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Career loans mean lack of funds need no longer be a bar to MBA ...
With MBA programmes now costing as much as $ 75,000, one question seems to occupy applicants more than any other: how can I find the money to pay for it? Every year recruitment agency TopMBA surveys nearly 4000 aspiring MBAs around the world to establish whether finance is likely to prove a barrier to study.
The most common source of finance is the education or career loan. Here we look at some of the sources of such loans. Citizens from the UK can borrow up to two-thirds of their pre-study salary in any 12-month period from NatWest to fund an MBA. Applicants need to contribute at least 20 per cent of the course fees from their own resources. HSBC offers loans to students of a number of British-based schools. This facility is open to students from around the world. In the US, Citibank's student loan division provides standard loans and also partners with schools to provide tailored packages.
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Go online to save on student loans
College students who need a loan and want to avoid Saturday's big interest rate hike have one last-minute option: the Internet."We have actually been overwhelmed by callers," said Whitney Bank president Tommy Tait. "At this point in time it's too late with all the paperwork we would have to process."Tait recommends applying online through Sallie Mae, the leading provider of student loans.Bank of America, with several branches in the Pensacola Bay Area, also participates in the student loan program. Applicants can seek a last-minute loan through the Bank of America's Web site.Students who want to consolidate their existing loans, or need loans to start school this fall, have every incentive to lock in rates before Saturday.The rate increase will be one of the largest one-year increases in the history of the federally backed student loan program.