France offers several state supported loans, private loans from French Banks and school specific scholarships to meet the tuition fee and living expense, during an MBA program.
We have shortlist some of the popular funds.
1) Prodigy Finance
Insead MBA Alumni Founded Prodigy Finance in 2007 and has distributed over $30 million to students from 80 Countries with an astonishing repayment rate of 100%.
Maximum Amount: Covers the Tuition Fee (Average Amount: Euro 30,000)
Terms of Payment: 7 Years with 6 Month deferment at an Interest rate of 7.5%
2) FONGECIF
This is a unique state supported scheme that allows Employees currently employed in French Companies to take a leave of absence for training (higher education) purposes.
Criteria
- Should be employed in a French company for a minimum of 1 year
- Companies with more than 9 Employees should contribute towards the training
- Company should cover 100% of Salary if the Salary is below double the minimum wage (SMIC) of € 9.43 per hour, otherwise 80% of salary for the 1st year, and 60% of salary in the following years.
Application Process
- Employee should apply at least 120 days before receiving the aid.
French Banks offers student loans to students. The loans cover the cost of the program and in some case the living expense too. The interest rates are low, and there is a deferred payment option, which is normally 6 month after graduation.
3) BNP-Paribas
This is a private loan offered by BNP-Paribas.
Maximum Amount: Covers the Tuition Fee
Terms of Payment: Seven Years including deferred payment
Interest rate: 3%
Guarantor: French resident
4) BRED Grandes Ecoles
This is a private loan offered by BRED Grandes Ecoles, a regional bank in France .
Maximum Amount: Tuition Fee + Living Expense
Terms of Payment: 2 to 10 years including deferred payment
Interest Rate: 2.40%
Guarantor: French resident
5) LCL - Le Crédit Lyonnais
This is a private loan offered by LCL - Le Crédit Lyonnais
Maximum Amount: Tuition Fee + Living Expense
Terms of Payment: Approximately seven years including deferred payment
Interest Rate: 2.40%
Guarantor: French resident
6) Caisse d’Allocations Familiales (CAF) Housing Allowance Fund
The French government offers an attractive allowance fund for all local and international students to meet the rent requirement through the CAF Housing Allowance Fund.
Criteria
- Student Visa ("titre de séjour")
- Application listing the resources (“Pension Alimentaire”) to support yourself that includes an allowance from Parents (this is a requirement for Student Visa)
- Student should have taken a flat or room under his/her name
- First Month’s Payment should be made by the Student
How to Apply
1) Apply at the nearest CAF office with the address of the rented room and details of the amount paid during the first month
2) Student should be enrolled in the Social Security Scheme with a valid local Bank Account
When is the payment made?
The amount is paid one month after the application. For example, if the student pays the rent on July 1st and applies on August, the amount will be paid on September that includes the rent for August and September. Then a monthly payment follows. In any case, the first month’s payment has to be paid by the student.
Are there any deadlines?
Students have 3 months to apply for CAF Housing Allowance. The 3-Month is calculated from the date the student moved to France.
Recommended Reads
1) Insead MBA Scholarships
2) HEC MBA Scholarships
3) Prodigy Finance FAQ
