Are you planning to get an MBA degree? Do you think that an online degree might cost less than an on-campus degree? If so, think again. Getting your master's degree online might cost you more than it would on campus. According to Get Educated; The Consumer's Guide to Online Colleges, an online MBA might cost you twice as much as a campus MBA. Before you sign up for an online MBA program, do your homework; the greater cost of getting an online MBA might cause you to rethink the idea.
Why Would an Online Degree Cost More Than an On-Campus Degree?
Because public universities are receiving less tax support, they have to make up for it elsewhere. Raising the cost of online education is one way to balance things out. Charging more for an online degree is a trend among schools of higher learning. In fact, according to a 2009 college costs survey, 50 percent of accredited schools offer identical on-campus and online degree programs where the online version costs more than the on-campus version. Only twenty percent of accredited schools offer online degrees for less. The bottom line is that colleges and universities are charging students extra for the convenience and flexibility of online degree programs.
Is an Online MBA Better Than an On-Campus MBA?
The prestigious Kelley Direct online MBA program offered by the top-ranking Kelley Graduate School of Business will charge you an extra $28,000 to get your MBA online even though the online program is exactly the same as the on-campus program. With a total cost of $52,000 in tuition and fees, you will pay substantially more than Indiana residents who can attend the same degree program on campus for $23,592.
I Live Out Of State. Wouldn't an Online Degree Cost Less Than Paying Non-Resident Tuition?
If you live out of state, an MBA at Kelley Direct will cost you about $42,500. However, that's still $10,000 less than your online tuition will cost.
Do All Online MBA Degree Programs Cost More Than On-Campus MBA Programs?
The price difference between the online and offline Kelley Direct MBA program is actually an exception. In most cases, an online MBA will only cost about ten percent more than the offline MBA program. At Regis University in Colorado, an on-campus MBA credit costs $770 while an online MBA credit costs $825. Therefore, an online MBA from Regis University will only cost about seven percent more than the on-campus degree.
Is the Higher Tuition Worth It?
The extra cost of an online MBA may be worth your while depending on your circumstances.
1. If the MBA program you choose is far from where you live, you'll have to pay travel expenses to get there. The money you'll pay for gas or transportation and the time you'll spend commuting might cost you more than the online program's higher price tag.
2. You might have to work when classes meet, and getting time off from work is not feasible. You might also have an erratic work schedule that doesn't allow you to plan ahead of time when you will or won't be free to attend classes.
3. Taking classes on campus might mean spending more on child care while you are in school. Given the high price of day care, spending more to pursue a degree online might be cheaper than the extra child care expenses you'd incur if you attended classes on campus.
Whether you pursue an MBA online or attend a program on campus, it's important to research all the financial pros and cons beforehand. An MBA is going to cost you a pretty penny no matter which option you choose, but by choosing the most affordable option, you'll keep your expenses as low as possible.