Living in Boston isn’t cheap. According to Expatistan Cost of Living Index, Boston is the sixth most expensive city in North America. On average, people pay between $1,641 (480 sq. ft.) and $2,812 (900 sq. ft.) per month for rent, depending on location and size of the apartment. Then, by the time you add on utilities, food, transportation, personal care and entertainment, living and working in the city can look exceptionally pricey. And costs only increase when you add on an MBA education. That’s why an affordable Boston MBA program is so important.
With the average cost of a top 10 MBA tuition set around $120,000 over two years, breaking the bank may feel especially draining. So, to help you out, we’ve compiled the top five most affordable MBA programs in Boston.
Carroll School of Management – Boston College
For an affordable Boston MBA program, consider the Carroll School of Management. The tuition cost per semester for the full-time MBA is just $22,760, bringing the total academic year cost to just $45,520. And when you consider that the average compensation for the Class of 2015 was $103,226, it’s an excellent deal.
What’s more, the Carroll School offers a range of merit-based graduate assistantships and scholarships for both domestic and international full-time MBA candidates. A few fast facts:
- More than 75 percent percent of entering full-time MBA students in 2015 received Dean’s Scholarships, with the average award totaling approximately $44,000.
- In exchange for research or administrative responsibility, graduate assistantships can help pay for tuition.
D’Amore-McKim School of Business – Northeastern University
Another great option for an affordable full-time MBA is D’Amore-McKim’s program. The estimated total tuition, fees and other expenses for all 60 credits of the full-time MBA over two years is $99,626 (around $45,000 per academic year). The good news is that this is an all-inclusive price including books and supplies, university fees and program fees.
And if the price is still too steep, the D’Amore-McKim offers a range of MBA scholarships. These awards range from 25-to-100 percent of tuition and are renewable during the second year of your program. A few examples include:
- Double Husky Scholarship: This is for Northeastern University graduates going back to school. Alumni can earn a tuition discount of up to 25 percent off.
- Posse MBA Scholarship: This scholarship covers up to 100 percent of tuition for the full-time MBA program.
Questrom School of Business – Boston University
For Questrom MBA students, the full-time MBA program is well priced. Students can expect to pay $51,916 in tuition with an additional $886 in fees and $1,574 in books and supplies. And to supplement the cost, the school offers a variety of merit-based scholarships. In fact, almost 90 percent of the fall 2016 class received scholarship assistance with the average award exceeding half-tuition each year. A few examples of available aid include:
- Dean’s Scholarship: Provides awards ranging from $10,000 to full tuition.
- City Year Scholarship: Provides a minimum of $15,000 for the first year of study and is renewable for a second year.
Sawyer Business School – Suffolk University
At Sawyer Business School, full-time MBA students pay $21,360 per semester or $85,440 for all four semesters. Students can also pay per credit hour at a rate of $1,424 per credit for 34 — 49 total credits required. It’s a very reasonable fee, especially when you consider the scholarships and waivers available to students.
- Suffolk undergraduate alumni are automatically considered for scholarships ranging from $4,000 to $10,000.
- Part-Time students can be eligible for scholarships from $2,000 to $6,000
- MBA-North Campus Leadership Scholarship: Two, $6,000 scholarships are awarded annually to new, part-time MBA students.
Simmons School of Management
Both the full-time MBA program and the Healthcare MBA program cost $1,374 per credit hour at the Simmons School of Management. This means that the total cost of the program for 48 credit hours is $65,952 not including fees, books and supplies. To offset the cost of tuition, Simmons offers financial aid and payment plans for students. Both funding options should be applied for early in the process, and admissions counselors are available to speak with you about further financial aid options.
Other Boston MBA Program Tuition Costs:
The following programs shouldn’t be considered among the most affordable Boston MBA programs, they should be used as comparisons for cost.
- Sloan School of Management – MIT: $68,250 tuition per academic year
- Harvard Business School: $72,000 tuition per academic year.
- W. Olin Graduate School of Business – Babson College: The total cost of tuition for the One-Year MBA program is $116,747 and for the Two-Year MBA program is $110,234.