MBA / Education Loans

thad0c

Hi all,

I need your help and advice if possible. I have just been accepted on to an MBA programme (Masters in Business Administration) in France and have two weeks to accept.

I am looking in to my funding options and after scholarships, savings, etc it looks like I will still need between £20-£30k. Does anybody know of any companies that offer MBA/Education loans or if whether any of the high street banks offer these loans? My research has led me to believe the UK ones (I'm English) used to but have all withdrawn from this market but I want to check I haven't missed anything out.

Any insight on this would be greatly appreciated - thanks in advance!

[Deleted User]

Career development loans look like a possibility, but will not be enough most likely.

Did you not consider the costs when applying?

Can you defer for a year to increase your savings?

https://www.gov.uk/career-development-loans/overview

thad0c

thanks - will be considering a Career Development Loan as well.

A key source of funding pulled out at the last minute hence the situation and the school has a no deferral/reapplicant policy so now or never pretty much!

thad0c

any other thoughts would be greatly welcomed - thanks in advance!

SurfKing

thad0c wrote: »

thanks - will be considering a Career Development Loan as well.

A key source of funding pulled out at the last minute hence the situation and the school has a no deferral/reapplicant policy so now or never pretty much!

The problem with Career Development Loans is they're backed by the UK Government and therefore they come with strings attached - mainly that the course needs to be provided by an approved provider. I don't know if the approved providers list has anything outside the UK on it, the Government website says you should check with the course provider if it's on the list.

thad0c

True - I checked with them and as my course is in the EEA and I am British I should be okay.

Also considering traditional bank loans, seems banks have stopped offering MBA loans these days

DCFC79

thad0c wrote: »

True - I checked with them and as my course is in the EEA and I am British I should be okay.

Also considering traditional bank loans, seems banks have stopped offering MBA loans these days

Would you be able to repay a traditional bank loan ?

thad0c

yup. need to keep enough cash aside for repayments whilst i'm studying then after graduation I'll repay from job earnings. need to work out interest rates etc now (and of course hope I can get a loan in the first place!)

BillJones

thad0c wrote: »

yup. need to keep enough cash aside for repayments whilst i'm studying then after graduation I'll repay from job earnings.

Since you've not said "hopefully repay from earnings", this implies that you already have a firm offer in place. Can you maybe ask this company to help with the funding?

If they don't do this, then take your contract in to your own bank, and see if they'll lend you against it.