The top 5 MBA student loans available in August 2024.

Graduate school loans are often sought after by those looking to earn an MBA due to the high cost of the program.

If you are a graduate student seeking funding, federal student loans are a good starting point. With Direct Unsubsidized Loans, you can borrow up to $20,500 each academic year, and Direct PLUS Loans let you borrow up to the full cost of attendance. However, if you need more funding or have good credit and can secure a lower interest rate by going private, a lender offering MBA student loans can be a strong second option.

We compared lenders' interest rates, whether they offer both fixed and variable rates, any rate discounts with autopay, lenders' credit requirements and eligibility, repayment terms and fees to determine the best MBA student loans. (For more information on our methodology, please see here.)

The rates listed are for the lenders' graduate student loans, which include an autopay discount, unless otherwise specified.

Compare student loan refinancing rates

Best from an online lender

What sets College Ave apart from other online MBA student loan lenders is its streamlined application process and diverse range of loan options, including five-, eight-, 10- and 15-year repayment terms.

College Ave offers student loan refinancing and a nine-month grace period, in addition to its benefits.

Best from a brick-and-mortar bank

If you need in-person banking access and want to borrow for your MBA from a brick-and-mortar bank, Citizens Bank is the ideal choice. With over 1,000 branches, Citizens Bank offers a unique loyalty discount where you can earn a 0.25% interest rate discount on your MBA student loan if you have (or if your co-signer has) a qualifying Citizens account at the time of application.

College Ave provides student loan refinancing and a six-month grace period as standout benefits.

Best for applying with a co-signer

If you're an MBA student looking for a co-signer release option on your student loan, Sallie Mae may be the best choice. With any private lender, having a co-signer can increase your chances of getting a lower rate. Sallie Mae offers a fast co-signer release option after you graduate, make 12 on-time principal and interest payments, and meet certain credit requirements.

Sallie Mae offers MBA student loans for less than half-time enrollment, providing borrowers with a six-month grace period and internship or fellowship deferment for up to 48 months in total.

Best for applying without a co-signer

Ascent is the best option for MBA students who don't have a co-signer when applying for a student loan. Non-cosigned loans have higher interest rates, but Ascent's rates are lower, making it possible for students with poor credit to qualify on their own.

Ascent provides numerous loan terms for graduate students, including a nine-month grace period and deferment of MBA school loans for up to 36 months while attending school at least half-time.

Best for refinancing

If you're looking to refinance your MBA student loan, SoFi is worth considering. Refinancing can help borrowers secure a lower interest rate and a more favorable repayment term. SoFi offers competitive rates, and its student loan refi calculator can help you determine how much you could save by refinancing your student loans.

With SoFi, there are no restrictions on the amount of money you can borrow for your student loan, and you can choose from a variety of loan terms. You also receive a six-month grace period and member benefits such as exclusive rate discounts, access to financial advisors, networking events, and more. Additionally, you can earn and redeem points to pay off your SoFi MBA loan, and currently, you can receive a new cash bonus of up to $250 with a 3.0 GPA or higher.

College Ave

College Ave provides MBA loans with fixed-rate APR ranging from 3.62% to 14.24% and variable-rate APR from 5.74% to 14.24%, both including a 0.25% autopay rate reduction.

Eligible loans

Undergraduate and graduate loans, graduate health professions and parent loans

Loan amounts

$1,000 minimum; maximum up to cost of attendance

Loan terms

5, 8, 10, 15 years

Citizens Bank

Citizens Bank provides MBA student loans with fixed-rate APR ranging from 4.24% to 14.09%, and variable-rate APR ranging from 5.99% to 15.09%. Additionally, Citizens account holders receive a combined 0.50% loyalty and autopay rate discount.

Eligible loans

Undergraduate and graduate loans, parent loans

Loan amounts

$150,000 maximum, or cost of attendance, whichever is lower

Loan terms

5, 10, 15 years

Sallie Mae

Sallie Mae offers competitive interest rates for MBA student loans, with fixed-rate APR ranging from 3.99% to 14.48% and variable-rate APR from 5.37% to 14.97%. Additionally, Sallie Mae offers a 0.25% autopay rate discount.

Eligible loans

Loans for undergraduate and graduate studies, health professions, medical and dental residency, bar study, and career training are available.

Loan amounts

$1,000 minimum; maximum up to cost of attendance

Loan terms

10, 15 years

Ascent

Ascent evaluates borrowers who lack established credit, meet minimum credit requirements but not income or repayment requirements. The lender considers factors such as school, program, graduation date, major, GPA, cost of attendance, and Satisfactory Academic Progress (SAP) in these cases.

MBA student loans from Ascent range from 4.79% to 15.41% fixed-rate APR and from 7.84% to 15.95% variable-rate APR, with a 0.25% autopay rate discount included.

Eligible loans

Undergraduate and graduate loans, health professions and PhD, Master’s loans

Loan amounts

Undergraduate loans have a minimum of $2,001 and a maximum of $200,000, while graduate loans have a maximum of $400,000.

Loan terms

5, 7, 10, 12, 15, 20 years

SoFi

SoFi offers MBA student loans with fixed-rate APR ranging from 3.99% to 14.83%, and variable-rate APR ranging from 5.74% to 15.86%. Its refinancing rates include fixed-rate APR ranging from 5.24% to 9.99%, and variable-rate APR ranging from 6.24% to 9.99%. All rates include a 0.25% autopay rate discount.

Eligible loans

Undergraduate and graduate loans, parent loans, health professions loans

Loan amounts

$5,000 minimum (or up to state); no maximum

Loan terms

5, 7, 10, 15, 20 years

How to get an MBA student loan

To obtain an MBA student loan, start by submitting an application for financial aid and federal student loans through the FAFSA. This form will also reveal any grants, work-study programs, or scholarships you may be eligible for. Federal loans provide fixed rates, do not consider credit scores, and come with borrower protections that private lenders do not offer. If you are currently employed, check with your employer to see if they have a company-sponsored program to help cover the cost of business school.

If you need funding for any financial gaps, you can consider getting funding from a private lender on this list. Those with good credit will have a better chance at scoring an interest rate on the lower end of the ranges they offer, and you'll often find that the fixed rates are lower than the variable rates lenders advertise.

How to choose an MBA student loan

When selecting an MBA student loan, it's important to compare rates, funding limits, and loan terms. Additionally, you should check if the private lender has disclosed their credit score and/or minimum income requirements to determine eligibility. Consider obtaining a creditworthy co-signer to improve your chances of a lower interest rate.

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their money. Each student loan review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of student loan products. At CNBC Select, we maintain the highest journalistic standards and ethics, and we earn a commission from affiliate partners on many offers and links. However, our content is created independently by our team, without any input from our commercial team or external third parties. To learn more about our methodology and how we select the best MBA student loans, please refer to our website.

Our methodology

We compared private student loan funding from various sources and ranked them based on competitive rates and prequalification tools that don't negatively impact borrowers' credit scores.

We compared each company on the following features in addition to consistently ranking among the market's lower interest rate providers for business school loans.

All the companies on our list provide both undergraduate and graduate private student loans with variable and fixed interest rate options.
Customizable financing options: Each company offers a range of financing options that borrowers can tailor to their monthly budget and repayment timeline. Additionally, these companies enable borrowers to begin repaying their student loans while still in school, which can help them save money in the long run.
No origination fees are charged by any of the companies on our list for borrowing a loan.
Our list of companies does not impose prepayment penalties on borrowers who pay off their loans early.
We streamlined the application process to make it quick and online.
Autopay discounts are available from all the companies listed.
Each company on our list provides financial hardship protection for borrowers.
Private student loans: The aforementioned companies provide various loan sizes, ranging from a few thousand dollars to the full cost of college attendance. Each company showcases its loan sizes, and a preapproval process can help borrowers determine their interest rate and monthly payment.
We considered the minimum credit scores and income levels if such information was available.
We have chosen lenders that offer customer support through phone, email, or secure online messaging, as well as an online resource hub or advice center to assist borrowers in understanding student loans.

We took into account CNBC Select audience data, including demographics and engagement with our content and tools, when possible.

Fixed-rate APR guarantees that interest rate and monthly payment will remain consistent throughout the loan term, but private student loan rates and fee structures are subject to change without notice and often fluctuate based on the Fed rate.

The interest rate for a borrower is determined by their credit score, income, debt-to-income ratio, savings, payment history, and overall financial health. To obtain private student loans, lenders will perform a hard credit check and demand a comprehensive application, which may require evidence of income, identity confirmation, address proof, and more.

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