For information relating to the recent fee changes, click here.

FEES PAYABLE TO MOUNTBATTEN BY THE CANDIDATE

Interns are required to choose between either:

1. The Postgraduate Certificate in International Business Practice

or


2. The MBA in International Business Practice

FOR APPLICANTS APPLYING THROUGH THE NEW YORK OFFICE
All payments should be made by US dollar check (or money order) made payable to Mountbatten Institute.

FOR APPLICANTS APPLYING THROUGH THE BANGKOK OFFICE
All payments should be made by US dollar bank draft made payable to Mountbatten Institute.

The Initial Deposit is actually the first part of the Participation Fee.  The Initial Deposit is fully refundable if the applicant is not placed.  It is not refundable if the applicant subsequently withdraws from the Programme or unreasonably refuses to take a Placement.

Acceptance means that the applicant, having been interviewed, is considered appropriate for the Programme.  Notification of Acceptance is always in writing (email) and is accompanied by a request for an Initial Deposit.  The Programme will not take any further action until it receives the Initial Deposit from you.

Acceptance does not guarantee a Placement, since this must ultimately be at the discretion of the sponsoring company.  Sponsoring companies demand a choice of candidates and as a practical matter this can only be achieved by having an oversupply of acceptable candidates.

The Programme would ideally place all accepted candidates.  However, the vagaries of both the supply of candidates and the demand by sponsoring companies, coupled with requests on both sides for a specific match, make this process difficult to predict and manage.  Thus, despite our best efforts, it could happen that, in a particular intake, several accepted candidates do not get placed.

It is also possible to be placed and then be denied Entry Clearance.  Although this has never happened (as of April 2009), it would be a government decision outside our control and we would be unable to do anything about it.  Your application would have to be terminated, for which the Programme accepts no liability whatsoever.  Your Participation Fee would be returned in full provided you had not withheld important relevant information that should have been disclosed (such as a criminal record).

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FINANCIAL ASSISTANCE
St Mary's is a Title IV Foreign School and is authorized by the US Department for Education to certify loans for eligible American applicants for the Family Federal Education Loan Program (FFELP). The FFELP includes the following loan types: FFELP Subsidized Stafford Loan, FFELP Unsubsidized Stafford Loan, and the FFELP Grad PLUS loan.

Currently, Federal loans are only available to those enrolled in the MBA in International Business Practice.

Those candidates searching for funding opportunities for the Postgraduate Certificate may be eligible for a Sallie Mae Smart Option Student Loan. Please note that this loan option is subject to credit approval. This information does not constitute an endorsement by Mountbatten.

Details of how to apply for loans (including completing the FAFSA) are provided upon acceptance to the Programme.

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ALLOWANCES PAID TO THE INTERN
Allowances are paid by the Programme, (your employer of record).  No salary or allowance is paid to the intern by sponsor companies.

Living allowance: Interns receive a living allowance of GBP £615 per month paid monthly in arrears.  This is to cover your food, transportation, telephone, entertainment and personal items (from March 2008 to March 2009, the sterling exchange rate fluctuated between USD $1.40 - USD $1.95 per GBP £).  A fee of GBP £8 per month will be deducted from your living allowance for basic telephone and internet service.  Furnished accommodation is provided at no charge to the intern (see Living in London).

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SECURITY DEPOSIT
A Security Deposit (see Living in London) of GBP £100 is retained by the Programme by deducting GBP £50 from each of the 2nd and 3rd living allowance payments.  This deposit is returned without interest after the internship less any required payments for breakages, damage to apartment furniture, etc., and less any charges required for professional cleaning of the apartment.

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OTHER EXPENSES
Interns will be responsible for their own Entry Clearance fees of USD $213 + USD $12 Shipping and Handling payable to the British Consulate General in the US.  These fees were correct as of February 2010, but are subject to change by the Consulate without notice.

Interns pay their own airfares to and from the UK.  Airfare costs vary according to the time of year.  ISIC cards may provide some discounts.

Approximately GBP £1,500 will be needed to cover expenses during the first few weeks.  The Programme makes arrangements for interns to open a UK bank account as soon as possible after their arrival in the UK - this is subject to new and developing security regulations governing foreign owned bank accounts.

Interns are responsible for their own telephone bills, food, entertainment and all personal items.

Travel costs:  You will be responsible for your own daily travel to work, all visits to the Mountbatten Office, and any academic events in London.  The Programme will cover any mandated academic travel costs to and from places in the UK that are outside London.

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