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While earning your MBA might provide employment opportunities, it could also be expensive — the average grad school debt for an MBA is $66,300.
However, there are several ways to potentially pay for an MBA, including student loans.
Here’s what you should know about MBA loans and where to find them:
- 3 of the best MBA private student loan options
- Other private student loans for MBAs to consider
- Direct Unsubsidized Loans
- Grad PLUS Loans
- How to pay for grad school and living expenses
- How to qualify for private MBA student loans
- How much do MBA students borrow?
- Deciding which MBA student loan is right for you
3 of the best MBA private student loan options
There are a few types of student loans that could help you cover the cost of an MBA, including federal and private student loans.
After you’ve exhausted your federal student loan options as well as any scholarships or grants available to you, private student loans could help fill any financial gaps left over.
If you decide to take out a private student loan, be sure to consider as many lenders as possible to find the right loan for you.
Here are Credible’s partner lenders that offer private MBA student loans:
| Lender | Fixed rates from (APR) | Variable rates from (APR) | Loan terms (years) | Loan amounts |
|---|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.23%+1 | 1.03%+1 | 5, 10, 15 | $1,000 to $350,000 (depending on degree) |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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2.94%+2,3
| 0.94%+2,3 | 5, 8, 10, 15 | $1,000 up to 100% of the school-certified cost of attendance |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.5% - 12.6% APR9 | 1.13% - 11.23% APR9 | 5, 15 | Up to 100% of the school-certified cost of attendance |
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Checking rates won’t affect your credit |
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures |
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Citizens
Citizens offers several types of private student loans designed for students pursuing graduate and professional degrees, such as MBAs. With Citizens, you can borrow $1,000 to $225,000 for an MBA with repayment terms ranging from five to 15 years.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Total amount you can borrow from this lender
How many years you have to repay the loan
Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.
Pros
- 0.25% autopay discount
- 0.25% loyalty discount
- Flexible repayment options
Cons
- Might be hard to qualify if you don’t have good credit
- 15-year terms not available to parent borrowers
- Long cosigner release period (36 months)
Learn More: Best Private Student Loans
College Ave
If you need to borrow a large amount, College Ave might be a good choice — you can borrow $1,000 up to 100% of your school-certified cost of attendance (minus other aid received). College Ave MBA loans come with terms ranging from five to 15 years.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Total amount you can borrow from this lender
How many years you have to repay the loan
Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.
Pros
- Can borrow up to 100% of your school-certified cost of attendance (minus other aid received)
- Multiple plans for in-school repayment
- 0.25% autopay discount
Cons
- Potentially long cosigner release period (can’t apply until more than half of the scheduled repayment period has elapsed)
- Doesn’t disclose minimum income or credit requirements
- Might be hard to qualify for cosigner release (24 most recent payments must have been on time, and your income for the last two years must be more than twice your outstanding loan balance)
Check Out: Private Student Loans and COVID-19: What You Need to Know
Sallie Mae
Sallie Mae might be another good choice if you’re looking to borrow a large amount — you can borrow $1,000 up to 100% of your school-certified cost of attendance. Repayment terms on Sallie Mae loans range from five to 15 years.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Total amount you can borrow from this lender
How many years you have to repay the loan
Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.
Pros
- Can borrow up to 100% of your school-certified cost of attendance (minus other aid received)
- Can apply for cosigner release after just 12 months of consecutive, on-time payments
- 0.50% interest rate reduction on graduate and professional loans when making interest-only payments during school
Cons
- Doesn’t disclose minimum income or credit score requirements
- While part-time students are eligible, you must be enrolled at least half time to finance personal expenses
- Charges late fees (5% of the past due amount with a maximum of $25)
Learn More: Fixed- or Variable-Rate Student Loan: Which Is Right for You?
Methodology
To find the “best companies,” Credible looked at loan and lender data points from 10 categories to give you a well-rounded perspective on each of our partner lenders. Here’s what we considered:
- Interest rates
- Repayment terms
- Repayment options
- Fees
- Discounts
- Customer service availability
- Eligibility criteria
- Cosigner release options
- Whether the minimum credit score is available publicly
- Whether consumers could request rates with a soft credit check
Our hope is that this will be a win-win situation for you and us. We only want to get paid if we bring you value in the form of finding a personal finance option that works for you — not by selling your data.
What does that mean? It means that Credible receives compensation from the lender only if you finish the loan process and a loan is disbursed. The amount of our compensation doesn’t impact how and where lenders appear on our site, and Credible charges you no fees of any sort to compare your loan options.
Other private student loans for MBAs to consider
Here are more private student loan companies we evaluated. Keep in mind that these lenders are not offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can our partner lenders.
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| (depending on degree type) | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Check Out When You Should Apply for a Student Loan
Direct Unsubsidized Loans
Direct Unsubsidized Loans are available to students attending graduate and professional programs, regardless of financial need. Unlike with subsidized loans, you’re responsible for all interest that accrues on unsubsidized loans — which means you could end up with a higher balance to repay.
Here are a few important points about Direct Unsubsidized Loans to keep in mind:
- Interest rates: 4.30% for graduate and professional students (for the 2020-21 academic year)
- Loan limits: Up to $20,500 each year ($138,500 aggregate limit between both undergraduate and graduate student loans)
Note that you must be enrolled at least half time at a school that participates in the Direct Loan program to potentially qualify for a Direct Unsubsidized Loan.
Learn More: How to Pay for College Textbooks
Grad PLUS Loans
Another federal student loan option for MBA students is a Grad PLUS Loan. While Direct Unsubsidized Loans come with lower student loan limits, you might be able to borrow up to your school’s cost of attendance with Grad PLUS Loans (minus any other aid you’ve received.
However, keep in mind that PLUS Loans typically have higher interest rates than unsubsidized loans.
Here are a few important points about Grad PLUS Loans to keep in mind:
- Interest rates: 5.30% (for the 2020-21 academic year)
- Loan limits: Up to your school’s cost of attendance (minus other financial aid you’ve received)
Additionally, you’ll have to undergo a credit check and can’t have an adverse credit history — such as if you’ve been subject to foreclosure, bankruptcy, a repossession, or a tax lien. However, if you have a creditworthy cosigner or are able to prove extenuating circumstances, you might still be able to qualify.
Check Out: How to Get a Student Loan With No Credit Check
How to pay for grad school and living expenses
If you’re considering graduate school, follow these steps to hopefully make affording the next few years a little easier:
- Decide if you want to attend part time or full time. Attending a full-time MBA program can be demanding, especially if you plan to work while going to school or have a family to take care of. If you attend part time, you’ll have a lower cost to cover each semester — but it will also take longer to graduate.
- Consider tuition reimbursement or other programs. Some employers provide partial or even full tuition reimbursement for employees who want to earn their MBA. Other options to look into include any fellowships offered by your school — a fellowship typically includes a job or volunteer duties in exchange for a stipend.
- Apply for grants and scholarships. These types of aid can be a great way to pay for grad school since they don’t have to be repaid, unlike student loans. Be sure to dedicate time to researching and applying for both college grants and scholarships. You might find grants or scholarships offered locally and nationally by nonprofit organizations, businesses, or professional organizations in your industry.
- Take out federal student loans. Be sure to fill out the FAFSA to apply for any federal financial aid or federal student loans you might be eligible for, such as Direct Unsubsidized Loans or Grad PLUS Loans. Your FAFSA results might also qualify you for school-based scholarships.
- Use private student loans to fill in the gaps. If you’ve exhausted your grant, scholarship, and federal student loan options, private student loans could help fill any financial gaps left over. Before you borrow, be sure to consider as many private lenders as you can to find the right loan for your needs.
- Federal student loans can be deferred if you’re attending an eligible college or career school at least half time. You can also defer Grad PLUS Loans for an additional six months after you leave school or drop below half-time enrollment.
- Private student loans can sometimes be deferred if you return to graduate school, depending on the lender. If you have private loans, check with your lender to see what options might be available to you.
Keep in mind that interest might continue to accrue on your loans while they’re in deferment, depending on the type of loans that you have.
Learn More: Taking Out Student Loans Without a Cosigner
How to qualify for private MBA student loans
While eligibility requirements for private MBA loans vary between lenders, there are a few qualifying criteria you’ll likely come across, including:
- Good credit: Your credit score plays a major role in determining your creditworthiness as well as your interest rate and terms. You’ll typically need good to excellent credit to qualify for a private student loan.
- Verifiable income: Lenders want to see that you’ll be able to afford your future loan payments. Some have specific minimum income requirements while others don’t — but in either case, the lender will likely ask to see proof of income.
- Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the percentage you get when you divide all of your monthly debt payments by your monthly income. You’ll typically need a DTI ratio of 50% or less — though some lenders might require a lower percentage than this.
If you’re struggling to get approved, consider applying with a cosigner to improve your chances. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own. Just keep in mind that your cosigner will be equally responsible for the loan if you can’t keep up with your payments.
Check Out: What to Do If You’re Denied a Student Loan With a Cosigner
How much do MBA students borrow?
About 51% of students who complete an MBA walk away with student loan debt, according to the National Center for Education Statistics. The average grad school debt for an MBA is $66,300 — almost twice as much as the overall average student loan debt of $33,654.
Additionally, student loan debt for recent graduates who earned an MBA has risen by 40% since 1999-2000.
If you decide to take out student loans for your MBA program, be sure to consider how much those loans will cost you in the future. This way, you can be prepared for any added expenses.
You can find out how much you’ll owe over the life of your federal or private student loans using our student loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan, assuming you're making full payments while in school.
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Deciding which MBA student loan is right for you
Funding an MBA program can feel overwhelming. However, there are a lot of options that could help you pay for it. Remember that it’s usually a good idea to start by applying for grants and scholarships before turning to federal student loans and finally to private student loans.
Comparing private student loan lenders is easy with Credible. You can see your prequalified rates from lenders that offer MBA loans in two minutes after filling out a single form.
See Your Rates
Checking rates will not affect your credit
Methodology: Credible evaluated loan and lender data points in 10 categories to identify the “best companies” that offer private student loans to anyone getting their MBA. We looked at interest rates, repayment terms, repayment options, fees, discounts, and customer service availability offered by 15 lenders. We also considered each company’s eligibility, cosigner release options, whether the minimum credit score is available publicly, and whether consumers could request rates with a soft credit check.
Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender.
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