Costs for higher education have been steadily rising over the past few decades. An analysis in 2015 indicated that the average cost of a 4-year degree from a private university was $25,000, or $12,500 annually. The cost to attend a public university worked out to $23,000 per year when tuition and fees were combined with living expenses. The good news is – as you’re reading this article – affordable online MBA programs are now available that can be obtained without breaking your bank account.
Schools Offering Affordable Online MBAs
An MBA can be a great investment, but it’s not cheap. Thankfully, there are some schools out there that offer affordable online MBA programs. Here are a few of our favorites:
- Arizona State University’s W.P. Carey School of Business offers an online MBA that ranks among the top 25 in the nation according to U.S. News & World Report. The total cost of the program is just over $37,000, making it one of the more affordable options out there.
- The University of Florida’s Warrington College of Business also offers a top-ranked online MBA program. The total cost of the program is just under $37,000, making it another great option for those looking for an affordable degree.
- Indiana University’s Kelley School of Business rounds out our list of affordable online MBA programs with a total cost of just over $36,000. The Kelley School of Business is ranked 20th in the nation by U.S. News & World Report, making it a great choice for those looking for a high-quality and affordable education.
Steps to Apply for an Inexpensive MBA Degree
There are a few steps you need to take in order to apply for an MBA degree at an affordable online school. The first is to find a school that offers the program you’re interested in. You can use websites like US News and World Report to research schools. Once you’ve found a few schools, check their tuition rates and compare them.
The next step is to complete the online application for the school of your choice. This will include submitting transcripts, test scores, and letters of recommendation. Some schools may also require an essay or personal statement. Once you’ve submitted your application, you should hear back from the school within a few weeks.
If you’re accepted, congratulations! You’re one step closer to earning your affordable MBA degree. The next step is to pay your tuition and begin your coursework. Most online programs are self-paced, so you can complete the degree at your own pace.
Earning an affordable MBA degree is a great way to further your career and earn more money. With a little research and effort, you can find an accredited online program that fits your budget and schedule.
Financial Aid Options
There are a few financial aid options available for students enrolled in online MBA programs. These options include federal loans, private loans, and scholarships.
Federal Loans:
Federal loans are available to students enrolled in online MBA programs. The interest rate on these loans is fixed, and the repayment terms are fairly flexible. Students can choose to repay their Loans over a ten-year period, or they can opt for an extended repayment plan that extends the repayment period to twenty-five years.
Private Loans:
Private loans are also available to students enrolled in online MBA programs. The interest rates on these loans vary, depending on the lender. Private lenders also offer a variety of repayment terms, so it’s important to shop around for the best deal.
Scholarships:
Some online MBA programs offer scholarships to help offset the cost of tuition. Scholarships are usually awarded based on academic merit or financial need.
Other Alternatives
There are a couple of other ways to get your MBA without spending a fortune. One option is to take an online MBA program. This can be a great way to get your degree without having to quit your job or take out loans. However, you will need to make sure that you choose an accredited program and that you are comfortable with the curriculum.
Another alternative is to get your MBA through a executive MBA program. These programs are designed for working professionals and can be completed in as little as two years. They are usually more expensive than online programs, but they can be worth the investment if you want to fast-track your career.
No matter which route you choose, remember that getting your MBA is a big financial investment. Make sure you do your research and pick a program that fits your goals and budget.
Online vs. On-Campus
The affordability of online MBA programs is a significant consideration for many students. But is it worth the financial challenge?
There are a few key factors to consider when making this decision. The first is the cost of tuition. Online MBA programs are often significantly cheaper than their on-campus counterparts, making them a more affordable option for many students.
Another factor to consider is the time commitment required. Online MBA programs can be completed in as little as two years, while on-campus programs can take up to four years to complete. This can make online MBA programs a more attractive option for busy professionals who want to earn their degree without disrupting their career.
Finally, it’s important to consider the job market. Many employers view online MBA programs favorably, and some employers even prefer candidates who have earned their degree online. This means that graduates of online MBA programs may have an easier time landing a job after graduation.
Overall, the affordability of online MBA programs makes them a worth financial challenge for many students. With lower tuition costs and a shorter time commitment, online MBA programs offer a lot of value for the investment. And in today’s job market, an online MBA can give graduates a competitive edge when it comes to landing a
Graduation Rates
Choosing an affordable online MBA program is a smart financial decision, but it’s also important to consider the graduation rates of each school you’re considering. A higher graduation rate means that more students are able to complete the program and earn their degree, which is a good indicator of the quality of the program. The National Center for Education Statistics reports the average graduation rate for all online MBA programs at 40%. However, there is a wide range in graduation rates among different schools, so be sure to do your research before making a decision.
Some of the most affordable online MBA programs also have some of the highest graduation rates. For example, Indiana University’s Kelley School of Business has an online MBA program with a 85% graduation rate. This is significantly higher than the average, and it shows that students who choose this program are more likely to succeed.
It’s also important to consider the financial investment you’re making when choosing an online MBA program. Some programs may have lower tuition costs, but they also have lower graduation rates. This means that you could end up paying more in the long run if you don’t graduate from the program. On the other hand, programs with higher
Conclusion
The decision to pursue an online MBA is a personal one, and there are many factors to consider before making the investment. While an affordable online MBA may be more attainable than a traditional on-campus program, it’s important to weigh the financial challenges carefully before enrolling. But with careful planning and budgeting, an affordable online MBA can be well worth the investment.
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