Paying for business school is no easy feat. By the time you factor in tuition, fees, living expenses, healthcare, and program materials, the cost of an international MBA experience can set you back six-figures. According to BusinessBecause, the total cost of an MBA at a top US business school can exceed US$200,000.
Although personal savings and loans from family or friends could be an option, many international candidates seek financial aid in the form of a private loan.
The average US MBA student takes out US$62,000 in student loans per year, according to student loans company Juno. Banks, credit unions, and alternative lenders are the go-to for international candidates looking to enroll at business school in the United States and ease the cost of an MBA.
What do you need to know about US graduate student loans?
Unless you’re an eligible noncitizen of the United States you won’t be able to access federal student loans as an international candidate. You may find a personal loan option in your home country-if you do you’ll need to inform your school’s financial aid office-or will need to go through the various banks and loan providers that offer international student loans in the United States.
You’ll want to identify the best rates possible so after graduation you can pay back your loan quickly with as little cost as possible. The maximum loan eligibility for an international student is the cost of attendance minus any other aid received-scholarships, for example.
It’s likely that whichever loans company or bank you go through, you’ll need a co-signer to land a loan. A co-signer is a creditworthy US citizen or permanent resident who’s lived in the US for the past two years. They’re often a close friend or relative who becomes eligible by law to repay the loan if you as the borrower fail to pay. Continue reading