Business is a very versatile and stable field, making earning a business degree an excellent choice for anyone that wants a lucrative and secure career. But going to college requires a significant investment of time and money, which dissuades many from pursuing their educational goals.
Online business degrees solve this problem by providing students with a flexible and affordable way to further their careers. Online programs let you study on your own time and around your schedule, and many of these programs are much more affordable than traditional on-campus programs.
To help you explore and narrow down your options, here’s a look at the cheapest online business degree programs available.
How Much Do Business Degrees Cost?
When it comes to business degrees, the cost can vary significantly depending on several factors, such as the institution, program length, and level of degree (associate’s, bachelor’s, or master’s).
Private schools, for example, are much more expensive than public institutions, on average, making them less than ideal for students looking for an affordable option. If your schedule allows for it, you may also be able to enroll in an accelerated program.
Accelerated programs are condensed programs that allow you to earn your degree in less time. These programs can help you save money if you can commit to their rigorous schedules.
Tuition rates for on-campus and online programs are typically very comparable, but online learners often save on housing and transportation costs. By choosing an online business degree program, you can potentially save thousands of dollars without compromising the quality of your education.
According to the University of Wisconsin—Madison, the average cost for an online bachelor’s degree in 2020 ranged from $38,496 to $60,593. This applies to all majors, including business majors.
If you plan to continue pursuing your education by enrolling in a graduate degree program, like an online MBA program, your education costs will be higher. MBA programs can range from as little as $10,000 to over $70,000 to complete.
How To Finance Your Business Degree Program
Even with the lower tuition costs associated with online business degrees, financing your education can still be a concern. Tuition, books, supplies, and other fees can add up quickly, and most students rely on some form of financial aid to finance their degrees.
Several resources can help you reduce the financial burden and make your degree more affordable. Students can take advantage of multiple types of aid, from federal grants and scholarships to work-study programs.
Federal grants
Federal grants are one of the best ways to finance your business degree program. To be considered for federal financial aid, including grants, you’ll need to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA takes into account your financial situation and determines your eligibility for various grants and loans, including the Pell Grant.
The Pell Grant is a need-based grant awarded to undergraduate students who demonstrate exceptional financial need. The amount awarded varies each year, but it can provide significant assistance in covering your tuition costs. Submitting the FAFSA early and meeting the eligibility requirements increases your chances of receiving this valuable grant.
Also, remember that you must submit the FAFSA each year that you plan to take advantage of financial aid. If you fail to reapply, you’ll lose access to federal financial aid opportunities for that school year.
Private scholarships
Another option to consider is applying for private scholarships specifically aimed at business students. Many private organizations, foundations, and corporations offer scholarships to support aspiring business professionals. These scholarships can range from a few hundred dollars to several thousand, and they can significantly reduce the overall cost of your degree.
When searching for private scholarships, consider exploring websites such as Fastweb, Scholarships.com, CollegeBoard, and your college’s financial aid office. These resources can provide you with a list of available scholarships tailored to business students. Remember to thoroughly review the eligibility criteria and application deadlines for each scholarship to maximize your chances of success.
Most scholarships have limited awards and strict deadlines, so start your scholarship search early and fill out applications promptly to avoid missing out on any financial aid you may qualify for.
Work-study
Work-study programs offer an excellent opportunity to earn money while pursuing your business degree. These programs provide part-time employment opportunities on or off-campus, allowing you to gain practical experience while helping to cover your educational expenses. Work-study positions can include administrative roles, research assistants, or even positions within your field of study.
By participating in a work-study program, you earn income and gain valuable skills and experience that can enhance your resume. Contact your school’s financial aid office to inquire about available work-study positions and eligibility requirements. The FAFSA can also help[ you find federal work-study opportunities. Be proactive in exploring different opportunities that align with your interests and career goals.
Employer reimbursement programs
Employer reimbursement programs allow students to pursue a degree while employers cover their costs. Many companies offer these programs to encourage employees to continue to develop their professional skills so that they will ultimately be able to contribute more to the company.
If you already have a full-time job, talk to your employer to see if they would be willing to subsidize your education costs.
Our Research
This list features some of the country’s cheapest online business degree programs. Each school featured is a nonprofit, accredited institution, either public or private, with a high standard of academic quality for post-secondary institutions.
We evaluated each school’s program on tuition costs, admission, retention and graduation rates, faculty, and reputation. Then, we calculated the Intelligent Score on a scale of 0 to 100. Read more about our ranking methodology.
Next, we compared this comprehensive list of the cheapest online business degree programs to a list of aggregated college rankings from reputable publications, such as U.S. News & World Report, to simplify a student’s college search. We pored through these rankings so students don’t have to.
The 50 Cheapest Online Business Degree Programs
