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MBA loans for international students from Pakistan

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 (PKR 17,693,340), according to the Education Data Initiative, but some schools charge well over US$100,000 (PKR 28,630,000).

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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Key statistics

  1. Distribution by academic level in the US for international students:In the 2023-2024 academic year, the total number of international students in the United States reached 1,126,690. Of these, 883,908 students were enrolled in academic study, including undergraduate and graduate programmes, while 242,728 participated in optional practical training (OPT). Source: IIE Open Doors 2024 Report
  2. Employment outcomes for master’s degree graduates in the U.S.Nearly 90% of master’s degree graduates from the class of 2023 were employed or continuing their education within six months of graduation, reflecting strong career prospects for advanced degree holders. While this marks a 0.9% decrease from the class of 2022, it remains higher than employment outcomes recorded during the pandemic, highlighting the resilience of the job market for master’s graduates.Source: NACE – Class of 2023: Nearly 85% of Bachelor’s Grads Employed or Continuing Education
  3. The average cost of a master’s degree in the U.S.:According to the Education Data Initiative, as of November 2024, the cost of a master’s degree typically ranges between US$44,640 (PKR 13,243,000) and US$71,140 (PKR 21,062,000), depending on the school, major, and program length. On average, the cost is around US$62,820 (PKR 18,345,000). (Note: Approximate exchange rate used is  US$1 = PKR 296.66; actual rates may vary.)Source: Education Data Initiative – Average Cost of a Master’s Degree

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 an international 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 international 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 cosigner 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.

What to do if you don’t have a cosigner

If you don’t have a cosigner, you’re not out of options. Some lenders, such as MPOWER Financing, offer MBA loans to international 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:

  • Interest rate, and whether it’s fixed or variable
  • Annual percentage rate (APR), which includes both interest and fees
  • Repayment term in months or years
  • Loan fees, such as an administrative or origination fee
  • Grace period before you have to start making payments

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

What Pakistani-specific MBA funding options should students explore before taking loans?

Pakistani students should first apply for the Fulbright Scholarship Program, which fully funds about 150 Pakistanis annually for U.S. graduate studies. The Higher Education Commission (HEC) of Pakistan offers merit scholarships specifically for business education abroad, with preference for students committed to returning to Pakistan. Several top Pakistani corporations, including HBL, Unilever Pakistan and Engro Corporation, offer competitive MBA sponsorship programmes for employees who commit to returning to the company for two to three years after graduation.

How does the value of a U.S. MBA compare to the investment for Pakistani professionals?

For Pakistani professionals, a U.S. MBA can increase earning potential by 70-120% when returning to Pakistan’s corporate sector, particularly in banking, consulting and multinational corporations. Top American MBA graduates working in Pakistan typically command starting salaries of PKR 300,000-500,000 monthly, significantly higher than local MBA graduates. The international network and brand recognition from U.S. business schools give Pakistani professionals particular advantages in multinational corporations with operations in Pakistan and throughout the Middle East and Asia.

What strategies can Pakistani students use to minimize MBA debt while studying in the U.S.?

Pakistani students can reduce MBA debt by applying to universities with strong financial aid for international students like Harvard, Stanford and Yale, which provide need-based aid even to international applicants. Consider graduate assistantships that offer tuition remission and stipends of approximately US$15,000-US$20,000 (PKR 4,294,500-5,726,000) annually in exchange for research or teaching work. Many Pakistani students successfully negotiate partial tuition waivers by highlighting unique perspectives they bring to the classroom, especially those with experience in emerging markets or entrepreneurial ventures in Pakistan.

How can Pakistani MBA students manage currency risk associated with dollar-denominated loans?

Pakistani students should establish dedicated dollar savings accounts with at least three to six months of loan payments as a buffer against rupee depreciation. Consider employment with multinational corporations operating in Pakistan that offer dollar-indexed salaries or positions with Pakistani exporters that generate dollar revenues. Some returning MBA graduates establish consulting services that target international clients paying in dollars while living in Pakistan, effectively hedging against currency fluctuations while benefiting from Pakistan’s lower cost of living.

What visa and work authorization benefits come with MBA programs for Pakistani students?

Pakistani MBA students on F-1 visas qualify for optional practical training (OPT), allowing 12 months of U.S. work experience after graduation with salaries typically ranging from US$80,000-US$130,000 (PKR 22,904,000-37,219,000). STEM-designated MBA programs (including those with concentrations in analytics, fintech or supply chain) extend OPT eligibility to 36 months, providing significantly more time to secure H-1B sponsorship. Many business schools offer dedicated career services for international students, helping Pakistani graduates navigate visa-sponsoring employers and providing support throughout the H-1B application process.


*Rates as low as 9.99% (10.89% APR). This interest rate and APR includes a 0.25% discount for automatic recurring payments.

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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