Student Loan for MBA in USA: Top Loan Options, Eligibility, & Documents
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In this article
- What is the Cost of Studying MBA in the USA?
- Types of Student Loans for MBA in the USA
- Top Student Loan Lenders for MBA in the USA
- What are the Interest Rates for Student Loans for an MBA in the USA?
- Eligibility Requirements for Student Loans for MBA in the USA
- Documents Required for a Student Loan for an MBA in the USA
- How to Choose Your Best Education Loan Lender for an MBA in the USA?
- Getting Started: Apply for MBA Student Loans for the USA
- Frequently Asked Questions
Having an MBA degree from a reputed school in the US builds life skills to manage your entire career. Exposure to the USA broadens your network, opportunities, and business knowledge. According to a Revelio lab report, MBA graduates earn 20% more than people with an undergraduate degree.
But the rising cost of education is no secret. The MBA tuition fee alone can be 76,000 – 88,000 USD at the top business schools in the USA.
Explore Education Loan Options!
What is the Cost of Studying an MBA in the USA?
The total cost of studying for an MBA in the USA includes the tuition fee and living costs. An education loan covers these expenses partly or completely. The average tuition fee for an MBA in the USA ranges between 76,000 and 88,000 USD.
| Business School | MBA Tuition Fees |
| Stanford Graduate School of Business | 82,455 USD |
| Penn (Wharton) | 84,830 USD |
| Harvard Business School | 76,410 USD |
| MIT (Sloan) | 84,350 USD |
| Columbia Business School | 88,300 USD |
Cost of Living
The living costs vary depending on your city of living and personal choices. The table below gives a general picture:
| Category | Average Expense |
| Accommodation | 8,000 – 12,000 USD per year |
| Travel | 900 – 3,500 USD per year |
| Food | 3,000 – 5,000 USD per year |
| Health Insurance | 500 – 1,000 USD per year |
| Utilities | 1,200 – 2,500 USD per year |
Types of Student Loans for MBA in the USA
Secured Education Loans: Secured education loans are provided on the collateral guarantee. This collateral can be tangible or intangible (e.g., a plot, fixed deposit, bond, etc. ). Students get 70%—100% of the collateral value in education loans to study an MBA in the USA.
Unsecured Education loans: If you don’t have collateral, lenders offer unsecured education loans for an MBA in the USA on the guarantee of a cosigner. The cosigner’s income and CIBIL scores are scrutinized for unsecured education loans.
Top Student Loan Lenders for MBA in the USA
There are different types of lenders for an education loan in the USA: public banks, private banks, NBFCs, and international lenders.
| Type of Lender | Sample Lenders | Maximum Loan Amount | Interest Rates | Repayment Period |
| Public Banks | SBI, BoB, UBI | Up to INR 80 Lakhs – INR 1.5 Cr | 9.65% for girls, 10.15% for boys | 10 – 12 years |
| Private Banks | Axis, ICICI, IDFC FIRST | Up to INR 50 Lakhs | 10% – 13.5% | 10 – 20 years |
| NBFCs | Credila, Auxilo, Avanse, InCred | Up to 2INR 20 Lakhs | 12% – 13.5% | 10 – 15 years |
| International Lenders | MPOWER Financing, Prodigy Finance | Up to 100,000 USD | 12% – 14% | 10 – 20 years |
US Cosigner Loans
US cosigner loans are provided on the guarantee of a cosigner from the US. The cosigner must be a US citizen or permanent resident. There is no requirement for collateral to apply for US cosigner loans to finance your MBA.
What are the Interest Rates for Student Loans for an MBA in the USA?
You can apply for an education loan to study an MBA in the USA from banks, NBFCs, and international lenders. The lender decides the abroad education loan interest rate based on your loan amount, credit scores, and repayment history.
- The public bank interest rates for education loans for an MBA in the USA range from 9.65% to 10.15%.
- Private banks offer student loans for MBAs in the USA at interest rates of 10%—13.5%.
- NBFCs charge 12% – 13.5% interest rates for education loans for an MBA in the USA.
- For education loans by international lenders, 12% – 14% APR is the average interest rate charged.
Eligibility Requirements for Student Loans for an MBA in the USA
The eligibility criteria for education loans for MBAs in the USA vary with lenders. The eligibility requirements are set based on your financial stability and educational requirements.
- Be an Indian citizen (not applicable for international lenders)
- Be at least 18 years old at the time of application
- Have an offer letter from a US business school
Documents Required for a Student Loan for an MBA in the USA
Proper documentation ensures your education loan application for an MBA in the USA is legally backed. The lender provides the document checklist at the time of application. For a general list, see the table below.
| Letter of admission from the University | Guarantor/ co-borrower/ student’s bank statements |
| The loan application form was filled out in full | Documents on the cost of studies |
| PAN details of the candidate | Identification proof |
| Guarantor/ co-borrower/ student’s statement of assets | Guarantor/ co-borrower/ student’s proof of income |
| Residence proof | Academic documents |
How to Choose Your Best Education Loan Lender for an MBA in the USA?
Choosing the best education loan for an MBA in the USA is important. Out of the available offers, pick the one that aligns the best with your financial needs and planning. Here are some key points to consider while choosing your education loan for an MBA in the USA.
- Determine your loan requirements
- Compare education loan lenders
- Check the interest rates
- Compare the loan terms & repayment options
- Check co-signer requirements
Getting Started: Apply for MBA Student Loans for the USA
The USA is home to the world’s top MBA schools, such as MIT Sloan, Penn (Wharton), Harvard Business School, MIT (Sloan), and Columbia Business School, and the list continues. Education loans help you finance your tuition fee of 76,000 – 88,000 USD and the living costs. Getting an education loan is the best way to finance your MBA education in the USA.
Nomad Credit makes your education more accessible. Find your education loan options within clicks and get complete guidance with the application process, sanction, and loan disbursement. Our counselor assists you in finding the top MBA programs, getting a loan, crafting an SOP, and getting a student visa. Join the team of experts – connect with us today.
Frequently Asked Questions
How to get a student loan for an MBA in the USA?
The application process to get your student loan for an MBA in the USA begins with finding the right options. Once you shortlist your options based on your profile, gather the documents and proceed to the application. For easy loan shortlisting and application guidance, connect with Nomad Credit.
How much is required for an MBA in the USA?
Around 76,000 – 88,000 USD is the tuition fee for an MBA in the USA. The living costs are added to this. The exact tuition fee and living costs depend on your university, city, and personal choices.
Can I study for an MBA in the USA with an education loan without collateral?
There are education loans without collateral to study an MBA in the USA. A cosigner with regular earnings and a minimum income is required for no-collateral loans. An exception is no-cosigner loans provided by international lenders.
Should I pay the education loan EMI while studying for an MBA in the USA?
It is up to the lender whether you are required to pay the EMI while studying. Often, students get a grace period of 6 – 12 months after completing the course to start the repayment. The interest rate accrued in your course years is added to the loan amount.
Do I need a cosigner to get an education loan for an MBA in the USA?
In most cases, a cosigner with an optimum income is required for an education loan for an MBA in the USA. An exception is no-cosigner loans, in which no cosigner is required.
Adwaidh
Updated on July 31, 2025
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