How long does it take to pay off an MBA?

The average time to pay off an MBA differs drastically depending on the amount of debt, APR, and monthly payment. Looking at all of higher education, it takes the average borrower 20 years to pay off student loan debt.

What is the average debt for MBA students?

The average debt for an MBA student is about $82,400, according to the Education Data Initiative. Just over half of all MBA graduates have student loan debt.

How can I lower my MBA costs?

Pursuing a part-time or online MBA can help lower costs due to the programs being generally cheaper as well as the ability for students to work at the same time. Students can also lower their costs by applying to MBA programs early, meaning they will have first dibs on scholarship funding and not miss any internal or external deadlines.

How do people afford an MBA?

Many people afford an MBA by simply taking on student loan debt. Because the degree generally leads to a higher-paying job, the return on investment (ROI) can make some programs worth it. Students may also afford an MBA by doing a part-time or online program and thus stay working at the same time.

Want to pay off your MBA faster? Concentrating in finance could be the answer

By Preston ForeSuccess Reporter

By Shannon Fitzgerald

Reviewed by Jasmine SuarezSenior Staff Editor

Person uses a calculator with money and coins in a jar in front of them.

Funding an MBA can be difficult, but focusing in an industry like finance can lead to large monetary gains.

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Want to pay off your MBA faster? Concentrating in finance could be the answer

About the Contributors

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