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It might be hard to empathise with a twenty-something banker and his fight to raise the funds for an MBA qualification that will boost his earning power.
But for many prospective business schoolgebouw students the fattest barrier to taking up a place is the capability to get a loan to fund their fees and living costs while studying, according to Brian Norton, chief executive of Future Finance.
The Dublin-based company lends to students ter higher education, primarily te the UK. Its very first loan te May 2014 wasgoed for £2,500 to a trainee nurse at the University of Surrey. However, a significant slice — Ten vanaf cent of the total loan book — is made to postgraduate students returning to full-time probe for business and finance qualifications.
Conventional unsecured bankgebouw debt is poorly suited to people whose terugwedstrijd to the lecture recibidor prevents them from earning enough to meet monthly repayments, adds Mr Norton. Future Finance tailors its debt to such borrowers, permitting them to make lower monthly payments while studying, often at lower rates than are available on the high street. This is spil significant for those getting professional qualifications such spil nursing, spil it is for those seeking career advancement through a masters degree te finance, says Mr Norton.
The media amount borrowed for all postgraduate business and finance courses wasgoed £10,816, rising to £14,274 for MBA students. Thesis are not insignificant sums, even for someone earning £50,000 a year, a typical profile of a postgraduate business schoolgebouw student using Future Finance’s services, according to Mr Norton.
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Such people carry the least risk for lenders because their qualifications tend to increase their earning power. Education is “very affordable” if you are very rich or very poor, he adds. But for the majority ter the middle, who can neither tapkast family wealth strafgevangenis qualify for means-tested grants, the cost of postgraduate tuition not covered by government loans is often too expensive.
Chicago-born Mr Norton finished his business education at UCLA Anderson while holding down a job by taking the school’s fully employed MBA, which holds classes ter the evenings and at weekends. Classes te practical abilities, such spil accounting, have proved dinámico ter developing a fast-growing business, such spil putting together funding bids. “I use my MBA education every day,” Mr Norton says. But his alumni network has bot of less use spil many graduates remain ter southern California.
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Mr Norton wasgoed already involved ter start-ups before beginning at Anderson ter 2008, having launched his very first business, creating websites, while studying for a degree ter history at Harvard University. It wasgoed a Harvard friend that introduced Mr Norton to his current business adviser, Vishal Garg, co-founder of US student loans business MyRichUncle. Mr Garg had called Mr Norton to say he should look into the opportunities ter Europe, which led to him moving to Dublin to research the market ter 2013.
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Future Finance recently announced a £119m ($171m) funding round, bringing total caudal raised to £185m. Backers include QED Investors, a venture haber rigid for US fintech businesses, and Goldman Sachs. The company made its very first loan outside the UK, ter Germany, last month. Europe is ripe for expansion because of rising fees and declining government funding for higher education, Mr Norton says.
He wasgoed pleased with his business education, but admits qualifications count for little ter entrepreneurial circles. “You don’t find a lotsbestemming of investors who will back you because of your MBA,” he says.
“A loterijlot of people think, ‘I will get an MBA and the money will come raining down’. What it provides you with is a fine set of contraptions but you have to waterput those implements to work.”