The moment often arrives quietly. A promotion goes to someone with fewer years on the job but more letters after their name. A leadership role you have been working toward requires qualifications you do not yet have.
For many professionals, earning a Master of Business Administration (MBA) is the strategic move that changes a career trajectory. Understanding what a degree costs, how to fund it and what it pays back over time is the foundation of a smart decision. Longwood University’s online MBA program offers an accessible entry point into that conversation.
What Does an MBA Program Cost?
Tuition varies widely depending on the institution, residency status and whether the program is delivered online or on campus. Per Education Data Initiative, tuition for the average MBA was $60,410 in 2024, and at many programs that figure has since climbed. Online programs have shifted that math, often offering lower per-credit rates and eliminating overhead costs associated with on-campus study.
Longwood University’s online MBA program is comprised of 31 credit hours and can be completed in as few as 10 months. It is the only AACSB-accredited MBA program in the entire southeast region of the U.S. with tuition less than $14,000, a cost that is under the new federal loan threshold. Students can pursue one of eight MBA tracks, including General Business, Accounting, Data Analytics, Finance, Marketing, Real Estate, Economics and Technology Management, allowing them to align the degree with their specific career goals.
How Can You Finance Your MBA?
Few students fund a graduate degree from a single source. Most piece together a strategy across federal aid, institutional scholarships, employer reimbursement and personal savings. For an affordable program like Longwood University’s, that combination can cover costs with minimal debt.
The sequencing matters. Starting with employer reimbursement and institutional scholarships — funding that doesn’t require repayment — reduces the amount students need to borrow before federal loans come into play. For working professionals who can maintain their income while enrolled, that order of operations can meaningfully shrink the debt load by the time a degree is complete.
Federal Financial Aid and MBA Scholarships
Graduate students pursuing an MBA are eligible for federal financial aid, including Direct Unsubsidized Loans and Grad PLUS Loans. Stafford Loans offer fixed interest rates and do not require a credit check, while Grad PLUS Loans can cover costs up to the full cost of attendance. Completing the Free Application for Federal Student Aid (FAFSA) is the starting point for determining eligibility.
Scholarship opportunities can further reduce what students need to borrow. Longwood University’s College of Business and Economics offers merit-based and need-based awards for graduate students. Merit scholarships reward academic and professional achievement, while need-based aid accounts for financial circumstances. Researching both categories early gives prospective students the best chance of assembling a package that minimizes debt. A link to more information on financial aid is available on the student services page.
Employer Tuition Reimbursement and Tax Benefits
For working professionals, employer tuition assistance is one of the most underutilized funding tools available. According to the 2025 GMAC Corporate Recruiters Survey, 48% of global employers offer educational assistance as a benefit.
Under Section 127 of the Internal Revenue Code, employers can provide up to $5,250 in tax-free educational assistance per employee annually. At Longwood University’s tuition level, a single year of employer reimbursement can cover a substantial share of the total program cost. Because the MBA is designed for working professionals, students can continue earning a full-time income while completing coursework, making employer reimbursement a realistic funding source.
Is an MBA Worth It?
According to the 2025 GMAC Survey, the median starting salary for MBA graduates in the U.S. is $125,000, approximately $50,000 higher than for candidates without the degree, a gap that compounds as MBA career opportunities expand over time. The U.S. Bureau of Labor Statistics (BLS) reports that workers with advanced degrees earned a median of $1,916 per week in 2024, compared to $1,533 for those with a bachelor’s degree alone, a gap that widens further for professionals looking to maximize earning potential in management-level roles.
The 2024 GMAC survey found that recruiters view the MBA as the standard credential for internal leadership pipelines, with graduates frequently fast-tracked for promotions and career opportunities that may otherwise take years to reach. With affordable online degree options like the MBA at Longwood University, the salary premium an MBA commands means graduates can recoup their investment far more quickly than at programs charging two or three times as much.
Planning Your Path Forward
Federal aid, scholarships and employer reimbursement programs give MBA candidates multiple ways to manage costs, and Longwood’s affordable tuition puts the numbers firmly in the student’s favor. The program is AACSB-accredited and ranked among the best online MBA programs in the country by Poets & Quants in 2026.
For professionals ready to invest in their careers, Longwood University’s online MBA program presents a clear path. The program offers strong credentials, an accelerated timeline and a cost structure that makes the financial case as compelling as the professional one.
Learn more about Longwood University’s online MBA program.
