Recent MBA graduates in the US make an average of $125,000.
But if going back to school full-time isn't an option, there are ways to gain the earning potential of an MBA without relocating or breaking the bank.
University ranking site Research.com shared one the last list of the most affordable online MBA programs with entrepreneur using data from IPEDS database, Peterson's Database, College Scorecard DatabaseAND National Center for Education Statistics.
Online MBAs have grown in popularity over the past few years, with a 158% increase in students from 2020 to 2021 during the pandemic.
“Online degrees have grown in popularity as they offer the flexibility to balance your professional and personal life,” said list author Imed Bouchrika, co-founder and chief data scientist of Research.com. “These findings outline the most affordable options available, so you can get the degree you want regardless of your financial situation.”
According to one 2023 survey from the Graduate Management Admission Council (GMAC), professionals have shown sustained interest in these programs as well. While most respondents said they would prefer to take classes in person, online programs drew interest from candidates who care more about flexibility, including women, first-generation college students and older students.
Some students considering online MBAs may see the degree as a way to “earn a promotion or secure an actual job,” the GMAC study found — not primarily for the networking opportunities.
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However, where you get your MBA can directly affect your earnings. MBA programs with higher average wages after graduation, including Stanford University, Harvard University and Northwestern University, were all in this year's top 15 news in the US The best business schools rankings.
None of those schools are on this list; MOST they cost more than $200,000 to complete. Most of the below cost less than $10,000.
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Here are the top 10 schools with the cheapest cost per loan for anyone considering an online MBA.
1. Northeastern State University
Location: Tahlequah, Oklahoma
Accreditation: Accreditation Council for Business Schools and Programs (ACBSP)
Cost per loan: $251.00
Total credits: 36
Estimated Total Tuition Cost: 9036 dollars
2. Georgia Southwest State University
Location: America, Georgia
Accreditation: AACSB International
Cost per loan: $257.00
Total credits: 30
Estimated Total Tuition Cost: 7710 dollars
3. Fitchburg State University
Location: Fitchburg, Massachusetts
Accreditation: International Accreditation Council for Business Education (IACBE)
Cost per loan: $275.00
Total credits: 30
Estimated Total Tuition Cost: $8,250
4. Eastern New Mexico University
Location: Portales, New Mexico
Accreditation: ACBSP
Lesson: $297.25
Total credits: 30
Estimated Total Tuition Cost: $8,917.50
5. Missouri State University
Location: Springfield, Missouri
Accreditation: AACSB International
Cost per loan: $309.00
Total credits: 33
Estimated Total Tuition Cost: $10,197
6. University of the Cumberlands
Location: Williamsburg, Kentucky
Accreditation: IACBE
Cost per loan: $315.00
Total credits: 37
Estimated Total Tuition Cost: 11655 dollars
7. Sam Houston State University
Location: Huntsville, Texas
Accreditation: AACSB International
Cost per loan: $320.00
Total credits: 36
Estimated Total Tuition Cost: 11520 dollars
8. University of Central Arkansas
Location: Conway, Arkansas
Accreditation: AACSB International
Cost per loan: $325.00
Total credits: 30
Estimated Total Tuition Cost: $9,750
9. Texas Tech University
Location: Lubbock, Texas
Accreditation: AACSB International
Cost per loan: $333.00
Total credits: 30
Estimated Total Tuition Cost: 9990 dollars
10. Southeastern Oklahoma State University
Location: Durant, Oklahoma
Accreditation: AACSB International
Cost per loan: $337.00
Total credits: 36
Estimated Total Tuition Cost: $12,132