MBA Funding Options for NZ & Australian Citizens

3 months have gone by in a flash and I can't believe it's April already! This means that

1. It's only 3 months till I move to London
2. I need to sort how I'm going to fund my MBA 
3. I've only got 3 months of cash inflow left

And in case anyone is wondering, no I still don't have a scholarship.  :( I am hoping though that May will bring forth some good news when LBS does its second round of scholarship reviews for Round 1-3 admits. That said, I really can't afford to count on it.

In the last months of investigating various financing options, I have come to a conclusion that NZ and Australian citizens who reside in NZ or Australia have some of the most limited funding options. If you're from NZ or Australia and thinking of applying to London Business School (or another UK MBA program) in future, I'd advise planning to work in the UK in the 3 years preceding. Why? Because then at least you'll be eligible for certain loans and scholarships that are open to UK residents who are internationals.

If like me, you didn't know, didn't plan that far ahead, aren't rich and don't have a scholarship, well you're pretty screwed...your funding options are limited to the following:

• Prodigy Finance loan - which is extremely unlikely to cover all of your fees and definitely not your living expenses. APR interest rates vary depending on circumstance but is around 8.34% for LBS
• There might be 1 or 2 government scholarships e.g. Chevening that require you returning to Australia/NZ after graduation (Note that LBS MBA applicants are ineligible for Chevening Scholarships but other UK 1 year MBA programs meet the criteria) - not an option if you don't plan to be returning for awhile
• Personal loans from the bank - hard to borrow much and once you convert this to GBP, it's not much. APR is also really high
• Credit card - not advisable due to very high interest rates. Also for visa applications, funding from credit cards is not considered a valid funding option.
• Refinancing property - a good option if you own property, especially since mortgage interest rates (currently) are much lower than personal loans and you can borrow a large sum potentially covering both fees and living expenses...just don't disclose that you're quitting your job to study and will no longer have any income for the next 2 years...
• Savings
• Financial help from friends and family
• Company sponsorship - Might be a bit tough to get this one if you're off on a full-time 2 year MBA program

So those are all the options I've managed to find. Unfortunately compared to other developed countries, NZ and Australian citizens have a bit of the short straw when it comes to scholarships and loans, and local bank loans aren't ideal. :( If anyone knows otherwise, I'm all ears!

Now to figure out my funding cocktail....

Seeing More of NZ - Easter Trip to Cape Reinga

So it struck me that with only a few months left in NZ, I've not played in my own backyard enough. How did it happen that in the last decade, I've not made time to fully appreciate the natural wonders here? As such, I planned a camping trip (or some would say "glamping" since the camp grounds had hot showers) up North to Pukenui and Cape Reinga which I've always wanted to see but never got round to.

I'm so glad I did! The views were simply amazing and reminded me of what I'll be missing when I leave. Below are some of the highlights from my trip :)

Earth meets sky at 90 Mile Beach low tide

Sand dunes beside grassy hills at Cape Reinga

Sunset sky at Cape Reinga

Stunning sunset at Cape Reinga - in the center you can see the waves from the clash of the Tasman Sea & Pacific Ocean

Cape Reinga lighthouse

Henderson Bay - quite a popular surfers beach

Matai Bay is very round so you can see waves at its mouth where the water collides

You can fish off these rocks at Matai Bay

Shipwreck Bay

Low tide at Shipwreck Bay - Panorama

River at Spirits Bay - up ahead is a stunning shell beach