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Pursuing an MBA is one of the biggest investments you’ll make in your career and figuring out how to pay for it is just as important as getting in.
In this episode of the Clear Admit MBA Admissions Podcast, we break down how MBA candidates actually finance their degrees, including loans, scholarships, and emerging options like group-negotiated lending through platforms like Juno.
But before you hit play, here’s a clear breakdown of what you need to know.
To help unpack the numbers, the options, and the strategy behind financing an MBA, host Graham Richmond welcomes Chris Abkarians, co-founder of Juno, to a special episode of the Clear Admit MBA Admissions Podcast. Chris is a graduate of Harvard Business School’s MBA Class of 2020 and an entrepreneur working at the intersection of education and finance. Prior to business school, he worked in media and entertainment at Netflix, and since graduating, he’s helped thousands of students navigate the complex world of student loans and MBA funding.
🎧 Listen to the Podcast
If you’ve been admitted, are planning to apply, or are simply wondering whether the cost of business school makes sense for you, this is an episode you won’t want to miss. Tune in above, and then get in touch with Juno.
Key Takeaways: Financing Your MBA
- The total cost of a top MBA program can exceed $200,000 when you factor in tuition and living expenses
- Most students rely on a combination of loans, scholarships, and personal savings
- Federal loans offer protections but often come with higher rates
- Private lenders can offer lower rates, especially through group negotiation platforms like Juno
- International students often depend more heavily on private financing options
- Comparing APR, repayment flexibility, and co-signer requirements is critical before choosing a loan
How to Finance an MBA
There’s no one-size-fits-all approach. Most MBA candidates use a mix of the following:
1. MBA Scholarships & Fellowships
Business schools award millions in merit-based aid each year. Strong applicants, especially those with unique backgrounds or high test scores, can significantly reduce their cost.
Pro tip: Apply early. Many schools allocate scholarship budgets in earlier rounds.
2. Federal Student Loans (U.S. Students)
U.S. citizens and permanent residents can access federal loans, including Direct Unsubsidized and Grad PLUS loans.
Pros:
- Fixed interest rates
- Income-driven repayment options
- Loan forgiveness programs
Cons:
- Typically higher interest rates than private loans
- Borrowing limits may not cover full cost
3. Private MBA Loans
Private lenders are a major funding source, especially for:
- International students
- Applicants seeking lower interest rates
Platforms like Juno work by negotiating group rates, which can lead to better terms than applying individually.
Pros:
- Potentially lower interest rates
- Flexible structures
- Available to international students (in some cases)
Cons:
- Less flexible repayment protections
- Credit or co-signer requirements
4. Personal Savings & Employer Sponsorship
Some applicants offset costs with:
- Pre-MBA savings
- Employer sponsorship (common in consulting, tech, and finance)
These options can significantly reduce reliance on loans, but are not available to everyone.
MBA Financing Options Comparison
| Option | Best For | Pros | Cons |
|---|---|---|---|
| Federal Loans | U.S. students | Protections, fixed rates | Higher interest rates |
| Private Loans | Most applicants | Lower rates possible | Less flexible repayment |
| Scholarships | Strong applicants | No repayment | Competitive |
| Employer Sponsorship | Select industries | Major cost reduction | Work commitment required |
What This Podcast Covers
In this episode, we go deeper into questions MBA applicants are actively asking:
- How do most students finance a top MBA program?
- Are private loans better than federal loans?
- What should you look for when comparing lenders?
- How can international students secure funding?
- Is borrowing for an MBA worth it in today’s job market?
MBA Financing FAQ
How much does an MBA cost?
At top programs, the total cost (tuition + living expenses) can exceed $200,000 over two years.
Can you get a full scholarship for an MBA?
Yes, but full rides are rare and highly competitive. Most scholarships are partial.
Are MBA loans worth it?
For many candidates, yes especially when post-MBA salaries significantly exceed pre-MBA earnings. That said, ROI varies by industry, school, and economic conditions.
How do international students finance an MBA?
International applicants typically rely on private loans, personal funds, or scholarships, since federal loans are not available.
Where Juno Fits In
One of the more interesting developments in MBA financing is the rise of group-negotiated lending.
Platforms like Juno aggregate demand from MBA admits to negotiate lower interest rates with lenders, something individual borrowers typically can’t do on their own.
In the podcast, we explore:
- How this model works
- Who benefits most
- What to watch out for when comparing offers
Final Thoughts
Financing your MBA is not just about getting approved for a loan, it’s about making a smart long-term investment.
The right strategy depends on your:
- Career goals
- Risk tolerance
- Post-MBA earning potential
Take the time to compare options carefully—and don’t be afraid to negotiate.
Explore More from Clear Admit
- MBA Interview Archives
- Real-time admissions results on LiveWire
- DecisionWire for admitted student insights
- Upcoming MBA admissions events and webinars
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This episode was hosted by Graham Richmond and produced by Dennis Crowley. Thanks to all of you who’ve been joining us!
