What funding options are available to international MBA students?

International students may apply for MBA scholarships and fellowships from their schools and other organizations. Certain qualified non-U.S. citizens may apply for federal loans, and some international students can qualify for private student loans with a co-signer. Your home country or institution may offer student support for international study as well.

An MBA can qualify you for management positions in your organization and higher pay, but you’ll have to weigh this against the potential debt you’ll leave school with. Ultimately, an MBA program is worth it if it helps you achieve your career goals and makes sense financially.

How do I pay for an executive MBA program?

Executive MBA programs tailor their curriculum to executives looking to develop their leadership abilities while continuing to work. The average current cost of ranked EMBA programs was $200,000 in the 2023-2024 academic year. You can pay for an executive MBA program as you would any other MBA program — with scholarships, grants, tuition reimbursement and student loans.

Is paying for an MBA tax deductible?

Pursuing an MBA can save you money on your taxes, depending on your jurisdiction and income. Tax regulations allow expenditures undertaken for education to be deductible if they meet employer requirements or maintain and improve skills required by an individual for their trade or business.

How to pay for an MBA

Written by

Meaghan Hunt,

Edited by

Pippin Wilbers

Published on May 14, 2024 | 3 min read

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Key takeaways

MBA graduates have an average debt of $82,439. However, graduates tend to earn more than peers with bachelor’s or other master’s degrees.
The cost of an MBA can vary greatly depending on the program you choose to enroll in.
MBA-specific grants, scholarships, employer programs and student loans can help students pay for an MBA.

An MBA can land you leadership roles and lead to a high return on investment — but the popular graduate business degree comes at a cost. Top-ranked institutions may cost between $80,000 and $118,000, and some Ivy League schools charge even more. That cost is why it is wise to look into grants, employer-funded programs, scholarships and fellowships in addition to loans.

Ways to pay for your MBA

The average debt burden after completing an undergraduate degree, followed by a Master of Business Administration, is $81,218. However, don’t let sticker shock keep you from your educational and professional goals. Schools, organizations and businesses all offer programs that can make your degree more affordable, and getting a student loan can fill in any gaps.

MBA fellowships, grants and scholarships

Fellowships, grants and scholarships are types of funding for your education that you do not repay. Many of these programs consider your academic record, but some are need-based or geared toward specific groups of students. You may need to demonstrate your professional experience, volunteerism and community leadership to qualify.

Corporations, foundations and schools offer these types of aid. With some programs, you may have access to career mentors, networking opportunities and summer work experiences in addition to the basic aid package. To find opportunities, you may use a scholarship search engine and check with your state’s and college’s financial aid department.

Company-sponsored MBA

Most companies recognize the benefits of investing in their employees through tuition assistance programs or scholarships. Roughly half of employers offer some kind of tuition assistance program.

Employers find that these programs not only help develop leaders from within the company but can also serve as a recruitment and retention tool. Many millennial workers have said they would change employers to take advantage of tuition reimbursement benefits.

Talk with your manager about educational opportunities through the company. Programs may offer upfront assistance or reimburse you for completing classes. They may also limit educational options to degrees that align with company priorities or require you to continue working for the company for a defined period of time after graduation.

MBA student loans

Most graduate students take out student loans to cover the cost of tuition and fees, and MBA students are no exception. Whether public or private, MBA student loans are intended to help students earn a Master of Business Administration degree. Depending on your degree program, you may attend school part time or full time. If you are borrowing to cover both the cost of attending school and living expenses, you will want to be mindful of student loan borrowing limits.

Federal options include Direct Unsubsidized Loans, which let you borrow up to $20,500 each academic year, and Direct PLUS Loans, which let you borrow up to the full cost of attendance.

Borrowers often shop for private MBA loans when they surpass borrowing limits with federal student loans or are offered lower interest rates. If you have a high credit score, private student loan interest rates can be competitive, although these loans don’t offer the same benefits and protections as federal student loans.

Personal savings

If you begin your professional experience knowing you will return to the classroom, you can start saving toward your goal. Using personal savings can reduce your dependence on loans that must be repaid with interest. You could save for college using one or more of these accounts:

529 plan: Opening a 529 plan allows you to save for college in a tax-advantaged account, and you don’t pay federal income taxes on the funds you withdraw to pay for qualified education expenses. Also, your money grows tax-free.
Roth IRA: You can use a Roth IRA for college without incurring an early withdrawal penalty. However, you’ll still have to pay taxes on any withdrawn earnings if you’re under 59-and-a-half.
Traditional savings account: You could simply deposit a set amount of money into a regular savings account — preferably a high-yield savings account since it earns more interest than the national average rate. However, this option does not offer tax advantages.

Bottom line

Getting an MBA is expensive, but it’s also becoming more flexible. An increasing number of online programs could open your options without having to relocate. And despite being costly upfront, an MBA often opens up new career opportunities for people seeking executive roles and could pay for itself in the long run.

Frequently asked questions

International students may apply for MBA scholarships and fellowships from their schools and other organizations. Certain qualified non-U.S. citizens may apply for federal loans, and some international students can qualify for private student loans with a co-signer.

Your home country or institution may offer student support for international study as well.
An MBA can qualify you for management positions in your organization and higher pay, but you’ll have to weigh this against the potential debt you’ll leave school with. Ultimately, an MBA program is worth it if it helps you achieve your career goals and makes sense financially.
Executive MBA programs tailor their curriculum to executives looking to develop their leadership abilities while continuing to work. The average current cost of ranked EMBA programs was $200,000 in the 2023-2024 academic year. You can pay for an executive MBA program as you would any other MBA program — with scholarships, grants, tuition reimbursement and student loans.
Pursuing an MBA can save you money on your taxes, depending on your jurisdiction and income. Tax regulations allow expenditures undertaken for education to be deductible if they meet employer requirements or maintain and improve skills required by an individual for their trade or business.