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, MBAprograms.org have detailed below some organizations that have specific expertise in providing MBA loans or, if more appropriate to your needs, student consolidation loans:
Graduate Student Loan Center
Stafford, Alternative and MBA loans for MBA students
GradLoans.com is a member of the long established Student Loan Network and offers an 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.
Student Loan Consolidation
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.
Alternative Student Laon Center
Alternative Student Loan and Private Student Loan applications are available for financing the cost of education at all levels. Student loans for everyone regardless of need!