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Choosing a Master of Business Administration (MBA) program can be challenging due to many considerations, the chief among them being cost. The cost of different online MBA degree programs might vary by a wide margin based on several variables and factors. On the other hand, the potential increase in earnings that getting an MBA can provide can frequently compensate for the cost of these programs. Several high-quality online MBA programs are available at various price points, with features corresponding to increased costs. Online Masters Colleges (OMC) analyzed a host of online MBA programs to assist students who compare program prices and understand the aspects that contribute to their variances. Read this student guide to find out more about the Online MBA Cost.
www.onlinemasterscolleges.com is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site.
Southern New Hampshire University is a private, nonprofit, accredited institution with more than 3,000 on-campus students and over 60,000 online students, making us one of the fastest-growing universities in the country. Founded in 1932, we’ve been relentlessly reinventing higher education ever since and have gained national recognition for our dedication to helping students transform their lives and the lives of those around them.
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The total cost of an online MBA program is determined by various factors. Students from within and outside of the state may be required to pay a different amount for tuition, and the costs of attending a private college are often higher than those of a public school. MBA programs that are more well-known or prestigious and programs that provide a greater number of services both before and after graduation may charge higher tuition.
Because various regions have greater costs of living, an institution’s physical location is another factor that contributes to the overall cost. Fortunately, online students are not physically present at the school and therefore not impacted in any way by the cost of living in the surrounding area. Almost all online students can reduce their expenses related to travel and housing.
Tuition is only one component of the overall price of an online MBA degree. Students are responsible for paying for their own textbooks and materials, in addition to any additional costs that may apply, such as buying or upgrading their computers, investing in computer accessories, getting a high-speed internet connection, etc. Students may also have to reduce the number of hours they work or look for lower-paying jobs that provide greater flexibility for their academic pursuits, both of which may result in a decrease in income while they are enrolled in a program.
There are plenty of additional MBA charges that crop up throughout the duration of an online MBA program, over and above the tuition fees. Textbooks and other essential resources for classes are typically not provided free of charge to students. Most colleges charge their students various costs, including application, registration, and graduation fees. Because they do not use on-campus services, online students are frequently excused from facility or library fees; nevertheless, they may be required to pay specific online fees instead.
Here is an example of some of the various fee components colleges tend to charge their on-campus and online MBA students:
Component | On-Campus (In-State) | On-Campus (Out of-State) | Online (In & Out-of-State) |
---|---|---|---|
Registration Fee | $20 per Semester | $20 per Semester | NA |
Application Fee | $50 | $50 | $50 |
Tuition Fee | $400 per Credit | $1,143.75 per Credit | $630 per Credit |
Technology Fee | $11 per Credit | $11 per Credit | NA |
Library Fee | $6.25 per Credit | $6.25 per Credit | NA |
Program/Facility Fee | $375 | $375 | NA |
Graduation Fee | $25 | $25 | $25 |
Online Course Fee | $35 | $35 | NA |
Total | $922.25 | $1,666 | $705 |
Source: The University of Nebraska Lincoln, Fall 2019
The table above shows that online students pay significantly less for their MBA programs than their on-campus peers.
An important point to note is that the average cost of attendance at a private institution is far higher than that of a public university, which is why public universities are at the bottom of this list when it comes to costs.
While almost all online MBA programs provide good value for the amount they charge their students, here is a look at what higher-costing ones provide for the extra pay students pay:
So, how does one choose the best online MBA program based on cost? Listed below are some crucial aspects of business schools and their MBA. Students should check to see if (a) the college and program meet their academic goals and (b) if the program is worth investing in, based on each aspect:
Students who want to earn a Master of Business Administration degree must devote not only financial resources but also their time and effort. Researching the various services colleges offer as part of their academic programs is a good idea for prospective students.
There are a few ways of bringing the overall cost of an online MBA down. Although seeking financial aid may not quite qualify as ‘reducing cost’, they reduce the amount of money one has to dish out from one’s pocket. Here are some ideas that can help students save on an online MBA:
The total cost of getting an online MBA is significantly more than the tuition rates alone imply. Examine the school’s website to determine the total cost of the MBA, including tuition and any other applicable fees, before selecting a program to pursue. These fees could include an application fee, a registration fee, a fee for using technology, a fee for using the library, a fee for using a program or facility, a fee for graduating, an international student fee, and a graduation fee and more. Online students may be required to pay additional fees for participation in specific programs, although they may not have to pay for other components that traditional students would pay. Additionally, the tuition fees of an MBA program vary from school to school; therefore, students need to determine whether or not their tuition covers the cost of textbooks and supplies. It may be tough to unearth any hidden charges; if one feels confused or overwhelmed, it is best to talk to an admissions counselor.
In most cases, an online MBA is equivalent to an on-campus MBA, if not better. If the school offering the online MBA program is reputed, accredited, and has well-trained and experienced faculty, the culminating master’s degree is just as valuable as an offline-earned degree. Employers, too, do not generally differentiate between online and traditional MBA graduates.
Learners who enroll in online MBA programs have the advantage of studying from the comfort of their own homes, and most online students can maintain employment while pursuing their degrees. Earning money while attending school can assist in paying for the degree and lower the amount of debt incurred by the student. Although this is a significant cost-benefit, ultimately, prospective students should investigate the relative expenses of digital versus physical course materials and programs while comparing on-campus and online MBA programs to help determine the best educational option for them.
Before enrolling in a Master of Business Administration program, prospective students should carefully consider both the financial and time commitments required of them. Graduates often have improved career chances because of having an advanced degree in addition to business skills, despite the considerable financial expenditure. MBA graduates earn an average starting income of $75,197 per year, according to a 2020 Salary Survey by the National Association of Colleges and Employers (NACE). This is over $17,000 per year, more than the average for those who hold a bachelor’s degree. So arguably, doing an online MBA is worth it.
For students looking for more information on various online MBA programs and everything related to MBAs and master’s degrees, Online Masters Colleges (OMC) has in-depth, comprehensive guides to pursue. Read up on:
Also, check out other valuable resources, such as:
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