Although earning your Master of Business Administration (MBA) can lead to lucrative career opportunities, you’ll first need to figure out a way to pay for your degree. The average cost of an MBA programme in the United States is US$61,800 (BDT 6,876,366), according to the Education Data Initiative, but some schools charge well over US$100,000 (BDT 11,127,000).
Even if you have some savings or financial help from your family, you may need additional financing to cover the costs of tuition, fees, housing, and other living expenses. One option is to take an MBA loan.
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Explore your options before taking an MBA loan
While MBA loans can be helpful financing tools to cover the costs of your education, you want to avoid taking on too much debt. You have to pay student loans back with interest, which could cost you a significant amount over the years.
Before you take a loan, reach out to the financial aid office at your school to discuss your financing options. Explore opportunities for grants and scholarships, such as the Fulbright Foreign Student programme, that will help cover at least some of your expenses.
Since grants and scholarships are types of gift aid that you don’t have to pay back, they can lower your educational costs and reduce the amount you need to take in MBA loans.
You may need a cosigner for your MBA loan
As a Bangladesh student, you’re not eligible for federal student loans from the U.S. Department of Education. Instead, you’ll need to obtain a student loan from a private lender, such as a bank, credit union, or online loan company.
Most private lenders in the U.S. require you to have steady income, an established credit history, and a good credit score, which many Bangladesh students do not initially have. As a result, you may be required to apply for your loan with a cosigner.
Specifically, you may need to apply with a co-signer who’s a U.S. citizen or permanent resident and has a steady income, along with established credit and a credit score of 670 or higher. Your loan’s interest rate and terms will be based on your cosigner’s credit.
Your cosigner will also become equally responsible for the MBA loan, meaning they’ll be expected to repay it if you fall behind. If you miss payments, your cosigner’s credit may be affected.
If you don’t have a cosigner, you’re not out of options. Some lenders, such as MPOWER Financing, offer MBA loans to Bangladeshi students without a cosigner or collateral required.
You’ll still have to meet other requirements, such as attending an eligible school.
Final word on MBA loans
If you’re on the hunt for an international MBA student loan, make sure to do your homework before you pick a lender. Consider the amount you want to borrow and the terms and conditions that will come with your loan, including the loan’s:
Additionally, find out when your first payment is due to ensure you don’t miss any bills. Once you get a job after graduation and start earning an income, you could consider making extra payments on your MBA loan to pay it off faster.
For more information on MBA loans for international students, start your search with MPOWER Financing.
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FAQs
Public universities in the U.S. typically offer more affordable MBA options for Bangladeshi students, with programmes at institutions like the University of Texas-Arlington and Louisiana State University costing US$25,000-35,000 (BDT 2,781,750-3,894,450) total. Many schools offer merit scholarships specifically for international students with strong academic records from institutions like IBA at Dhaka University or North South University. Consider one-year accelerated MBA programmes, which significantly reduce both tuition costs and living expenses while still providing valuable credentials for Bangladesh’s growing corporate sector.
Bangladesh students can strengthen their loan applications by providing evidence of financial responsibility through bank statements from established Bangladesh institutions like Dutch-Bangla Bank or BRAC Bank, showing consistent savings patterns. Include documentation of any previous loans with perfect repayment history, even if they were education or personal loans within Bangladesh’s banking system. Focus your application on future earning potential by highlighting Bangladesh’s growing demand for MBA graduates in sectors like telecommunications, banking, and pharmaceutical industries, where starting salaries for U.S.-educated professionals often exceed BDT 150,000 monthly.
Ensure your loan terms align with F-1 visa requirements, as visa officers need proof of sufficient funds for your entire programme. Maintain clear documentation showing how loan disbursements will cover your educational expenses while meeting the visa requirement of demonstrating sufficient funds. Remember that your Optional Practical Training period after graduation provides a crucial earning opportunity to begin loan repayment, but you must have a concrete plan for managing payments if you return to Bangladesh, where average MBA salaries are significantly lower than in the U.S.
Education loans from Bangladesh banks typically offer lower maximum amounts (usually up to BDT 40-50 lakh) than U.S.-based MBA loans, making them insufficient for covering full MBA costs at top U.S. programmes. Bangladesh bank loans generally require substantial property collateral and guarantors, while some U.S. lenders offer no-collateral options based on future earning potential.
Consider beginning with interest-only payments during your MBA programme to reduce total debt accumulation while managing limited student budgets. Take advantage of the higher earning potential during your Optional Practical Training period to make larger payments before potentially returning to Bangladesh.
DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.
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