9 Best MBA Student Loans of January 2026
MBA students who need to finance part or all of their business school education can consider federal and private student loans. Federal loans are a safer choice because of their flexible repayment terms. Private MBA loans can make sense if you qualify for an interest rate that's lower than rates on government loans.
Here are our picks for the best MBA student loans and additional information on how to decide which is right for you.
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Why trust NerdWallet
- 19 student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and consumer lending.
- Objective, comprehensive star-rating system assessing 40 categories and more than 50 data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best MBA Student Loans
Lender | NerdWallet editorial rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0 /5 | Mid-600s | 2.74-15.99% | 3.89-15.99% | Check Rate on College Ave's website | |
Best for customer support and wide availability 5.0 /5 | Low-Mid 600s | 3.49-15.31% | 4.69-15.40% | Compare Rates on Credible’s website | |
4.5 /5 | Mid-600's | 2.89-14.99% | 3.87-13.50% | Check Rate on Sallie Mae's website | |
5.0 /5 | Mid-600s | 3.18-14.83% | 4.39-15.86% | Check Rate on SoFi®'s website | |
5.0 /5 | None | 6.39-7.94% | N/A | Read Review on NerdWallet |
Our pick for
Part-time MBA students
Federal student loans, as well as many private lenders, require you to be enrolled at least half-time to take out loans. If you’re attending business school part-time and your employer or savings won’t cover the full bill, explore these options.
- Typical credit score of approved borrowers: Mid-700s.
- Minimum income: $35,000 per year.
- Loan amounts: $1,000 up to the total cost of attendance.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- International students can qualify with a co-signer.
- Nine-month grace period is longer than other lenders offer.
- You must be at least halfway through your repayment term before you can request a co-signer release.
College Ave MBA loans offer immediate, interest-only and flat payment plans, so you can minimize repayment costs while getting your degree.
- One of the few lenders to provide loans to part-time students.
- Non-U.S. citizens, including DACA students, can apply with a U.S. co-signer.
- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Rating and details displayed are for Sallie Mae’s private student loan. Sallie Mae MBA loans let you defer payments during an eligible internship for up to 48 months.
Our pick for
Borrowers with excellent credit
Private MBA loans can come with better interest rates and lower fees than federal options, if you have excellent credit.
- Typical credit score of approved borrowers or co-signers: Not available.
- Minimum income: Not available.
- Loan amounts: up to $400,000.
- Among the best for payment flexibility.
- Grace period of 9 months is longer than many lenders offer.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Stands out for features that enable faster loan repayment.
- You must be enrolled at least half-time to qualify.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.
- Does not offer bi-weekly payments via autopay.
Rating and details displayed are for SoFi's private student loan.
- Typical credit score of approved borrowers: 758.
- Minimum income: $35,000.
- Loan amounts: $1,000 up to your total cost of attendance.
- Option to skip one payment every 12 months.
- No late fees.
- Nine-month grace period is longer than most lenders offer.
- Loans aren't available in Nevada.
Rating and details displayed are for Earnest's private student loan.
Our pick for
Borrowers who want federal protections
Federal loans have options private loans don’t, like income-driven repayment and Public Service Loan Forgiveness, which offer unique flexibility and protections if you’re entering an uncertain job market.
- No credit check or minimum income is needed to borrow.
- Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
- Independent students and graduate students have higher loan limits.
- Undergraduate interest rate fixed at 3.73%, while grad students get higher 5.28% rate
- More flexible repayment options for struggling borrowers than other lenders.
- Subsidized loans do not collect interest while in school or during deferment.
- Lower interest rates than many private lenders.
- You pay an origination fee.
Graduate students are ineligible for subsidized loans.
- Grad PLUS loan borrowers must not have adverse credit history.
- Borrowers with adverse credit history can still receive a grad PLUS loan by enlisting a co-signer without adverse credit history or documenting extenuating circumstances for their credit history.
- Loan amounts: Total cost of attendance minus other financial aid.
- More flexible repayment options for struggling borrowers compared with private lenders.
- All borrowers who attend a school authorized to receive federal aid can qualify.
- May have higher interest rates compared with private lenders.
- You pay an origination fee.
- You can’t see if you’ll qualify without a hard credit check.
Graduate students can take out up to their cost of attendance, minus other aid received, in PLUS loans.
Our pick for
International MBA students
Many lenders — including Ascent, College Ave and Sallie Mae — offer MBA student loans to international students who have an eligible co-signer. Without a co-signer, choices for international MBA students are limited.
- MPOWER considers future income potential but does not factor in credit scores.
- Loan amounts: Minimum $2,001. Maximum loan is $100,000, limited to $50,000 per academic period.
- Offers a hard-to-find option: non-co-signed student loans for international and DACA students.
- Borrowers are assigned a dedicated student loan advisor.
- Borrowers can request forbearance of up to 24 months, which is longer than many lenders offer.
- Payment required while in school.
- Offers only one repayment term: 10 years.
Our pick for
Borrowers from Texas
- May offer lower rates for graduate students than what are available through the federal government.
- Applies extra payments to the loan principal by default.
- Offers five loan terms, which is more than most lenders.
- Not available to borrowers enrolled in two year programs at community colleges.
- Biweekly payments via autopay is not available.
What is an MBA student loan?
MBA student loans are for graduate students in a degree-granting master of business administration program. The average MBA costs more than $230,000, according to a 2023 BusinessBecause report, an online news publication for graduate and business school candidates.
All students should exhaust free aid like fellowships and employer sponsorships before choosing a loan. If you need to borrow money to pay for your MBA, federal loans are the first best choice. Students with solid credit and income may receive lower interest rates with a private loan.
Interest rates can be fixed or variable. Fixed interest means the rate — and your payments — will stay the same over the life of the loan. Variable interest rates may fluctuate throughout the loan term, causing payments to rise or fall.
» MORE: How to pay for an MBA
Types of student loans for an MBA
There are federal and private student loan options to help pay for an MBA. Federal student loans are funded by the government, whereas private student loans originate from banks, credit unions and state organizations. Federal and private student loans differ from one another in interest rates, repayment terms, loan forgiveness programs and other criteria like credit history requirements.
Federal student loans for MBA
MBA students can apply for direct unsubsidized loans or grad PLUS loans. Direct unsubsidized loans are available for undergraduate and graduate students enrolled at least half-time in an eligible school. Unsubsidized loans for graduate students do not require applicants to show financial need. You can take out up to $20,500 annually in unsubsidized loans.
Eligibility for grad PLUS loans include being, at minimum, a half-time graduate student in an approved school. Your credit will be checked during the application process; if you have an adverse credit history, you may need an endorser to apply with you. The maximum loan amount is based on your cost of attendance, as determined by your school, minus other financial aid you get.
Private student loans for MBA
Some lenders offer private student loans specifically for MBA students, as well as international MBA students. MBA loans may or may not have different features than graduate student loans; opt for the loan with the best terms for you.
» MORE: Federal vs. private student loans
Which MBA student loan is right for you?
Look at your finances and repayment goals, then use the steps below to help you choose a federal or private student loan to pay for an MBA:
Generally, max out federal direct unsubsidized loans first. These loans have small fees — roughly 1% — and fixed interest rates. While federal loan rates may be higher than rates on private loans, the additional cost may be worth the benefits that come with federal loans, including various repayment options and potential forgiveness.
Then, look at your career trajectory. If unsubsidized loans won’t cover all your costs — the average MBA student debt is $66,740, according to recent data from the National Center for Education Statistics — you can fill any remaining gap with federal grad PLUS loans or private loans. PLUS loans make sense if you want to work for a nonprofit, are changing careers or simply aren’t sure about your job prospects. Options like Public Service Loan Forgiveness and income-driven repayment plans can help in these instances.
Or evaluate your current situation. Compare private MBA loan interest rates if you have strong credit and you expect your income to increase or at least remain consistent over the loan term. You may feel OK taking on the risk of private loans to save on interest or overall costs.
Not sure which situation describes you? Stick with federal loans. You can always refinance MBA loans with a private lender at a lower rate if your plans come into focus later.
» MORE: MBA loan repayment and forgiveness options
What to look for in a private MBA loan
If a private MBA loan makes sense for you, consider the following to ensure it meets your education and repayment goals:
You can qualify. Some private lenders provide educational loans for MBAs only to certain schools or programs. Make sure your school is eligible before applying with a lender.
Low interest rates and fees. Compare rates and fees from multiple lenders to get the lowest cost possible.
Flexible repayment options. If you want to pay off loans fast, choose a lender that offers five- or seven-year repayment terms. Also, ensure the lender offers flexible repayment options in case of hardship.
How to apply for an MBA student loan
Use the following steps to guide you through the process of obtaining MBA student loans:
Complete the FAFSA. Whether you’re considering direct unsubsidized or grad PLUS loans, fill out the Free Application for Federal Student Aid, or FAFSA.
Finish loan-specific paperwork. For unsubsidized loans, your school will use the information you provided on the FAFSA to determine financial aid eligibility. If applying for a grad PLUS loan, you’ll need to also complete the Direct PLUS Loan Application at studentaid.gov.
Supplement with private loans. If free financial aid, employer sponsorships and federal loans do not provide enough funding to pursue your MBA, consider filling in gaps with private MBA loans.
Last updated on January 12, 2026
Frequently asked questions
What student loans can an MBA get?
Business school students can qualify for federal unsubsidized loans, as well as federal graduate PLUS loans. You can also borrow private student loans to pay for an MBA.
Do I need to fill out the FAFSA to get an MBA student loan?
Filling out the FAFSA is the first step in obtaining federal financial aid and should be completed before taking any other steps.
How much do MBA students borrow?
The average business school graduate owes more than $66,740 in student loans, and about 58% of MBAs take out student loans, according to the National Center for Education Statistics.
What type of MBA student loan should I borrow?
Federal loans are usually your best bet. But you may want to consider a private MBA loan if your credit is excellent and you’re assured of a job with a strong income once you finish your program.
How we chose the best student loans
Our team of student loan experts follows an objective and robust methodology to rate lenders and pick the best.
19
Lenders reviewed
19
Lenders reviewed
We reviewed 19 banks, credit unions, and online lenders — including the top 10 by market share and search volume — plus lenders serving niche and nontraditional borrowers.
40
Features assessed
40
Features assessed
Each lender is evaluated across five weighted categories, covering dozens of features related to affordability, eligibility, consumer experience, flexibility, and application process.
50+
Data points analyzed
50+
Data points analyzed
Our team tracks and reassesses more than 50 data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
5.0
Overall score
NerdWallet reviewed 19 banks, credit unions and online lenders offering student loans and student loan refinancing. We included the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets. Some lenders are NerdWallet partners, but this did not influence our selection of the winner.
We consider 40 features and more than 50 data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to a wide range of borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. Read more about our ratings methodologies for student loans and our editorial guidelines.
NerdWallet's Best MBA Student Loans of January 2026
- College Ave MBA Student Loan: Best for Part-time MBA students, Fixed APR: 2.74-15.99%
- Ascent MBA Student Loan: Best for Borrowers with excellent credit, Fixed APR: 3.49-15.31%
- Sallie Mae MBA Loan: Best for Part-time MBA students, Fixed APR: 2.89-14.99%
- SoFi MBA Loan: Best for Borrowers with excellent credit, Fixed APR: 3.18-14.83%
- Federal Subsidized/Unsubsidized Loan: Best for Borrowers who want federal protections, Fixed APR: 6.39-7.94%
- Federal Grad PLUS Loan: Best for Borrowers who want federal protections, Fixed APR: 8.94-8.94%
- Earnest MBA Loan: Best for Borrowers with excellent credit, Fixed APR: 4.45-14.30%
- MPOWER Private Student Loan: Best for International MBA students, Fixed APR: 12.99-15.99%
- Brazos Private Student Loan: Best for Borrowers from Texas, Fixed APR: 2.71-7.38%