1. Education

How Much Does It Cost to Earn an MBA Degree?

MBA Degree Overview

By

When most people consider getting an MBA degree, one of the first things they want to know is how much it is going to cost. The truth is that the price of an MBA degree can vary. Much of the cost is dependent on the program you choose, the availability of scholarships and other types of financial aid, the amount of income you may miss from not working, the cost of housing, commuting costs, and other school-related fees.

Average Cost of an MBA Degree

Although the cost of an MBA degree can vary, the average tuition for a two-year MBA program exceeds $60,000. If you attend one of the top business schools in the U.S., you can expect to pay as much as $100,000 or more in tuition and fees.

Average Cost of an MBA Degree

The price of an online MBA degree is very similar to that of a campus-based degree. Tuition costs range from $7,000 to more than $120,000. Top business schools are typically on the higher end of the scale, but non-ranked schools can also charge exorbitant fees.

Advertised Costs vs. Actual Costs

It is important to note that the advertised cost of tuition may be lower than the amount you are actually required to pay. If you get scholarships, grants, or other types of financial aid, you may be able to cut your MBA degree tuition in half. Your employer may also be willing to pay for all or at least part of your MBA program costs.

You should also be aware that tuition costs do not encompass other fees associated with earning an MBA degree. You will need to pay for books, school supplies (such as a laptop and software), and maybe even boarding expenses. These costs can really add up over two years and could leave you deeper in debt than you expected.

How to Get an MBA Degree for Less

Many schools offer special aid programs for needy students. You can learn about these programs by visiting school websites and contacting individual aid offices. Getting a scholarship, grant, or fellowship can remove much of the financial pressure that comes along with getting an MBA degree.

Other alternatives include sites like GreenNote and employer-sponsored tuition programs. If you can't get someone to help you pay for your MBA degree, you can take out student loans to pay for your higher education. This route can leave you in debt for a number of years, but many students consider the payoff of an MBA well worth the resulting student loan payments.

You can read more about paying for an MBA degree by clicking on the links below:

©2014 About.com. All rights reserved.