4 Tips to Help You Finance Your INSEAD MIM
Our MIM candidates are busy working on their admission applications. Once your application is complete and submitted, you will surely take a hard look at your budget, and it will be time to work out a financing plan for your studies.
Below I will outline some financing options that will help to get you started.
(updated on 10 February 2021)
1. Loan Programmes
First, consider some loan programmes to finance your education.
Lendwise Ltd. is an organisation that is dedicated to financing education for individuals who are looking to fund their postgraduate studies at world-class universities. All admitted MIM students are eligible to apply for a Lendwise loan (offered in pound sterling). The interest rate offered is competitive, fixed for the entire duration of the loan and will depend on the overall applicant profile.
INSEAD MBA Alumni have brought another funding scheme called Brain Capital which can help you to finance tuition fees and living expenses. Repayments of the tuition fees will be completely income dependent, giving you some flexibility for your future career and life choices.
The StepEx scheme is based on Future Earnings Agreements. It allows applicants to defer repaying the cost of studies until they are earning above a defined income threshold. Repayments will be based upon a percentage of future salary for a five-year period, and there is also a maximum repayment cap. If the salary goes down, or is less than what was expected, graduates will repay less, and equally if the salary is higher than expected, they will pay more. Currently this form of financing is only available to UK and EU passport holders.
Finally, you can explore Prodigy Finance founded by INSEAD alumni several years ago. This international loan programme offers financing of tuition fees without security or guarantees (some restrictions apply).
2. INSEAD Scholarships
Five INSEAD MIM scholarships are currently available: Diversity Scholarship, Achievement Scholarship, Financial Fellowship, Singapore Scholarship and Indonesian Alumni and Friends scholarship.
All admitted candidates will be automatically considered for the Diversity and Achievement Scholarships, so there is no separate application required for these two. If you've been successful in securing one of these scholarships, you will be notified following the admission to the programme.
The other scholarships require a separate application. Head to our financing pages to find out more.
3. Other scholarships and grants
There is some great news for those of you applying in the first two rounds of admissions. We will choose several applications to participate in the Eiffel scholarship scheme. This prestigious programme is provided by the French Ministry for Europe and Foreign Affairs and provides support to foreign students selected by French institutions.
The Eiffel scholarship will provide monthly stipend of €1,181 for the duration of the programme. It will cover health insurance, a round trip ticket to the school, and some cultural activities. It may also be possible to apply for some housing allowance. You will have to be admitted to the INSEAD MIM programme to be considered for this grant.
In addition, there are some further resources that you can explore. This website will equip you with a number of useful tools; provide information about transportation, social insurance, European Youth Card and some possible scholarship support.
My advice is to also do your own research to explore funding options available in your home country.
To get started, you may take a look at our list of MIM funding options by country.
4. Budgeting for life in France and Singapore
Many of you will be moving to France and Singapore from abroad. This may imply changing the currency you are used to and adjusting your budget. This website will provide you with information on the cost of living in France and basic budget items you will need to foresee, and here are some resources to gauge cost of living in Singapore.
As the MIM Programme is short and intense, advance planning will be essential for success. Good luck with your application and we look forward to welcoming you on campus soon!