The USA has always been one of the most picked study destinations among international students due to its world-class universities, a plethora of course options, excellent academic opportunities, great employment prospects, cultural diversity, and much more.
One of the programs that is always on the most sought-after pedestal is the MBA in US universities. However, it comes with an expensive price tag and can become a matter of concern for many students. How can we overcome this challenge? One way is to apply for scholarships, but they are quite competitive.
The other way to fund is to opt for a study loan for USA. In this article, you will get an overview of why study MBA in the USA, the cost of studying, types of education loans, and more. So, scroll down and advance.
Why Study an MBA in the USA?
Since the USA is a leading superpower, the country is not just popular for its technological advancement but also hosts a large number of global aspirants across the world.
Some of the major reasons to study MBA in the US are its world-class universities, post-MBA job opportunities, and exposure to vibrant cultures. Thus, an MBA from a US educational institution can be very fruitful for global students. Graduates of STEM MBA course has taken a different way because the students are eligible to extend their OPT for an additional 24 months.
Furthermore, getting a prestigious degree from a top-notch educational institution in the US can shower you with numerous career prospects and help you in all-around growth. If you planning to work in the USA after your MBA, you can get work opportunities in different multinational corporations such as Amazon, Boeing, Microsoft, Apple, and many more. Also, you can find work opportunities outside the country since a degree from a US university is acknowledged internationally.
For clarity of thought, let’s have a look at some of the best universities, business schools, and colleges in the USA that offer MBA courses.
- P Carey School of Business – Arizona State University of Tempe Arizona
- Carl H. Lindner College of Business- University of Cincinnati of Ohio
- University of Alabama at Birmingham
- Liautaud Graduate School of Business- University of Illinois, Chicago
- Mississippi State University
- University of New Hampshire
- George Mason University
- Gary Anderson Graduate School of Management- University of California of Riverside
- CSU College of Business- Colorado State University, Fort Collins, Colorado
- Oregon State University
After knowing the institutions offering MBA in the USA, let’s discuss the types of MBA.
Types of MBA in the USA
There are two types of MBA programs offered by these universities and colleges, which are Fresher’s MBA program and Executive MBA program.
1. Fresher’s MBA program
International students who have completed their graduation can opt for this program.
2. Executive MBA program
As the name suggests, this MBA program is for experienced professionals. International aspirants who have gained a professional skillset and are planning to start a business venture or get promoted can opt for this degree.
Cost of Studying MBA in the US
The cost of studying MBA in the US varies among different financial institutions. To give you a brief idea, the yearly tuition fees for an MBA degree can range between $20,000 to $35,000 per year. In addition to tuition fees, there are other expenses as well such as accommodation which can cost up to $2,500 to $5,000. And the average cost of living in the US can be $1,500 per month or $10,000 per year. Nevertheless, as mentioned earlier, you can opt for an education loan to fund your MBA in the US. Now, we proceed to glance at the type of education loans.
Types of Education Loans for MBA
1. Collateral Loans
When a student applies for an education loan by pledging collateral (house, plot, etc. as a security, it is known as a loan with collateral or secured loans. However, students can get loans up to 1.5 Cr or more depending on the project cost.
2. Collateral-free Loans
When a student applies for a collateral free education loan for abroad studies, it is known as an unsecured loan. However, students can get loans up to 75 Lakhs from some financial institutions.
Since you are acquainted with the types of loans let us now talk about the popular financial institutions that offer education loans for MBA in the US.
Popular Financial Institutions
1. Nationalised Banks
There are some of the popular Nationalised banks or public-sector banks that offer education loans for MBA degrees in the US such as State Bank of India, Bank of India, Bank of Baroda, the Bank of Maharashtra, and Union Bank of India. These banks offer competitive rates of interest and flexible repayment options.
2. Private Banks
There are a few popular private banks that offer education loans for MBA degrees such as Axis Bank, ICICI Bank, and IDFC First Bank. However, there are many benefits like no requirement for margin money, processing time is fast, and no requirement for collateral.
3. NBFCs
There are some Non-banking companies as well that offer education loans for MBA in the US such as Avanse, Credila, Auxilo, Incred, and Credenc. The perks of taking a loan from these lenders are, that you get low-interest rates, customized loan solutions and repayment options are flexible.
4. International Lender
There are international lenders such as MPower Financing, and Prodigy Finance that offer education loans to students who aspire to pursue MBA in the US. What makes these lenders stand out is that the students don’t need any co-applicant, a CIBIL score, or any IT return. Provided, the preferred university of the student should be a part of the list of these international lenders.
Summing Up
We hope that the above information will help you get a better understanding of education loans for an MBA degree in the USA. If you need more details on the latest updates, interest rates, moratorium period, loan disbursement process, eligibility criteria, documents required, scholarships, the best bank to choose for a loan and so on, get free online counselling for study abroad loan by expert overseas education loan advisors. Good luck!
