Completing a business master’s programme may require a serious financial commitment. Most business master’s programmes – even those in countries where undergraduate education is free or inexpensive – charge substantial tuition fees. When combined with the student fees, books, software and computer needs, and so on, the total direct expense can be tens of thousands UK pounds. When the indirect costs of attendance, such as housing and food, are added, the total can be over £35,000. For instance, the MSc in Finance at the London School of Economics has tuition fees of £25,488 and estimated living costs of more than £1,000 per month, for a total in excess of £35,000.
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Methods of calculating financial need may vary slightly from school to school but, generally speaking, schools in the same country have similar procedures.
The various formulas used to calculate need do not evaluate financial issues in the same way as governments do for tax purposes. An asset that can help you minimise your tax burden can hurt your chances of receiving financial aid and vice versa. Read all materials carefully before planning a strategy – ideally well before you begin a programme.
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Some forms of assistance are available to anyone, while others are granted only on merit, financial need, citizenship, or membership of a particular group.
Merit-based aid
Your qualification for possible merit aid is determined by the level of achievement or any unique contributions you may bring to a programme. In most countries, for example, female candidates are highly sought-after to balance often male-dominated classes/courses in subjects such as IT. Similarly, ethnic diversity is also sought.
Need-based aid
Your qualification for need-based aid is determined by the difference between the total cost of your education and the amount you can contribute to it. Each country (for government funds) and school (for private, school-based funds) calculates need differently. The formulas generally take into account your income, savings, and assets. Many schools also take into account your parents’ (and partner’s, if applicable) financial resources.
Citizen-based aid
Citizen-based aid is granted only to citizens of a particular region, country, province or state. Aid from government is often citizen-based.
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