Find Out What You Should Know Before Signing on the Dotted Line
Getting your MBA can further your career, but it can also be a major investment. After exhausting all other avenues of assistance, including scholarships and grants, many MBA students are forced to finance their degree with a combination of savings and loans.Loans are usually readily available because lenders feel that MBA students will soon have the ability to pay the money back. However, before you consider getting an MBA loan to finance your business education, there are a few things you should consider:
The Financial Implications of MBA Loans
Though they can be a great way to finance your education, loans must eventually be paid back. Over time, interest accumulates and by the time you get your degree you will be paying back much more than you originally borrowed.
Make sure that you figure out what the total cost of borrowing is before you sign on the dotted line.
You should also honestly evaluate the repayment schedule and determine whether or not you will be able to comply with this schedule after graduation.
Finding a Lender
When applying for MBA loans it’s important to be an informed borrower. Make sure that your lender is reputable and familiar with student loans. I recommend beginning your search by visiting these two sites:
http://www.staffordloan.com/
http://www.salliemae.com/mbaloans
Hidden Costs
Finally, always read the fine print on all of the documents that your lender provides to you. Sometimes there are hidden costs tied to MBA loans or upfront fees. In short, know what you are signing before you sign it.
http://businessmajors.about.com/od/payingforschool/a/MBA_Loans.htm
