A BBA course is the go-to option for most fresh high-school graduates today. After a BBA, you can easily secure an entry-level corporate job. And when you work for a few years, you can aim for the top executive positions as well.
No other 3 years undergraduate degree offers this much prospect after graduation. All you need to do is to select one of the best colleges for a BBA course. Make sure that the college offers enough industry exposure and a good overall ROI.
However, that’s not the end of the story for a BBA course. The most critical aspect is affording it financially. Many students in India end up going for a B.Com because the course fee is too much for them.
So, the key question we need to ask is if there’s a way around the humongous burden of the course fee. To clear all your doubts, yes it’s absolutely possible.
Let’s find out how!
Alternative ways to finance your BBA course
Scholarship
Scholarships are a great alternative to paying a huge course fee for your BBA. Many top colleges offer scholarships to meritorious students based on their past academic records. It comes in the form of a discount on the course fee. Usually, it is between 30-80 % depending on the merit.
Some institutes even allow a 100% discount on the course fee. The common way of being eligible for scholarships is to perform well in the entry test. Top BBA colleges follow the entrance exam performance route in deciding scholarship eligibility. Prepare well and you can go for this alternative route of financing your BBA course.
Pay After Placement
Pay After Placement is an innovation in fin-tech where students can start to worry about the course fee only after securing a placement. You only need to pay an initial registration fee and start the course. Your fee will be flexible and once you secure a placement, your course fee will be moderated according to your salary.
Pay After Placement helps you be financially independent while studying. You can focus on your course, make money while doing internships, and complete the course at ease. However, not a lot of colleges offer Pay After Placement today so your choices of BBA courses will be limited. But no need to worry, because many top BBA colleges are offering this nowadays.
Education loans
Taking an education loan is a common way of financing your BBA course. However, you need to start playing the course fee immediately, unlike in Pay After Placement. Many banks offer education loans in India for studies in both India and abroad. The interest rate will vary depending on the terms and conditions of the loan.
Usually, interest rates for an education loan are above 8% in India, but it may increase if you take more time to pay it back. Don’t go for an education loan unless you have no other option in hand. It will affect your financial independence and you will end up with the burden of the loan for a long time.
Student Credit Card
Student Credit card is a scheme like Pay After Placement launched by the government of West Bengal. It gives you an education loan of up to 10 Lakhs at a simple interest rate of 4% per annum. You can pay the loan back within a period of 15 years, so there will not be any immediate worry to deal with.
However, this benefit is only available for students from West Bengal. Many top BBA colleges all over India have signed up for this scheme. Moreover, the fact that you can pay it back within 15 years, means there will be considerable financial independence during your studies.
Conclusion
Gone are the days when you would need to pay the course fee upfront in order to do a BBA course. A lot of possibilities are open for aspirants of the BBA course, but you need to keep your eyes open. If you’re a meritorious student, then the path is relatively easy. But even otherwise, you can do a good BBA course with financial assistance and pursue a successful corporate career.