Current LBS MBA Student | Financial struggles - Need guidance

Question

Hi everyone, I’m writing this with a bit of hesitation but also hope that someone here might have faced something similar or can point me in the right direction. 
 
 Context:  I’m currently in my second year of the LBS MBA. I don’t have a full-time offer yet, and my summer internship wasn’t financially rewarding. Despite receiving a ~£50k scholarship, I’m now around  £35k in debt  and still need to pay  ~£40k by March 2026 . I  do  have access to financing, but the interest rate is painfully high (~13%), so I’m extremely cautious about taking on more debt until I secure a job. 
 
I’m trying to understand what my options are before making any decisions.

Questions / Guidance Needed:  
 
   Scholarships:  Is there  any  way to request additional scholarship support from the admissions or financial aid team for Year 2?
I did reach out, but the response was that scholarships are only awarded in the first term. Has anyone managed to get exceptions or support later in the program?  
   Payment Extensions:  Does LBS allow students to request a delay or extension for fee payments? If yes, what’s the process, and what are the realistic chances?  
   If I Cannot Pay on Time: 
What actually happens if I delay or miss the payment deadline?
I understand they may involve a debt-collection agency, but I’m more concerned about:

Will it affect my ability to secure a UK visa (I’m from India)?  
  Will it create issues when applying for jobs in the UK?  
  Other than not receiving my degree at graduation (which I’m mentally prepared for), are there long-term consequences?

At a personal level, my intention is:  I want to take the next tranche of my loan only once I’ve secured a full-time role.  Until then, I'm trying to avoid worsening my financial situation. 
 
If anyone has gone through this-or knows someone who has-I’d be incredibly grateful for any advice from experience. 
 
Thank you so much for reading and helping.

dhruv23320 · Answer

Hope all will be well in the end

Any23r · Answer

Does LBS give only part debt at the time of admissions and what is the tenure by which we can repay the loan provided by LBS ?

Any23r · Answer

Does LBS give only part debt at the time of admissions and what is the tenure by which we can repay the loan provided by LBS ?

bb · Answer

Hi.  numquammaxime  Thanks for sharing and I’m sorry about the precarious situation you’re in.

At the same time, you’re probably in the same situation as the majority of student students still looking for a full-time offer. It’s not uncommon to graduate and still not have one, and while no one wants to be in that situation, regularly as many as 50% of the class find themselves without an offer on the graduation day, and they have to work their chops to secure an offer within the following months.

This is the component of the western programs in the sense that employment is not guaranteed like it may be in some countries and it’s up to the applicant to secure an offer.

A few thoughts of what you may want to consider doing:

1. You know the only one who’s been in a hardship situation and you can approach administration and discuss with them the challenge of your situation and to see if they can delay your tuition payment though hearing from your story, it doesn’t really seem like you have a hardship but rather you don’t have a full-time offer which is not an equivalent of a hardship. Again, nothing should stop you from talking to the administration.

2. LBS is very expensive so I sympathize with your situation but again a lot of other people wouldn’t exactly the same situation.

3. I would not advise you to pull out or not cover the rest of the tuition. This will result into you getting dismissed from the university and losing your visa status and being subject to deportation. I guess you can drop out leave on your own but this is a lot more serious than not receiving a diploma.

4. Administration has previously provided extensions to people but only in situations when financing fell through

5. While the interest rate is high, you can also refinance once you have a job. A lot of people do that in the US to drive down the interest rate rates.

impeditea · Answer

Honestly, I really admire your courage in sharing your situation so openly. It’s clear you’re a responsible person who thinks carefully before taking decisions, and just the fact that you’ve made it to second year at LBS with a large scholarship already shows you have strong capabilities – even if this phase is financially and mentally tough. I genuinely hope you land a role that makes all of this worth it and allows you to come out of this period stronger.

If you don’t mind me asking, since I’m considering applying to LBS myself, I have two questions:

Roughly how much is the monthly burden in your experience (tuition + living expenses + loan repayments)? In your view, is admission very difficult? And what was the hardest part for you: GMAT, undergraduate grades, work experience, or the interview?

Current LBS MBA Student | Financial struggles - Need guidance

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