Student Loan for MBA in USA: Top Loan Options, Eligibility, & Documents

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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 at MBA colleges in USA is no secret. The MBA tuition fee alone can be 76,000 – 88,000 USD at the top business schools in the USA.

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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 student loan for MBA in USA 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 base on which you can apply for a education loan for MBA in USA:

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 MBA loan for USA 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 loan for MBA in USA for Indian students.

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.

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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 MBA loan USA without collateral 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 for any of the education loan for MBA in USA from India 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 MBA loan for US universities 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 for
Compare education loan lenders
Check the interest rates
Compare the student loan for MBA abroad 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 MBA loan USA with collateral or without collateral 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.

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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.