These Harvard MBAs Could Get You The Best Student Loan Rates

Business school training comes at a cost. According to our BusinessBecause the cost of the 2021 MBA report, the total cost of a full-time MBA at a major US business school can exceed $ 200,000.

To finance your MBA Where masters in business diploma, you can use your own savings and apply for scholarships, but you will probably also need to explore how to get a student loan.

Average U.S. MBA student takes out $ 62,000 in student loans a year, says loan company Juno.

Chris Abkarians and Nikhil Agarwal faced the same funding issue faced by many MBA students after they were admitted to Harvard Business School, which charges about $ 147,000 in tuition.

Instead of taking on expensive student loans, they brought together 700 students from 10 business schools and negotiated lower rates for the whole group. Harvard alumni say they saved the group about $ 15,000 each.

Juno (formerly LeverEdge), founded by Chris and Nikhil during their MBA, uses pooled purchasing power to negotiate the best possible student loan rates for MBA and Masters students, as well as other undergraduate programs and graduate studies.

Get the best student loan rates

Various banks and loan providers offer student loans, and you’ll want to get the best possible rates so that you can pay off your student loan quickly and affordably.

If you are an international student based in the United States, it is difficult to get a student loan for an MBA or masters program in the United States.

You should contact your business school’s financial aid office for advice. Some schools will have relationships with lenders, such as an international loan company Finance Prodigy, which can offer you affordable student loans.

Juno is currently aiming to support American students who are in need of funding for American schools. To make sure you get the best student loan rates, Nikhil advises MBA students to shop around.

“MBA loans are not one size fits all [and] we see that the same student can get very different quotes from different lenders, ”he says.

“Choosing between federal loans and private loans also requires careful consideration, as federal loans can be much more expensive, but offer more flexible repayment plans and loan cancellation options based on your income and your career after high school, ”he continues.

How To Get The Best Student Loan Rates Harvard MBA Tips


Focus on the detail. There are many choices. Understand the conditions of the loans offered; repayment plans; and what can affect interest rates.

Plan ahead. Think about future refinancing planning. You may have a prudent career choice, such as counseling, where you can almost guarantee that you will be able to repay your loan. But all students should plan carefully.

Comparison shop. Don’t assume that all prices are the same. Look at your options and compare.

Another option, of course, is to subscribe to Juno’s mailing list.

You have the possibility to answer a series of questions: in which school you go; your year of graduation; how much you might need to borrow; and an estimated credit score — to give Juno the information it needs to negotiate better terms with lenders. You will then have access to exclusive offers.

Creation of a student loan company

The idea for Juno was born out of a WhatsApp group chat, Chris recalls. No one had tried to get a comprehensive student loan deal before, so Chris formed a group and started cold calling the bank’s executives looking for a discount.

After the group’s initial success, Chris and Nikhil decided to turn their idea into a business.

Chris, who previously worked for Netflix in Los Angeles, joined the Harvard MBA with that intention. “At Netflix, I got the virus from this crazy growth environment; I knew I wanted to start something, ”he says.

Nikhil, who worked for Boeing before his MBA, was considering a career in consulting, but recalls that one day they both committed to working full-time with Juno. “We said we weren’t even going to do a CV! ” he smiles.

11% of the Harvard MBA class of 2020 started their own business after graduation. Many Harvard MBA alumni work for a few years in business before becoming entrepreneurs, and some even buy businesses to run and grow.

Notable Harvard Alumni include entrepreneurs like Bloomberg founder Michael Bloomberg, Stephen Schwarzman, co-founder of Blackstone Group, and Internet entrepreneur Mark Pincus.

“I think after starting a business, it’s really hard for me to imagine taking a job anywhere,” says Nikhil.

Read: How I got into the MBA at Harvard Business School and 4 ways to do it too


Starting a startup is never easy, and Nikhil attributes Juno’s lack of competition to the sheer difficulty of operating in the student finance arena and the complexity of the lender side of the business.

As COVID-19 has resulted in lower interest rates and better refinancing rates for borrowers, banks and providers are increasingly reluctant to lend to new students.

Despite the challenges, Chris and Nikhil have grown to 50,000 Juno members since graduating from Harvard’s MBA in 2020. Juno has helped students secure $ 260 million in student loans.

Chris hopes to do this several times in 2021. “There are other places where we can apply this concept of group buying for financial products,” he says.

While MBA programs can be expensive, Chris urges prospective students not to be put off by the sticker price. “Very few people pay that price,” he says. In fact, most Harvard students receive some form of scholarship or financial aid to fund their education, before using MBA loans to make up the rest.

At various top US business schools, Chris says, over 30% of MBAs are running some of Juno’s best student loan rates.

Are you considering an MBA program but worried about the cost? Check out our BusinessBecause the MBA cost report.

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