| The MBA LOANS Program is an affordable package of
Stafford Loans and private loan funding for students pursuing
a graduate business degree. Under this program, you can
apply through a single lender for both a Federal
Stafford Loan and a MBA LOANS Private Loan, making
the application process faster and easier. It's the only
loan program sponsored by the Graduate
Management Admission Council.
Eligibility
You are eligible for MBA LOANS if you are currently
enrolled in any academic program offered by your graduate
business school. Eligible schools require the GMAT for
admissions and are AACSB accredited. Examples of eligible
programs include business administration, marketing,
accounting, finance, economics, taxation, and Executive
MBA.
You are eligible for a Federal Stafford Loan
through MBA LOANS if:
- Your school participates in the Federal Stafford
Loan Program.
- You are a U.S. citizen or national, or permanent resident
without conditions and with proper evidence of eligibility,
and are currently enrolled in an approved graduate
business education program at least half-time.
- You meet other eligibility criteria presented in
the Federal Stafford Loan packet.
You are eligible for a MBA LOANS Private Loan
from MBA LOANS if:
- You are a U.S. citizen or national, or permanent resident
without conditions and with proper evidence of eligibility,
or an international student borrowing with a cosigner
who is a creditworthy U.S. citizen or permanent resident.
- You have all outstanding student loans in good standing.
- You apply for a Federal
Stafford Loan through MBA LOANS first.* By applying
for a Federal Stafford Loan through MBA LOANS, you
fulfill this requirement and are eligible for many
benefits, including combined billing of your loans.
- You meet the credit criteria established by the
lender.
* The requirement to obtain a Federal
Stafford Loan first is waived for less than half-time
students, international students, and students enrolled
in specialized MBA or Executive MBA Programs where bypassing
the federal financial aid process is a viable and appropriate
action.
Need a cosigner? You'll be required
to have a cosigner if you are a foreign student, if
you have no credit history or a low credit score, or
if you attend certain schools, you may be required to
have a cosigner.
A cosigner is someone who:
- Becomes responsible for making your payments if
you should be unable to make them.
- Must pass a credit review.
- Must be a U.S. citizen or non-citizen permanent resident.
In addition, any payments they make for you must be
made in U.S. dollars. Make sure whoever does this for
you understands what they are agreeing to do.
In some cases, it is to your advantage to apply with
a cosigner because you may qualify for better interest
rates.
After you make your first 24 loan payments of principal
and interest on time, you can apply to have your cosigner
released from this obligation. Contact Sallie Mae
to learn the criteria for this release.
Limits
| Loan
Limits |
| Annual minimum |
$500 |
| Annual maximum |
Cost of education
minus other aid received |
| Lifetime |
None with a cosigner;
$175,000 without a cosigner (includes all federal
and private student loan debt) |
Your school must certify the loan amount requested.
Interest & Fees
Rates and fees are based on your credit history and
whether there are one or two credit-approved applicants
on the loan. It is to your advantage to apply with a
credit-worthy cosigner as the higher credit score of
you and your cosigner will determine your pricing tier.
For interest rate and fee information, please visit Sallie Mae.
Repayment Terms
You have up to 25 years, depending on your loan balance,
to repay the loan. Repayment begins 6 months after you
graduate or leave school. The minimum payment is $50
per month.
In addition to a standard payment plan, Sallie Mae
offers various repayment options and borrower benefits
that reward you for consistent on-time payments, lower
payments if you repay electronically. We can accommodate
fluctuations in your financial situation with different
payment schedules.
This is the only loan program sponsored by the Graduate
Management Admission Council (GMAC).
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