How to Get an Online MBA Degree for Less
Many people are willing to earn an MBA degree online because of flexible learning schedules.
However, just like traditional MBA programs, online MBA programs also involve a considerable amount of tuition fees. The average costs of earning an online MBA degree can range from $7,000 to $120,000 or higher. It’s not a small amount of money for many of us. Is it possible to reduce the costs? Some useful strategies can help minimize your total costs of earning an online MBA.
• Choose an Affordable Program
The tuition rates for different MBA programs vary significantly. Now a large variety of online schools offer MBA programs. Generally, all online MBA programs do have credit requirements. It means that you must complete certain credit hours of study toward successful graduation. For example, if you’re planning to earn your MBA through Liberty University Online, you can either choose 36 or 45 credit hours to get your degree.
Traditional MBA programs usually require two years of study. However, if you want to save money, accelerated online MBA programs may be preferable options. Accelerated online MBA programs can be completed in approximately 10 months only. As opposed to traditional MBA programs, accelerated online programs can save you both time and money.
You may still have no idea of the costs of a top MBA degree. I’ll give you some statistics. You may have to spend up to $158,800 on an MBA degree at Harvard. MBA students at Stanford can pay $166,812 to earn a degree. You might be surprised to learn the overwhelming costs for an MBA degree.
So it’s extremely important to choose an affordable online MBA program. Tuition is not the only standard to determine the program’s affordability. You also need to focus on possible sources of financial aid for eligible online students. Some affordable online MBA programs are listed for your reference.
• Ball State University ($11,100 – $12,210 for local Indiana residents)
• Florida State University ($22,559 for Florida residents)
• Southwest Missouri State University ($8,976 for Missouri residents and $15,857 for non-Missouri residents)
• Oklahoma State University ($12,276 for Oklahoma students)
Note: The total cost is calculated based on the tuition rate and credit requirements. For instance, the online MBA program at Oklahoma State University requires a total of 36 credit hours for graduation. And the tuition rate is $341 per credit hour for Oklahoma residents. Then you’ll work out your total costs: $12,276.
• Get All Kinds of Discounts and Financial Aid You Qualify for
To make your tuition rates more affordable, you should take advantage of all kinds of tuition discounts and financial aid. Most online MBA programs offer special discounted tuition rates for military personnel. For example, Oklahoma State University has a special rate of $325 per credit hour for active duty military students taking online MBA classes.
If you want to lower your costs of earning an online MBA degree, you also need to apply for financial aid. Complete the Free Application for Federal Student Aid and then you may qualify for many sources of financial aid, like federal student loans, federal grants and scholarships. In addition, most schools have special scholarships, local grants and work study programs for enrolled MBA students.
When you visit the school’s website and check through the specific online MBA program, you can always find a section of tuition and financial aid. Then you can find out your eligibility to receive any scholarship or grant to remove your financial pressure. Or you can contact your school’s financial aid department directly. They will give you a detailed analysis on what kinds of financial aid you qualify for.
• Opt for Employer Sponsored Programs
Sometimes financial assistance can not significantly reduce your total costs of earning an online degree. You may still have to take out student loans to pay for the program. However, a student loan may put you in debt after graduation for many years.
In fact, you don’t have to rely on student loans. Many employers are willing to pay for an MBA degree. The employer-sponsored tuition programs won’t cost you a penny. Ask your employer and you may get good news.
Why your employer is willing to pay for your online MBA degree? The reason is quite simple. After you’ve earned your MBA degree, you will be able to work better for your employer. Most companies now believe in the importance of continuing education to the work force. So when you need to finance your online MBA education, never hesitate to ask your employer whether he/she can help pay the bills. Your best deal is to convince your employer to provide complete or partial sponsorship for your online studies.
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