MBA Fees in USA
The MBA degree is one of the most popular degrees offered by top universities in USA. MBA programs in the US can be full-time, part-time, online, or executive MBA. Some US universities offer the above four variations of the MBA, while other schools may offer a subset of these variations. For example, some universities offer only full-time MBA programs or a distance MBA program. Regardless of the kind of MBA that is offered at top MBA colleges, it is important for students to understand the MBA fees that they will be charged when they enroll in the program.
There are a few general rules when it comes to MBA fees at US universities. Remember that these are only general rules and there are exceptions to these rules. In general, private universities in the US have higher MBA fees than public universities. Also, executive MBA programs have higher fees than regular MBA programs. Executive MBA programs in the US target business leaders from around the world whose companies often pay for their education. Finally, MBA programs at some of the best MBA colleges in some states in the US may be more expensive than some other states. This is because the cost of living in some states in the US are much higher than others.
Let us first take a look at what is included in the total MBA fees at top US universities. The best universities in the US will provide this information on their website in a clear and concise manner. You will be able to view and understand the total MBA fees that you have to pay. There is no confusion and Admissions staff is available to answer questions. Unfortunately, some universities, even best MBA colleges, sometimes do not provide this information and hence students are often tricked into believing that the cost of an MBA in the US is less than what it really is.
For example, the Harvard MBA program can cost anywhere between $87,000-$121,000 per year depending on whether you are single or married with two children. The MBA fees that Harvard charges includes tuition, health care fees, books and other course materials, living expenses, including boarding and lodging. If you want to look at the tuition alone it is approximately $53,000. However, any student has to incur expenses related to books, course materials, mandatory health fees and boarding and lodging. Hence realistically speaking all of these expenses should be taken into account when calculating the total MBA fees in the US. When the University gives the student the scholarship or a tuition waiver, there is a reduction in the tuition only. But the other expenses cannot be reduced and hence the student must be prepared to pay for these additional expenses as part of his or her MBA fees. If a student is not able to show financial support that covers the total MBA fees, his or her visa will be rejected.
The expenses that are listed above as part of the MBA fees are not unique to Harvard University or other top MBA programs. Instead, you will find the same expenses at all top MBA universities in the US although the amount will vary from one university to the next. As a student applying for MBA in the US, before you short list your universities, it is extremely important for you to carefully analyze your total financial commitment. Many students, unfortunately, make their decisions based only on the MBA tuition. By the time they find out that the total MBA fees far exceeds what they can afford of what the bank is willing to loan them, it is too late. We highly recommend that you carefully research the total MBA fees before you apply to a top University in the US.
Study abroad consultants will be able to help students identify the total MBA fees. Many students realize only after they have been admitted to some of the best universities in the US that they cannot afford their MBA fees. Hence it is important for the student who is not working with an overseas education consultant to carefully research the total MBA fees in USA before they apply or decide to enroll.