What Does an Online MBA Cost? Paying for Tuition, Fees & Other Common Expenses
Students at brick-and-mortar institutions spend an average of $140,000 to obtain an MBA degree in full-time programs. This cost includes tuition and fees, textbooks, living expenses and transportation. With so much money on the line, many students are searching for ways to save on their education costs. Signing up for an online MBA program can cut costs for students significantly. Find out the average cost of an online MBA program and how to plan for tuition, fees and other common expenses.
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The Cost of an Online MBA in 2019
The cost of an online MBA can vary significantly depending on factors such as the program length, whether the student is eligible for in-state or out-of-state tuition, and more. The average cost per credit hour is $841 for in-state tuition and $963 for out-of-state, with the average tuition cost ranging from $35,489.27 for in-state students to $39,842.20 for out-of-state students. Search through the programs below to see what an online MBA costs at the following schools.
| School | Location | Cost Per Credit (In State) | Cost Per Credit (Out of State) | Minimum # of Credits Required | Estimated Cost of Program (In State) | Estimated Cost of Program (Out of State) |
|---|---|---|---|---|---|---|
| University of Alaska Fairbanks | Fairbanks, AK | $466.00 | $979.00 | 30 | $13,980.00 | $29,370.00 |
| Auburn University | Auburn, AL | $875.00 | $875.00 | 39 | $34,125.00 | $34,125.00 |
| Samford University | Birmingham, AL | $837.00 | $837.00 | 36 | $30,132.00 | $30,132.00 |
| University of Alabama at Birmingham | Birmingham, AL | $437.00 | $995.00 | 36 | $15,732.00 | $35,820.00 |
| Jacksonville State University | Jacksonville, AL | $432.00 | $432.00 | 30 | $12,960.00 | $12,960.00 |
| Auburn University at Montgomery | Montgomery, AL | $482.00 | $492.00 | 30 | $14,460.00 | $14,760.00 |
| University of Central Arkansas | Conway, AR | $459.26 | $459.26 | 30 | $13,777.80 | $13,777.80 |
| University of Arkansas | Fayetteville, AR | $1,144.74 | $1,144.74 | 38 | $43,500.00 | $43,500.00 |
| Arkansas State University | Jonesboro, AR | $610.00 | $610.00 | 33 | $20,130.00 | $20,130.00 |
| Southern Arkansas University | Magnolia, AR | $285.00 | $437.00 | 30 | $9,960.00 | $14,010.00 |
| Arizona State University | Tempe, AZ | N/A | N/A | N/A | $57,800.00 | $60,500.00 |
| The University of Arizona | Tucson, AZ | $1,026.00 | $1,026.00 | 45 | $46,170.00 | $46,170.00 |
| University of Southern California | Los Angeles, CA | N/A | N/A | 51 | $99,437.00 | $99,437.00 |
| Pepperdine University | Malibu, CA | $1,715.00 | $1,715.00 | 52 | $89,180.00 | $89,180.00 |
| Saint Mary’s College of California | Moraga, CA | N/A | N/A | N/A | $74,400.00 | $74,400.00 |
| California State Polytechnic University Pomon | Pomona, CA | N/A | N/A | 36 | $27,293.20 | $41,549.20 |
| California State University, San Bernardino | San Bernardino , CA | $750.00 | $750.00 | 48 | $36,000.00 | $36,000.00 |
| San Jose State University | San Jose, CA | $850.00 | $850.00 | 30 | $35,700.00 | $35,700.00 |
| Santa Clara University | Santa Clara, CA | $1,178.00 | $1,178.00 | 42 | $49,476.00 | $49,476.00 |
| California State University, Stanislaus | Stanislaus, CA | $920.00 | $920.00 | 30 | $27,600.00 | $27,600.00 |
| University of Colorado Colorado Springs | Colorado Springs, CO | $2,501.00 | $2,501.00 | 36 | $90,036.00 | $90,036.00 |
| University of Colorado Denver | Denver, CO | $621.00 | $725.00 | 48 | $29,808.00 | $34,800.00 |
| Colorado State University | Fort Collins, CO | $974.00 | $974.00 | 42 | $41,599.00 | $41,599.00 |
| Colorado State University-Pueblo | Pueblo, CO | $518.03 | $518.03 | 36 | $18,649.10 | $18,649.10 |
| Quinnipiac University | Hamden, CT | $935.00 | $935.00 | 25 | $23,375.00 | $23,375.00 |
| Central Connecticut State University | New Britain, CT | $685.00 | $767.00 | 30 | $20,550.00 | $23,010.00 |
| University of Connecticut | Storrs, CT | $900.00 | $900.00 | 57 | $51,300.00 | $51,300.00 |
| American University | Massachusetts Avenue, DC | $1,708.00 | $1,708.00 | 48 | $81,984.00 | $81,984.00 |
| The George Washington University | Washington, DC | $1,825.00 | $1,825.00 | 55.5 | $101,288.00 | $101,288.00 |
| University of Delaware | Newark, DE | $812.50 | $812.50 | 44 | $35,750.00 | $35,750.00 |
| Florida Atlantic University | Boca Raton, FL | $800.00 | $800.00 | 40 | $32,000.00 | $32,000.00 |
| Florida Gulf Coast University | Fort Myers, FL | $373.38 | $1,300.66 | 45 | $16,802.10 | $58,529.70 |
| University of Florida | Gainesville, FL | N/A | N/A | 48 | $59,807.50 | $59,807.50 |
| Barry University | Miami Shores, FL | $550.00 | $550.00 | 36 | $19,800.00 | $19,800.00 |
| University of West Florida | Pensacola, FL | $456.50 | $456.50 | 33 | $15,064.50 | $15,064.50 |
| Florida State University | Tallahassee, FL | $780.18 | $810.24 | 39 | $30,427.00 | $31,599.40 |
| University of South Florida | Tampa, FL | $900.00 | $900.00 | 32 | $28,800.00 | $28,800.00 |
| Georgia Southwestern State University | Americus, GA | $257.00 | $257.00 | 30 | $7,710.00 | $7,710.00 |
| Mercer University-Macon and Atlanta Campuses | Macon, GA | $755.00 | $755.00 | 36 | $27,180.00 | $27,180.00 |
| Georgia College & State University | Milledgeville, GA | $739.00 | $739.00 | 30 | $22,870.00 | $22,870.00 |
| Georgia Southern University | Statesboro, GA | $739.00 | $739.00 | 30 | $23,620.00 | $23,620.00 |
| Boise State University | Boise, ID | $750.00 | $750.00 | 49 | $36,750.00 | $36,750.00 |
| Southern Illinois University Carbondale | Carbondale, IL | $853.66 | $853.66 | 42 | $36,000.00 | $36,000.00 |
| University of Illinois at Urbana-Champaign | Champaign, IL | N/A | N/A | N/A | $20,000.00 | $20,000.00 |
| Eastern Illinois University | Charleston, IL | $600.00 | $600.00 | 33 | $22,673.80 | $22,673.80 |
| Southern Illinois University Edwardsville | Edwardsville, IL | $422.55 | $423.00 | 36 | $15,211.80 | $15,211.80 |
| Western Illinois University | Macomb, IL | $373.64 | $373.64 | 33 | $12,330.10 | $12,330.10 |
| Governors State University | University Park, IL | $406.00 | $812.00 | 36 | $14,616.00 | $29,232.00 |
| Indiana University Bloomington/Indianapolis | Bloomington, IN | $1,330.00 | $1,330.00 | 39 | $51,870.00 | $51,870.00 |
| University of Southern Indiana | Evansville, IN | $430.00 | $430.00 | 30 | $12,900.00 | $12,900.00 |
| Emporia State University | Emporia, KS | $350.00 | $350.00 | 36 | $12,600.00 | $12,600.00 |
| University of Kansas | Lawrence, KS | $850.00 | $850.00 | 30 | $35,700.00 | $35,700.00 |
| Wichita State University | Wichita, KS | $446.82 | $446.82 | 36 | $16,085.50 | $16,085.50 |
| Northern Kentucky University | Highland Heights, KY | $499.00 | $499.00 | 33 | $16,995.00 | $16,995.00 |
| Morehead State University | Morehead, KY | $585.00 | $585.00 | 36 | $21,060.00 | $21,060.00 |
| Louisiana State University | Baton Rouge, LA | $1,110.00 | $1,110.00 | 42 | $46,620.00 | $46,620.00 |
| McNeese State University | Lake Charles, LA | $1,383.85 | $1,383.85 | 30 | $41,515.50 | $41,515.50 |
| Louisiana Tech University | Ruston, LA | $1,057.00 | $1,057.00 | 30 | $31,710.00 | $31,710.00 |
| Louisiana State University in Shreveport | Shreveport, LA | $415.80 | $415.80 | 30 | $12,473.90 | $12,473.90 |
| University of Massachusetts Amherst | Amherst, MA | $900.00 | $900.00 | 39 | $35,100.00 | $35,100.00 |
| Babson Colleg | Babson Park, MA | $1,907.00 | $1,907.00 | 46 | $87,722.00 | $87,722.00 |
| Simmons College | Boston, MA | $1,445.00 | $1,445.00 | 48 | $69,360.00 | $69,360.00 |
| Northeastern University | Boston, MA | $1,600.00 | $1,600.00 | 50 | $80,000.00 | $80,000.00 |
| Hult International Business School | Cambridge, MA | N/A | N/A | N/A | $85,000.00 | $85,500.00 |
| University of Massachusetts Dartmouth | Dartmouth, MA | $1,914.00 | $1,914.00 | 30 | $57,420.00 | $57,420.00 |
| Morgan State University | Baltimore, MD | $514.50 | $932.50 | 36 | $18,522.00 | $33,570.00 |
| Johns Hopkins | Baltimore , MD | $1,370.00 | $1,370.00 | 54 | $73,980.00 | $73,980.00 |
| Salisbury University | Salisbury, MD | $750.00 | $750.00 | 30 | $22,500.00 | $22,500.00 |
| The University of Michigan-Dearborn | Dearborn, MI | $708.00 | $1,197.00 | 36 | $25,488.00 | $43,092.00 |
| Grand Valley State Universit | Grand Rapids, MI | $686.00 | $686.00 | 36 | $24,696.00 | $24,696.00 |
| Central Michigan University | Mount Pleasant, MI | $600.00 | $600.00 | 40 | $24,000.00 | $24,000.00 |
| Lawrence Technological University | Southfield, MI | $1,150.00 | $1,150.00 | 36 | $41,400.00 | $41,400.00 |
| Eastern Michigan University | Ypsilant, MI | $887.00 | $887.00 | 36 | $31,932.00 | $31,932.00 |
| Minnesota State University Moorhead | Moorhead, MN | $444.00 | $828.00 | 37 | $16,428.00 | $30,636.00 |
| University of St. Thomas-Minnesota | St Paul, MN | $1,172.00 | $1,172.00 | 45 | $52,740.00 | $52,740.00 |
| St. Cloud State University | St. Cloud, MN | $604.09 | $604.09 | 36 | $23,000.00 | $23,000.00 |
| Missouri Western State University | St. Joseph, MO | $500.00 | $500.00 | 30 | $15,000.00 | $15,000.00 |
| Jackson State University | Jackson, MS | $462.00 | $624.00 | 33 | $15,246.00 | $20,592.00 |
| Mississippi College | St. Clinton, MS | $588.00 | $588.00 | 30 | $17,640.00 | $17,640.00 |
| Mississippi State University | Starkville, MS | $499.50 | $499.50 | 30 | $14,985.00 | $14,985.00 |
| The University of Mississippi | University, MS | $700.00 | $700.00 | 36 | $25,200.00 | $25,200.00 |
| The University of North Carolina at Chapel Hill | Chapel Hill, NC | $1,884.02 | $1,884.02 | 66 | $124,345.00 | $124,345.00 |
| Queens University of Charlotte | Charlotte, NC | $1,133.00 | $1,133.00 | 36 | $40,788.00 | $40,788.00 |
| The University of North Carolina at Greensboro | Greensboro, NC | N/A | N/A | 33 | $24,169.00 | $57,297.00 |
| East Carolina University | Greenville, NC | $1,122.78 | $3,056.46 | 54 | $60,630.10 | $165,049.00 |
| The University of North Carolina at Pembroke | Pembroke, NC | $221.08 | $773.73 | 36 | $9,367.08 | $29,262.50 |
| North Carolina State University | Raleigh, NC | $1,144.88 | $1,976.88 | 56 | $44,555.00 | $74,555.00 |
| University of North Carolina Wilmington | Wilmington, NC | N/A | N/A | 36 | $15,000.00 | $15,000.00 |
| The University of North Dakota | Grand Forks, ND | $404.06 | $404.06 | 43 | $17,374.60 | $17,374.60 |
| University of Nebraska at Kearney | Kearney, NE | $359.25 | $539.25 | 33 | $11,855.20 | $17,795.20 |
| University of Nebraska-Lincoln | Lincoln, NE | $630.00 | $630.00 | 48 | $30,240.00 | $30,240.00 |
| Creighton University | Omaha, NE | $1,100.00 | $1,100.00 | 33 | $36,300.00 | $36,300.00 |
| University of New Hampshire | Durham, NH | $800.00 | $910.00 | 48 | $38,400.00 | $43,680.00 |
| Rutgers School of Business at Camden | Camden, NJ | N/A | N/A | N/A | $11,675.50 | $19,804.00 |
| Rowan University | Glassboro, NJ | $909.00 | $909.00 | 36 | $32,724.00 | $32,724.00 |
| Rider University | Lawrenceville, NJ | $1,185.00 | $1,185.00 | 33 | $39,105.00 | $39,105.00 |
| Montclair State University | Montclair, NJ | $830.56 | $830.56 | 36 | $29,900.00 | $29,900.00 |
| New Jersey Institute of Technology | Newark, NJ | $1,073.00 | $1,248.00 | 48 | $51,504.00 | $59,904.00 |
| Seton Hall University | South Orange, NJ | $1,279.00 | $1,279.00 | 40 | $51,160.00 | $51,160.00 |
| New Mexico State University | Las Cruces, NM | $603.00 | $1,859.78 | 36 | $21,708.00 | $66,952.10 |
| University of Nevada, Reno | Reno, NV | N/A | N/A | 36 | $30,000.00 | $30,000.00 |
| St. Bonaventure University | Bonaventure, NY | $755.00 | $755.00 | 42 | $31,710.00 | $31,710.00 |
| State University of New York College at Brockport | Brockport, NY | $653.99 | $1,056.99 | 36 | $23,543.60 | $38,051.60 |
| Adelphi University | Garden, NY | $1,165.00 | $1,165.00 | 42 | $53,490.00 | $53,490.00 |
| Hofstra University | Hempstead, NY | $1,375.00 | $1,375.00 | 38 | $52,250.00 | $52,250.00 |
| State University of New York at New Paltz | New Paltz, NY | $600.00 | $1,016.00 | 36 | $21,600.00 | $36,576.00 |
| Niagara University | New York, NY | $795.00 | $795.00 | 51 | $40,545.00 | $40,545.00 |
| State University of New York at Oswego | Oswego, NY | $619.00 | $743.00 | 36 | $22,284.00 | $26,748.00 |
| Clarkson University | Potsdam, NY | $1,174.00 | $1,174.00 | 48 | $56,352.00 | $56,352.00 |
| Marist College | Poughkeepsie, NY | $800.00 | $800.00 | 36 | $28,800.00 | $28,800.00 |
| St. John’s University | Queens, NY | $1,245.00 | $1,245.00 | 36 | $44,820.00 | $44,820.00 |
| Syracuse University | Syracuse, NY | $1,559.00 | $1,559.00 | 54 | $84,186.00 | $84,186.00 |
| University of Cincinnati | Cincinnati, OH | $890.00 | $905.00 | 38 | $33,820.00 | $34,390.00 |
| Xavier University | Cincinnati, OH | $815.00 | $815.00 | 39 | $31,785.00 | $31,785.00 |
| University of Dayton | Dayton, OH | $1,290.00 | $1,290.00 | 30 | $38,700.00 | $38,700.00 |
| Wright State University | Dayton, OH | $660.00 | $1,125.00 | 33 | $21,780.00 | $37,125.00 |
| Kent State University | Kent, OH | $830.00 | $830.00 | 36 | $29,880.00 | $29,880.00 |
| Youngstown State University | Youngstown, OH | $439.25 | $717.45 | 39 | $17,130.80 | $27,980.60 |
| Southeastern Oklahoma State University | Durant, OK | $330.00 | $330.00 | 36 | $11,880.00 | $11,880.00 |
| Oklahoma State University | Stillwater, OK | $502.70 | $628.75 | 42 | $21,113.40 | $26,407.50 |
| Widener University | Chester, PA | $1,004.00 | $1,004.00 | 33 | $33,132.00 | $33,132.00 |
| Clarion University of Pennsylvania | Clarion, PA | $655.05 | $746.35 | 30 | $19,651.50 | $22,390.50 |
| The Pennsylvania State University at Harrisburg | Middletown, PA | $874.00 | $1,336.00 | 30 | $26,220.00 | $40,080.00 |
| La Salle University | Philadelphia, PA | $897.00 | $897.00 | 33 | $29,601.00 | $29,601.00 |
| Temple University | Philadelphia, PA | $1,245.00 | $1,245.00 | 48 | $59,760.00 | $59,760.00 |
| Drexel University | Philadelphia, PA | $1,151.00 | $1,151.00 | 49 | $56,399.00 | $56,399.00 |
| Saint Joseph’s University | Philadelphia, PA | $1,043.00 | $1,043.00 | 53 | $55,279.00 | $55,279.00 |
| Carnegie Mellon University | Pittsburgh, PA | $640.00 | $640.00 | N/A | $133,680.00 | $133,680.00 |
| University of Scranton | Scranton, PA | $965.00 | $965.00 | 36 | $34,740.00 | $34,740.00 |
| Shippensburg University | Shippensburg, PA | $606.00 | $628.00 | 30 | $18,180.00 | $18,840.00 |
| The Pennsylvania State University | University Park, PA | $1,185.00 | $1,185.00 | 48 | $56,880.00 | $56,880.00 |
| Villanova University | Villanova, PA | $1,350.00 | $1,350.00 | 48 | $64,800.00 | $64,800.00 |
| University of South Carolina Aiken | Aiken, SC | $466.67 | $466.67 | 30 | $14,000.00 | $14,000.00 |
| Coastal Carolina University | Conway, SC | $593.00 | $1,072.00 | 30 | $17,790.00 | $32,160.00 |
| South Carolina State University | Orangeburg, SC | $607.00 | $1,194.00 | 30 | $18,210.00 | $35,820.00 |
| Winthrop University | Rock Hill, SC | $980.00 | $980.00 | 36 | $35,280.00 | $35,280.00 |
| Tennessee Technological University | Cookeville, TN | $688.00 | $1,414.00 | 30 | $20,640.00 | $42,420.00 |
| East Tennessee State University | Johnson City, TN | N/A | N/A | 36 | $30,000.00 | $30,000.00 |
| The University of Memphis | Memphis, TN | $603.00 | $1,091.00 | 33 | $18,900.00 | $22,400.00 |
| Tennessee State University | Nashville, TN | $498.00 | $1,080.00 | 36 | $17,928.00 | $38,880.00 |
| Lamar University | Beaumont, TX | N/A | N/A | 36 | $13,608.00 | $13,608.00 |
| Texas A & M University-Corpus Christi | Corpus Christi , TX | $410.45 | $410.45 | 30 | $12,313.70 | $12,313.70 |
| The University of Texas at Dallas | Dallas, TX | N/A | N/A | 53 | $49,531.00 | $84,016.00 |
| Texas Wesleyan University | Fort Worth, TX | $956.00 | $956.00 | 30 | $28,680.00 | $28,680.00 |
| Texas Southern University | Houston, TX | N/A | N/A | 36 | $36,000.00 | $36,000.00 |
| Rice University | Houston, TX | $1,935.19 | $1,935.19 | 54 | $104,500.00 | $104,500.00 |
| Sam Houston State University | Huntsville, TX | $579.25 | $579.25 | 36 | $20,853.00 | $20,853.00 |
| Texas A & M International University | Laredo, TX | $565.00 | $1,291.00 | 30 | $16,950.00 | $38,730.00 |
| Texas Tech University | Lubbock, TX | N/A | N/A | 42 | $54,000.00 | $54,000.00 |
| The University of Texas of the Permian Basin | Odessa, TX | $270.07 | $270.07 | 30 | $8,102.10 | $8,102.10 |
| Prairie View A & M University | Prairie View, TX | N/A | N/A | N/A | $42,000.00 | $42,000.00 |
| University of Houston-Victoria | Victoria, TX | $436.00 | $851.00 | 36 | $15,696.00 | $30,636.00 |
| Baylor University | Waco, TX | N/A | N/A | 48 | $51,264.00 | $51,264.00 |
| Utah State University | Logan, UT | $1,000.00 | $1,000.00 | 36 | $36,000.00 | $36,000.00 |
| University of Utah | Salt Lake, UT | $1,225.00 | $1,225.00 | 48 | $58,800.00 | $58,800.00 |
| George Mason University | Fairfax , VA | $879.00 | $879.00 | 48 | $42,192.00 | $42,192.00 |
| Longwood University | Farmville, VA | $606.00 | $1,241.00 | 36 | $21,816.00 | $44,676.00 |
| Old Dominion University | Norfolk, VA | $523.00 | $1,320.00 | 40 | $20,920.00 | $52,800.00 |
| Radford University | Radford, VA | $509.00 | $883.00 | 24 | $12,216.00 | $21,192.00 |
| Virginia Commonwealth University | Richmond, VA | $721.00 | $1,417.00 | N/A | $39,500.00 | $39,500.00 |
| College of William and Mary | Williamsburg, VA | $1,220.00 | $1,220.00 | 49 | $59,780.00 | $59,780.00 |
| Washington State University | Pullman, WA | $813.00 | $813.00 | 36 | $29,268.00 | $29,268.00 |
| University of Washington | Seattle, WA | N/A | N/A | 64 | $67,500.00 | $67,500.00 |
| University of Wisconsin-Eau Claire | Eau Claire, WI | $775.00 | $775.00 | 30 | $23,250.00 | $23,250.00 |
| Marquette University | Milwaukee, WI | $1,350.00 | $1,350.00 | 33 | $44,550.00 | $44,550.00 |
| University of Wisconsin-Whitewater | Whitewater, WI | $637.43 | $637.43 | 36 | $22,947.50 | $22,947.50 |
| Marshall University | Huntington, WV | $391.00 | $391.00 | 36 | $14,076.00 | $14,076.00 |
| University of Wyoming | Laramie, WY | $788.00 | $788.00 | 30 | $23,640.00 | $23,640.00 |
Online MBA Costs Explained:
A Detailed Look at Tuition & Fees
For most online MBA programs, tuition is broken down into a flat cost per credit hour. Credit requirements vary, but most programs fall within a range of 36-52 credit hours depending on the program and what coursework a student has previously taken. Students with certain undergraduate degrees or more experience may be able to skip some foundational coursework and graduate with fewer credit hours.
What affects tuition costs?
Tuition costs can vary widely depending on many factors, including the number of credit hours required by that particular program, if the student chooses to add on a concentration (such as finance, marketing or international business) and the student’s previous academic experience. There are two additional areas that can affect tuition:
- Is the program offered through a public or private school? Programs offered through private universities often have higher tuition rates. For example, students enrolled in the part-time online MBA program through Carnegie Mellon, a private school, will pay $132,000 in tuition for the entire program, plus fees. Those enrolled in the online MBA program through Indiana University, a public school, will pay $67, 830 in tuition, plus fees.
- Will you be paying in-state or out-of-state tuition? Traditionally, out-of-state students pay more per credit hour for tuition than those attending programs in their state. However, some online MBA programs offer the same rates for all students, regardless of location. Students should carefully review the tuition rates for any prospective programs to see which rates and fees they’ll be responsible for.
Common fees to keep in mind
Although the bulk of the program cost will come from tuition, there are often additional fees that students will be required to pay. Many online MBA programs include all fees within the per credit hour tuition cost, but unless that is explicitly stated, students should plan for additional expenses. Here are some common fees:
| Application Fee | A one-time, non-refundable fee that is required to submit an application to the school. | Varies, but typically around $65-$75. |
|---|---|---|
| Registration Fee | Typically charged each semester to register as a student at the school. | Varies. University of Massachusetts charges $47 per semester. |
| Technology Fee | Typically charged each semester, this fee covers the cost of maintaining technological services at the school for both on-campus and online students, including email, online course management systems and internet access on campus. | Varies, but may range between $75-$250 or more per semester. |
| Deposit | A non-refundable fee to secure placement in the program. The amount of the deposit is usually applied towards the first tuition payment. | Varies, but typically around $1,000. |
Different programs may use different terms for similar fees. Some programs may also charge a flat “university” or “collegiate” fee that combines most or all of the above fees.
What you’ll save in an online program
In addition to saving on transportation and the cost to relocate near or live on campus, online students typically have to pay fewer fees than those taking in-person courses. Students taking classes online through a program in another state will also often save a significant amount in tuition by avoiding out-of-state tuition rates if that program charges the same amount for all students.
Here’s a comparison of the cost of the University of Maryland’s on campus and online MBA programs.
| Fee | On Campus | Online |
|---|---|---|
| Tuition, per credit hour | $1658 in-state, $1,998 out-of-state | $1617 |
| MBBA fee | $725 | – |
| University fee | $810 per semester | – |
| Application fee | $75 | $75 |
| Technology fee | – | $153 per semester |
Other Online MBA Costs to Consider
In addition to the cost to enroll in an online MBA program, there are additional expenses to keep in mind when planning an overall budget.
- Books and other course materials Although some programs include textbooks and course materials in the overall cost, many programs will require students to purchase at least some of the materials needed. For example, Temple University estimates students will need to spend $100 per course for textbooks and course materials for its program.
- Residence program expenses Although some online MBA programs will be taught entirely online, many will require students to attend an on-campus residency or workshop programs, which typically last between three days to a week. The majority of the costs for the residency are usually included in tuition, but there may be some additional expenses that are the responsibility of the student. For example, Penn State covers tuition, lodging and meals for its residency, but doesn’t cover transportation. Many schools cover meals during the program day, but students are responsible for other meals.
- Technology requirements In addition to access to a computer and high-speed internet, common requirements for online MBA programs include Microsoft Office, Adobe Acrobat, a recent operating system, antivirus software, headphones or speakers, microphone, webcam, printer and DVD player.
- Global Immersion Experiences Many programs offer an optional Global Immersion Experience that combines a course with a trip abroad to interact with a business overseas. In addition to the cost of credits for the course, students are usually required to pay a program fee, the cost of their transportation and some expenses not covered by the program fee. The University of Florida estimates students will spend $4,400, not including transportation, on its Global Immersion Experience program.
How to Plan and Budget for Online MBA Costs
Contacting a prospective school’s financial aid office before applying may help students save money on their education. A financial aid office can guide students through the FAFSA® process and help student identify scholarship opportunities. This is only one factor in an MBA degree cost. Find out other ways to cut expenses while attending school.
- Assess the Whole Picture In addition to the tuition, fees and additional expenses related to an online MBA program, students returning to school may need to make changes in employment and childcare. Students should assess whether they’ll need to cut back on work hours, add in additional childcare hours or make other lifestyle changes to accommodate their new school schedule. This is also a good opportunity to identify costs that can be cut – i.e. eating out, unnecessary subscriptions, etc.
- Start Early Students who contact the financial aid offices of prospective schools about three months ahead of applying can get an idea of scholarship opportunities and loan information. Many schools automatically consider prospective students for scholarships when they apply, so applying at the start of the application cycle can give students an advantage. Financial aid offices can also be a great resource for students to assess the total cost of an online MBA degree. This gives students additional time to create a competitive scholarship application, write an excellent essay and score high on the GMAT.
- Talk to Students and Alumni Current MBA students and recent alumni are often great resources for those looking for ideas on how to finance their education. They can often clue prospective students into scholarship opportunities that are not well-publicized.
- Investigate All Options Not many can afford to pay for an advanced degree like an MBA degree with cash. That’s where organizations, companies and the federal government can play a role. While some options may be obvious, find out a few other options that some may not consider.
- Corporate Sponsorship Working for a company that pays for an employee’s further education is a great benefit. However, as with any financial agreement, it’s important to find out the details of what is expected. Consider the following things: the formal proposal, performance expectations, alignment with career goals and possible tax implications.
- Federal Loans Those who received federal student loans, grants or work-study funds as an undergraduate are acquainted the Free Application for Federal Student Aid (FAFSA©) process. The same holds true for MBA students. Those who complete the form may be eligible for federally funded loans: the Stafford Loan and the Grad PLUS Loan. Stafford Loan recipients are limited to $20,500 per year while recipients of the Grad PLUS loan are eligible for up to the cost of their school’s attendance.
- Private Loans Whether the loan is from a bank or a family member, students pursuing private loans may not have as much red tape to cut through. Similar to federal loans, bank-provided student loans are generally not to start repayment until six months after graduation or if the student drops below half-time status. Unlike federal loans, the interest rate may be higher and income-based payment plans may not be available. These loans are not dispensed based on financial need as the loan amount varies depending on the student’s credit and cosigners.
- Retirement Savings This may be a risky way to pay for an online MBA degree. However, for those who have saved aggressively, using money from a retirement savings account toward education may be an option. The Internal Revenue Service removes the 10% penalty for those who withdraw early for qualified education expenses. A word of caution: not all education-related expenses are considered a qualified education expense. Double check the IRS’ rules and regulations.
- Scholarships While many schools offer scholarships to MBA students, many organizations and outside companies offer funding as well. The secret? It’s not always well publicized. The trick to finding said scholarships is get specific. Look at organizations that offer scholarships based on gender, ethnicity and citizenship. Other potential opportunities include organizations that work with the intended field of study or career path, undergraduate alma mater, schools you’re applying to and any other clearly defined group to which you belong.
Learn More About Online MBA Programs
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