An MBA is an important investment and, as such, deserves a careful analysis of the expected finances needed for all the costs incurred during the period: tuition fees, housing and living expenses, travels, etc. If you haven’t already made a financial plan for your MBA and will need to seek financing for it, it is worth spending some time putting down one. When considering the full cost of an MBA, you should also take into account the various potential sources of revenues (like internship or part-time jobs for instance) as well as scholarships offered by the school or other institutions.
The number of scholarships opportunities and the ease of accessing financing vary from school to school and sometimes also by Country. Usually, business schools offer hints on a range of scholarships and loans programs and have a website page dedicated to it. Here below is a list of some of them.
There are few Italian and US institutions helping MBA students with specific loans. Among them:
Following the growth of peer-to-peer lending worldwide, some institutions have started offering loans to MBA students. The key organizations active in this space are:
Financing an MBA requires careful planning – it’s a significant investment. Before starting your program, take time to map out all the expected costs: tuition and fees, housing and living expenses, travel, books, etc. You should also factor in any potential income during the MBA, such as internship stipends or part-time work, as these can offset costs. If you haven’t drawn up a financial plan yet and will need financing, it’s worth doing so now. In fact, surveys of MBA applicants show they typically anticipate covering about 25% of their MBA costs with loans and 26% with scholarships, on averagemba.com. Having a clear plan will help you determine how much funding you need and explore the right funding sources.
When estimating the full cost, remember that actual expenses often exceed just tuition. (At many top schools, the total two-year MBA budget can surpass $200,000 when including living costspoetsandquants.com!) On the flip side, consider resources that can reduce your out-of-pocket cost – for example, merit scholarships from the school, need-based grants, fellowships, or employer sponsorship. Many business schools offer a range of scholarships and loan information on their websites, so be sure to check the financial aid page of each school you apply totopmba.com. Requirements and availability of aid vary by school and by country, so what’s available to a student at one program might differ elsewhere. The key is to familiarize yourself with all options early.
Scholarships (merit-based) and grants/fellowships (often need-based or targeted) are among the best ways to finance an MBA because they don’t require repayment. Business schools themselves are typically the biggest source of MBA scholarships – it’s common for a good portion of the class to receive some scholarship funding. For instance, about 50% of Harvard MBA students receive scholarship aid from HBS, with awards ranging from $2,500 up to $76,000 per yearpoetsandquants.com. Most MBA programs automatically consider admitted students for available scholarships (whether based on academic excellence, leadership, diversity, or other criteria). If you’re a strong candidate, you may secure a substantial tuition reduction this way.
Beyond school-specific aid, there are external scholarships worth exploring. Some are country-specific, and others are open to international students broadly. For Italian students, a prominent example is the Fulbright Commission, which offers grants for Italian graduates to study in the United Stateseca.state.gov. Winning a Fulbright scholarship can significantly fund studies in an American MBA or other graduate program. Italian students have also benefited from scholarships and grants provided by foundations, companies, and government programs – for example, regional scholarships or EU-funded programs. Always research scholarships in your home country or target study country; even smaller awards can add up and ease your financial burden. A useful strategy is to check if your target business school lists external scholarship opportunities for international or domestic students on their website. Many schools maintain such lists for incoming students.
Loans are a common way to finance an MBA, especially if scholarships and savings don’t cover everything. In Italy, there are several “prestito d’onore” (honor loan) programs designed to support graduate studies, often without requiring collateral from the student. These typically offer favorable terms like deferred repayment and low interest for students. Here are a few notable options for Italian students:
Fondo per Studenti Italiani (Italian Student Loan Fund) – A non-profit fund that provides low-interest study loans up to €25,000 in a single disbursement to talented Italian graduates pursuing postgraduate degrees abroadfondostudentiitaliani.it. This fund was created through a partnership between Italian and U.S. organizations to help Italian students gain international education. The loans come with simplified access and favorable repayment terms (it’s essentially a subsidized honor loan for studying overseas). If you are an Italian citizen admitted to a foreign MBA (for example, in the U.S. or Europe), this fund is one avenue to obtain financing without heavy collateral requirements.
Intesa Sanpaolo “Per Merito” – Intesa Sanpaolo (one of Italy’s largest banks) offers a well-known honor loan called Per Merito. Through agreements with many universities, Italian students can borrow up to €50,000 to cover tuition and even living expensesmib.edu. Notably, no guarantor or collateral is needed – the university often acts as a guarantor in the partnership. The loan has an extended grace period: you only begin repayment after completing your studies (typically up to 2 years after graduation), and the repayment term can extend up to roughly 8–10 yearsmib.edumib.edu. This flexibility allows you to focus on your MBA without immediate financial pressure. Per Merito is a popular choice for Italian MBA candidates due to its relatively low interest and student-friendly terms.
UniCredit “Ad Honorem” – UniCredit bank offers an Ad Honorem student loan in partnership with certain schools. It can provide up to €25,000 toward your MBA tuitionmib.edu. Like other honor loans, it requires no collateral (the school’s endorsement suffices). UniCredit’s program also features a grace period – you can postpone repayments for up to 24 months after finishing the degree, and no interest accrues during this periodmib.edu. The loan can then be repaid over as long as 15 years in installmentsmib.edu, giving a gentle ramp-up once you’re back in the workforce. However, note that typically you must cover a small portion of the tuition from other sources; the loan might not finance 100% of costs if the school requires you to have some stake.
Banca Sella “Prestito d’Onore” – Banca Sella offers a dedicated honor loan for post-university studies (e.g. MBAs or Masters). It can finance your master’s tuition (in Italy or abroad) and even up to 10% of estimated living expensessella.it. The standout feature is flexibility in repayment: you don’t start repaying until 24 months after you complete the degree, giving you time to find a job and stabilize financiallysella.it. Repayment can then stretch up to 10 years (120 monthly installments)sella.itsella.it. This loan is aimed at investing in young graduates’ education, and Sella has partnerships with many schools to ease the processsella.it. If your MBA program has a tie-up with Banca Sella, you might get even better terms or faster approval.
BNL Gruppo BNP “Futuriamo” – BNL (BNP Paribas’s Italian arm) has a financing program called Futuriamo for students. It can lend up to €70,000 towards tuition and related costsmib.edu, which is helpful for expensive MBAs. Futuriamo typically comes at a low fixed interest rate (around 2% in past offerings)mib.edu. It does usually require a guarantor or some form of guarantee, unlike the pure honor loans above. BNL allows a grace period (no repayments) of up to 36 months during the studiesmib.edu. After that, the loan can be repaid in up to 10 years. Some Italian business schools (like MIP, SDA Bocconi, etc.) partner with BNL to facilitate this loan for their admitted students. It’s worth checking if your school has an agreement, as that often simplifies application and may secure favorable terms for you.
Besides these, keep an eye out for publicly-funded loan programs. For example, the Italian government (with EU support) launched “StudioSì”, a fund dedicated to students from Southern Italy pursuing graduate studiesmanpowergroup.it. There are also regional scholarships/loans, and even initiatives by organizations or companies aimed at developing talent (sometimes specific to certain fields like tech or specific demographics). As an Italian student, you might need to assemble financing from multiple sources – perhaps a bank loan combined with a small scholarship and personal savings. The good news is that banks in Italy are increasingly open to supporting MBA aspirants, and interest in student loans has been growing in recent yearsmanpowergroup.itmanpowergroup.it. Always compare the terms (interest rate, repayment schedule, any fees) and borrow responsibly – only what you truly need.
If you are studying in the U.S. (or you are a U.S. citizen/permanent resident), there are additional financing avenues to consider. U.S. federal student loans are usually the first stop for American students because of their relatively favorable terms and protections. U.S. citizens and permanent residents can apply for federal loans by submitting the FAFSA (Free Application for Federal Student Aid). The two main federal loan programs for grad students are:
Direct Unsubsidized Loan – graduate students can borrow up to $20,500 per year through this programtopmba.com. The interest rate is fixed (but unsubsidized, meaning interest accrues during school). Federal loans offer benefits like income-driven repayment plans and the possibility of loan forgiveness programs down the road. However, the $20.5k annual cap means this loan alone may not cover a full MBA’s cost. Many students hit the cap and then turn to Grad PLUS or other sources for the rest.
Direct PLUS (Grad PLUS) Loan – this federal loan can cover the remaining cost of attendance beyond what you receive in other aidtopmba.com. Essentially, Grad PLUS can fill the gap up to 100% of your MBA costs (tuition + approved living expenses) minus any other aid. It has a higher interest rate and an origination fee, but still carries flexible federal repayment options. Approval isn’t need-based, but does require no major adverse credit history. Most American MBA students use a combination of Direct Unsubsidized and Grad PLUS loans as their core financing if they don’t have significant scholarships or savings. Business schools often recommend exhausting your federal loan eligibility first before considering private loanstopmba.comtopmba.com, due to the federal loans’ advantages like fixed rates and hardship forbearance options.
Beyond federal aid, private student loans are available in the U.S. from various banks and specialized lenders. These can be an option if you’re not eligible for federal loans (for instance, international student in the US with a co-signer), or if you find a private loan with a lower interest rate. The private loan market for MBA students is quite competitive, and it includes both traditional banks and newer fintech lenders. Some of the major private lenders for MBA loans include Sallie Mae, College Ave, Ascent Funding, Earnest, and SoFi, among othersnerdwallet.com. Each may have different interest rates, repayment terms, and perks (like interest-only payment options during school, or co-signer release policies). When considering a private loan, compare offers and see if you can pre-qualify to check rates without impacting your credit.
For example, Sallie Mae offers a dedicated MBA loan product. One unique feature is that Sallie Mae will lend to part-time MBA students, and even to international students or DACA recipients with a U.S. co-signernerdwallet.com. They also allow up to 48 months of deferment during an MBA-related internship or fellowshipnerdwallet.com. College Ave and Ascent are other popular choices that often have competitive rates; they too allow international borrowers with a creditworthy co-signer and offer flexible in-school repayment options (like making small fixed payments or interest-only payments while studying)nerdwallet.comnerdwallet.com. As a U.S. student, if you have excellent credit (or a strong co-signer), you might secure a lower interest rate through a private lender – but remember, private loans lack the federal loan benefits (income-driven repayment, forgiveness programs, etc.). It’s a trade-off to consider carefully. Many students take federal loans first, and then use private loans only if needed for any funding gap or if they can get a better rate and are comfortable giving up federal protections.
International students in the U.S. usually can’t get federal loans, but some private lenders serve them if they have a co-signer. Without a co-signer, options narrow to specialized programs like Prodigy Finance or MPOWER Financing. Prodigy Finance is a notable provider in this space: it’s a fintech lender that offers loans to international MBA candidates at certain business schools without requiring any co-signer or collateralprodigyfinance.com. Prodigy’s model assesses your future earning potential and school reputation to determine eligibility. Many students from around 150+ countries have used Prodigy to fund degrees abroad. The loans typically cover tuition and can even include a portion for living expensesprodigyfinance.com, with repayment starting 6 months after graduation in most cases. Similarly, MPOWER Financing (not listed in the original text, but another example) provides no-cosigner loans to international students, though usually with lower maximum amounts and for select schools. If you’re an international student headed to a U.S. MBA, research these options and see if your target school is partnered with any no-cosigner loan programs (some schools have custom arrangements with lenders or local credit unions for their international admitscrackverbal.com).
Finally, SoFi (Social Finance) began as a peer-to-peer lending platform started by MBA alumni, and it has grown into a large online lender. SoFi offers private MBA loans and refinancing; they often advertise no fees and competitive rates for graduate loans. While SoFi’s MBA loan terms will be similar to other private lenders (credit-based, requiring a good credit score or co-signer), one thing to note is post-MBA you might consider refinancing any loans for a better rate, and SoFi is a popular choice for refinancing federal or private loans once you have a strong income. (As always, be cautious about refinancing federal loans into private – you lose federal benefits in doing so.)
Peer-to-peer lending growth worldwide has also touched education financing. Prodigy Finance and SoFi (mentioned above) are key organizations that started by connecting investors with student borrowers. While SoFi now operates more like a traditional lender, Prodigy continues to use a community investment model for funding student loans globally. The main advantage these platforms brought is they widened access to loans for those who might not get traditional bank loans – for example, an international student with no U.S. credit history can get a Prodigy loan based on future earnings potential, and a highly qualified student might get a slightly lower rate through SoFi’s community-funded approach. Always review the interest rates and terms closely; “peer-to-peer” doesn’t automatically mean lower cost. But it’s good to know these alternative lenders exist, especially if you find yourself ineligible for conventional bank loans. They have become an important source of MBA financing for many, essentially filling gaps left by banks. For instance, Prodigy Finance has reportedly funded thousands of international MBA students and does not require any co-signer or collateralprodigyfinance.com, which can be a lifesaver if you can’t provide a U.S. guarantor.
Another modern twist on MBA financing is income share agreements (ISAs) – though less common, a few programs and private providers have experimented with offering funds upfront in exchange for a percentage of future income for a set period. While not mentioned in the original text, you might come across this concept. Approach it with caution and read the fine print; ISAs can be an alternative to loans, but you need to understand the long-term payment obligations (and currently, they are not widespread for MBA programs).
One often overlooked avenue is employer sponsorship or tuition reimbursement. If you are doing an MBA while employed (e.g., an Executive MBA or part-time MBA), check if your employer offers any educational sponsorship. Some companies have formal tuition assistance programs; others might be willing to subsidize part of your MBA if you return to work for them. Even for full-time MBA candidates, if you had a discussion with your employer before leaving, there are cases where companies agree to pay a portion of the tuition in return for a commitment that you come back to work for a certain period after graduation. This tends to be more common for Executive MBAs and professional MBA formats than for full-time MBAs, but it’s worth exploring if you have a supportive employer. Keep in mind, any such sponsorship usually comes with a time commitment – typically you must stay with the company for 1-3 years after finishing the MBA, or repay the sponsorship. Large firms in consulting, finance, and industry sometimes sponsor high-potential employees for MBAs as part of their talent development (often these are leave-of-absence programs with guaranteed job return). If you pursue this route, be sure you’re comfortable with the post-MBA commitment. It can greatly reduce your financial burden, but it may limit your short-term career flexibility. That said, if you plan to return anyway, it’s essentially free money for your degree.
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