How to finance your MBA after the GMAT: A step-by-step guide

Why financing is the next big step after your GMAT

You’ve cracked the GMAT, congratulations! That’s a massive step toward your MBA dream. Now for the next big step: figuring out how to pay for it.

Especially if you’re an international student aiming for a top global business school, finding the right financing can feel complicated. But it doesn’t have to be. 

This guide walks you through the practical, step-by-step process of financing your MBA after the GMAT. We'll cover everything from estimating your costs to comparing loan offers, so you can focus on what’s next for your future.

Step 1: Shortlist your MBA programmes

Before jumping into loan options, you need to know:

• Which schools accept your GMAT score

• Which are eligible for international student loans (such as from Prodigy Finance)

• Tuition and living expenses for each

Tip: Use tools like GMAT Club, Poets & Quants, or the schools' own websites to check average GMAT scores and cost breakdowns.

Step 2: Estimate the total cost of your MBA

Your Cost of Attendance (CoA) typically includes:

• Tuition

• Living expenses (housing, food, transport)

• Health insurance

• Flights and visa costs

• Miscellaneous expenses

Most international MBAs cost between $80,000 and $120,000 or more, depending on the country and programme.

Simple formula: CoA = Tuition + Living + Miscellaneous

Step 3: Explore funding sources

Here are the main options for financing your MBA after the GMAT:

Prodigy Finance offers collateral-free, no co-signer loans* tailored to GMAT-takers pursuing MBAs at eligible universities.

Step 4: Check your loan eligibility (post-GMAT)

After your GMAT score, most lenders will assess:

• The university or programme you’ve been admitted to

• Estimated CoA

• Your career trajectory and earning potential

• Your nationality and country of residence

At Prodigy Finance, eligibility is based on your future earning potential — not your credit score or existing income.

Try this: Use Prodigy’s Education Loan Calculator to estimate your interest rate and monthly repayments.

Step 5: Prepare required documents

Loan applications typically require:

• GMAT score report

• Admission letter or offer

• Passport or other ID

• Estimated expenses breakdown

• Bank statements (to show a buffer for living costs)

For Prodigy Finance:

• No co-signer or collateral needed

• Entire process is online and transparent

Step 6: Compare loan offers

When reviewing offers, make sure to:

• Check the Annual Percentage Rate (APR) (not just the base interest rate)

• Look for hidden fees (processing, forex conversion, etc.)

• Compare moratorium periods (when repayment starts)

• Understand grace period flexibility

Prodigy Finance offers:

• Up to 100% tuition coverage

• 6-month post-study grace period

• No penalties for early repayment

• Choice of fixed or variable interest rates

Step 7: Accept the loan and prepare for your visa

Once you accept your loan:

• We send the funds directly to your school. It takes about 3-5 business days for your school to receive them.

• You’ll receive a loan confirmation letter to support your visa application

• Ensure your living cost buffer is ready

Good to know: If your visa is rejected or your plans change, Prodigy Finance allows you to cancel the loan without penalties (subject to terms).

Financing your MBA is a major milestone, but it doesn't have to be a confusing one. By breaking it down into these steps, you can move forward with a clear plan and the confidence that you're making a smart decision for your future.

Prodigy Finance is here to support ambitious students like you. Our collateral-free loans are designed to make your journey from GMAT to graduation smoother.

Ready to take that next step? Apply with Prodigy Finance today. It’s a simple process with no commitment and no impact on your credit score.

FAQs

*Loan and promotion offers are subject to our eligibility, funding, and credit assessment criteria.

The Prodigy Finance Loan Calculator (the “Calculator”) is provided for informational purposes only and may be used as a general guide only and is provided "as is". In addition to liability clauses in the Terms of Use, which also governs the display and use of the tool, Prodigy Finance Ltd make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the tool or the information it provides and is not responsible or liable for any errors in or omissions from the tool and the results provided. The Calculator may only be used for your personal use and may not be used for any commercial or business purposes. The results do not constitute an offer for a loan or imply in any way that the user of the Calculator will be eligible for a loan with Prodigy Finance or will receive a loan offer from Prodigy Finance, if they apply. The calculation does not include all mandatory fees usually charged by Prodigy Finance or take into account any changes to the interest rate or any missed, short or additional payments made on a loan.