Written By Melanie Lockert
Updated on May 12, 2026
Getting an MBA will cost you a pretty penny. Master’s of Business Administration degrees cost five figures on average. At some top universities, that number can easily exceed six figures.
Unless you have tons of money to spare, you’ll likely need to turn to student loans to fund your MBA. Read on to learn more about funding your MBA and the best MBA student loans.
Funding your MBA
Taking out loans for school isn’t ideal, but it’s obviously a resource that can help pay your way toward an MBA. Before applying for student loans, exhaust any extra money you have, including grants and scholarships. Don’t touch your retirement or stop eating or something crazy like that. But if you have access to additional funds in these ways, utilize those first.
After using those resources, you’ll likely need additional funding in the form of student loans. That’s where federal and private student loans come in.
Federal student loans
The Department of Education offers federal student loans that come with great benefits like income-driven repayment, deferment, forbearance, and student loan forgiveness, if it applies to you. Also, these loans have fixed interest rates. That can be a blessing or a curse. It can be good to lock in a rate, but if the rate isn’t great, you may feel stuck (that’s where student loan refinancing can be helpful).
Federal loans help protect you as a borrower, which is why you should opt for federal student loans first. Since an MBA is a graduate program, your loan options may be more limited than they are for undergraduate students.
Graduate students can typically borrow up to $20,500 per year in Direct Unsubsidized Loans. But many MBA programs cost significantly more than that. Historically, borrowers could often use Grad PLUS Loans to help bridge the gap. However, the Grad PLUS program is being eliminated beginning July 1, 2026 for new borrowers.
Students who are already enrolled in a graduate program before July 1, 2026 may still qualify for Grad PLUS Loans under current grandfathering rules if they remain continuously enrolled and otherwise eligible. But students starting MBA programs in Fall 2026 and beyond will likely need to rely more heavily on private student loans once they reach federal borrowing limits.
Private student loans
Private loans are offered through different financial institutions. If you’ve exhausted your federal loan options, private loans can be a great way to cover that gap.
Depending on your credit, private lenders may even offer better interest rates. Compare your prospective interest rate with federal loan interest rates and decide if you want to use a hybrid approach or to go with just private student loans.
Just be aware of the pros and cons. For example, you might save money on private student loans with a lower interest rate, but you would have fewer protections.
Private lenders offer MBA student loans specifically for borrowers getting their MBA. Lenders that offer private MBA loans each have their own unique offerings and benefits. We’ve done some research and checked out the top three best private MBA loans.
Top 5 best private MBA loans
If you still don’t have enough funding and you’re freaking out, wondering how to pay for an MBA, private student loans can be your friends. Here are the top lenders for the best MBA loans.
1. SoFi MBA loan
SoFi is one of the most well-known private lenders offering MBA student loans, especially for borrowers looking for flexible repayment options and member perks. Borrowers can choose from fixed or variable interest rates with no loan fees required.
One thing that helps SoFi stand out is its additional member benefits. Borrowers may gain access to career coaching, financial planning resources, networking opportunities, and certain hardship assistance programs if financial challenges arise during repayment.
SoFi also offers several repayment options for MBA borrowers, including deferred, interest-only, partial, and immediate repayment plans while in school. Borrowers can also choose from multiple loan term lengths (e.g., 5, 7, 10 and 15 years), allowing them to balance monthly payment amounts with overall interest costs and repayment timelines.
2. Sallie Mae MBA loan
Sallie Mae is one of the top options for MBA students seeking a lower total interest cost.
They are the market leader in terms of private loan origination, and they have no origination fees or prepayment penalties on their MBA loans.
Depending on timing, some borrowers could potentially get a lower interest cost than even the Stafford Unsubsidized loan. If you get an APR below 7%, you're already ahead in terms of the level of interest costs with a Sallie Mae private MBA loan. Interest rates for the 2025-26 academic year were 7.94% for Direct Unsubsidized Loans for graduates and 8.94% for Grad PLUS loans. Plus, Grad PLUS charges an origination fee of approximately 4.22%.
Most MBA grads will want to refinance their student loans to a lower interest rate after graduation. That means any level of origination fee can significantly add to the cost of using a private loan.
- Fixed interest rates: 2.89% APR – 17.64% APR1
- Variable interest rates: 3.75% APR – 16.62% APR1
- Terms: 10 to 15 years
- Loan amounts: Borrow from $1,000 up to the full cost of attendance
- Autopay discount: Yes
Sallie Mae Disclosures
1 Lowest rates shown include the auto debit discount. Advertised rates are for the Smart Option Student Loan for undergraduate students and are valid as of 04/29/2026.
Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
3. Earnest graduate loan
Earnest graduate loans can be used for your MBA or any other graduate-level degree. It provides generous borrower benefits, such as a 9-month grace period, 0.25% autopay discount and flexible terms and repayment options.
Earnest makes it easy to get a loan decision quickly, with most borrowers receiving an answer within 24 hours of application. Additionally, Earnest offers a rate match guarantee that includes an Amazon gift card. Note this rate match applies to approved offers from other lenders, not estimates or preliminary rate offers.
- Fixed interest rates starting at 2.79% APR1 for qualified cosigner borrowers (4.49% APR1 for qualified primary borrowers)
- Variable interest rates starting at 4.99% APR1
- Terms: 5, 7, 10, 12 or 15 years
- Loan amounts: Up to the full cost of attendance
- Autopay2 discount: Yes
1 Actual rate and available repayment terms will vary based on your financial profile. Fixed annual percentage rates (APR) range from 3.04% to 16.74% (2.79% – 16.49% with auto pay discount). Variable annual percentage rates (APR) range from 5.24% to 17.10% (4.99% – 16.85% with auto pay discount). Earnest variable interest rate student loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Our lowest rates are only available for our most credit qualified borrowers and require selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
2 You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107.
Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770) One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
© 2025 Earnest LLC. All rights reserved.
4. Ascent MBA loan
Ascent offers private student loans to help pay for MBA school with competitive fixed- and variable-rate options. Loan amounts range from $2,001 up to $400,000 (aggregate) for graduate-level loans. However, borrowers living in Massachusetts have a minimum loan of $6,001.
Ascent borrowers can choose between deferred repayment, $25 minimum repayment or interest-only repayment while in-school. Additionally, Ascent offers a generous 9-month grace period after graduating or dropping below half-time enrollment status.
Note that Ascent also offers scholarship opportunities each year. To date, Ascent has awarded over $355,000 in scholarships!
- Fixed interest rates: Starting at 2.69% APR
- Variable interest rates: Starting at 3.65% APR
- Terms: 5, 7, 10, 12, 15 or 20 years
- Loan amounts: Up to the full cost of attendance
- Autopay discount: Yes
Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit AscentFunding.
5. Citizens MBA loan
Another option to consider is the Citizens MBA loan. This option has no application fees, origination fees or disbursement fees.
You can choose from variable or fixed APR options. Additionally, you could score up to 0.50% interest rate reduction. Signing up for autopay will get you a 0.25% discount, and if you already have an account with them, you can get another 0.25% discount.
There are flexible repayment options to choose from as well. You can make immediate payments, interest-only payments, or choose to defer your payments. One of the unique things about Citizens MBA student loans is that they offer multi-year approval, in case you need funding for additional years while in school. You apply once, and you’re good to go.
Citizens
- Fixed interest rates starting at 3.24% APR1
- Variable interest rates starting at 4.99% APR1
- Terms: 5, 10 or 15 years
- Loan amounts: Up to $150,000 for undergrad students
- Autopay discount: Yes
1 Rates displayed include Automatic Payment and Loyalty Discounts, where applicable. Note that such discounts do not apply while loans are in deferment. The lenders on the Credible.com platform offer fixed rates ranging from 2.65% – 17.99% APR and Variable interest rates from 3.50% – 17.99% APR. Variable rates will fluctuate over the term of the borrower's loan with changes in the Index rate. The Index will be either LIBOR or SOFR. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy co-signers, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include Automatic Payment and Loyalty discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements. Lenders will conduct a hard credit pull when you submit your application. Hard credit pulls will have an impact on your credit score. Additional terms apply. See Credible terms. Read rates and terms at Credible.com.
Get started with an MBA loan
Trying to figure out how to pay for school can be stressful, but you have options. Consider your federal student loan options first and, if necessary, look at the best MBA loans to help cover the gap.
If offered a significantly lower rate with private MBA loans, you might want to go that route, but be aware of the federal protections you’re giving up. Do your research, look at the fine print and weigh the pros and cons to choose what’s right for you.
Private student loan options for 2026
| Lender Name | Lender | Offer | Learn more |
|---|---|---|---|
| SoFi |
|
$200 Cashback1
Bonus from Student Loan Planner®, not SoFi®
|
Fixed 3.23 - 16.73% APR
Variable 5.14 - 17.23% APR
|
| Sallie Mae |
|
$0 Cashback
One of the top private student loan lenders by volume in the U.S.
|
Fixed 2.89 - 17.64% APR
Variable 3.75 - 16.62% APR
|
| Earnest |
|
$200 Cashback3
Bonus from Student Loan Planner®, not Earnest
|
Fixed 2.79 - 16.49% APR
Variable 4.99 - 16.85% APR
|
| Ascent |
|
$200 Cashback4
Bonus from Student Loan Planner®, not Ascent
|
Fixed 2.69 - 16.56% APR
Variable 3.65 - 16.06% APR
|
| Credible |
|
$200 Cashback5
Bonus from Student Loan Planner®, not Credible
|
Fixed 2.65% - 17.99% APR
Variable 3.65% - 17.99% APR
|
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