An MBA (Master of Business Administration) remains one of the most valuable degrees for career advancement, entrepreneurship, and leadership development. However, the rising cost of business education can be a significant barrier for aspiring professionals. Thankfully, with the growth of online education and the availability of targeted scholarships, earning an MBA has become more affordable and accessible than ever.
In this article, we’ll explore some of the cheapest online MBA programs that offer scholarships—ideal for working professionals, international students, or recent graduates who seek high ROI without incurring massive debt.
Why Choose an Online MBA?
Online MBA programs have grown in both popularity and prestige. Today’s best programs offer the same curriculum, faculty, and networking opportunities as traditional on-campus options, but with greater flexibility and cost-efficiency. Key benefits include:
-
Lower tuition and living costs
-
Flexible schedules for working professionals
-
Global classroom environments
-
Access to top universities regardless of location
With proper research, students can find affordable online MBAs backed by robust scholarship support.
Key Features of Affordable Online MBAs
When evaluating cost-effective MBA programs, consider these key elements:
-
Accreditation (e.g., AACSB, ACBSP, or EQUIS)
-
Tuition fees per credit hour
-
Scholarship availability and eligibility
-
Curriculum flexibility and duration
-
Career services and alumni support
Let’s now look at the cheapest online MBAs that also offer scholarships to help cut costs even further.
Top Cheapest Online MBAs with Scholarships
1. Georgia Southwestern State University – Online MBA
-
Tuition: ~$257 per credit hour (in-state), ~$1,000 for full 3-credit course
-
Total Program Cost: ~$8,000 – $10,000 (in-state)
-
Scholarships: Need-based and merit-based scholarships available
-
Accreditation: AACSB
Why It’s Affordable: GSW offers one of the most cost-effective AACSB-accredited online MBAs in the U.S. with rolling admissions and flexible terms.
2. University of the People – Tuition-Free Online MBA
-
Tuition: $0 for tuition, $240 per course assessment fee
-
Total Cost: ~$2,460 for the full program
-
Scholarships: UoPeople offers a wide range of scholarships, especially for students from low-income countries or underserved backgrounds
-
Accreditation: DEAC
Why It’s Affordable: A revolutionary tuition-free model, UoPeople is a great fit for international students and those seeking ultra-low-cost degrees.
3. Fayetteville State University – Online MBA
-
Tuition: ~$300 per credit hour (in-state), ~$8,400 total for in-state students
-
Scholarships: Several scholarships including the MBA Foundation Scholarship and military aid
-
Accreditation: AACSB
Why It’s Affordable: Offers high-quality education at a public university price, with scholarship support for both in-state and out-of-state students.
4. West Texas A&M University – Online MBA
-
Tuition: ~$500 per credit hour
-
Total Program Cost: ~$10,000 – $13,000
-
Scholarships: Departmental and general university scholarships available; includes support for veterans
-
Accreditation: AACSB
Why It’s Affordable: Combines top-tier accreditation with scholarship support and highly ranked online learning resources.
5. Eastern New Mexico University – Online MBA
-
Tuition: ~$350 per credit hour (in-state), ~$400 (out-of-state)
-
Total Cost: ~$10,500
-
Scholarships: Graduate assistantships, Foundation scholarships, and FAFSA-based awards
-
Accreditation: ACBSP
Why It’s Affordable: One of the lowest-priced MBAs in the southwestern U.S., with generous financial aid packages.
6. Texas A&M University – Corpus Christi Online MBA
-
Tuition: ~$12,000 total for Texas residents
-
Scholarships: Islander Guarantee, College of Business scholarships
-
Accreditation: AACSB
Why It’s Affordable: Combines affordability, reputable faculty, and online convenience, with aid available for academically strong candidates.
7. University of North Carolina at Pembroke – Online MBA
-
Tuition: ~$9,900 total (in-state), ~$13,000 (out-of-state)
-
Scholarships: Graduate school fellowships, business-specific awards
-
Accreditation: AACSB
Why It’s Affordable: Offers a fast-paced, quality program with several scholarship options for high-performing students.
Scholarships to Look for in Online MBA Programs
In addition to university-specific scholarships, consider these common types:
1. Merit-Based Scholarships
Awarded based on GPA, GMAT/GRE scores, work experience, and leadership.
2. Need-Based Aid
Determined through FAFSA (in the U.S.) or financial background documentation for international students.
3. Corporate and Employer Sponsorship
Many companies support employees seeking MBAs. Check if your employer has tuition reimbursement plans.
4. Military and Veteran Benefits
Active-duty members and veterans often qualify for tuition discounts and GI Bill benefits.
5. Diversity and Inclusion Scholarships
Some programs offer scholarships specifically for women, minorities, or underrepresented students in business.
Tips for Applying to Scholarships in Online MBA Programs
To boost your chances of winning scholarships:
-
Start early: Deadlines can come before admission deadlines.
-
Craft a strong statement of purpose: Focus on your career goals, motivation, and why you need the scholarship.
-
Highlight leadership and impact: Scholarships often look for candidates who’ve made meaningful contributions at work or in their communities.
-
Maintain a competitive GPA: Some scholarships are GPA-sensitive.
-
Apply widely: Don’t limit yourself—apply for multiple internal and external awards.