Student Loans for an MBA in USA
Obtaining a student loan to receive an MBA in the United States can be very useful in helping receive that degree. Since an MBA is such a prestigious degree, it only makes sense to look for ways to get one.
But is it possible to obtain a student loan for an MBA in the States? Let’s find out.
Can International Students Get Their MBAs in the U.S.?
Something as big and important as an MBA degree must be difficult to obtain, and only those with real skills and knowledge are able to get it. The good news is that even international students studying business in the U.S. are able to get an MBA degree from an accredited institution.
Still, don’t expect it to be accessible to everyone. There are requirements you should meet, especially if you’re not born in the U.S.
First of all, you should make sure you have amazing English language skills. Learning about business requires you to know the language. Not to mention you will need it if you want to excel at the exams in this program. So, before you enroll in an MBA, you need to prepare your English skills.
To apply for an MBA in the U.S., you will have to take some further steps. For instance, you should look at the test score ranges that schools accept. This will allow you to take the required exams much earlier.
Make sure to contact the schools you’re interested in one year before you want to apply. In general, these schools have limited spots for their students and they are also extremely selective. There are some situations when they accept more applicants than the available slots, but you shouldn’t rely on that—better safe than sorry.
Additionally, you should apply to different schools in different areas. This will show the U.S. consulate that you are serious about your educational plans. If you only apply to schools in a certain area, then you’ll be considered someone who has other interests in the U.S.—such as work, for instance.
Also, you should provide proof that you’ll be able to deal with all of your financial burdens while you live in the U.S. Once you’re accepted, you should also send the cash needed for your housing and financial aid packages.
Top 5 Business Schools in the U.S. for 2020
The U.S. has many great schools with MBA programs, so you need to figure out which one is more fitting for your future. Let’s see what some of the prestigious business schools in the U.S. have to offer.
1. University of Pennsylvania (Wharton)
Located in Philadelphia, this is one of the top-notch Universities you could choose. It was the first business school in the U.S. and has now become the one with the largest alumni network in the country.
Some of the courses offered by this school are finance, ethics, e-commerce, accounting, economics, actuarial science, human resources management, and others. Bear in mind that the tuition per year will be $72,300, so have some cash saved in case you get accepted.
2. Stanford University
Stanford is yet another great school for MBA applicants, as it has a series of departments you could enroll in. Some of these are economics, not-for-profit management, public administration, sports business, real estate, e-commerce, accounting, and many others.
The school produces a lot of successful graduates, as 68.70% of the full-time program students get employed. The annual tuition is $70,590.
3. Harvard University
Harvard is certainly a name that rings a bell. This is, again, one of the universities that mean business. With an annual tuition of $73,440, you will have access to multiple concentrations and departments. Some of them are leadership, entrepreneurship, e-commerce, public policy, tax, public administration, general management, and economics. After graduation, 79.10% of the students get a job in the domain.
4. Massachusetts Institute of Technology (Sloan)
As one of the best business schools, it only makes sense that 86% of the graduates get employed. This school offers departments such as international business, health care administration, technology, tax, accounting, and many others.
If you get accepted here, you’ll have to deal with a tuition fee of $74,200 each year.
5. University of Chicago (Booth)
The Booth School is another one you might consider. Having a tuition fee of $72,000 annually for full-time students, this school is also known for producing numerous employed students. 87.60% of full-time graduates get a job. Keep in mind that you can also enroll in a part-time program with a fee of $7,130 per credit, and an executive one, with a total of $189,000.
Other Top Business Schools in the U.S.
The previously presented Universities are the best of the best, but that doesn’t mean the rest of the United States doesn’t have other prestigious schools. There are many others that could offer you an amazing education and help you achieve your dreams. They can be found in different states, so make sure to apply for more of these, depending on your career plans and your possibilities.
- Columbia University
- Northwestern University (Kellogg)
- University of California–Berkeley (Haas)
- Yale University
- Duke University (Fuqua)
- University of Michigan–Ann Arbor (Ross)
- Dartmouth College (Tuck)
- New York University (Stern)
- The University of Virginia (Darden)
- Cornell University (Johnson)
- University of California–Los Angeles (Anderson)
- Carnegie Mellon University (Tepper)
- University of Southern California (Marshall)
- University of North Carolina–Chapel Hill (Kenan-Flagler)
- University of Texas–Austin (McCombs)
- Emory University (Goizueta)
- Indiana University (Kelley)
- University of Washington (Foster)
- Georgetown University (McDonough)
- University of Florida (Warrington)
How Much Does an MBA Cost in the U.S.?
MBA degrees are not cheap, that’s for sure. Whoever wishes to enroll in an MBA program should have a lot of money saved to deal with the annual tuition fees. However, the price of an MBA varies from one school to another, so don’t expect to find a specific one for every school.
For a two-year MBA program, the average price will go above $60,000. However, some may go as high as $100,000 if they are top schools. So, if you don’t have enough money to enroll in one of the best schools, you can choose from the schools with the cheapest MBA programs instead.
Is There Financial Aid for F1 Students Getting Their MBAs?
In general, there is no financial aid offered to students getting their MBAs. But all hope is not lost, as there are other options when it comes to funding.
For instance, you could get money from some private scholarship funds that are often given to international students. Although some of these require a fee for their services, they usually come at no cost. As long as you ask in advance, you may get a scholarship for no fee.
Institutional aid is another way to get help as an undergraduate international student. Some of these scholarships can be offered based on need, such as when your financial situation is critical. Others are offered based on merit—so, they take your skills and talents into consideration.
Furthermore, you could try taking out a private loan. International student loans are available, as long as you meet some requirements. That being said, you may need a co-signer to get access to the money—so, if you have one, a loan could be a great way to get the funds you need.
Why U.S. Banks Don’t Like to Lend to International Students
There are multiple reasons why banks are wary when it comes to lending to international students. First of all, these students can leave the country at any time, thus they can simply not repay their loan and go back home.
At the same time, international students have no credit history, thus no way to track them and see their financial habits. So, lenders would only put themselves at risk, which is why they choose to avoid lending to international students. Moreover, international students don’t typically have the necessary paperwork, making it hard for them to obtain a loan.
Personal Loans for an MBA in the U.S.
If you need a loan for an MBA in the U.S., you can try Stilt—an easy method of obtaining a personal loan for your needs. All you have to do is apply online, on our official website, and provide all the necessary information. Once you submit your information and we have everything we need, we’ll send you a promissory note to sign.
After signing, you’ll receive your money in 2-3 business days. However, keep in mind that we have some requirements you should meet. We’ll perform a check on your educational situation and current employment. Moreover, you shouldn’t have any bankruptcies, collections, and defaults, and we’ll also have to perform a credit check to go over your financial behavior.
A student loan for an MBA in the U.S. can be obtained as long as you meet the requirements of the lender. If you apply for an MBA, you should always make sure you have the necessary funds—they’re not the cheapest programs, after all. So, we hope you’ll be able to get the funds needed to join a top-notch school with an MBA program. And don’t hesitate to check out our site if you have more questions on the matter.