Best overall

Federal Grad PLUS Loans
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- Min. credit score:
- Not disclosed
- Fixed APR From:
- 3.73% –6.28%
- Loan amount:
- $0–$500,000
- Term lengths:
- 10 to 10 years
- Min. annual income:
- $0
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Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more.
Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans.
MBA loans are a type of student loan designed for borrowers looking to earn a Master of Business Administration degree. Borrowers should typically start their search with federal student loans, which come with one fixed interest rate for all borrowers, plus perks like income-driven repayment plans. However, borrowers can also find MBA loans with private lenders, which feature a wide range of loan amounts and repayment terms.
Methodology
To find the best MBA student loans, we first sought out lenders that are reputable and available to borrowers throughout the United States. We also ensured that any lenders we chose advertised low starting interest rates.
To determine our final rankings, we then compared lenders' APR ranges, repayment terms, loan amounts and fees. The best lenders offered perks beyond the standard loan, such as multiyear approval or rewards for good grades.
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
Answer a few questions in two minutes or less to see which student loans you pre-qualify for. It's free and will not impact your credit score.
The Bankrate scoring system evaluates lenders' affordability, availability and customer experience based on 11 data points selected by our editorial team. | An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period. | The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan. | The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. | ||
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4.3 Bankrate Score | Fixed APR From 3.75% with AutoPay | Loan Amount $1k- $500k Term: 10-15 yr | Min. Credit Not disclosed | Apply on partner site | |
4.6 Bankrate Score | Fixed APR From 3.47- 11.16% with AutoPay | Loan Amount $5k- $500k Term: 5-15 yr | Min. Credit Not disclosed | Apply on partner site | |
4.4 Bankrate Score | Fixed APR From 3.49% with AutoPay | Loan Amount $1k- $500k Term: 5-15 yr | Min. Credit Not disclosed | Apply on partner site | |
4.6 Bankrate Score | Fixed APR From 3.24% with AutoPay | Loan Amount $1k- $350k Term: 5-20 yr | Min. Credit 650 | Apply on partner site | |
4.5 Bankrate Score | Fixed APR From 3.47% with AutoPay | Loan Amount $1k- $350k Term: 5-15 yr | Min. Credit Not disclosed | Apply on partner site | |
Fixed APR From 3.52% with AutoPay | Loan Amount $1k- $350k Term: 5-20 yr | Min. Credit Not disclosed | Apply on partner site | ||
4.1 Bankrate Score | Fixed APR From 3.20% | Loan Amount $1k- $500k Term: 5-15 yr | Min. Credit Not disclosed | Apply on partner site | |
4.1 Bankrate Score | Fixed APR From 3.99% with AutoPay | Loan Amount $1k- $500k Term: 5-20 yr | Min. Credit Not disclosed | Apply on partner site | |
Income Based Repayment - No Cosigner Required Get approved in minutes. Pre-qualify without affecting your credit score. | Apply on partner site | ||||
Income Share Agreement Income shares range start as low as 1% of income over a 5 year period. | Apply on partner site |
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When shopping for an MBA student loan, compare APRs across multiple lenders to make sure you’re getting a competitive interest rate. Also look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. Loan details presented here are current as of Jan. 25, 2022. Check the lenders’ websites for more current information. The MBA loan companies listed here are selected based on factors such as APR, loan amounts, fees, credit requirements and more. To learn more about how we selected lenders, see our methodology section above.
LENDER | CURRENT APR RANGE | LOAN TERMS | LOAN AMOUNT RANGE | MINIMUM CREDIT SCORE |
---|---|---|---|---|
Federal grad PLUS student loans | 6.28% fixed | Standard term is 10 years | Up to 100% total cost of attendance | None |
College Ave | Fixed: 4.49% – 11.46% (with autopay); Variable: 1.99% – 10.45% (with autopay) | 5 to 15 years | $1,000 – $150,000 | Not specified |
SoFi | Fixed: 4.43% – 11.01% (with autopay); Variable: 2.16% to 11.64% (with autopay) | 5 to 15 years | $5,000 – 100% total cost of attendance | Not specified |
Sallie Mae | Fixed: 4.75% – 12.11% (with autopay); Variable: 2.37% – 11.87% (with autopay) | 15 years | $1,000 – 100% total cost of attendance | Not specified |
Citizens Bank | Fixed: 4.47% – 9.29% | 5 to 15 years | $1,000 – $225,000 | Not specified |
Earnest | Fixed: 3.24% – 10.99% (with autopay); Variable: 0.94% – 9.89% (with autopay) | Not specified | $1,000 – 100% total cost of attendance | 650 |
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MBA student loans are loans that can help you pay for the cost of your Master of Business Administration (MBA). They typically have low interest rates and flexible repayment terms and can be used for tuition, fees, housing, books, supplies and more.
MBA student loans can come from either the federal government or private lenders. While there may be lifetime limits, often you can borrow up to the full cost of your education. Most lenders also give you the option of making payments while you’re still in school, but you may also be able to make interest-only payments or partial payments until you graduate.
Many MBA loans also let you defer payments until six months or longer after you graduate, which can give you time to get on your feet and into a new job before you have to worry about your student loan debt. Most MBA loans are repaid over a term of five to 25 years.
When looking for a loan for your MBA degree, you have two options: federal or private.
Federal student loans are, as the name implies, managed by the federal government. Interest rates and standard term lengths are the same for all borrowers, regardless of financial profile.
Graduate students can choose between Direct Unsubsidized Loans and Direct grad PLUS loans. Direct Unsubsidized Loans allow you to borrow up to $20,500 annually and $138,500 total with an interest rate of 5.28 percent, and they don't require a credit check. Grad PLUS loans allow you to borrow up to the cost of attendance with an interest rate of 6.28 percent, but they do check your credit.
Private student loans, on the other hand, are managed by a number of private lenders that set their own interest rates, terms and eligibility requirements. Generally you'll find lower rates and more flexible repayment timelines with private lenders if you have good credit, though you'll miss out on federal protections like forbearance, income-driven repayment plans and loan forgiveness programs. Your interest rate will also be determined by your credit score and debt-to-income ratio, among other things.
A study by the National Center for Education Statistics found that the average student loan balance for MBA graduates is around $66,300. Of course, that number could be higher or lower depending on the price of your school and how many scholarships or grants you earn. Many MBA student loan lenders will let you borrow up to the full cost of education, although some impose lifetime limits.
While federal loans come with low fixed interest rates and protections like deferment and forbearance, private student loans for an MBA program may also make sense. Whether you opt to max out your federal loan options or go with a private lender, here are the most important factors you should consider:
Student loan interest rates are incredibly low right now due to the coronavirus' economic impact. If you're looking to take out a new MBA loan or refinance an existing private loan, now is a good time.
With that said, lenders have also made adjustments to their lending practices given this unprecedented drop in rates. It could be harder to qualify for a loan if you have poor credit, meaning you may have to enlist a co-signer if you're looking for an affordable MBA loan.
One of President Biden's first actions as president was to extend the period of administrative forbearance for federal student loan borrowers. Most federal loans are temporarily interest-free, with no payments required, through August 31, 2022.
Biden has also suggested that he is interested in exploring some form of student loan forgiveness. However, if this were to happen, it would likely only affect federal student loans — borrowers' private student loan balances would not be reduced.
Your repayment period for an MBA loan will depend on the lender you choose. However, most lenders set repayment terms between five and 20 years. Of course, you can always pay off the debt sooner to save on interest charges.
Whether an MBA degree is worth the price tag depends on your personal circumstances. One Gallup poll found that 42 percent of graduates considered their MBA degree worth the cost; however, this depends on how much debt you incur and what your job prospects are after graduation. For instance, according to the U.S. Bureau of Labor Statistics, the average salary for marketing managers is $154,470, while the average salary for market research analysts is $73,970.
It's usually best to start your student loan search with federal student loans. Federal loans come with protections you can’t get with private student loans, such as income-driven repayment plans and loan forgiveness programs, which is why many private lenders encourage you to exhaust federal options first — you can always use private loans to supplement what a federal loan won't cover.
If you've decided to take out a private student loan, take the time to compare lenders in terms of the rates they offer, their repayment options and other perks you can qualify for. It can be helpful to find a lender that offers a discount for autopay, for example, as well as one that will let you borrow up to the cost of attendance for school.