MBA Loans: Financial Considerations
Applying to and attending business school can be expensive. In
addition to the examination fees, you will pay an application fee
for each school. Most states have MBA programs in at least one of
their state universities, which tend to cost significantly less than
The cost of attending a private MBA school is usually comparable
to fees at private undergraduate institutions. Some applicants also
factor in the "lost wage" factor of attending school full time.
The U.S. government has two major loan programs based on economic
need: the Stafford Loan and the Perkins Loan. Ask the business
schools’ financial aid representatives about qualifications and loan
limits. Loans are also available from many schools. Some schools
offer work study and other part-time jobs, or you may want to find a
part-time job nearby. Applications for financial aid often have
deadlines that precede the admission deadlines, so plan ahead. To
standardize financial aid applications, federal student aid programs
now require that you file a Free Application for Federal Student Aid
(FAFSA). Many schools require an additional application to determine
eligibility for school loans, scholarships, and fellowships.
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.
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.
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.
Some schools may ask for your most recent U.S. income tax form.
Check with the financial aid
offices of each school.