How an IIM Lucknow alum cut her ₹40 lakh MBA loan to ₹17 lakh with side hustles

How an IIM Lucknow Alum Cut Her MBA Loan by ₹23 Lakh

Theindiapostdaily.com – How an IIM Lucknow alum cut her education loan burden has become a trending topic among students and young professionals. Sneha Baidya, an IIM Lucknow graduate, recently shared her remarkable journey of reducing her MBA loan from ₹40 lakh to ₹17 lakh through strategic side hustles and financial planning. Her story, which went viral on Instagram, offers valuable insights for students navigating the expensive landscape of management education in India.

The Complete Financial Breakdown of Her MBA Journey

Baidya’s approach to managing her MBA finances was comprehensive and well-thought-out. While her parents contributed approximately ₹4 lakh toward her educational expenses, she didn’t stop there. She actively pursued multiple income streams throughout her program to minimize her reliance on loans. Her strategy included summer internships, live academic projects, and various freelancing opportunities that collectively helped her achieve financial independence during her studies.

The total expenditure for her MBA program at IIM Lucknow reached roughly ₹28 lakh. Academic term fees constituted the largest portion at ₹19.5 lakh, calculated as ₹3.25 lakh multiplied by six terms. Mess charges added ₹1.44 lakh to the total, based on ₹24,000 per term across six terms. Miscellaneous costs, including admission-related fees, came to ₹3 lakh. Daily living expenses, commuting, dining, travel, and internship-related costs in another city totaled another ₹3 lakh.

Side Hustles That Made a Difference

What set Baidya apart was her commitment to earning beyond her academic commitments. She maintained a consistent income flow through various channels, ensuring that every rupee earned went toward reducing her loan burden. Her philosophy centered on minimizing debt while gaining valuable professional experience simultaneously.

My earnings through my summer internship, live projects and freelancing were crucial during my MBA journey. I wanted to minimise my loan amount. Hence, even after receiving a PPO, I took up side hustles to earn extra.

This additional income proved instrumental in reducing her overall borrowing. Rather than relying solely on parental support or loans, she actively pursued opportunities to earn throughout her studies. Her approach demonstrates that students can take control of their financial future through proactive planning and consistent effort.

Why This Matters for MBA Students Today

With MBA programs in India increasingly becoming expensive, Baidya’s story resonates with a generation of students facing substantial financial commitments. Her achievement of cutting ₹23 lakh from her loan through side hustles provides a practical roadmap for others. The key takeaway is that students should not view their education as purely academic but as an opportunity to build multiple income streams.

Her Instagram post generated considerable engagement from followers who found her approach both inspiring and actionable. Many students expressed interest in understanding the specific side hustles she pursued and how she balanced them with her rigorous academic schedule at one of India’s premier business schools.

Community Response and Practical Insights

Her Instagram post generated considerable engagement from followers. Several users shared their perspectives on her approach:

Did you face any problems while repaying the amount?

Did you ever struggle financially while repaying your loan?

Not possible at IBS Hyderabad.

Really helpful post.

Her story resonates with students seeking practical strategies for managing educational debt while maintaining financial stability. The comments revealed that her experience was not unique to IIM Lucknow but applicable to students across various management institutes in India.

Frequently Asked Questions

How much did Sneha Baidya save through side hustles?

Sneha Baidya saved approximately ₹23 lakh by reducing her MBA loan from ₹40 lakh to ₹17 lakh through strategic side hustles and financial planning during her studies at IIM Lucknow.

What types of side hustles did she pursue?

She engaged in summer internships, live academic projects, and freelancing opportunities that provided consistent income throughout her MBA program.

How much did her parents contribute to her education?

Her parents provided approximately ₹4 lakh toward her educational costs, which helped reduce her initial loan requirement.

Is this approach feasible for students at other institutes?

While one comment mentioned it wasn’t possible at IBS Hyderabad, many students found her strategy applicable across various management institutes, suggesting that the approach is widely relevant.

Disclaimer: This article is based on social media-generated content and is intended only for informational and educational purposes. Live Mint couldn’t independently verify its claims and doesn’t endorse them.