MBA

Masters

Admissions

GMAT

Business Schools

    Rankings

    Jobs

    Watch

      Resources

      Insights

        Funding An MBA: The Dos And Don'ts Of MBA Student Loans

        Scott Ponce, an MBA student at SDA Bocconi, experienced the difficulties of funding his studies first-hand until he came across alternative loans provider Prodigy Finance

        There’s no two ways about it, business education is expensive. For many prospective MBA students, financing a degree is going to be one of the biggest hurdles to accessing further education.

        Often, an MBA student loan is vital. But with so many providers and different rates and packages on the market, deciding where to go to solve your funding woes can be overwhelming—particularly true if you’re considering studying abroad.

        Scott Ponce, originally from the Philippines, is a current MBA student at SDA Bocconi School of Management in Milan, Italy, and experienced the difficulties of securing funding first-hand. Scott however, was able to secure an international post-graduate loan from Prodigy Finance.

        Established by three INSEAD MBAs, Prodigy Finance’s borderless credit model gives international MBA and master’s students—from 118 countries worldwide—access to the loans they need to study abroad. Prodigy Finance has lent more than $410 million in loans to over 9,400 students globally.

        BusinessBecause caught up with Scott, who explained the dos and don’ts of applying for an MBA student loan.

        Do choose a provider that understands the value of business education

        “I explored options from banks in the Philippines and Singapore, where I used to work. Typically, they can only grant you a limited amount based on your salary,” Scott explains.

        “They have very inflexible terms for loans and you need to repay them within a certain time. Usually if you pay earlier, they don’t adjust the interest and so there’s no incentive.”

        Most of the banks Scott approached for a loan were not set up to reflect the unique circumstance of an MBA student. “That’s why I chose Prodigy Finance,” he says.

        “The loan is very student-friendly. Prodigy Finance understands the demands and rewards of studying an MBA, and their loans are tailored to it.”

        Don’t take out more than you need to

        Before taking a loan, try to get funding from your savings, family, and/or a scholarship. Aside from school fees you will also have living expenses to consider.

        Despite increasing your value through completing an MBA, employment isn’t guaranteed on leaving business school. It’s important that students don’t run up more debts than they absolutely have to.

        Do read the terms and conditions and double check

        Understanding your liabilities is essential in ensuring that you don’t end up owing more than you need to. An overly cautious approach is better than a laissez faire one—don’t assume, double check.

        “Make sure you check the interest rates, the one-time fees, the variable components, how long you need to pay and when you should start,” Scott confirms.

        “Even if I read and felt I understood the conditions, I always sent an email and talked with someone from the provider to verify my understanding.”

        Don’t agree until you’ve compared other offers

        Even if you're happy with the terms and conditions you should investigate other providers. While on the surface some deals may look better, it’s important to compare all aspects such as the grace period, the benefits of repaying early and the method of repayment.

        “It’s important to consider the total cost and not just rates,” Scott explains.

        “No matter how low the rate is, if you don’t have that flexibility and can’t make the payment, you will be penalized.

        “Pressure to meet repayments can force you into work straight after graduating, but flexibility gives you more freedom to explore your dream career.”

        Do think about where you’ll be working after your MBA

        While banks lend their native currency, Prodigy Finance gave Scott the choice of an MBA student loan in two currencies: US dollars or Euros (loans are also available in British Pounds for UK institutions).

        Where you choose to study is closely linked to where you’ll end up working after graduating, so it’s worth considering this to avoid paying costly conversion fees.

        Don’t let finance stand in the way of your dreams

        Don’t let a ‘no’ from one provider hold you back. There are options available for those struggling to meet the financial demands. For Scott, Prodigy Finance opened opportunities many would have assumed were impossible.

        “I know friends in the Philippines who want to do a master’s, but financial constraints are a problem,” he says.

        “I wanted to do my MBA as soon as possible. When you finish, your value goes up and you have a chance to get a better salary and pay your loans off more quickly.

        “Everyone says: ‘oh, you must be rich!’. And I say ‘no, there’s this amazing international loan provider and the process is very simple’. I try to share it with everyone.”

        Comments.

        Thursday 18th June 2020, 18.49 (UTC)

        By
        Anonymous

        Good day Sir/Madam We Offer Loans to Private and Commercial bodies on a very low annual interest rate of 3% ,1 year to 25 years repayment. We give out loans within the range of 5,000 to 500,000,000. This is to eradicate the growing history of Bad Credit , and also to bring stable profit to both our company and our clients.. Are you losing sleep at nights worrying how to get a Loan ? Contact: Paul Loan Agency now via E-mail: paulhelpfund@yahoo.com or WhatsApp: +91 963 289 2493 We offer loan at low interest rate of 3% and, we offer. *Personal loans *Debt consolidation loans *Venture capital *Business loans *Education loans *Home loans *Loans for any reason For More Urgent Information Get Back To Us Immediately. paulhelpfund@yahoo.com or WhatsApp: +91 963 289 2493 Regards Mr Paul Moritz

        Monday 9th November 2020, 14.46 (UTC)

        By
        Sandra-O'niel

        Do you need a loan? If yes contact WhatsApp: +91 963 289 2493 or E-mail: paulhelpfund@yahoo.com

        Friday 28th January 2022, 10.23 (UTC)

        By
        Anonymous

        Do you need a quick long or short term Loan with a relatively low interest rate as low as 3%? We offer business Loan, personal Loan, home Loan, auto Loan, student Loan, debt consolidation Loan etc.. no matter your credit score. Personal Loans (Secure and Unsecured) Email us: ziploanfinance@protonmail.com Business Loans (Secure and Unsecured) Consolidation Loan and many more. Contact US for more information about Loan offer and we will solve your financial problem. contact us via email: ziploanfinance@protonmail.com Phone number: +91 834 690 96 83 (Call/What’s app)

        Friday 28th January 2022, 10.24 (UTC)

        By
        Anonymous

        Do you need an urgent loan? we offer all kinds of loan at a very low interest rate 3% , if you are interested contact us today for your loan transfer via email: ziploanfinance@protonmail.com / (Call/What’s app) +91 834 690 96 83

        Tuesday 1st February 2022, 08.04 (UTC)

        By
        Anonymous

        Hello Do you need a personal or business loan without stress and fast approval? If so, please contact us as we are now offering loans at prime interest rate 3%. Our loan is secured and safe, for more information and applications, please reply to this e-mail. herofinancein@gmail.com , whatsapp +917338386140

        Thursday 17th March 2022, 01.24 (UTC)

        By
        Anonymous

        For the past a decade, I’ve always played lottery games with the hope that someday I will win the lottery jackpot but that never happened. I did some research on the internet and I came across an advert about Dr Amber that prepares lottery spells for people that believe in his works. I explained my situation to Dr Amber and he prepared a lottery spell for me and gave me some numbers to play the lottery and I did as he said without any skepticism. Could you believe that for the very first time in my life, I won the sum of £30,820,000 MILLION POUNDS. I thought I was dreaming until I was called by the lottery agent to come over to the office to make arrangements of how I will claim the money. Now my life has changed for good and I am a boss of my own and you can be a boss of your own too by getting in touch with Dr Amber for a lottery spell. Click on his website: ( amberlottotemple.com ) or WhatsApp +1 (318) 306-5044 or email: amberlottotemple@yahoo.com for urgent response from Dr Amber.

        Wednesday 23rd March 2022, 21.35 (UTC)

        By
        Anonymous

        I started playing lottery games 3 years ago and I have never won big sums. I went online to seek help on how I can win big in my lottery games and I saw some nice reviews about Dr Amber who has made different people huge winners in their lottery games with his prayers. I gave it a try and I contacted Dr Amber who told me how and what to do before I can become a big lottery winner and I accepted. He made special prayers for me at his temple and gave me the required numbers to play the lottery game and when I played it, I won a massive $235.4 million POWERBALL jackpot. I was so happy and I chose to receive my winnings in a one-time, lump-sum payment of $160,038,447.27 at Florida Lottery Headquarters in Tallahassee and the balance was given to the store that I bought & played the game from. I would love other people to seek help from him and he can be contacted through +1 (808) 481-5132 via call/text or email: amberlotterytemple@yahoo.com