An MBA loan enables aspiring managers to pursue their goals and study for an MBA degree (Master of Business Administration). An MBA is regarded as a highly prestigious degree and is a significant investment in your future.
MBA degrees are generally considered eligible for the same funding options as any other masters-level degrees in the UK. This is good news for students that require funding. It means that MBA students can access the same Government funding opportunities as masters students.
MBA-specific private loans
Some private student loan providers offer loans that are tailored to the needs of MBA students. Some good examples of this are Lendwise and Prodigy Finance. These private loan companies are focused on students, which means they have specially designed terms and conditions, such as very low or even no repayments until after graduation.
Lendwise will work with most MBA students and do not require a loan guarantor, although they will require a credit check. There are some private student loan providers that work all over the world, such as Prodigy Finance, and this is a great option for international MBA students who may want to study or work in more than one country.
Their funding options are linked to over 700 institutions around the world, so check their website to see if they work with a business school that interests you.
MBA loans from Prodigy Finance
Here are the details of Prodigy Finance loans available to MBA students from 150 different countries.
| Amount | £11,000 to £22,000 |
| Eligibility | Potentially available to international students from 150 countries; UK students studying in the UK; and US students from certain states studying in the USA. To be eligible for a Prodigy Loan students need to be studying at selected universities |
| Considerations | Credit score, salary and savings. Note – loans are only available for approved subjects and grades |
| Repayment terms | Full-time students begin repayments 6 months after graduation; part-time students begin repayments 3 months after receiving their first loan payment |
MBA loans from Lendwise
Here are the terms and details for Lendwise loans for MBA students worth up to £100,000.
| Amount | £6,000 to £100,000 |
| Eligibility | Potentially available to students of all nationalities living in the UK and studying at a UK university |
| Considerations | Credit history, credit score, work experience, current salary and academic qualifications |
| Repayment terms | Repayments start 6 months after graduation |
Who needs an MBA loan?
MBA job candidates are highly sought after by employers. This makes MBA programs extremely competitive. Due to the high demand and expertise of academic tutors, MBA tuition fees are often higher than those of other masters courses, making access to MBA loans even more essential for students.
In fact, MBA students may need more than one source of funding to make it through their course without feeling worried about their budget. So, let’s take a look at some of the MBA loans and funding options available to students in the UK.