A master's in business administration (MBA) can increase your career options and salary potential, but the degree doesn't always come cheap. Tuition and financing options can greatly influence your choice of programs. Many factors affect your total degree cost, including financial aid and the type of institution you attend.
The average yearly tuition of an MBA program is about $18,340, according to the 2020 National Postsecondary Student Aid Study (NPSAS). Many programs offer generous financial aid packages or reduced tuition rates for online students. Some employers may offer tuition reimbursement benefits that cover a portion of tuition costs.
Applying to online MBAs with no Graduate Management Admission Test (GMAT) requirements can also help you save on test preparation and exam fees. Explore the cheapest online MBAs with no GMAT requirements and find out more about top schools, tuition rates, and professional outcomes.
Popular Online Programs
Top Affordable MBAs Without GMAT
How We Choose Programs
At OnlineMBA.com, we rely on reputable sources to rank the best MBA programs. We use trusted sources like the National Center for Education Statistics (NCES) and Integrated Postsecondary Education Data System (IPEDS) to find standout programs. We consider four metrics: affordability, reputation, academics, and program availability.
This list has not been updated for 2025. Visit our rankings methodology page to learn more about how we rank programs.
What Factors Into an MBA's Affordability?
Tuition is usually the main factor that affects affordability. However, several other factors can influence how much you actually pay, including financial aid offerings, location, course delivery format (online vs. in-person), and whether the school is public or private.
Tuition
Tuition rates at graduate programs vary widely depending on the program and school type (public or private). Earning an MBA from a public college is typically less expensive than an MBA from a private college. The average yearly tuition for an MBA is $11,850 at a public school compared to $22,472 at a private school, according to the 2020 NPsAS study.
Enrollment Status
Your enrollment status (full time vs. part time) directly affects how long you spend in school, which can also affect how much you pay. Part-time enrollment may give you the flexibility to work while you take classes, but you'll also increase the time it takes to complete your degree.
Read MoreLearn about accelerated online MBAs
Location
Location can greatly affect the cost of an MBA, particularly at public colleges, where tuition rates differ based on your state residency status. In-state students typically pay a lower tuition rate than out-of-state students. At private colleges, you'll pay the same tuition rate regardless of your state residence.
Relocating for an MBA program can also create extra expenses, such as moving. You may also have to pay more for room and board if you move to a more expensive city. An online program can often help you save on expenses like relocation, commuting, and parking.
Delivery Format
The cheapest online MBAs can offer tuition advantages over on-campus programs, such as reduced in-state tuition rates for out-of-state students. An asynchronous online program can also give you the flexibility to work while you earn your degree, which can help offset tuition expenses.
If you're considering a fully online MBA program, be sure to ask about experiential learning opportunities, such as internships. Online programs may be able to connect you to internship opportunities in your own community, which can provide valuable professional experiences. Even if flexibility is your top concern, be sure to seek out programs with opportunities that can help the job market.
Financial Aid
Generally, private colleges charge higher tuition rates than public colleges. However, students may qualify for more financial aid from a private school than a public school. Ultimately, you should speak to admissions counselors from different schools to learn about their financial aid options. Shop around to see which college will provide you with the lowest net price.
For an MBA, you'll likely need to use federal or private loans to pay for tuition. Other options, like grants, don't typically apply to graduate education in business. You may also be eligible for funding through a federal work-study program, which provides part-time employment while you're in school, or through your employer.
Read MoreLearn about the FAFSA
How Can You Pay for an MBA Degree?
Scholarships are among the best options to pay for your MBA since they don't need to be repaid. Other options include student aid from the federal government, schools, and employers.
Check out three popular MBA scholarships below, but keep in mind this list represents just a few of the many awards available to help fund your education.
Scholarships for MBA Students
Mary Elizabeth Lockwood Beneventi MBA Scholarship
Requirements: The Daughters of the American Revolution offers this scholarship for graduate students in business administration. To apply, you must be enrolled full time in an MBA program and have a minimum 3.25 GPA.
Award: $2,000
Jane M. Klausman Women in Business Scholarship
Requirements: Zonta International offers this scholarship for women pursuing business degrees, including those enrolled in MBA programs. To be considered for the award, you must apply through a local Zonta club. Chapters operate in many U.S. cities.
Award: $5,000
National Black MBA Association Scholarships
Requirements: The National Black MBA Association offers several scholarships through affiliate organizations and partner universities. Requirements vary, but you must be a Black student pursuing business administration to apply.
Award: Varies
Will Getting Your MBA Degree Pay Off?
Earning an MBA increases your career options, but the degree is a major investment in time and money. Even If you're considering only the cheapest online MBAs, it makes sense to research the potential return on investment (ROI at different programs.
An MBA is likely to increase your salary over a bachelor's degree alone. A 2022 Graduate Management Admission Council study reports that MBA graduates increased their average salary by 50% after earning their degree.
When researching different MBA programs and specializations, explore alumni and employment outcomes. Specializing in in-demand fields such as healthcare management or information technology can potentially help you increase your ROI after graduation.
Questions on the Cheapest Online MBA With No GMAT
Many of the cheapest online MBAs require no GMAT score. However, you may need to meet additional requirements to waive the exam, such as holding relevant work experience, an undergraduate business major, or a high undergraduate GPA.
