Some state schools are a viable alternative for students interested in completing their MBA at a greatly reduced cost. Although larger state schools can be fairly expensive, schools such as Colorado Technical University offer MBA degrees for less than $10,000 per year in tuition. Other state schools charge $8,000 a year.
Private academic institutes are typically the most expensive option for both undergraduate and graduate degrees. Tuition for MBA students at Wharton Business School, for example, runs as high as $30,000 a year. Still, institutes such as Chancellor University have branches dedicated to providing students with low-cost MBA programs. Chancellor's branch, the Jack Welch Management Institute, offers a complete MBA program for only $20,000.
The Internet is one of the most time-effective ways of attaining an MBA degree for a fraction of the cost. An MBA degree at the Keiser University eCampus, for example, can be completed in 48 months for less than $25,000 per year.
The best tip for saving money at a state or private school is to utilize cost-saving options such as commuting, buying used books and applying for all available scholarships and grants. Although higher education is never cheap, students can save roughly $12,000 a year by arranging their own room and board-a significant amount for the dedicated but financially struggling MBA student.