursuing a career in finance, including MS in Finance.
8. University Scholarships & Assistantships
Universities often offer their own scholarships and grants based on merit, need, or diversity. These can be competitive but worthwhile.
Here are the top 5 university-provided scholarships for MS in Finance aspirants.
1. Baruch College (City University of New York)
Students pursuing an MS in Finance at Zicklin School of Business, Baruch College, can apply for the graduate assistantship and be paid $18/hour for 80 hours.
Find the complete eligibility requirements and application procedure here.
The college also providers information about other sources of income for students, which can help relieve some of the financial burden.
2. Miami Herbert Business School
Miami Herbert Business School automatically considers graduate applicants for merit-based scholarships upon admission, and no separate application is required.
Find more details available about available scholarships and fellowships here.
3. Brandeis International Business School
Brandeis International Business School provides merit-based scholarships to highly qualified full-time and part-time domestic and international students as part of the admissions process.
Explore the available scholarships here.
4. University of Maryland, College Park
Other than offering a lot of advice and guidance to International students, the University of Maryland also helps students find the right scholarships, grants, and opportunities.
Further, they have a Student Crisis Fund as well.
The Student Crisis Fund supports the financial wellness and personal well-being of students who face a crisis that negatively impacts their ability to continue their education. The fund provides a one-time award of up to $500 for verified crises and does not offer ongoing relief. It is funded by donations and is managed by the Dean of Students Office.
5. University of Central Florida
UCF College of Business provides scholarships for undergraduate and graduate students every year. The scholarships are awarded for academic achievements, campus/community involvement, and financial needs.
College of Business students can apply for scholarships through A2O, a system that matches students with scholarships based on their qualifications. A2O provides access to scholarships specifically for business students and other scholarships across campus and externally. Students must complete the A2O application once a year and check the system periodically for added scholarships.
9. Part-time work
Part-time work can help students earn money to pay for tuition and living expenses while gaining valuable work experience.
However, for Indians studying MS in Finance in the US, there are certain restrictions as to what kind of work they can do.
Here’s what you should remember while looking for part-time opportunities:
- You are allowed to work only on-campus for a maximum of 20 hours per week while school is in session.
- During official school breaks, such as summer or winter break, Indian students are allowed to work off-campus for up to 40 hours per week.
- Off-campus work must be related to the student’s field of study and approved by the international student office at the university.
10. Personal Savings and Family Support
Using personal savings or receiving financial support from family can help reduce or eliminate the need for loans or other forms of financial aid. It’s a reliable but limited option.
Choosing The Right Financial Aid For MS in Finance
The right financial aid for MS in Finance is crucial in shaping your financial future. Consider these factors when making your decision:
- Duration of the program and cost of living expenses in the area
- The flexibility of repayment options for loans, such as income-driven repayment plans
- Opportunities for networking and career advancement through university programs or industry connections
- Specializations offered by the program that aligns with your career goals and interests
With all the information right in front of you, it’s time to fund your MS in Finance in the US dreams. Get started today and soar towards success.