You got in – congrats! 🎉

Now, the work begins. Unfortunately, getting into a top MBA program is just the first step in the next phase of your career. The degree is a huge investment in time and money – but, often, the financing process happens in a rush.

Recently, we connected with Chris Abkarians, co-founder of Juno. If you’re not familiar, Juno is a student loan collective bargaining platform that has helped 250K borrowers negotiate more than $1B in loans.

Chris has seen what happens when MBAs approach the financing stage strategically… and the consequences of when they don’t: “Most admits spend months focused on getting in: GMAT, essays, interviews, waitlists. That's completely understandable,” he says. “But then they get in, celebrate, send the deposit, and suddenly it's July… and someone at orientation mentions a loan deadline they didn't know existed.”

Here’s our guide on how to get ahead of the student loan financing process:

Let’s get down to brass tacks – the cost of an MBA has been rising, and it’s probably more expensive than what your program is telling you.

“The cost of attendance – and I want to be clear this is the fully baked number, including tuition, fees, and living expenses – is around $120,000 per year at the top 20 programs,” Chris explains. About $85,000 of that is tuition and fees; the remaining $35,000 covers books, supplies, and living. At top programs, the total is closer to $100,000 per year.

Again, these are costs per year. For a two-year full-time MBA, plan for $200,000–$250,000 in total costs. If you plan extensive travel, you might go even higher.

Chris points to GMAC survey data for a breakdown on how candidates typically finance their MBA educations. “According to GMAC survey data, about 60% of MBA students receive some form of grants or scholarships, over 50% use student loans, and around 45% dip into personal savings. Most students draw from multiple sources – very few cover the full bill with just one.”

Scholarships can help in a significant way. For some, this is a great way to meaningfully offset the costs and create optionality in their future careers. However, the gap between what financial aid will cover and what an MBA actually costs is pretty significant. For students at top MBA programs, loans often close the gap in funding.

Federal Direct Unsubsidized Loans cover up to $20,500 per year for MBA students. If the cost to attend is $120,000 per year, that’s less than 20%.

Until recently, GradPLUS loans enabled students to borrow up to their full cost of attendance. However, that’s changing. “Starting July 2026, GradPLUS loans are being eliminated for new borrowers,” Chris says. “For an MBA student starting in fall 2026 or later, federal loans will cover $20,500 of their Cost of Attendance. The rest – roughly $100,000 per year – needs to come from somewhere else. For most students, that means private loans, not as a last resort, but as a primary tool.”

MBA students who are currently enrolled and are already using GradPLUS loans are not affected by this change in policy. If you’re matriculating this fall, you need to understand the new landscape.

Generally, federal loans have advantages – including income-driven repayment options, deferment and forbearance protections, and eligibility for Public Service Loan Forgiveness. For example, if you're pursuing a career in the public sector, including federal loans in your financing mix may be the right strategic plan. For others, private loans might have more favorable rates – especially if your credit is strong.

According to Juno, the average MBA student borrows around $74K per year in private loans. About 60% of MBAs borrow at least $60K per year, and around 27% borrow more than $100K per year.

Unlike federal loans, private loan rates will vary, depending on your credit profile (or your co-signer’s profile). As a result, a creditworthy borrower can often get better rates in the private market.

Last year, Juno’s MBA borrowers averaged a rate of 7.5% on a 10-year term. This was based on Juno’s collective bargaining model across thousands of borrowers, rather than individual negotiation.

Even a percentage point or two can make a significant difference for borrowers: “The difference between 9% and 7% on $150,000 in loans is roughly $25,000-$30,000 in total interest over a ten-year repayment,” says Chris. “That's not a rounding error.”

Chris encourages candidates to compare notes and talk about the financing process: “Talking about loans feels taboo. There's a cultural norm in these programs where nobody wants to admit they're borrowing or how much.” However, the students who do and who engage in the process early often end up with better outcomes.

It’s no secret that the financing process is even more complex for international students. Specifically, the private loan application process is more complicated, and the cost of a bad decision is higher.

Without a co-signer in the U.S., international students can’t work with many private lenders. The lenders who do work with international students will price in significant risk. According to Chris, “A creditworthy US cosigner doesn't just improve your rate. It dramatically expands the pool of lenders who are willing to work with you at all.” If you have access to a U.S. cosigner, take advantage – it’s one of the highest-leverage moves you can make in this process.

If you don’t have a U.S. co-signer, there are still some options. but this requires a bit more upfront planning. Juno offers 1:1 consultations specifically for international students navigating this process – by phone, text, or Zoom.

Financing your MBA can be a stressful process, and those who start early can take advantage of the best available options. As Chris says, “The students who go in with clear eyes – who know what they're borrowing, at what rate, with a realistic sense of what repayment looks like – are the ones who come out the other side without the financial stress undermining what should be a genuinely valuable experience.”

Juno helps MBA students access lower private loan rates through collective bargaining. Signing up is free and requires no credit check.

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