Best business school loans

The average student pays around $60,000 a year for b-school — though costs can get as high as $100,000 annually for top-tier programs. Fortunately, you have your choice of both federal and private student loans to help cover the cost of your MBA.

The 4 best private student loans for business school

Before you compare lenders, looking at your personal finances and nailing down your priorities can help you find a loan that best meets your needs.

Citizens One MBA Student Loans: Best for multiyear approval

• Loan amounts: $1,000 to 100% of your school-certified cost of attendance
• Fixed APRs: 4.45% to 10.59% with discounts
• Variable APRs: 3.08% to 9.81% with discounts
• Terms: 5, 10 or 15 years
• Eligibility requirements:
  • US citizen, permanent resident or international student with a qualified cosigner
  • Enrolled at least half time in a degree-granting program at an eligible institution
  • Good credit or have a qualified cosigner
  • Age of majority in your stateor have a cosigner who is
  • No prior student loan defaults

Multiyear approval and no origination fees put Citizens One’s MBA Student Loan at the top of our list. It also offers a high aggregate loan limit of $225,000, which allows students to borrow enough to fund their whole MBA program.

• Repayment options

  • Deferred repayments. Hold off on making repayments for up to eight years while you’re in school and during your six-month grace period.
  • Interest-only repayments. Make repayments toward the interest that accrues while you’re in school and during your six-month grace period.
  • Full repayments. Make full monthly repayments of principal and interest immediately after your funds are disbursed.

College Ave MBA Loan: Best for a variety of loan terms

• Loan amounts: $1,000 to 100% of your school-certified cost of attendance
• Fixed APRs: 5.97% to 11.68% with autopay discount
• Variable APRs: 5.22% to 10.92% with autopay discount
• Terms: 5, 8, 10 or 15 years
• Eligibility requirements:
  • US citizen or international student with qualified cosigner
  • Enrolled at least half time in a relevant degree program
  • Good credit or have a qualified cosigner
  • Maintain satisfactory academic progress with your institution

College Ave’s MBA Loan is ideal for students who want options. The lender offers multiple repayment plans as well as four different loan terms. It touts that its online application only takes three minutes to complete, and there are no origination fees.

• Repayment options

  • Full repayments. Make full repayments of principal and interest while you’re in school to save on the total cost of your loan.
  • Interest-only repayments. Only pay the interest that accrues each month while you’re in school and during your nine-month grace period.
  • Fixed repayments. Make $25 monthly repayments while you’re in school and during your nine-month grace period to reduce the amount of interest that adds up.
  • Deferred repayments. Hold off on making any repayments while you’re in school and during your nine-month grace period.

Commonbond Master Business School Loan: Best for low interest rates

• Loan amounts: $1,000 to 100% of your school-certified cost of attendance
• Fixed APRs: 5.37% to 7.2% with autopay discount
• Variable APRs: 5% to 6.71% with autopay discount
• Terms: 10 or 15 years
• Eligibility requirements:
  • US citizen or permanent resident
  • Enrolled at least half time at a school in its network
  • Meet credit criteria or have a qualified cosigner

If low rates are your main priority, then Commonbond might be for you. Its rates top out at 7.2% — much lower than other MBA loan providers out there. It also offers 12 months of forbearance should you have a financial hardship that makes you unable to make repayments.

• Repayment options

  • Deferred repayments. Hold off on making repayments while you’re in school and during your six-month grace period.
  • Interest-only repayments. Make interest-only repayments each month while you’re in school and during your six-month grace period.
  • Full repayments. Begin making full repayments of principal and interest immediately after your funds are disbursed to lower the overall cost of your loan.

Sallie Mae MBA Loan: Best for flexible repayment options

• Loan amounts: $1,000 to 100% of your school-certified cost of attendance
• Fixed APRs: 5.5% to 10.23% with autopay discount
• Variable APRs: 4.12% to 9.75% with autopay discount
• Terms: 15 years
• Eligibility requirements:
  • Graduate student enrolled in an MBA program at a participating degree-granting school
  • US citizen, permanent resident or have a creditworthy cosigner who is
  • Meet credit and other eligibility criteria or have a qualified cosigner who does

Sallie Mae’s MBA Loan stands out thanks to its flexible repayment options. Want to get settled in your career before making full repayments? You have the option of making interest-only repayments for up to a year once your six-month grace period is up. Entering an internship after graduation? You can defer repayments for up to four years.

• Repayment options

  • Deferred repayments. Wait to make full repayments of principal and interest until six months after you graduate or drop below half-time enrollment. You also have the option to defer repayments for up to four years during your internship program.
  • Fixed repayments. Make $25 monthly repayments while you’re in school and during your six-month grace period to cut down on how much interest accrues.
  • Interest-only repayments. Pay any interest that accrues each month while you’re in school and during your six-month grace period to reduce the overall cost of your loan. Choosing this option comes with lower rates than if you’d chosen the deferred or fixed repayment plan.
  • Graduated repayment plan. Once your grace period is up, you can choose to make interest-only repayments for up to one year. Your loan must be in good standing to be approved for this. And the 15-year term won’t be extended, making future repayments more expensive.

Compare other private student loans for business school

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Name	Product	Min. Credit Score	Max. Loan Amount	APR
Ascent private student loans		540	$200,000	2.71% to 12.99%	Get started More Info	Compare	loading Fetching your data...
EDvestinU Private Student Loans		675	$200,000	4.07% to 9%	Straightforward student loans for undergraduate and graduate students.	More Info	Compare	loading Fetching your data...
LendKey Private Student Loans		Varies by lender		4.99% to 11.06%	This connection service partners with Sallie Mae and WSFS Bank to offer competitive rates.	More Info	Compare	loading Fetching your data...
Advantage Education Loan Refinance Loan		670		Starting at 3.74%	Refinance to a more flexible repayment plan with this nonprofit lender.	More Info	Compare	loading Fetching your data...
Alliant Credit Union Traditional Student Loan		680	$60,000	Starting at 4.56%	All-purpose personal loans from @pl_product_min_loan_amount@ to @pl_product_max_loan_amount@ with rates that stop at @pl_product_var_rate@.	More Info	Compare	loading Fetching your data...
ChangEd student loan payment app					Securely connect all of your student loans and bank accounts to one place for a painless repayment experience.	More Info	Compare	loading Fetching your data...
Chicago student loans		None	Cost of attendance, up to $50,000	7.53% to 8.85%	No cosigner needed for this fixed-rate financing option.	More Info	Compare	loading Fetching your data...
Citizens Bank Private Student Loans		700	$295,000	1.25% to 10.57%	More Info	Compare	loading Fetching your data...

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Federal loan options for business school

You also have two federal loan options to help you cover the cost of b-school. While these come with more flexible repayment plans than most private MBA school loans, they don’t have the most competitive interest rates. You might want to compare these options to private lenders to make sure you’re getting the best deal available to you.

To apply for both of these loans, you’ll need to submit the Free Application for Federal Student Aid (FAFSA). And to qualify for PLUS Loans, you’ll need to pass a credit check or apply with a creditworthy cosigner. You can learn more about how federal student loans for graduate students work with our guide.

Alternative ways to pay for business school

Trying to avoid taking on debt? Check out these alternatives to student loans:

• Private scholarships. Available through private organizations as well as your school, scholarships are ideal since they don’t have to be repaid. Look for scholarships specific to students in the business field.
• Corporate sponsorship. Ask your employer if they have a corporate sponsorship program. These programs might include full or partial college funding, reimbursement for tuition or access to company resources to help cover the cost of b-school.
• University assistantship programs. Some universities offer tuition assistance for students who take on an assistantship position at the college. Depending on your previous experience, you could assist with teaching lower level courses, conducting research or helping out with administrative duties.

Bottom line

You can choose from both federal and private student loans to help fund your graduate-level business degree. While federal loans come with more flexible repayment plans, you might get a lower interest rate with a private lender — especially if you have excellent credit or a cosigner who does.

You can learn more about how to pay for business school with our guide.

Frequently asked questions

• How much should I borrow?

  The simplest answer: Borrow as little as possible. We recommend applying for as many scholarships and grants as you can to avoid taking on too much student debt. And if you need help covering living expenses on top of tuition and fees, you might want to try finding a part-time job before taking out more student loans.

• Will I make enough money from my MBA degree to repay my loans?

  It depends on the jobs available in your area and other expenses you have on top of your student loan repayments. Most schools offer data regarding employment rates and typical graduates’ salaries. This can help you estimate what your financial situation might look like in comparison to your student loan debt.

• Should I choose to make repayments while in school?

  If you can afford to, yes. This will lessen the amount you owe after graduation and how much you pay overall in interest. Just keep in mind that if you choose to make full repayments immediately, you might lose access to deferment options with some private lenders.