Education loan for MBA : The MBA Loan and Financial Freedom

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Education loan for MBA
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The MBA Loan and Financial Freedom
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• The first question most people ask when they get
  accepted into an MBA is, How will I pay for it?
  Coming up with 100,000 for a one-year MBA, and
  over 200,000 for a two-year MBA is very
  challenging, but for students looking at careers
  with a high MBA salary, this money is investment
  (on which one can expect an impressive return).
• There are different products available for
  students, from family loans, country-specific
  loans from banks, government loans, MBA
  scholarships and loan programs designed for
  international students.

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• Savings
• Every MBA candidate should be thinking about
  saving for at least one or two years before they
  begin their MBA.
• Initial savings are needed not only to pay the
  initial deposit to the school, but also for
  living expenses.
• Most universities want their students to have
  some skin in the game, using savings to pay for
  some of their education.
• Most MBA loan providers will also ask for savings
  from the student as it shows a commitment to
  their education and the fact that they have
  thought about this decision for a long time.

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• Loans without the help of others
• Until recently most MBA loans required some sort
  of collateral or a cosigner for a student loan.
  This often meant that a student had to put up
  their house in collateral for a loan.
• This would involve paying commissions for a
  guarantee and a review process of their house,
  lots of hours of paperwork and sometimes having
  to ask their parents to put up their house in
  collateral if they did not have one.
• In other cases, banks ask for someone with
  savings or a high salary to sign in the name of
  the student. This makes them, and not the
  student, financially responsible for the loan.

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• Affordability, repayment and forbearance
• Making a decision to invest US200,000 in your
  education comes with a future financial
  obligation that everyone should be aware of
  regardless of anticipated MBA salary.
• With the freedom to get an MBA loan to pay for
  your education comes great responsibility.
• The first questions you should ask yourself are
  Will I be able to repay my Education loan for
  MBA on a monthly basis? Will I be able to get a
  high-enough MBA salary to pay my loan?

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• Conclusion
• Every student has different requests and needs
  when taking a student loan.
• This will be many peoples first loan, so dont
  be shy about asking questions at your local bank
  and making sure the solution works for you.
• Source http//www.topmba.com/blog/mba-loan-and-fi
  nancial-freedom

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