How can you finance your MBA in Hong Kong?23 December, 2015
Higher education is an important endeavor. In an increasingly competitive global job market, it’s never been more important to have that MBA or Post Graduate degree to stand out from the crowd.
But it’s no secret that funding a higher education isn’t cheap. We at Monexo decided to look into the MBA/Post Grad scene in Hong Kong to see what we could find.
Overview of MBA Program Costs
Part Time MBA:
HKU Part Time MBA: HKD 354,000
HKUST Part Time MBA: HKD 396,000
CUHK Part Time MBA: HKD 356,400
HKBU Part Time MBA: HKD 228,000
Part Time Executive MBA:
Kellog-HKUST EMBA: HKD 1,250,000
Chicago Booth EMBA: HKD 1,250,000
HKU M-Fin Part Time: HKD 336,000
HKU M-Econ Part Time: HKD 180,000
CUHK M-Fin Part Time: HKD 125,250
HKUST M-Fin Part Time: HKD 234,000
How current students finance an MBA
With costs like this, we wonder how many ambitious individuals have had to curtail their grad school goals. Monexo spoke with various part-time students MBA to find out how they managed to finance a higher education. Below is the list of the four primary financing avenues students in Hong Kong have used.
1. Saving up: Students saved partial or full tuition amounts from previous employment positions, or receive help from friends and relatives
2. Traditional Financial institutions: Part-time students typically have a full time job generating a steady income stream, which increases their odds of getting financing from banks and financial institutions. This, however, means, quite a bit of debt & spare time to organise.
3. Sponsorship: Ideally, students with full-time positions will receive help from their respective companies to sponsor part or all of the MBA/graduate program. However, after speaking with students and program advisors, it’s not common for HK-based companies to do this (except for EMBA programs).
4. Financial aid: The HK government offers a Non-means Tested Loan Scheme & Continuing Education Fund Scheme.
But what if there was another way to fund your higher education? Whether you’re a prospective Grad student looking for financing or an existing grad just looking for a little more financial convenience, Monexo is here to help.
Three Advantages Monexo Can Bring to Part-time students
Convenience - When you’re working during the day and have class at night, try finding the time to make it to a bank in the 9 a.m. - 5 p.m. window - it’s stressful. On Monexo’s peer to peer lending platform, you can apply for a loan from the comfort of your apartment in less than 15 minutes. We’ll work with you through the whole process and give you a customer experience you won’t forget. Once we approve you as a borrower (which will likely be the same day as your application), there will be a 24 hour turnaround before you receive the loan. Simple as that, and you never stepped a foot outside your apartment or had to fumble with an HSBC dongle.
Debt Consolidation - Even if students have savings to fund their part time MBA, paying 300K + is by no means a small amount and might mean being cash poor in the aftermath. Without a safety net or reserve fund, students might find it hard to meet their daily living expenses and resort to revolving on a credit card at an APR of a whopping 32%! Monexo allows part time students to plan ahead and feel safer when meeting short-term costs - we offer rates APRs between 7.73%-25% on a declining balance, allowing students to refinance credit card debt at a much cheaper rate.
No prepayment fees – This point is often overlooked and most people only hear about a prepayment fee once it’s too late. To add context for those who are not familiar with prepayment fees, most banks and financial institutions will charge a fee for paying off a loan early. With P2P lending we eliminate all prepayment fees - that means if you want to pay off the full amount of your loan early, there is no penalty.
Overall, we appreciate that the above blog might not be relevant to many MBA/Graduate students who have managed to gain financing or can fund their own education. But at Monexo, one thing we do know is that all students pursuing degrees in higher education deserve the opportunity to achieve their goals, and live comfortably while they do that. Whether that be offering competitive and convenient loans for debt consolidation or to fund an education, Monexo is a new outlet for students in Hong Kong.