In the current competitive job market, many individuals are seeking opportunities to advance their careers and make a meaningful impact. One effective way to achieve this is by pursuing MBAs through online colleges with financial aid packages.
One of the notable advantages of pursuing an MBA is the potential to increase your earning potential. Many graduates are fortunate to secure six-figure positions relatively soon after completing their degree, particularly in fields like investment banking or management consulting. The Labor Statistics agency reports that, as of May 2023, the average salary for management positions was approximately $116,880.
Furthermore, a 2022 survey conducted by the Graduate Management Admissions Council indicates that MBA graduates make $115,000 per year, on average. This figure is $40,000 higher than the typical starting salary for most professionals holding a master’s degree.
Featured Programs
Beyond financial gains, pursuing an MBA can greatly improve your career opportunities. However, it’s essential to take into account the associated costs of pursuing an MBA. The average tuition cost of an MBA is $56,850.
Fortunately, there are various options available for MBA students to help lessen or even eliminate out-of-pocket expenses. You must first complete the FAFSA application in order to a wide range of financial aid options. The FAFSA application is utilized by the Department of Education, as well as various federal and state funding agencies, private scholarship providers, and colleges, to determine a student’s financial needs.
Upon completing the FAFSA application, you’ll gain access to a multitude of financial resources tailored to your circumstances. There are federal grants that you don’t have to pay back, plus low-interest student loans. Many schools also offer scholarships based on your achievements or financial need, which can really help cut down those tuition costs.
We’ve curated a list of the top ten online colleges with financial aid options for aspiring MBA students.
Related Articles:
- FAFSA and Financial Aid for Online College
- Applying To MBA Programs: A Comprehensive Guide
- Is An MBA Right For Me? A Guide For Undergrads
- MBA Programs: Does It Really Matter Where I Go?
Methodology
Accreditation is key to ensuring that institutions live up to the standards of providing quality education, which is why we have carefully selected only those MBA programs that hold the appropriate accreditation. In addition to having regional accreditation, the MBA programs listed below have also earned accreditation from the Association to Advance Collegiate Schools of Business or AACSB.
These accredited master’s programs uphold exceptional educational standards and make it easier to transfer credits if necessary. Furthermore, employers highly regard these qualifications, and regional accreditation can provide access to various scholarships and financial aid options through FAFSA.
MBA degree programs are designed to prepare you for leadership and managerial roles in several industries. With this degree, you can break into Human Resources, Finance, Operations Management, Marketing, Health Administration, and so much more. Although specific curriculum and requirements vary from program to program, you can expect to develop the following skills and competencies:
- Global Market Awareness
- Enhanced Communication Skills
- Expanded Professional Network
- Better Time Management
Upon graduation, you’ll have access to a more job openings and career advancement opportunities.
Understanding MBA Financial Aid
Numerous online schools that accept financial aid and scholarships are available, but due to high demand, they can be quite competitive. Here are some of the top financial aid opportunities for aspiring MBA students.
Merit Scholarships
These scholarships are financial help for students with outstanding academic achievement and grades. Here are a few tips on how to secure merit-based scholarships:
- Start your research early.
Look into your dream colleges and their merit-based scholarships well ahead of time. If you are not sure when to begin, ask the school’s financial aid counselor.
- Aim for a solid GMAT score.
The test serves as a valuable opportunity to demonstrate fundamental reasoning and critical thinking skills. A GMAT score of 685 is considered excellent, while a score of 655 is very good. To put this in perspective, a 685 corresponds to roughly 730 on the old scoring scale, and a 655 is about 700. However, the significance of these scores can vary based on the schools you are targeting.
- Strengthen your ties with the alumni.
Sharing your positive experiences with professors, alumni, and fellow MBA students is an excellent way to demonstrate your interest in pursuing an MBA. You should emphasize your strengths that will distinguish you from other candidates.
- Tailor personal essays.
Maintaining a classic writing style and refining your essay as needed can significantly enhance the appeal of your MBA scholarship application.
Need-Based Financial Aid
The primary emphasis of this financial aid is on addressing your financial need. While need-based aid may not entirely cover the difference between your expenses and the overall program cost, it can help reduce the amount you need to borrow.
Tips that can help you locate need-based aid:
- Reduce your income in the years leading up to your FAFSA application.
- Delay the distribution of work bonuses.
- Reduce the number of assets.
Employer Sponsorships
Employers often recognize the value of your new skills and are willing to cover a large part of your education costs. This support can help you grow while benefiting the company.
Consider the following strategies to locate employer sponsorship programs:
- Consider seeking a position with a company that offers sponsorship for your MBA.
- Take a moment to review the guidelines for companies that currently offer MBA programs.
- Share your reasons for wanting to join an MBA program and outline the benefits for employers.
- Share the types of roles you would be interested in pursuing once you complete your current commitments.
- Put together a proposal and share it with HR.
#1 Indiana University
Bloomington, Indiana
Online Master of Business Administration
Tuition: $94,944.42
Pursuing a degree from Indiana University is a wise investment that can yield significant benefits in the future. At IU, there are various forms of financial assistance available, including fellowships, assistantships, grants, and scholarships.
More than 90% of grad students receive merit aid, with awards ranging from $15,000 to full tuition coverage. There is no need for a separate application, as all merit aid is assessed during the admissions process.
The Kelley Direct Online MBA is a two-year program with a thoughtfully structured curriculum. Ranked as one of the best online MBA degrees available, this online MBA program offers several optional in-person opportunities, including global and domestic immersion programs.
Featured program courses include:
- Business Analytics
- Digital Technology Management
- Entrepreneurship & Corporate Innovation
#2 University of Illinois
Champaign, Illinois
Online Master of Business Administration
Tuition: $24,984 total tuition
The University of Illinois Gies College of Business is one of the best online schools that accept financial aid and scholarships for iMBA students. They have merit-based scholarships that take into account things like leadership skills, work experience, and academic success. All you need to do is complete the FAFSA.
The iMBA program at Gies Business School takes 24 to 60 months to complete, allowing you to study at your own pace. Course options include:
- Strategic Leadership and Management
- Managerial Economics and Business Analysis
- Value Chain Management
UIC prides itself on providing affordable tuition, which enables students to pay for one course at a time. Furthermore, a diverse range of in-demand online MBA specializations is available:
- Digital Marketing
- Entrepreneurship and Strategic Innovation
- Global Challenges in Business
- Business Analytics
- Mergers and Acquisitions
#3 University of Maryland
College Park, Maryland
Online Master of Business Administration
Tuition: $21,000 total tuition
The Online MBA program at UMD provides the flexibility you seek while maintaining the same high standards as the on-campus program. On top of its respected global reputation, UMD is also one of the top online colleges that accept financial aid. Its focus on accessibility and affordability has allowed UMD to maintain a high student retention rate in its MBA programs.
Prospective candidates should possess a minimum of five years of professional experience. The program can be completed in 21 months, and it is conducted on weekdays.
Listed below are the core courses that you can expect from UMD’s online MBA: \
- Data Analysis
- Corporate Finance
- Entrepreneurship
#4 Lehigh University
Bethlehem, PA 18015, United States
Online Master of Business Administration
Tuition: $1,295 per credit
Lehigh University is yet another one of the most comprehensive online schools that offer financial aid. It is known for its unwavering dedication to need-based financial assistance.
Lehigh’s online MBA program lets you choose how you want to attend, whether on-campus or through live online classes. You can sign up for courses when they work for you. The program takes around 3.5 years on average. Course options include:
- Business Analytics
- Corporate Entrepreneurship
- Finance
#5 Auburn University
Auburn, Alabama
Online Master of Business Administration
Tuition: $38,871 per year
Auburn’s Online MBA program is highly regarded as one of the oldest and most esteemed programs in the nation. While the courses are delivered online, they maintain the same exceptional curriculum, resources, and faculty as those found in the traditional full-time MBA program.
Furthermore, Auburn provides financial aid for online degrees designed for students enrolled in at least five credit hours per semester.
If you are currently employed full-time, limiting your course load to a maximum of two courses per term may be advisable. You will need to finish a total of 13 courses within six years from the enrollment date. Featured courses include:
- Financial Analysis
- Quantitative Analysis for Business Decisions
- Strategic Analysis & the Competitive Environment
#6 Temple University
Philadelphia, Pennsylvania
Online Master of Business Administration
Tuition: Residents $21,984. Non-residents $40,032
The Online MBA program at Temple University offers advanced technology designed to enhance collaboration between students and instructors. The program also features a distinctive development tool available to help you track your professional and personal growth. Fox’s Online MBA Courses cover:
- Managerial and Investment Analysis and Planning
- Socioeconomic Context of Business
- Financial Analysis and Strategy
In addition to its strong curriculum, Temple University aims to make the MBA experience easier for students. As an online MBA student, you can access various financial aid options available to those attending classes on campus.
#7 Babson College
Wellesley, Massachusetts
Online Master of Business Administration
Tuition: $1,990.00 per credit
Babson College has an online MBA degree program that is thoughtfully structured for part-time study. It includes 18 credits of core courses and 27 credits to be customized according to individual interests and career goals. You’ll have a diverse selection of elective courses available, including game theory and social impact, to facilitate skill development and specialization.
Babson offers the following online MBA courses covers:
- Entrepreneurship
- Finance
- Financial Reporting
Babson College offers a variety of financial aid options, catering to both those seeking merit-based support and those in need of assistance based on financial circumstances. If you’re a Babson alumni or part of the Babson Strategic Alliance program, you’re entitled to a 20% tuition discount.
#8 University of North Carolina-Chapel Hill
Chapel Hill, North Carolina
Online Master of Business Administration
Tuition: $125,589 total tuition
The online MBA program at UNC is one of the top online MBA programs today. Recognized as a STEM-designated degree, this MBA program strongly emphasizes integrity and data analysis. In addition to acquiring essential MBA skills, you will have the opportunity to customize your coursework to better align with your individual goals.
There are currently six concentrations available:
- Data Analytics and Decision Making
- Entrepreneurship
- Finance
- Marketing
- Strategy and Consulting
- Management and Leadership
UNC’s online MBA program is one of the pricier options, but students with strong academic standing and financial need can receive aid that covers up to 50% of the cost. Among the financial aid offered by the institution includes scholarships, employer sponsorship, low-interest student loans, and veterans benefits.
#9 Arizona State University
Tempe, Arizona
Online Master of Business Administration
Tuition: $2,326.53 per credit
Throughout ASU’s online MBA courses, you will have the opportunity to delve into a range of business topics, including finance, marketing, and supply chain management. These topics will provide you with a well-rounded understanding of management and leadership. Each core course is designed to span five weeks, enabling you to concentrate thoroughly on a specific subject before culminating in final exams or projects.
The W. P. Carey Business School at ASU offers a variety of financial aid options, including grants, scholarships, loans, work-study programs, and employment opportunities.
Sample courses:
- Operations and Supply Management
- Managerial Economics
- Marketing Management
#10 University of Florida
Gainesville, Florida
Online Master of Business Administration
Tuition: $49,205 (One-Year); $59,807 (Two-Year)
An MBA online obtained at UF provides you with the essential resources to excel in all areas of your life as you pursue your MBA. You have the option to choose between a 16-month and 24-month MBA program. The former is designed for students who want to quickly enter the job market, while the latter is best for students seeking the highest level of flexibility in their studies.
Listed below are the courses you may expect with the UF’s MBA degree online program:
- Economics of Business Decisions
- Financial & Managerial Accounting
- Introduction to Managerial Statistics
Beyond offering one of the best online MBA degree programs, UF has financial aid options for grad students, like job opportunities and loan programs. To get started, grad students should apply for aid through FAFSA.
Conclusion
Pursuing an online degree MBA can be quite an investment, so it’s essential to have a well-thought-out plan for managing tuition and living expenses. Fortunately, there are numerous financial aid options available to help MBA students cover these costs. To obtain more financial aid, we suggest applying for the FAFSA as early as possible and seeking privately funded scholarship programs.