Have you considered getting an MBA degree? Then you must know that one of the factors you must have taken into consideration is how much it will cost you to run the program. The truth is that the cost of MBA programs varies from one school to another.
In most cases, however, the cost of an MBA program depends significantly on the following:
• MBA program you choose to study
• The availability of financial aid or scholarships, etc.
• Commuting costs
• Housing costs
• How much money you lose by studying as a full-time student, etc.
What is the average cost of an MBA degree for full-time students?
It was mentioned earlier in this article that MBA programs vary from one institution to another. However, a two-year MBA program can cost over $60,000, but at prestigious business schools, especially in the United States, you should expect to pay nothing less than $100,000 or even more in fees and tuition.
The cost of an online MBA degree is very much similar to that of campus-based or physical MBA degree. An online MBA degree can cost from $7,000 to over $120,000 in tuition and fees. Prestigious business schools that offer online options may cost slightly higher, but even schools that are not ranked at all can still charge outrageous fees.
Another important detail you should take note of is that you should not be taken in by the advertised cost of tuition in business schools. This is because they are typically lower than the amount that you will end up paying when you get admitted for the MBA program.
But then, if you are lucky enough to get grants, scholarships or any other financial aid, you will be able to reduce your MBA degree tuition by at least half. If you have a good employer, they may be willing to sponsor your MBA program entirely or partially by paying all or part of the cost.
Take note that tuition costs are entirely different from other fees; this means that you may have to pay additional fees that are associated with MBA programs. You will be required t pay for school supplies, e.g. a computer and software, books, boarding expenses (if you prefer the campus-based option), etc.
These costs can add up significantly over two years, and if you are not careful, you may find yourself deep in debt at the end of the program.
But you can get an MBA degree for much less by taking advantage of the special aid programs that some business schools offer. These programs are earmarked for needy students, and you can get more information about them by contacting aid offices or visiting individual the school websites.
Getting a grant, fellowship or even scholarship can go a long way in easing the financial pressure that is associated with earning an MBA degree.
You should also ask around to see if you can take employer-sponsored tuition programs. You can take student loans as well, though you may be in debt for several years, it will be worth it in the end.