Credible
Get Rates
  • Refinance Student Loans
    • Compare Options
      • Best Refinancing Companies
      • Lender Reviews
      • Refinance Student Loans
      • Student Loan Consolidation
    • Learn the Basics
      • Fixed vs. Variable Rates
      • Forgiveness Programs
      • Consolidation vs Refinancing
      • Repayment Plans
      • More on Student Refi
    • How to
      • Consolidate Your Student Loans
      • Pay Off Your Student Loans
      • Lower Your Interest Rate
    • Tools
      • Current Student Loan Refi Rates
      • Refinancing Calculator
      • Repayment Calculator
      • Student Loan Score Calculator
  • Student Loans
    • Compare Options
      • Private Student Loans
      • Parent Student Loans
      • Law School Loans
      • Medical School Loans
      • Graduate Student Loans
    • Learn the Basics
      • Student Loan Limits
      • Living Expenses
      • Applying for FAFSA
      • Federal Student Loans
      • Student Loan Interest Rates
      • More on Student Loans
    • How To
      • Pay for College
      • Take Out Student Loans
      • Apply Without Cosigner
      • Apply for Student Loans
      • Pay for Grad School
    • Tools
      • Best Private Student Loans
      • Current Student Loan Rates
      • Student Loan Interest Calculator: Estimate Payments
      • Lender Reviews
  • Personal Loans
    • Compare Options
      • Best Personal Loan Lenders
      • Lender Reviews
      • Get Personal Loan Rates
    • Learn the Basics
      • How to Qualify
      • How to Get a Loan
      • Where to Get a Loan
      • Personal Loans with Cosigner
      • Pay Off Credit Card Debt
      • More on Personal Loans
    • Best for
      • Credit Card Consolidation
      • Debt Consolidation Loans
      • Home Improvement Loans
      • Good Credit
      • Fair Credit
      • Bad Credit
    • Tools
      • Current Personal Loan Rates
      • Personal Loan Calculator
  • Mortgages
    • Compare Options
      • Mortgage Refinance
      • Home Loan
      • Best Mortgage Refinance Companies
      • Best Mortgage Lenders
      • Mortgage Preapproval
      • Mortgage Payment Calculator
    • Compare Rates
      • Mortgage Refinance Rates
      • 30-Year Fixed Refinance Rates
      • 15-Year Fixed Refinance Rates
      • Home Loan Rates
      • 15-Year Fixed Mortgage Rates
      • 30-Year Fixed Mortgage Rates
    • Learn the Basics
      • How to Buy a House
      • How to Refinance Your Mortgage
      • How to Get the Best Rate
      • Cash-Out Refinancing
      • More on Home Loans and Refi
    • Pay Off Mortgage
      • Home Equity to Pay Off Debt
      • Paying Off Mortgage Early
      • Mortgage Refinance Cost
  • Insurance
    • Insurance Products
      • Insurance Products
      • Learn more about home insurance
    • Compare Options
      • Compare Insurance Quotes
      • Home Insurance Guide
    • Learn the Basics
      • What Home Insurance Covers
      • How Much Home Insurance You Need
      • Estimate Your Home Replacement Cost
      • How to Change Home Insurance
  • Company
    • About
    • Reviews
    • Blog
    • Lenders
    • Editorial Guidelines
    • FAQs
    • Press
  • Find My Rate
Advertiser Disclosure

4 Best MBA Student Loans for Business School

Federal and private student loans are valuable tools to help you finance your MBA degree.

Tim Maxwell Tim Maxwell Edited by Jared Hughes Updated November 1, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

It’s easy to get overwhelmed with all the information about student loans and financing for higher education. But financing your Masters in Business Administration (MBA) is quite simple, as you’ll see in this MBA guide.

The best MBA student loans you’ll find are federal student loans, primarily because they offer the potential for student loan forgiveness. Since federal student loans, grants, and scholarships often fall short of the costs associated with an MBA degree, we’ll show you five of the best MBA private student loan options.

Here’s what to know about federal and private MBA student loans, how to qualify, and some tips for earning your MBA while working full-time:

  • 4 best MBA private student loans
  • Methodology
  • Other private MBA student loans to consider
  • Federal financial aid for MBA students
  • MBA student loan calculator
  • How to finance an MBA degree
  • How to qualify for private MBA student loans
  • Is an MBA worth it?
  • Tips for getting an MBA while working full-time

4 best MBA private student loans

You can find a few types of student loans to help cover the cost of an MBA, including federal and private student loans.

Tip: If you need to borrow money to pay for school, it’s usually a good idea to start with federal student loans. Federal loans come with benefits and protections like access to income-driven repayment plans and student loan forgiveness programs.

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:

LenderFixed 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.
View details
4.62%+10 5.74%+10 5, 7, 10, 12, 15, 20 (depending on loan type)$2,001 - $400,000
  • Fixed APR: 4.62%+10
  • Variable APR: 5.74%+10
  • Min. credit score: Does not disclose
  • Loan amount: $2,001 to $400,000
  • Loan terms (years): 5, 7, 10, 12, 15, 20
  • Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward
  • Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 12 on-time principal and interest payments
  • Loan servicer: Launch Servicing, LLC


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.
View details

4.99%+1

4.89%+1

5, 10, 15$1,000 to $350,000 (depending on degree)
  • Fixed APR: 4.99%+1
  • Variable APR: 4.89%+
  • Min. credit score: 720
  • Loan amount: $1,000 to $350,000
  • Loan terms (years): 5, 10, 15
  • Loan types: Any private or federal student loan
  • Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay, loyalty
  • Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner)
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 36 months
  • Loan servicer: Firstmark Services


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.
View details
4.49%+2,3
4.49%+2,3 5, 8, 10, 15$1,000 up to 100% of school-certified cost of attendance
  • Fixed APR: 4.49%+2,3
  • Variable APR: 4.49%+2,3
  • Min. credit score: Does not disclose
  • Loan amount: $1,000 up to cost of attendance
  • Loan terms (years): 5, 8, 10, 15, 20
  • Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 24 months
  • Loan servicer: College Ave Servicing LLC


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.
View details
5.25%9 - 14.48%9 5.87%9 - 15.47%9 159$1,000 up to 100% of school-certified cost of attendance
  • Fixed APR: 5.25%9 - 14.48%9
  • Variable APR: 5.87%9 - 15.47%9
  • Min. credit score: Does not disclose
  • Loan amount: $1,000 up to 100% of school-certified cost of attendance
  • Loan terms (years): 159
  • Repayment options: Deferred repayment, fixed repayment, and interest repayment
  • Fees: Late fee, non-sufficient funds (NSF) fee
  • Discounts: Lowest rates shown include autopay discount
  • Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and provide a valid government-issued photo ID.
  • Customer service: Phone, chat
  • Soft credit check: Yes
  • Cosigner release: Borrower can apply to release their cosigner from the loan after they graduate, make 12-on time principal and interest payments, and meet certain credit requirements.
  • Loan servicer: Sallie Mae
Get personalized rates from multiple lenders in 2 minutes

Compare Now
Checking rates won’t affect your credit


Trustpilot

Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 10Ascent Disclosures | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

Ascent

Ascent offers three types of student loans for students who need extra funding to cross the finish line with their MBA. Loans with variable interest rates range from 5.74%+10 , while fixed-rate student loans come with interest rates from 4.62%+10 . Ascent offers flexible repayment plans that start nine months after you leave school and range from seven to 15 years.

4.9
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.
Rates and terms
Fees and Discounts
Customer Experience
Ascent Private Student Loans
Fixed APR
Lowest fixed rate available from this lender
4.62%+10
Variable APR
Lowest variable rate available from this lender
5.74%+10
Loan amount
Total amount you can borrow from this lender
$2,001 to $400,000
Loan terms (years)
How many years you have to repay the loan
5, 7, 10, 12, 15, 20

Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.

Check Personalized Rates
Checking rates won't affect your credit score
View Details
  • Fixed APR: 4.62%+10
  • Variable APR: 5.74%+10
  • Min. credit score: Does not disclose
  • Loan amount: $2,001 to $400,000
  • Loan terms (years): 5, 7, 10, 12, 15, 20
  • Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward
  • Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 12 on-time principal and interest payments
  • Loan servicer: Launch Servicing, LLC

Pros

  • Offers three types of student loans
  • No fees
  • Offers 1% cash back graduation reward

Cons

  • International students must have a cosigner with good credit to be eligible
  • Credit score can’t be below 540, even if your consigner meets the standard
  • Must make 12 on-time principal and interest payments before cosigner release

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.

4.8
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.
Rates and terms
Fees and Discounts
Customer Experience
Citizens Private Student Loans
Fixed APR
Lowest fixed rate available from this lender
4.99%+1
Variable APR
Lowest variable rate available from this lender
4.89%+
Loan amount
Total amount you can borrow from this lender
$1,000 to $350,000
Loan terms (years)
How many years you have to repay the loan
5, 10, 15

Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.

Check Personalized Rates
Checking rates won't affect your credit score
View Details
  • Fixed APR: 4.99%+1
  • Variable APR: 4.89%+
  • Min. credit score: 720
  • Loan amount: $1,000 to $350,000
  • Loan terms (years): 5, 10, 15
  • Loan types: Any private or federal student loan
  • Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay, loyalty
  • Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner)
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 36 months
  • Loan servicer: Firstmark Services

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.

4.9
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.
Rates and terms
Fees and Discounts
Customer Experience
College Ave Private Student Loans
Fixed APR
Lowest fixed rate available from this lender
4.49%+2,3
Variable APR
Lowest variable rate available from this lender
4.49%+2,3
Loan amount
Total amount you can borrow from this lender
$1,000 up to cost of attendance
Loan terms (years)
How many years you have to repay the loan
5, 8, 10, 15, 20

Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.

Check Personalized Rates
Checking rates won't affect your credit score
View Details
  • Fixed APR: 4.49%+2,3
  • Variable APR: 4.49%+2,3
  • Min. credit score: Does not disclose
  • Loan amount: $1,000 up to cost of attendance
  • Loan terms (years): 5, 8, 10, 15, 20
  • Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 24 months
  • Loan servicer: College Ave Servicing LLC

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 school-certified cost of attendance. Sallie Mae offers a 15-year repayment term for MBA loans.

4.3
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.
Rates and terms
Fees and Discounts
Customer Experience
Sallie Mae MBA Private Student Loans
Fixed APR
Lowest fixed rate available from this lender
5.25%9 - 14.48%9
Variable APR
Lowest variable rate available from this lender
5.87%9 - 15.47%9
Loan amount
Total amount you can borrow from this lender
$1,000 up to 100% of school-certified cost of attendance
Loan terms (years)
How many years you have to repay the loan
159

Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.

Check Personalized Rates
Checking rates won't affect your credit score
View Details
  • Fixed APR: 5.25%9 - 14.48%9
  • Variable APR: 5.87%9 - 15.47%9
  • Min. credit score: Does not disclose
  • Loan amount: $1,000 up to 100% of school-certified cost of attendance
  • Loan terms (years): 159
  • Repayment options: Deferred repayment, fixed repayment, and interest repayment
  • Fees: Late fee, non-sufficient funds (NSF) fee
  • Discounts: Lowest rates shown include autopay discount
  • Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and provide a valid government-issued photo ID.
  • Customer service: Phone, chat
  • Soft credit check: Yes
  • Cosigner release: Borrower can apply to release their cosigner from the loan after they graduate, make 12-on time principal and interest payments, and meet certain credit requirements.
  • Loan servicer: Sallie Mae

Pros

  • Can borrow up to 100% of school-certified cost of attendance
  • 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

Other private MBA student loans to consider

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.

Lender
Loan terms (years)
Cosigner release


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.
View details
5, 10, 15
After 24 months
  • Rates: Fixed, variable
  • Min. credit score: 680
  • Loan terms (years): 5, 10, 15
  • Cosigner release: Yes
  • Min. GPA: No
  • Repayment options: Full deferral, full months payment, fixed/flat repayment, interest only, academic deferral, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must be U.S. citizen or permanent resident.
  • Customer service: Email, phone, chat
  • Soft credit check: Does not disclose

Discover Student Loans

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.
View details
15, 20
(depending on degree type)
No
  • Fixed APR: 4.84% - 12.39%6
  • Variable APR: 1.59% - 11.37%6
  • Min. credit score: Does not disclose
  • Loan amount: Up to cost of attendance
  • Cosigner release: No
  • Loan terms (years): 15, 20
  • Min. GPA: No
  • Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay, good grade discount, cash reward for on-time graduation
  • Eligibility: Must be a U.S. citizen, permanent resident, or international student with a qualifying cosigner, as well as be making satisfactory academic progress.
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Loan servicer: Discover Bank


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.
View details
5, 7, 10, 12, 15, 20
No
  • Rates: Fixed, variable
  • Min. credit score: 650
  • Loan terms (years): 5, 7, 10, 12, 15, 20
  • Min. GPA: No
  • Cosigner release: No
  • Repayment options: Full deferral, full month payment, fixed/flat repayment, interest only, academic deferral, military deferral, forbearance
  • Fees: None
  • Discounts: Autopay
  • Eligibility: A U.S. Citizen or permanent resident. Not available in KY or NV.
  • Customer service: Email, phone
  • Soft credit check: Yes
The lenders in this table aren't our partners. But you can use Credible to compare rates in 2 minutes from other lenders who offer private student loans.

Compare Now

Federal financial aid for MBA students

Federal student loans are some of the best MBA loans because they give you access to income-driven repayment plans and the potential for student loan forgiveness. Here’s a breakdown of your federal student loan options:

Direct Unsubsidized Loans

Direct Unsubsidized Loans are available to students attending graduate and professional programs, regardless of financial need. Unlike with Direct 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: 6.54% for graduate and professional students for the 2022-23 academic year
  • Loan limits: Up to $20,500 each year ($138,500 aggregate limit between both undergraduate and graduate student loans)
How to apply: You’ll need to fill out the Free Application for Federal Student Aid (FAFSA) to apply for a Direct Unsubsidized Loan. Your school will use your FAFSA results to determine what federal loans you qualify for, as well as how much you can borrow.

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.

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). But 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: 7.54% for the 2022-23 academic year
  • Loan limits: Up to your school’s cost of attendance (minus other financial aid received)
How to apply: You’ll need to complete the FAFSA to apply for a Grad PLUS Loan. To be eligible for a PLUS Loan, you must be enrolled as a graduate or professional student at least part-time.

Additionally, you’ll have to undergo a credit check and you can’t have an adverse credit history — such as a foreclosure, bankruptcy, repossession, or tax lien. But if you have a cosigner with good credit 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

MBA student loan calculator

A student loan calculator can be a valuable tool to help you get a clearer picture of the costs of pursuing your MBA.

When deciding how much you need to borrow, don’t forget to factor in any non-tuition costs you’ll need to cover, such as room and board, books, and transportation. Your school’s website or financial aid department can be a great resource to help you determine these costs. For example, the University of Georgia website provides potential students with a number of cost estimates, shown in the below table:

Georgia Resident Graduate (Fall 2022 and Spring 2023)
On campusOff campus
Tuition$8,698$8,698
Fees$902$902
Books and supplies$648$648
Room$6,810$9,100
Board$4,094$4,094
Transportation$1,278$1,278
Miscellaneous living expenses$3,292$4,168
Total$25,722$28,888
Source: University of Georgia

Find out how much you’ll owe over the life of your federal or private student loans using our student loan calculator below.

Enter loan information

? Enter the remaining balance of your loans $
? Enter the average annual interest rate of your loans %
? Enter the amount of time left to repay your loan years

+ $0
Total Payment $
Total Interest $
Monthly Payment $

If you increase your payments by $ monthly on your $ loan at %, you will pay $ a month and pay off your loan by Jan 2021.


Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score.

How to finance an MBA degree

If you’re considering graduate school, follow these steps to help make the next few years a little more affordable:

  1. 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’ll also take longer to graduate.
  2. 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.
  3. Apply for MBA 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.
  4. 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.
  5. 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.
Tip: If you’re looking for MBA grants and scholarships, here are three options to help you get started:

  • Consortium for Graduate Study in Management Grant: This organization has awarded $465 million in merit-based MBA fellowships since 1966. The Consortium offers scholarships to minority African American, Hispanic American, and Native American students seeking business and corporate management degrees in the U.S.
  • Military MBA Scholarship: Military MBA awards scholarships to graduate students with military experience, but you must plan on attending an MBA member school.
  • National Black MBA Association Scholarship: These scholarships, ranging from $1,000 to $10,000, are awarded to National Black Association members who demonstrate academic and leadership excellence.

Deferment options for MBA loans

You might be able to defer student loans you took out for undergraduate studies while you pursue your MBA.

  • 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: 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, you’ll find a few common qualifying criteria, including: :

  • Good credit: Your credit score plays a major role in determining your approval odds, as well as the interest rate and terms you’ll receive. 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, such as pay stubs or W-2s.
  • Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the percentage you get when you divide all your monthly debt payments by your gross monthly income. You’ll typically need a DTI ratio of 50% or less — though some lenders might require a lower percentage than this.
Tip: It could be difficult to qualify for a private grad school loan if you have poor or fair credit. While some lenders offer student loans for bad credit, these typically come with higher interest rates compared to good credit loans.

If you’re struggling to get approved, consider applying with a cosigner who has good credit 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

Is an MBA worth it?

An MBA may be worth your effort and money if you plan to work in business or management or if you want to start your own company. But an MBA may not be necessary if you work in other industries, unless you intend to pursue a management position or a role requiring strong leadership.

Average MBA student loan debt

While earning your MBA might provide attractive employment opportunities, it can also be expensive — the average grad school debt for an MBA is $66,300, according to data from the National Center for Education Statistics. On top of that, nearly half of MBA graduates owe $100,000 or more for their MBA, according to a 2018 Bloomberg study.

Even with a handsome executive salary after graduation, repaying substantial student loan debt can be challenging. Consider taking steps to minimize your student loan debt while you’re in school, like applying for scholarships and grants, testing out of classes, and working part-time.

MBA salary by school

The Bureau of Labor Statistics data lists the average salary for top executives in 2021 at $98,980. Similarly, the Graduate Management Admission Council projected 2021 median starting salaries for MBA graduates to be $115,000 compared to only $55,000 for graduates with new bachelor’s degrees. That’s a substantial increase that more than offsets the average cost of an MBA degree.

Keep in mind that you might earn more or less depending on your school, employer, and other factors. For example, your average starting salary may be higher if you graduate from one of the best MBA programs. Here’s an idea of what you might expect to earn after graduating from a top business school or university:

Highest Graduate Earnings from Top Business Schools
Business schoolAverage starting median salary
Stanford Graduate School of Business$158,400
The University of Chicago Booth School of Business$155,000
Wharton School of the University of Pennsylvania$155,000
Northwestern University Kellogg School of Management$150,000
Harvard Business School$150,000
Source: Poets & Quants: MBA Salaries & Bonuses At The Top 25 B-Schools

Best undergraduate degree for an MBA

While earning a business degree is the most common path for MBA applicants, it doesn’t necessarily mean it’s the best undergraduate degree for an MBA. While business degrees are still a practical option for job readiness, many admissions officers are looking to assemble a class of graduate students with diverse skills and backgrounds other than business.

Deciding on the best bachelor’s degree for you will depend on your interests, career objectives, and business school. To determine the best undergraduate degree for admission to an MBA program, consider the class profile of the business school you wish to attend.

Tip: Funding your education is one of the most important financial decisions you’ll face. It’s wise to apply for as many grants and scholarships as you can before turning to federal student loans.

After exhausting those options, you might consider private student loans. In this case, you can use Credible to compare several lenders and find the best rates and repayment terms.

Loading widget - loan-score-tool

Tips for getting an MBA while working full-time

Getting an MBA while working your full-time job is a challenging endeavor. Still, you can take steps to help you balance your time, such as:

  • Consider an accredited online MBA program. Many MBA programs are designed specifically for working professionals with the same curriculum. If you’re interested in this option, review accredited MBA programs compiled by the Association to Advance Collegiate School of Business. It may be easier to create a schedule around your job if you don’t have to travel to a campus for several hours of classes.
  • Discuss your intentions with your employer. While talking to your employer about your plans is a respectful gesture, it can also be beneficial. You can also talk with your employers about schedule flexibility. Perhaps you could work extra hours on some days in exchange for time off on other days. Many employers even offer programs to help pay tuition for their employees.
  • Study efficiently. When time is of the essence, every moment counts. Keep your books with you so you can study when you have an unexpected moment of free time. Study at work during your lunch hour and get tutoring when you need it. A one-hour tutoring session covering a challenging concept may save you countless hours trying to figure it out on your own.
  • Follow a schedule. Setting a schedule that accounts for your education is crucial to staying organized and being more efficient. Try to think about when you’re the most productive and schedule time accordingly. Depending on what works best for you, you might set aside time before work to complete your coursework or wait until the evening when your kids are asleep.

Pursuing your MBA degree while working is challenging, but you could complete your program in roughly two years. And with your degree in hand, you could be in line for a rewarding leadership role and significant salary boost.

If you need to finance business school with a private MBA loan, Credible can help. Just fill out a single form, and within two minutes, you can review and compare prequalified rates from multiple lenders. The service is free, and it won’t affect your credit.

Compare student loan rates from top lenders

  • Multiple lenders compete to get you the best rate
  • Get actual rates, not estimated ones
  • Finance almost any degree

See Your Rates
Checking rates will not affect your credit

Trustpilot

Angela Brown contributed to the reporting for this article.

About the author
Tim Maxwell
Tim Maxwell

Tim Maxwell is a financial writer with over two decades of experience. Tim’s work has appeared in USA Today, Washington Post, Bankrate, LendingTree, Fox Business, Credible and more. He also publishes Incomist, a personal finance site that focuses on paying off debt by earning extra income in creative ways.

Read More

Home » All » Student Loans » 4 Best MBA Student Loans for Business School

  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to email a link to a friend (Opens in new window)

Related Articles

Student Loans

What is the Best Undergraduate Degree to Earn an MBA?

Student Loan Refinancing

10 Lenders for MBA Student Loan Refinancing

Student Loan Refinancing

The Ultimate Guide to MBA Student Debt Repayment

  • Read More
    • Refi Student Loans
    • In School Loans
    • Personal Loans
    • Mortgages
    • Insurance
  • Resources
    • Lender Reviews
    • Loan Calculators
    • Student Loan Score Calculator
    • Data Insights
    • Debt Statistics
    • Sitemap
  • Compare
    • Student Loan Refinance
      • Current Student Loan Refi Rates
    • Student Loan Consolidation
    • Private Student Loans
      • Current Student Loan Rates
    • Personal Loans
      • Current Personal Loan Rates
    • Refinance Mortgage
      • Mortgage Refinance Rates
        • 15-Year Fixed Refinance Rates
        • 30-Year Fixed Refinance Rates
    • Home Loans
      • Home Loan Rates
        • 15-Year Fixed Mortgage Rates
        • 30-Year Fixed Mortgage Rates
    • Insurance
  • Top Lenders
    • Best Student Loan Refi Companies
    • Best Private Student Loans
    • Best Personal Loans
    • Best Mortgage Lenders
    • Best Mortgage Refinance Companies
  • Company
    • About
    • Reviews
    • Blog
    • Editorial Staff
    • Editorial Guidelines
    • News
    • Press
  • Legal
    • Terms of Use
    • Privacy Policy

© 2023 Credible


Credible Operations, Inc. NMLS ID# 1681276 | NMLS Consumer Access | Licenses and Disclosures
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.