The 5 best MBA student loans of August 2024

Earning an MBA can be expensive, so many turn to graduate school loans to help foot the bill.

Federal student loans for graduate students 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. But if you need more funding to fill the gap after federal loans, or if you have good credit and can score a lower interest rate by going private, a lender offering MBA student loans can be a strong second option.

To find the best MBA student loans, we compared lenders’ interest rates, whether they offer both fixed and variable rates, any rate discounts with autopay, as well as lenders’ credit requirements and eligibility, repayment terms and fees. (See our methodology for more information on how we chose the best MBA student loans.)

*Rates used below are for the respective lenders’ graduate student loans (unless otherwise indicated) and, when applicable, include an autopay discount.

Who’s this for? College Ave stands out from other online MBA student loan lenders for its quick application process and variety of loan terms to choose from, including five-, eight-, 10- and 15-year terms.

Standout benefits: College Ave also offers student loan refinancing and a nine-month grace period.

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Who’s this for? Citizens Bank is ideal if you want to borrow for your MBA from a brick-and-mortar bank and get in-person banking access. There are over 1,000 Citizens Bank branches for all your other needs. Citizens will offer 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.

Standout benefits: College Ave offers student loan refinancing and a six-month grace period.

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Who’s this for? You should consider Sallie Mae if you’re applying for an MBA student loan with a co-signer and want a fast co-signer release option. With any private lender, you have a better chance of scoring a lower rate if you have a co-signer. Sallie Mae lets you release that co-signer after you graduate, make 12 on-time principal and interest payments and meet certain credit requirements.

Standout benefits: Sallie Mae’s MBA student loans are available for less than half-time enrollment. As a borrower, you can get a six-month grace period, plus internship or fellowship deferment for 12-month increments, up to 48 months total.

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Who’s this for? Ascent is ideal if you’re applying for an MBA student loan without a co-signer. Any non-cosigned student loan will have a higher interest rate than a cosigned student loan, but Ascent’s rates are on the lower end for this type of loan, letting students without a co-signer qualify on their own even with poor credit.

Standout benefits: Ascent offers many graduate student loan terms. There’s a nine-month grace period, plus deferment of MBA school loans for up to 36 months while enrolled at least half-time.

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Who’s this for? SoFi is worth considering if you want to refinance your MBA student loan. Refinancing gives borrowers a shot at scoring a lower interest rate, as well as a different repayment term. SoFi offers competitive refinancing rates, and the lender’s student loan refi calculator allows you to see how much you could save by refinancing your student loans.

Standout benefits: There’s no maximum limit for a SoFi student loan and there are a range of loan terms available. You have access to a six-month grace period, plus member benefits like exclusive rate discounts, access to financial advisors, networking events and more. Plus, you can earn and redeem points to pay down your SoFi MBA loan and, currently, you can score a new cash bonus of up to $250 with a 3.0 GPA or higher.

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College Ave offers MBA student loans ranging from 3.87% to 14.49% fixed-rate APR and from 5.59% to 14.49% variable-rate APR. These rates include a 0.25% autopay rate discount.

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

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Citizens Bank offers MBA student loans ranging from 4.24% to 14.09% fixed-rate APR and from 5.99% to 15.09% variable-rate APR. These rates include a combined 0.50% loyalty and autopay rate discount for Citizens account holders.

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

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Sallie Mae interest rates are competitive with other private lenders. It offers MBA student loans ranging from 3.99% to 14.48% fixed-rate APR and from 5.37% to 14.97% variable-rate APR. These rates include a 0.25% autopay rate discount.

Eligible loans

Undergraduate and graduate loans, health professions, medical and dental residency loans, bar study loans and career training student loans

Loan amounts

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

Loan terms

10, 15 years

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Ascent considers those without established credit, as well as those who meet the minimum credit requirements but not the income or repayment requirements. In these cases, the lender looks at other factors like a borrower’s school, program, graduation date, major, GPA, cost of attendance and Satisfactory Academic Progress (SAP).

Ascent offers MBA student loans ranging from 4.79% to 15.41% fixed-rate APR and from 7.84% to 15.95% variable-rate APR. These rates include a 0.25% autopay rate discount.

Eligible loans

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

Loan amounts

$2,001 minimum; maximum up to $200,000 for undergraduate loans; up to $400,000 for graduate loans

Loan terms

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

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SoFi offers MBA student loans ranging from 3.99% to 14.83% fixed-rate APR and from 5.74% to 15.86% variable-rate APR. Its refinancing rates are 5.24% to 9.99% fixed-rate APR and 6.24% to 9.99% variable-rate APR. These rates all 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

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To get an MBA student loan, first apply for financial aid and federal student loans by filling out the Free Application for Federal Student Aid (FAFSA). This form will also indicate grants, work-study programs and scholarships you may be eligible for. Federal student loans don’t take into account your credit, offer pretty low fixed rates and have borrower protections that private lenders do not. If you’re currently working, see if your employer has a company-sponsored program to help you foot the bill of business school.

For any financial gaps you have after doing the above, 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.

To choose an MBA student loan, compare the rates offered, as well as funding limits and loan terms. You’ll also want to see if the private lender has made public their credit score and/or minimum income requirements to see if you qualify. You may want to consider getting a creditworthy co-signer to sign onto your loan and increase your odds of a better interest rate.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best MBA student loans.

To determine the best MBA student loans, CNBC Select compared private student loan funding from national banks, credit unions and online lenders. We narrowed down our ranking by only considering those that offer competitive student loan rates and prequalification tools that don’t hurt borrowers’ credit.

While the companies we chose in this article consistently rank as having some of the market’s lower interest rates for business school loans, we also compared each company on the following features:

• Broad availability: All of the companies on our list offer undergraduate and graduate private student loans, and they all offer variable and fixed interest rates to choose from.
• Flexible loan terms: Each company provides a variety of financing options that borrowers can customize based on their monthly budget and how long they need to pay back their student loan. Each company also allows borrowers to start repaying their student loans while still in school, ultimately saving them money.
• No origination or signup fee: None of the companies on our list charge borrowers an upfront “origination fee” for taking out their loan.
• No early payoff penalties: The companies on our list do not charge borrowers prepayment penalties for paying off loans early.
• Streamlined application process: We made sure companies offered a fast online application process.
• Autopay discounts: All of the companies listed offer an autopay interest rate discount.
• Private student loan protections: Each company on our list offers some type of financial hardship protection for borrowers.
• Loan sizes: The above companies offer private student loans in an array of sizes, all the way up to the cost of college attendance. Each company advertises its respective loan sizes, and completing a preapproval process can give borrowers an idea of what their interest rate and monthly payment would be.
• Credit requirements/eligibility: We took into consideration the minimum credit scores and income levels required if this information was available.
• Customer support: Every company on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help borrowers educate themselves about student loans in general.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.  

Note that the rates and fee structures for private student loans are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Choosing a fixed-rate APR will guarantee that one’s interest rate and monthly payment will remain consistent throughout the entire term of the loan.

A borrower’s interest rate depends on their credit score, income, debt-to-income (DTI) ratio, savings, payment history and overall financial health. To take out private student loans, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

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