With a growing rate of distance education courses available, finding an online MBA program that fits your budget is much easier than it has been in the past. A few schools stand out as true leaders when it comes to affordable tuition prices for this type of graduate degree.
Online MBA Programs at Budget-Friendly Prices
1. Wayne State College
With all students paying only $370.75 per credit hour, Wayne State College deserves the top spot for the most affordable online MBA program. After completing the required 30 credit hours, students can expect to pay $11,122.50 in tuition for the entire program. By keeping resident and non-resident costs the same, Wayne State College opens the door for students from all over the country to receive a quality business degree that is accredited by the International Assembly for Collegiate Business Education (IACBE).\
The program has been recognized by OnlineCollege.org as one of the cheapest online MBAs available and is ranked 31 on GetEducated.com's list of Best Affordable Regionally Accredited MBA Online Programs.
The costs aren't the only selling point for this program. In fact, testimonials from students explain how Wayne State's MBA has helped them be successful. Among the best qualities students, who give the program and overall 90-percent favorable rating, note that the coursework helps them prepare for real life job situations, and many students love the convenience of online classes and coursework.
Interested students can complete an online application for enrollment. For those interested in receiving financial aid, the FAFSA should be completed. Although graduate students will only have access to federal loans, individuals may want to consider utilizing employer reimbursements or outside scholarships to pay for the program.
2. Amberton University
To complete this 36 hour program, students will spend $726 per course, or $9,540 for the entire program. Like Wayne State, costs are the same whether a student is an in-state or out-of-state student. By offering such a budget-friendly MBA, Amberton has found itself among the ranks of the most affordable online MBA programs out there. Currently, Amberton is ranked 3rd in affordability by OnlineU.org, 3rd by GetEducated.com, and is also mentioned on the OnlineCollege.org list.
Overall, students seem very pleased with their MBA experience, many noting that they are pleased with the overall flexibility and cost effectiveness of the program. A few students even sited it as being great for the working professional.
Although Amberton is a non-profit institution, it does not utilize federal financial aid programs. Students who need financial assistance can apply for a private loan or utilize one of the many payment options that are offered through the university.
Students who wish to apply to the program can do so on Amberton's application page.
3. Chadron State College
Students who wish to take shorter eight week classes may want to consider the online MBA program at Chadron State College. With 36 credit hours to complete and a per hour cost of $348.75 for online courses, students can graduate from the program for $10,125. Due to its affordability, the program has been ranked 4th by OnlineMBA, 5th by GetEducated.com, and has made the OnlineCollege.org list for cheapest online MBA degrees.
A busy working professional who graduated with her MBA had this to say about her experience: "Do not assume that because the program is reasonable in cost that the quality of instruction and education does not match normal college standards." -tsiyvwiya
Wondering about accreditation? Chadron's MBA is recognized by the Accreditation Council for Business Schools & Programs (ACBSP) so you can be assured that you'll receive a solid business education.
The college also offers financial aid through the FAFSA and various scholarships. It is recommended that students complete their financial aid documentation as soon as possible. For students who are ready to apply, an online application is available and no fee is required to submit it.
4. Southern Arkansas University
Southern Arkansas offers an affordable program for both in-state and out-of-state students. Arkansas residents can expect to pay $262 per credit hour while all others will pay $390. Upon completion of the 30 hour MBA, in-state students will have paid $7,860 in tuition while out-of-state students will have paid $11,700. These low costs are the reason Southern Arkansas was ranked as one of the 25 most affordable online MBAs by OnlineU.
Stand Out Program
With an accreditation by the AACSB, the program has demonstrated its commitment to providing a quality education experience for all students. Dr. Hough, MBA Director, provides some insight into the program and why the AACSB accreditation makes it stand out: "Fewer than 5% of all business programs worldwide are accredited by AACSB, which indicates the quality of our program...SAU offers quality faculty, staff and classes, as attested to by our AACSB accreditation."
Students seeking financial assistance should complete the FAFSA and browse through the list of available scholarships through Southern Arkansas. Already interested in applying for enrollment? Simply go to the online application and fill out the requested information.
5. Cameron University
Rounding out the top five most affordable online MBA programs is Cameron University. Each student's educational background will determine how many credit hours will need to be completed in order to get the degree. For example, undergraduate business majors may only need to complete 33 hours whereas non-business majors will need to complete over 40. Oklahoma residents who enroll will pay $245 per credit hour while non-residents will pay $345. For a 33 hour program, that totals $9,075 for in-state students and $11,385 for out-of-state students. By offering an affordable education for all students, Cameron is ranked on OnlineMBA as one of the lowest cost options for earning an MBA online.
Cameron University's School of Business seeks to provide students with the best education possible, which is why it has maintained an ACBSP accreditation. Dr. John Camey, Dean of the School of Business, states: "Our efforts are intended to develop a diverse student body into a group of successful and ethical professionals equipped to compete in a changing global economy."
Prospective students can complete the FAFSA to be eligible for federal financial assistance and can complete a graduate application online.
Make Your Program Even More Affordable
Students who have gaps in their financial aid or who want to minimize the amount of loans they have to take out should consider alternative funding options. For example, some employers offer tuition reimbursement plans. There are also a number of scholarships for graduate students listed on Peterson's and FastWeb that are worth applying for. Remember, higher education is an investment and only you can decide whether it's worth the extra money or not.