To assist students, there are a number of scholarships and loans available. Financial arrangements covering all study-related activities must be finalized before the start of the program.
A year away from work, particularly if you have a family, is a considerable investment in both time and money. To assist students, there are a number of scholarships and loans available. However, it is strongly recommended that students research the availability of financial assistance available in their country of origin. Financial arrangements covering all study-related activities must be finalized before the start of the program. There are a number of resources available to students.
Depending on citizenship, the Consortium of Universities offers a range of merit-based and need-based MBA scholarships to reduce the tuition costs. The scholarships are available for prospective global managers and leaders with the right qualifications and are assigned on a competitive basis to the best students, only after an offer of admission has been made.
The CIMBA Board of Advisors, our client companies and alumni are strong advocates of making working partnerships with the business community an integral part of the MBA program. Under the belief that the CIMBA consulting projects provide students with an opportunity to test MBA-program learning in a real-world environment prior to graduation, the board has encouraged the development of the CIMBA Consulting Lab by providing each MBA student with a $4,000 tuition scholarship.
CIMBA alumni organizations in several countries now provide students with direct financial assistance. Limited to tuition payment, alumni scholarships average is $2,000.
Participants of Italian descent are eligible for a $2,000 tuition scholarship. The Global Entrepreneurship Scholarship is provided by a group of entrepreneurs from the Veneto region.
Stefano Andreello was a CIMBA alumnus (MBA Class of ‘93) and after graduation went on to a career as an international consultant. After a highly distinguished career managing large consulting projects, he decided to return to CIMBA as Co-director for CIMBA Business Advisement and professor at the CIMBA Undergraduate program. In 2006, at the age of 41, he tragically passed away from injuries sustained in a motorcycle accident. Stefano was an inspiring and dedicated individual with a true passion for learning and a tireless work ethic. He fully embraced the CIMBA basic beliefs. He had a genuine drive and passion to help bring out the true leader in every student and to see the program and its students reach new heights. Within that spirit, CIMBA has established a $5,000 memorial scholarship in his name for MBA students who possess his spirit and enthusiasm for learning and inspire others.
This scholarship, based on merits and needs, has been developed to encourage applicants from a wide-range of international backgrounds to benefit from our MBA and to promote cultural diversity in the classroom.
As the program tends to fill quickly, prospective students are encouraged to apply for scholarships earlier than the Application Deadline. Acceptance decisions are made on a “rolling” basis, with applications accepted until the program is filled. Scholarships are assigned based on their availability. In order to be considered for these scholarships, we encourage you to apply early.
Please contact the CIMBA Admissions Office to find out if you are eligible for one of our scholarships.
For US citizens, loans from both public and private sources are available. The primary public source of financial assistance is the federal Stafford Loan program. The federal Stafford Loan is a need-based program whereby a student borrows money from a commercial lender or other participating organization. MBA students are eligible for loans of up to $20,500.
Under the federal Unsubsidized Stafford Loan program, students are responsible for any interest accrued during in-school and deferment periods. Interest accrued during those periods may be paid or capitalized as agreed by the borrower and lender. An loan fee of 1.051% percent will be deducted from the federal loan proceeds.
To apply for federal financial aid, students must submit a Free Application for Federal Student Aid (FAFSA). The application can be completed on line at www.fafsa.ed.gov. In completing the form, you will need to indicate the University of Iowa code (001892). The UI Office of Student Financial Aid provides more information. The rules and regulations governing federal student loans change frequently, often without advanced notice. Participants are encouraged to contact the Consortium Office and/or the UI Office of Student Financial Aid for assistance, if necessary.
Canadian citizens are eligible to apply for loans provided through the Canada Student Loans Program. The program allows students to borrow money from the Canadian government to pursue higher education. The Canada Student Loans Program Web site offers information about a wide-range of topics, including who qualifies for loans, how to apply for a loan and how to repay the loan after graduation. To apply for a loan, applicants must contact the provincial student assistance program in their province to receive application forms and additional information. Additional information can also be obtained by visiting the Human Resources Development Canada (Développement des ressources humaines Canada) site.
The CIMBA Loan Program Fund provides low-interest (and in some cases, no-interest) loans to cover up to $4,000 in tuition for participants from developing countries where it is difficult to obtain sufficient funds to attend the CIMBA program. The loan is repayable over a five-year period, with payments beginning five months after degree completion. The program does not cover living expenses. Students must gain full acceptance into the CIMBA program, confirm their intention to participate in the program, demonstrate financial need and meet specified merit-based criteria (university performance, GMAT, and personal interview).
Since its inception in 1996, the CIMBA Loan Program has supported participants representing China, Croatia, Ecuador, Mexico, Nepal, Russia, and Slovenia. The loan program is further evidence of the commitment to promote the quality of global management by ensuring that finances do not prohibit outstanding individuals from participating in the CIMBA program.
There are several private sources for loans, some of which are willing to loan to international students under certain circumstances. While CIMBA does not specifically endorse any such private loans, you might want to investigate “MBA LOANS,” a program sponsored by the Graduate Management Admission Council. Applicants are encouraged to visit their website. US citizens are eligible; students, who are neither a US citizen nor a US resident, are eligible to borrow with a co-borrower who is a creditworthy US citizen or permanent resident. Terms and applicable interest rates depend upon the amount borrowed and the credit-worthiness of the co-borrower. In addition to the MBA loans program, students can investigate the website www.finaid.org for a list of private lenders.
There are many websites that contain information about studying abroad. Many of the sites have searchable databases in which you can find scholarships, grants and loan information. A few sites to consider are: