Before you consider MBA loans to bridge any funding gap, you should generally consider scholarships, company sponsorships and contributing from your own savings when deciding on the best combination of financial options to finance your MBA.
If you do decide to apply for a loan to finance part or all of your MBA, consider the following factors before you sign on any dotted lines:
- What is the total cost of the borrowing over the term of the loan?
- Are there any additional charges, such as up front fees? If so, add these into your total cost calculations.
- How does the repayment schedule fit with your own requirements? MBA loans will usually allow for interest and / or principal payments to be postponed until after graduation. Make sure that this meets your needs.
- Is the lending organization experienced in providing student loans?
- Are there any special services available to you if you take a particular loan?
By taking these factors into account you will be able to make a better informed decision on the MBA loan that best suits your own circumstances.
The good news is that there are a number of reputable MBA loan providers that you can choose from. To help you with your research, MBA360.com have detailed below some organizations that have specific expertise in providing MBA loans or, if more appropriate to your needs, student consolidation loans:
MBA Loans | the MBA Loan Program from GradLoans
GradLoans.com is a member of the long established Student Loan Network and offers an excellent overview of the financial aid process, providing answers to any questions that you may have on financial aid and how to apply for it. There is also guidance on the MBA loan process, including how to complete the Free Application for Federal Student Aid (FAFSA) form, which is available to US citizens and sometimes international students.
eStudentLoan: Compare MBA loans and apply online
On the eStudent Loan site you can find a free, objective apples-to-apples comparison of private and government student loans. You will also find plenty of tips and advice on the entire financial aid process and how to find and apply for the MBA loan that suits you best, using the eStudent Loan LoanFinder. Click here to visit the eStudent Loan site.
FAFSA Online - FAFSA Application Services
This site lets you complete your FAFSA Application online to qualify for Federal Financial Aid. The professional advisors at FAFSA Online will also review your form to insure accurate and prompt filing.
MBA LOANS This is a loan program sponsored by the Graduate Management Admission Council (GMAC) and funded by Sallie Mae and Wells Fargo Education Services.
College Loan Solutions, Inc. - College Loans for Today's Students
College Loan Solutions will help you to learn more about the private alternative student loans that are available to fund your education. There are no Federal Student Aid (FAFSA) forms required, no school verification and you can apply online. The funds made available go directly to you, the student.
Student Loan Consolidator - Student Loan Consolidation Services
Student Loan Consolidator has been around since early 1998. Their site provides practical and useful guidance to help you decide if you will benefit from consolidating your college education debt, and has an online application facility.
AMBA Loan scheme If you are UK resident and attending a business school that is accredited by the AMBA, then you are eligible for the Association's MBA Loan scheme. There are also details of business school loans, provided in conjunction with NatWest, which are available for study overseas.
To summarize on MBA loans:
- Don't sign any loan agreement until you have fully considered all other options to pay for your MBA.
- If you do need to bridge any finance gap with a loan, do all the research you can to make certain you get the best deal available and one that suits your circumstances.
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