Is Your Tuition Costs Keeping You From Getting An MBA?
Even though the cost of an MBA can vary significantly, the median cost of a two-year MBA course is more than $60,000. If you attend one of today’s premier business schools, you could potentially pay as much as double that or more. In fact, many students who earn their degrees end up having to drop their original bachelor’s degree plans in order to complete their master’s degree. This is not uncommon – these days more students are returning to school to further their education and climb the corporate ladder.
Types of MBA programs
There are several types of MBA programs available in the United States, and you will need to consider your particular career goals when choosing the right one. The most common is the one-year program. In this case, you will take one general business course in addition to all of the electives, specializations, and electives that are offered. This allows you to choose what areas of study you would like to pursue, but since most one-year programs are limited to enrolling in about four years, it will probably cost you somewhere between six and eight thousand dollars.
Full-time MBA programs take a minimum of eight years to complete. You will spend four years going through all of the required courses and performing the core work. You will be performing work based on current company instructions and job descriptions, which experts say is extremely difficult. If you want to get hired for a management position in your current company, it might not be a good choice.
An online full-time MBA degree takes significantly less time to complete than a traditional one-time course. Typically, you can graduate in two to four years with little to no work experience. You will be able to find a variety of online programs, and the details will vary depending on the institution, but typically you will have enough work experience to qualify you for most jobs. You can use the work experience that you do have to boost your GPA and transfer credits if necessary.
Cost of MBA programs
The cost of going to a traditional MBA program is not unlimited. There are costs associated with space at a college or institution and even room and board can add up. Many students have to take out loans and pay for their own schooling. Fortunately, there are plenty of ways to help you afford the cost of your MBA degree.
Some of the things that you can do to lower the cost of your MBA degree include: getting early financial aid such as grants and scholarships, increasing your ability to transfer credits, working at a school that offers assistance, and taking advantage of reduced tuition rates that accompany a consolidation. For instance, you may be able to reduce your cost of attendance by attending a school that is tuition free for two years.
If you have an undergraduate degree already, you may also qualify for financial aid based upon your prior status. It’s also important to remember that while your average cost of attendance is going to be lower than other programs, it does not mean that you cannot attend a top program. Other factors such as class size, student-faculty ratio, and tuition can actually increase your cost.
For students who are in good standing and have no need for financial aid programs, it is typically possible to earn an associates or bachelors degree in a field that will help you get a better job once you graduate. In fact, in many cases your tuition costs will be covered completely by federal or state assistance. Federal programs include the Pell grant and the TEACH grants. Both of these programs have very low interest and require no prior academic work participates in.
While it is true that an online MBA degree will likely result in lower tuition costs, don’t let this means you aren’t qualified for financial assistance. There are a number of excellent options available for those who qualify, and there are some really great deals on the market today. As you progress in your career and choose to go back to school for a new degree, you’ll likely come across many options that will allow you to make the most of your time and money.