US MBA Programs for Canadians: GMAT and GRE, Cost, and Loan Options Without a US Cosigner

GMAT or GRE: what US MBA programs expect from Canadian applicants

Almost every full-time MBA program in the United States accepts both the GMAT and the GRE, and reviews them on equal footing. GMAC, the organization that owns the GMAT, publishes a score comparison tool that converts your GRE section scores into an estimated GMAT equivalent, so submitting one test over the other does not put you at a disadvantage on its own.

Pick the test that fits how you work. The GMAT weights quantitative reasoning and data interpretation heavily and moves at a faster pace per question. The GRE covers a wider range of question types, lets you skip and return to questions within a section, and is also accepted by most graduate programs outside business school, which matters if you are weighing an MBA against a different graduate degree.

Some programs waive the test requirement for applicants with a strong quantitative background, a CPA or CFA designation, or several years of relevant work experience. Waiver policies differ from school to school and change between application cycles, so confirm the current policy directly on each program's admissions page rather than assuming last year's rule still applies.

Application rounds and retakes

Most US MBA programs run three application rounds each cycle: an early fall round, a winter round, and a smaller spring round for remaining seats. Applying earlier gives you access to more scholarship funding and more open seats, since class space and merit aid both shrink round by round.

Check whether your target schools consider your highest score across multiple test attempts or your most recent score only. Retake policies differ by school, and this affects how much pressure to put on a single sitting.

What a US MBA actually costs

A two-year full-time MBA at a top US school costs far more than a comparable Canadian program once you add every required expense, not tuition alone. Build your budget around these components, then pull the exact current figure for each from your target school's own cost of attendance page.

• Tuition and mandatory program fees

• Mandatory student health insurance, unless you can waive it with equivalent coverage

• Housing, whether on campus or off

• Books, a laptop, and course materials

• Travel home during breaks

Cost of attendance figures vary widely by school and city, so treat rankings articles and forum estimates as a starting point only. The number on your admitted school's financial aid page sets your real loan ceiling.

Borrowing without a US cosigner

Canadian applicants without a US-based cosigner or US credit history still qualify for private loans built specifically for international students. Two lenders serve this market directly, and their terms are public on their own sites.

Prodigy Finance

Prodigy Finance lends up to USD 220,000 for postgraduate study, including MBAs, with no cosigner and no collateral required. It can finance up to 100% of your school's stated cost of attendance, subject to the school's own borrowing limits, at variable interest rates starting from 10.74%. Approval is based on your expected future earnings rather than existing credit history, so the school and program you are admitted to weighs heavily on your terms.

MPower Financing

MPower Financing offers fixed-rate loans from USD 2,001 to USD 100,000, with no cosigner or collateral, and rates starting from 9.99 percent, with a 0.25 percentage point discount for automatic payments. It also runs a separate MBA scholarship program alongside its loans. In 2026, MPower reached its funding capacity and paused new loan originations, moving new applicants to a waitlist, so confirm current availability directly on its site before you build a financing plan around it.

Canadian bank lines of credit

Some Canadian banks offer professional or graduate student lines of credit aimed at MBA, law, and medical students, but coverage for a US school is not guaranteed. Many of these plans list eligible programs and schools directly, and a US MBA may not appear on that list. Call your bank's student lending team and ask whether your specific target program qualifies before you count on this option in your budget.

Currency risk on a US dollar loan

A Prodigy Finance or MPower loan is denominated in US dollars, and you repay it in US dollars even if your income after graduation is in Canadian dollars. Factor the exchange rate into your repayment math, not only the interest rate, since a weaker Canadian dollar raises your real repayment cost. Many MBA graduates who take a US-based job get paid in US dollars too, which removes this mismatch, so factor your expected post-MBA job location into which loan and repayment plan you choose.

Building your financing plan

Start financing research the month you submit applications, not after you are admitted. Cosigner-free lenders need weeks to underwrite a loan, and some only open applications once you hold an admission offer in hand. Apply to a lender as soon as you are admitted, compare its offer against any Canadian bank line of credit you qualify for, and confirm the approved amount covers your full cost of attendance, not tuition alone.