Category Archives for "Paying for MBA"

Earning Your MBA in the USA – Tuition and Living Cost

MBA in the USA – Tuition and Living Cost. The United States is very often called the land of opportunity, of dreams come true. It is known as a land of top quality education, of great income and the freedom to live your life the way you would like it to be. Well, I’ll tell you, everything you’ve heard about our country is entirely true.

If you would like to be a part of this culture, of this great American Dream, the easiest way to get involved is securing an education here. This will absolutely help you with establishing your reputation and securing a steady income. A quality education in the United States can be very expensive but also quite affordable. You just need to know where to go and what to choose.

Of course, in the US you can find the world’s most respected Business Schools like Stanford, Harvard, and Wharton that offer MBA programs that come with a price tag, but you as well can find many MBA programs that will offer you quality education at much lower prices.
In case you want to study in the United States, a point of consideration must be the cost of tuition fees, the cost of living and other expenses. See also our review of the best GMAT prep tools.

In general, we can say that in the U.S. there are two categories of business schools:

  • state-supported public business schools
  • independent private business schools

Public schools are usually not as expensive as private schools and you should note that at state schools, tuition costs for international students are based on non-resident standards. Another point of consideration must be that there is no necessary relation between the cost of a program and its quality.

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Top Ranked And Very Affordable MBA Programs in the US

It may be clear that not every hybrid or online MBA program could possibly offer the same quality, and not every traditional MBA program will be of the identical quality as well. But extensive research has shown that respected brick and mortar universities that have established entirely online MBA programs based on their traditional MBA’s, really offer top-of-the-line alternatives.

Online MBA programs have become extremely popular, and there is no need for hesitation to enroll in an MBA program merely because the program is offered online. The listen on this page is based on full-time MBA programs.

There is no question that obtaining the MBA degree is beneficial, yet the financial debt load that comes along with the MBA degree scares many potential students. If you want to take a look at the cheapest online MBA programs in the U.S. check out this post. See also our review of best GMAT prep tools.

Top Ranked (and still affordable) MBA programs

We have analyzed 4 major MBA rankings published by Forbes, US News, Financial Times and Economist Listed here are MBA programs from highly reputable business schools that provide the best value for money, and we still label them “cheap MBA”.

Importance of Residency – State residents are eligible for a lower tuition rate at state universities, the difference could be as high as $20.000. It might be worth checking how to become a residence of the state where you want to study. Please note that the listed prices are for tuition only, unless stated otherwise. More fees will apply, so please check the schools’ websites.

The University of Illinois–Urbana-Champaign

The University of Illinois MBA, Room 3019 BIF, 515 E. Gregory Drive, Champaign, IL 61820, Phone: (217) 244-8019

  • Tuition full-time MBA for State Residents – $23,072 (more fees apply)
  • Tuition full-time MBA Non-Residents – $34,622 (more fees apply)
  • Forbes Ranking – 45
  • US News Ranking – 35
  • Financial Times Ranking – 44
  • Economist Ranking – no position

source: a website

The University of Florida

Warrington College of Business, Hough Graduate School of Business, University of Florida, Bryan Hall 100, Gainesville, FL 32611, Phone: (352) 392-2397

  • Tuition full-time MBA for State Residents – $26,473
  • Tuition full-time MBA Non-Residents – $61,260
  • Forbes Ranking – 63
  • US News Ranking – 41
  • Financial Times Ranking – 90
  • Economist Ranking – no position

source: a website

The University of Wisconsin–Madison

Wisconsin School of Business, Grainger Hall, 975 University Avenue, Madison, WI 53706, Phone: (608) 262-1550

  • Tuition full-time MBA for State Residents – $28,952
  • Tuition full-time MBA Non-Residents – $58,586
  • Forbes Ranking – 32
  • US News Ranking – 27
  • Financial Times Ranking – 81
  • Economist Ranking – 49

source: a website

The University of Texas–Dallas

Naveen Jindal School of Management, The University of Texas at Dallas, SM 42, 800 West Campbell Road, Richardson, TX 75080, Phone: (972) 883-2705

  • Tuition full-time MBA for State Residents – $29,757 including fees
  • Tuition full-time MBA Non-Residents – $56,142 including fees
  • Forbes Ranking –
  • US News Ranking – 37
  • Financial Times Ranking – no position
  • Economist Ranking – no position

source: a website

Texas A&M University–College Station (Mays)

Mays Business School, Wehner Building, Texas A&M University, 4113 TAMU, College Station, TX 77843, Phone: (979) 845-4711

  • Tuition full-time MBA for State Residents – $39,652 (includes tuition and fees)
  • Tuition full-time MBA Non-Residents – $52,416
  • Forbes Ranking – 30
  • US News Ranking – 37
  • Financial Times Ranking – 75
  • Economist Ranking – no position

source: a website

The University of Georgia (Terry)

Terry College of Business, 314 Correll Hall, 600 S Lumpkin Street, Athens, GA 30602, Phone: (706) 542-5671

  • Tuition full-time MBA for State Residents – $32,264
  • Tuition full-time MBA Non-Residents – $68,900
  • Forbes Ranking – 49
  • US News Ranking – 48
  • Financial Times Ranking – no position
  • Economist Ranking – 79

source: a website

Pennsylvania State University–University Park (Smeal)

Penn State Smeal MBA, 220 Business Building, University Park, PA 16802, Phone: (814) 863-0474

  • Tuition full-time MBA for State Residents – $47,416
  • Tuition full-time MBA Non-Residents – $76,136
  • Forbes Ranking – 26
  • US News Ranking – 41
  • Financial Times Ranking – 62
  • Economist Ranking – 71

source: a website

Georgia Institute of Technology (Scheller)

Georgia Institute of Technology, Scheller College of Business, 800 W Peachtree NW, Atlanta, GA 30308, Phone: (404) 894-2600

  • Tuition full-time MBA for State Residents – $57,792
  • Tuition full-time MBA Non-Residents – $78,968
  • Forbes Ranking – 35
  • US News Ranking – 27
  • Financial Times Ranking – 71
  • Economist Ranking – no position

source: a website

The University of Arizona (Eller)

The Eller MBA, McClelland Hall, Room 210, 1130 E Helen Street, Tucson, AZ 85721, Phone: (520) 621-4008

  • Tuition full-time MBA for State Residents – $44,052 (more fees apply)
  • Tuition full-time MBA Non-Residents – $75,696 (more fees apply)
  • Forbes Ranking – 57
  • US News Ranking – 48
  • Financial Times Ranking – no position
  • Economist Ranking – 89

source: a website

Arizona State University (Carey)

W. P. Carey School of Business, 300 E Lemon Street, Tempe, AZ 85287, Phone: (480) 965-4154

  • Tuition full-time MBA for State Residents – $54,000
  • Tuition full-time MBA Non-Residents – $87,000
  • Forbes Ranking – 60
  • US News Ranking – 27
  • Financial Times Ranking – 887
  • Economist Ranking – 45

source: a website

Temple University (Fox)

Temple University, Fox School of Business, 1801 Liacouras Walk, 701 Alter Hall (006-22), Philadelphia, PA 19122, Phone: (215) 204-5890

  • Tuition full-time MBA for State Residents – $54,918
  • Tuition full-time MBA Non-Residents – $78,354
  • Forbes Ranking – no position
  • US News Ranking – 48
  • Financial Times Ranking – no position
  • Economist Ranking – 77

source: a website

The University of Washington (Foster)

Foster School of Business, Mackenzie Hall 110, Seattle 98195, Phone: (206) 543-4661

  • Tuition full-time MBA for State Residents – $62,400
  • Tuition full-time MBA Non-Residents – $90.900
  • Forbes Ranking – 27
  • US News Ranking – 25
  • Financial Times Ranking – 58
  • Economist Ranking – 33

source: a website

Purdue University–West Lafayette (Krannert)

Krannert School of Management, 425 W State Street, West Lafayette, IN 47907, Phone: (765) 494-0773

  • Tuition full-time MBA for State Residents – $44,816
  • Tuition full-time MBA Non-Residents – $84,348
  • Forbes Ranking – 28
  • US News Ranking – 40
  • Financial Times Ranking – 56
  • Economist Ranking – no position

source: a website

Michigan State University (Broad)

Michigan State University, Eli Broad College of Business, Eppley Center, 645 N Shaw Lane, Rm 215, East Lansing, MI 48824, Phone: (517) 355-7604

  • Tuition full-time MBA for State Residents – $56,556
  • Tuition full-time MBA Non-Residents – $89,720
  • Forbes Ranking – 22
  • US News Ranking – 35
  • Financial Times Ranking – 52
  • Economist Ranking – no position

source: a website

Brigham Young University (Marriott)

BYU Marriott School of Business, W437 TNRB, Provo, UT 84602, Phone: (801) 422-3500

  • Tuition full-time MBA for State Residents – $45,120
  • Tuition full-time MBA Non-Residents – $88, 920
  • Forbes Ranking – 17
  • US News Ranking – 27
  • Financial Times Ranking – 93
  • Economist Ranking – no position

source: a website

Indiana University–Bloomington (Kelley)

Indiana University Bloomington, Kelly School of Business, 1275 E Tenth Street, Suite 2010, Bloomington, IN 47405,  Phone: (812) 855-8006

  • Tuition full-time MBA for State Residents – $51,000
  • Tuition full-time MBA Non-Residents – $88, 920
  • Forbes Ranking – 19
  • US News Ranking – 21
  • Financial Times Ranking – 47
  • Economist Ranking – 35

source: a website

Ohio State University (Fisher)

Fisher College of Business, 2100 Neil Avenue, Columbus, OH 43210, Phone: (614) 292-8511

  • Tuition full-time MBA for State Residents – $60,240
  • Tuition full-time MBA Non-Residents – $99,184
  • Forbes Ranking – 36
  • US News Ranking – 27
  • Financial Times Ranking – 70
  • Economist Ranking – 32

source: a website

The University of Texas–Austin (McCombs)

McCombs School of Business, 2110 Speedway, B6000, Austin, TX 78705, Phone: (512) 471-5921

  • Tuition full-time MBA for State Residents – $66,596
  • Tuition full-time MBA Non-Residents – $89,664
  • Forbes Ranking – 21
  • US News Ranking – 15
  • Financial Times Ranking – 39
  • Economist Ranking – 31

source: a website

The University of North Carolina–Chapel Hill (Kenan-Flagler)

UNC Kenan-Flagler Business School, McColl Building, Room 2114, Chapel Hill, NC 27599, Phone: (919) 962.3236

  • Tuition full-time MBA for State Residents – $86,284
  • Tuition full-time MBA Non-Residents – $118,528
  • Forbes Ranking – 11
  • US News Ranking – 19
  • Financial Times Ranking – 33
  • Economist Ranking – 36

source: a website

All costs are estimates and based on 2015/16. Please, check with schools for actual information.

It may be clear that not every hybrid or online MBA program could possibly offer the same quality, and not every traditional MBA program will be of the identical quality as well. But extensive research has shown that respected brick and mortar universities that have established entirely online MBA programs based on their traditional MBA’s, really offer top-of-the-line alternatives.
Online MBA programs have become extremely popular, and there is no need for hesitation to enroll in an MBA program merely because the program is offered online. You will find quite a few state universities now offering MBA programs entirely via the internet, and sometimes via a hybrid format (classes partly online and some in the classroom).

Online and hybrid MBA programs are very flexible and cost effective. You won’t find many adds for public state colleges’ online or hybrid MBA programs via internet forums. Web-based education is becoming more and more popular and you could easily find top-quality hybrid or online MBA programs at very affordable rates close to where you live, so just take a close look at the schools listed here, and check out if these programs are also available in an online format.

All costs are estimates, and though we tried to be as accurate as possible, we can not be held responsible or accountable for any errors in the text above. Please check with the listed institutions for actual offerings and prices as they may change without notice.

Online MBA in Finance

Earning an MBA degree in Finance will help individuals in attaining desirable employment in the corporate sector. This field of management is the preference of many, as there is an increasing demand for financial management professionals. MBA in Finance professionals are required in every industry from banking, retail management to healthcare.

The MBA degree can assist individuals to enhance their fundamental understanding of marketing strategies, finance and related theoretical awareness of the practical world of business. For instance, individuals opting for management studies in finance can gain detailed proficiency in the financial field so that they may analyze the monetary status of any business, make monetary reports and also develop different strategies regarding management of financial assets. See also our review of best GMAT prep tools.

Coursework included in the MBA in Finance

Areas such as global finance, portfolio management, analysis of corporate finance and financial markets are included in the coursework of MBA in finance. With the degree earned via an affordable online program, individuals can acquire higher positions in the corporate sector which may include posts like treasurer, financial controller, financial analyst and asset manager.

The training of financial management comprises of working with fiscal equations, dealing with data with the help of computers and also assisting businesses to make improvement in revenues and profits. Moreover, the individuals are required to be proficient in, and acquainted with, several government rules which are related to taxes and other monetary facets along with the ethics of business.

Subjects like capital budgeting, business forecasting, mergers, risk management (and more) are included in the typical coursework of MBA-in-finance programs. Inexpensive Online MBA degrees in finance may assist fiscal analysts to get lucrative yet extremely competitive professions. Online MBA in finance programs can be finished in 2 years.

How can you enroll in an online MBA in Finance Program?

To sign up for an online MBA in finance, you need to be a graduate in any discipline and have a sufficient GMAT or GRE score. Please do thorough research on the internet and find out the names of recognized online B-schools and see which ones are offering the MBA in finance. Check other criteria such as affordability, the duration of a course, online faculty, and quality of the course materials etc. and then decide on a specific program.

You can also check out internet forums and discuss with students regarding the reputation of the online college you are looking for. It is always necessary to make sure the accreditation of the institute to make sure your degree will not turn out to be a mere waste of time.

Various areas of specialization in finance management studies:

The different specialization areas of the online MBA in Finance degree are numerous and are for example: business, business law, corporate finance, business writing, financial institutions, management information systems, accounting, capital markets, advanced marketing, portfolio analysis, issues in management and organization, principles of micro- and macroeconomics and business statistics.

Repaying MBA Student Loan

I would like to share a few aspects of my student loan borrowing and also my repaying history, and I hope that future students can get a better idea about financial consequences of acquiring their MBA degree through part-time studying. The majority of MBA programs require the GMAT. Obviously, everyone’s circumstances are different when it comes to the way they pay for or fund their MBA education, and I know at least three students in my cohort whose parents covered the entire costs for the program, and some others were getting some sort of tuition support from their employees, and generally this compensation was equal to six credits per semester.

Many of our group, however, paid for the complete MBA program by ourselves. The only compensation I received was a merit-based scholarship grant from George Washington School of Business (GWSB) for six credits (this equals to some $7200) that I received in the first year of my MBA program. See also our review of the best GMAT prep tools.

So now I will give you an approximate description of my financial situation with regards to paying for my MBA program. The GWSB MBA program requires 52.5 credits for graduation, and the average cost per credit (in the three years you need to complete the program) was around $1,280 (in fact the c.p.cr. was $1,208 in year 2009/10 and increased every year thereafter).

Consequently the total tuition cost was about $67,200 (52.5 x 1,280). So the total tuition that I had to pay on my own was about $60K as $7,200 was funded by the scholarship. Now this does not include some other costs, for example textbooks, business cases, and course packs ($2500); study materials, including a laptop that I bought especially for business school ($1500); travel and parking costs ($1000); further costs for a study excursion to France: flight, hotel, meals, etc. ($2000).

In total, the cost of my MBA program was around $80K, and I had to furnish about $70K by myself. My objective when I started the MBA program was to reduce the amount I needed to take out in student loan as much as possible, and therefore I paid for all the incidentals directly out of my pocket, all through the program. Thanks to this attitude I needed only to finance the tuition cost of $60k.

Fortunately, I was able not to take any extra private student loans in addition to my government-backed Stafford loan. Because I was a graduate student I was qualified to borrow $20,500 every year, but thanks to the GWSB scholarship, I needed to borrow only $11K in my first year. In the following years, I respectively borrowed $20 and $20.5 K, so that I ended up with a total borrowed amount of $51.500. The difference of some $9K over the three years for tuition in business school I also paid out of my own pocket.

Now suppose I had done nothing to reduce my debt, I would have needed to repay $587 every month, starting in January 2013, for as long as 10 years at a fixed interest rate of 6.8%. But because I really did not want to be repaying more than $500 per month I was already making early repayments on my student loan all through my years of studying for my MA degree, and especially in the period after graduation as my student loan was capitalized in November.

These payments were not legally required, but I repaid what I could and whenever I had a chance. It was my goal to bring down my monthly payments to under $500 by the time the required payments started. My time and effort were pretty successful, and at the moment my student loan was capitalized and finalized for the following 10 years, I found myself having only to pay off $43K in monthly installments of $498.

Now, this is an amount I can live with considering my other financial obligations, and I actually consider to make additional payments whenever I can in order to minimize the amount of interest on my student loan and to reduce the needed payment period to some eight years, rather than ten.

So this was my explanation of my MBA study costs and my MBA student loan repayment. Because every situation will be different, you have the chance to make adjustments in line with your own circumstances. You can make your own calculations, but I hope my description will give you a good idea of MBA study costs and how you can deal with the ways to pay for your academic education.

 

Is Student Loan Consolidation for You?

In case you have several financial loans (either private or federal student loans) and you would like to combine these loans into one single consolidated monthly payment, we can suggest you continue to read. Here you can find a comprehensive list of companies that offer student loan consolidation and their reviews.

Before you start the process, there are some things that you really need to understand about the market of student loans. Please get well informed before you get involved in the process of loan consolidating. See also our review of the best GMAT prep tools.

Consolidating Student Loans

You can find 3 potential advantages to consolidating student loans.

    • Reduce Your Monthly Payments
    • Benefit from low-interest rates
    • Comfort of just 1 monthly payment

 

The major disadvantage is that you often will need to extend the term of the loan, thus increasing the total amount of interest you will have to pay.

By way of example: suppose you must pay back the total sum of 50,000 in Student Loans at 5% interest and a 10-year term with 5 different loan providers(10,000 from each lender). If you would then combine your five loans to just one lender and agree on a 25-year term, your monthly payments would change from $530/month to $292/month. But please understand that the total Interest payable will go up from $13,640 to over $37,500!

Must pay back: $50,000

  • 5 different loan providers
  • Interest Rate: 5%, Term: 10 years
  • Total Monthly Payment: $530
  • Total Interest Payable: $13,640

Consolidate 5 loans to reduce monthly payment, and by extending the length of the consolidated loan

Must pay back: $50,000

  • 1 Consolidate lender
  • Interest Rate: 5%, Term: 25 years
  • Total Monthly Payment: $292
  • Total Interest Payable: $37,688

In case you want to Consolidate Private Student Loans and Federal Student Loans

Federal Student Loans are granted by the federal US government by way of their Student Aid website, and this type of loans typically offers the best conditions and they normally represent the largest amount of loans that students carry. Private student loans usually come with more aggressive repayment plans and are generally less advantageous. They usually have higher interest rates, yet will be much easier to consolidate.

How Can You Consolidate Federal Student Loans

Students who have federal student loans with the government, normally have 3 standard options, and one newer development (option 4):

  • Special Direct Consolidation Loans (limited time only) Special direct consolidation loans (or Obama student loans) are a temporary option for credit seekers who match a collection of criteria to turn their loans into one financial loan provided by the government.  The positive aspects of the Special Direct Consolidation Loans include things like reduced interest rates and no need to substantially change your repayment conditions if you do not wish so.

    The main difference between the Special Direct Consolidation Loan and a traditional bank loan is that each separate loan in the consolidated loan maintains its initial repayment term enabling you to save some money in interest payments during the life span of the new loan.

To qualify, borrowers must:

  • Hold one or more student loans issued by a commercial loan company in the Federal  Family Education Loan
  • Hold one or more student loans issued by the Federal Government

Another important difference with the Special Direct Consolidation Loan is that you can combine loans from commercial Student Loan Companies loans with this Federal program.

  •  Direct Consolidation Loans A Direct Consolidation Loan offers you a good way to consolidate multiple federal student loans into one new loan. If you consolidate federal student loans you can reduce your monthly payments by increasing the duration of your combined loan and possibly reduce the interest rate you have to pay. The main advantage of a Direct Consolidation Loan is that you are able to substantially lower your monthly payments, though you should take into account the added interest costs over the lifespan of the loan.
  • Negotiate Your Federal Student Loan into a Private Consolidation Loan When you have a student loan from the Federal Government and if you want to consolidate it, you could find student loan companies which are offering lower interest rates than you can get from the Government. The possible disadvantage of consolidating a Federal Student Loan into a private loan may lie in the extreme interest rate increases from some these companies. You can find quite a few student loan consolidation companies that offer teaser interest rates to draw in students to consolidate their federal loan with them. Once they have the customer, they will gradually increase the rate. Be aware, and this option is not recommended! Be sure that the advantages of consolidating a federal student loan into a private loan over-shadow the costs.
  • Consolidate Student Loans through Peer to Peer Lending Peer 2 Peer Lending is a relatively new financing option, but through the development and increase of Peer to Peer lending sites many students who are not eligible for conventional consolidation loans, now have the opportunity to obtain one via one of these new sites. The best-known sites are: Lending Club and Prosper.com

How To Consolidate Private Student Loans

Private student loans fall under the same regulations as federal student loans. Be aware that in case you declare bankruptcy, your student loan debt will not vanish. If you are able to consolidate private student loans you will benefit from the fact that you will be able to combine a number of monthly payments into one monthly payment to one lending company, and if your Credit Score has significantly improved, it might be an excellent idea to consolidate your private student loans. You can find several websites where you are able to take a look at your credit score for free -check for example this website

If you can, consolidate your student loan and mortgage By the time you have been out of college for quite a few years, and you possess a house that has significantly increased in value, you might take out a Home Equity Line of credit which will allow you to repay your student loan debt. This basically is what consolidating your Student Loan with your Mortgage is all about, and it might result in the benefit of lower monthly interest payments.

Student Loan Debt Market

In 2015, in the United States alone, students loaned $117 billion from the federal government. The US government is actually the most inexpensive and flexible education creditor. But beware, if our ever-qualified and effective legislators fail to reach a new agreement by July of this year, the interest rates on federal government-backed Stafford loans will go up to 6.8%! But actually, this should not come as a surprise.

For quite a few years now, the cost of an academic college education has been increasing at 8% per year, more than four times the national rate. This inflation of tuition rates equals a doubling of the tuition costs every nine years! Obviously, tuition is only a small part of the complete cost of higher education, and research by Business Insider indicates that the average additional cost of an academic education is some $70,000 higher than the tuition price tag, and this is just a number for undergrad studies. See also our review of the best GMAT prep tools.

Some students are in the lucky position to be able to pay for the cost of their undergraduate and graduate studies by themselves, yet the majority is not able to do so and has to take out a student loan and consequently run into debt. When you are looking to take on your MBA degree, don’t forget to find out how much of a total investment you are expected to make. Take the time to rationally and objectively examine whether a graduate management degree from your favorite institution(s) really will bring you the expected return on investment.

It can be a good idea to check out multiple schools, try not to sell yourself short on one specific institution, and try to approach this analysis soberly. It could well be that you come to the conclusion that you ought to set your objectives higher even when this means that you will have to get deeper debt to put your career on the right track.

If, for example, you really feel that you should go for a top education, when you have the drive and you are prepared to make the commitment to do whatever it takes to get into one of the top business schools, then perhaps you should really go for that. If however you feel that going that path is not making any sense for you or your career and goals, forget about it and try to get the education that you need at far less cost.

Please be aware that the numbers associated with student loan debt are frightening, both at the macro and micro level, and I can say that I speak from experience here. Yet, just as a lot of young companies need investment to expand and be successful, so do individuals. In case you decide to make the leap, then go all the way.

Register for a GMAT class, make excursions to several universities, make applications for scholarships and grants, and accept loans if needed. Not surprisingly, without any risk, there will probably not be any reward. Just make certain that you will do all needed actions and steps wisely and with a crystal clear head.

Avoid getting involved in any sort of system that will not be rewarding the risk that you take. Failures and defaults will damage all of us.