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When your child heads off to college, you are probably awash in all kinds of emotions. Pride, relief (yes, they got into school!), sadness, anxiety, and excitement can all swirl around you. Your baby is growing up and forging their own independent life. Will they make new friends? Like their classes and excel in them? Find their way around campus easily enough? Will they overspend, sleep through class, and stay out all Friday night?

Part of having a college student as a child means you must get used to some separation and lack of information. But that doesn’t mean you can’t continue to play a vital role in their life. Here, some wise advice about conversations to have, topics to cover, and when to help them have an amazing time at school.

Advice for Parents of College Students

Although each parent-child relationship is unique and each parent may face different challenges with their college student, there are moments that can be universal when your “baby” heads off to university life.

You’ll need to know how much to let go and encourage your child to become independent versus how much you should continue to provide support, whether that’s emotional support or financial.

Where that line should be drawn for each child and parent depends upon things like the seriousness of the problems being faced and how temporary or permanent they may be. In general, though, tips include:

•   Listen, but try not to dive right into problem solving. This may not be the moment to lead with, “Here’s what you need to do…”

•   Be mindful about how often you communicate and give your college student space while also staying available. Texting constantly and expecting quick replies will be unrealistic for many parents.

•   You may be used to getting those report cards regularly and monitoring your child’s checkups at the doctor’s office. Recognize that now, times are changing, and you may not always be kept in the loop. FERPA (or the Federal Education Records Privacy Act) gives college students new privacy rights that can be defined pretty broadly. You may want to talk to your child about signing a FERPA waiver that will give you more access to information.

Accepting that college isn’t just about education but also about your child establishing themselves as an independent adult is an important transition for both of you.


💡 Quick Tip: Pay down your student loans faster with SoFi reward points you earn along the way.

Parenting College Students During Summer Break

Just when you figure out how to parent your child when he or she is away from school, summer break arrives with a different set of challenges. The young adult that you watched leave for college is probably not the same person who is returning. Maybe they don’t want to chat as much as before, or don’t seem as open to talk about daily life, friendships, and relationships.

The parent-child dynamic may be less about directing your kid’s actions and more about creating a collaborative partnership.

This can include things like withholding judgment about your child’s actions and making requests rather than demands — even when you’re sure you’re right. Your child is growing up and stretching their wings, both at school and when they return. They are becoming a full-fledged adult, after all.

Analyze which rules are the most important, and focus on those, letting other ones go. One example is you might ask that he or she call you if dinner will be missed, but not try to impose a curfew.

Recognize that during summer break you’ll probably need to readjust to being together, while also focusing on enjoying your time together.

Conversations about Paying for College

As part of your evolving parent-child relationship, you’ll likely find yourself in conversations about the best ways to pay for college. As the parent, you’ll likely initiate these talks. As part of your discussions, you may want to:

•   Be clear about how much money you’re willing or able to contribute towards your child’s college expenses and how much your child will need to contribute.

•   Discuss how much college will cost once you add tuition, housing, books, and other expenses together.

•   Talk about student loans, including the differences between federal student loans and private student loans.

•   Discuss how your child working during college may help pay for expenses.

•   Talk about money management and how your child may feel some stress over student loan debt.

Here are some valuable topics to mention.

•   There are scholarships and grants that usually don’t need to be repaid. What’s left is the amount that typically needs to be paid for by a combination of parental contributions, student contributions, and student loans.

•   The two main types of student loans are federal and private. To qualify for federal student loans, you’ll need to fill out the FAFSA® (or Free Application for Federal Student Aid). This form needs to be filled out every year to determine eligibility for federal student aid dollars, including federal student loans.

•   Federal loans can be subsidized or unsubsidized. Students may be eligible for a subsidized loan if they have a certain degree of financial need. Subsidized loans do not accrue interest during the six-month grace period after graduation/dropping below half-time enrollment and during any loan deferments.

•   If the student drops below half-time enrollment, the grace period will begin even if he or she has not graduated yet, although there are some circumstances in which the student loan grace period can change.

Unsubsidized federal student loans do not require a demonstration of financial need, but do accrue interest during the entire loan period.

Private student loans are not funded by the government. Your child can apply with individual lenders, and each loan will come with its own terms and conditions, including repayment terms. Private loans can help fill the gap between what your child can pay with scholarships, grants, or federal loans.
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💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

Saving for Your Child’s College

If you’re still saving for your child’s education, your options may include:

•   What are known as 529 college savings plans, also called qualified tuition plans, allow you to save for college while potentially offering tax benefits. Money saved in an education savings plan (sponsored by some states) can be used for tuition, fees, room and board, and other qualified higher education expenses at a college or university.

•   Prepaid tuition plans (available at some universities) offer the option to prepay tuition and fees at current rates.

•   Traditional or Roth IRAs, although more commonly used to save and invest for retirement, can be used to save for college expenses. .

•   Coverdell Education Savings Accounts allow you to set up an account to pay for qualified education expenses, but contributions are not tax deductible and are only available for people whose income falls under certain limits.

•   Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) accounts are intended as a savings vehicle for beneficiaries under the age of 18. Depending upon your state, the funds will transfer to your child at either age 18 or 21 and do not have to be used for education expenses.

Tax Credits and College

When it’s tax time, if you claim your college-age child as a dependent, you might qualify tax credits related to education.

•   The American Opportunity Tax Credit could be helpful during the first four years of their undergraduate education. Qualifications include MAGI, or modified adjusted gross income, among other factors.

This is a credit for tuition and other qualified education expenses worth up to $2,500 per eligible student and could reduce the filer’s tax bill, not their taxable income.

•   The Lifetime Learning Credit is also a tax credit, but may be harder to qualify for. Each year, you can claim either the AOTC or the LLC, but not both.

Parent Student Loans

You may be able to take out loans for your child’s education expenses, including a federal Parent PLUS Loans, available to parents of dependent undergraduate students for the amount of attendance costs minus other financial aid.

Private lenders may also be an option. Fees, rates, and repayment options vary by lender and they don’t typically offer forbearance or deferment options like federal loans do. As another option, you may be able to co-sign a private student loan with your child.

SoFi Parent Loans

Paying your child’s tuition with SoFi’s flexible, competitive-rate parent loan may be an option for consideration as well.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Has your soon-to-be college student chosen the school they’d like to attend in the fall? Or, are they just starting to think about the application process? Either way, it’s never too early to research ways to pay for college.

Student loans, federal and private, are one common method that students and their families use to cover the cost of higher education. Typically, students are the ones who take out these loans (and are responsible for repaying them). However, there are also student loans, both federal and private, available for parents.

Also keep in mind that if your child takes out a private student loan, you will likely need to act as a cosigner, which means you will be responsible for repayment if your child is unable to make payments.

No matter who acts as borrower, it’s important for parents to be in the loop when it comes to student loans. Here’s what you need to know.

Not All Loans Are Created Equally

When it comes to student loans, there are two main options:

•   Federal loans (funded by the federal government)

•   Private student loans (funded by private lenders)

Federal Student Loans

Federal student loans are provided by the U.S. Department of Education and come in several forms:

•   Direct Subsidized Loans These are for undergraduate students and are awarded based on financial need. The government pays the interest on these loans while the student is in school and for six months after they graduate (known as the grace period).

•   Direct Unsubsidized Loans These are available to undergraduates, graduate students, and professional students and are not awarded based on need. The borrower is responsible for paying all interest that accrues on the loan.

•   Direct PLUS Loans These are for graduate and professional students and parents of dependent undergraduates. They are not based on financial need and a credit check is required.

•   Direct Consolidation Loans This option allows you to combine all your federal loans into one loan payment under a single loan servicer.

All federal loans come with fixed interest rates, which means the rate won’t change over the life of the loan. Interest rates are set by Congress each year on July 1st. For most students, federal loan repayment starts after the post-graduation grace period.

To apply for federal student loans, you need to submit the Free Application for Federal Student Aid (FAFSA).


💡 Quick Tip: Make no payments on SoFi private student loans for six months after graduation.

Private Student Loans

Private student loans are available through banks, credit unions, and online lenders. Many private student loans mirror the terms and repayment periods of federal student loans, but not always. Differences between federal versus private loans include:

•   Credit checks Most federal student loans don’t require a credit check (except PLUS loans) but it’s required for private student loans. To qualify for a private student loan, you’ll need to meet the lender’s credit and other eligibility requirements.

•   Repayment start date Some lenders might allow you to defer making payments until six months after you graduate, while others may require you to begin repayment while you’re still in school.

•   Interest rates Federal student loans have fixed interest rates that don’t change over the life of the loan; private student loans offer fixed or variable interest rates.

•   Repayment terms Federal loans have long repayment terms — from 10 to 30 years, depending on your plan. Private student loans also vary in term length, but might not be as long.

•   Loan forgiveness Some federal student loans offer forgiveness options for certain career paths, or after you’ve made a certain number of payments on an income-driven repayment plan. Private student loans aren’t required to offer this option to borrowers.

How Parents Can Help

If your student has tapped all available financial aid, including federal student loans, you might look into student loans for parents.

The federal government offers Direct PLUS Loans for parents. They have higher interest rates and fees and qualify for fewer repayment plans than federal direct subsidized and unsubsidized loans for students. The interest rate for federal direct PLUS loans is 8.05% for the 2023-24 academic year. There is also an origination fee of 4.228%, which is deducted from each loan disbursement.

To get a PLUS loan, you can’t have an adverse credit history (there may be exceptions to this rule if you meet other eligibility requirements) and you must complete the FAFSA with your child.

It’s important to note that a parent PLUS Loan will ultimately be your responsibility to repay. The only way to transfer parent loans is to have your child refinance the loan with a private lender in their name.

You also have the option of getting a parent student loan through a private lender, such as a bank or credit union.

If you have solid finances and expect to be able to work the entirety of your loan term, a private student loan may be a better deal. Private student loans often offer lower interest rates and typically don’t have origination fees. However, they generally don’t offer as many protections should you lose your income and have trouble repaying the loan.

You Can Use Loan Money Only for Certain Things

Typically, student loans are paid out directly to the school. The school will then apply your loan money to tuition, fees, and room and board (if your student lives on campus), and give any remainder to your student. They can then use the surplus funds but only for education-related expenses. This includes textbooks, computers/software, transportation to and from school, housing, meal plans or groceries, and housing supplies (e.g., sheets, towels, etc.).

Students can’t, however, use the proceeds of a student loan to pay for entertainment, going out to dinner, takeout meals, clothing, or vacations.

Federal Loans Offer More Forgiveness Options

Some student loan repayment plans, like income-driven plans, give graduates the opportunity to have their loans forgiven if they aren’t fully repaid at the end of the repayment period, which may be 20 or 25 years.

Depending on the field of work your student may enter, there may be other forgiveness options. For example, under Public Service Loan Forgiveness (PSLF), borrowers can have their loans forgiven after 120 monthly loan payments. To qualify, you must work for an eligible non-profit organization or government agency full-time while making those qualifying payments.

With the Teacher Loan Forgiveness Program, borrowers can qualify for up to $17,500 in loan forgiveness if they teach full-time for five full and consecutive academic years in a low-income elementary or secondary school or educational agency.

There are far fewer student loan forgiveness programs available for private student loans than federal loans. However, some private lenders offer loan modification or repayment assistance programs.


💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

The Takeaway

You and your student will generally only want to look into student loans after you’ve tapped more cost-effective forms of funding, such as scholarships, fellowships, and grants — since that’s money you don’t have to pay back.

After that, you might consider federal student loans. You don’t need a credit history to qualify, and they come with low interest rates and programs, like income-driven repayment plans and loan forgiveness, that private loans don’t offer. If you still have gaps in funding, you might next look at private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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The cost of going to college can vary dramatically depending on where you go. The average cost of tuition and fees for the 2023-2024 school year is $42,162 at private colleges, $23,630 for out-of-state students at public universities, and $10,662 for in-state residents at public schools, according to U.S. News. Based on those numbers, the average tuition and fees to attend an in-state public college are nearly 75% less than the average sticker price charged at a private institution.

But should you choose a college based on price? Maybe. While there are a number of things you’ll want to consider when choosing a college, including its location, reputation, and even the vibe on campus, price is often near the top of the list for many families. Here’s a look at how to compare schools by cost, plus tips for making a school that seems economically out of reach more affordable.

Understanding Net Price vs Sticker Price

Choosing a college based on price begins with knowing what the actual price is. But this isn’t as simple as it sounds. That’s because there is a difference between the sticker price published by the college and the actual price you will pay if you are admitted to that school. Indeed, colleges with the highest sticker prices sometimes end up costing far less than a college with an affordable sticker price.

The sticker price is a school’s published cost of attendance (COA), including tuition, fees, room and board. It can vary anywhere from $3,000 to $75,000-plus. But don’t let those upper ranges frighten you off — few students end up paying the full sticker price.

Net price, on the other hand, is what you will actually pay. It is sticker price (COA) minus any financial aid provided by the college and the federal government.

Financial aid is based on financial need, a student’s merit (achievements), or a combination. Aid is offered in the form of grants, scholarships, work-study, and sometimes federal student loans.

Before you apply to a school, it’s a good idea to use the net price calculator available on the school’s website. This can give you a better indication of the actual cost of attending that college.


💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.

3 Reasons to Choose a College Based on Price

While price likely isn’t the only factor you’ll want to weigh when choosing a school, here are some reasons why you may want to make it a key consideration.

You Can Avoid High Debt

The average student borrows over $30,000 to pursue a bachelor’s degree, according to the Education Data Initiative. Students who used their federal loans to attend public institutions owe an average of $27,884, while the average student who attended a private, nonprofit institution owes $40,607. Attending a lower-cost school can mean borrowing less, and graduating with a smaller student loan balance.

You’ll Help Your Parents Out

If your parents plan to help you with college costs, choosing a less expensive school can help them avoid having to tap their savings, home equity, or retirement to cover your education expenses. While there are many different types of student loans you can tap, there is no such thing as a retirement loan.

Along with using income and savings for college costs, parents might also need to take on private loans or federal PLUS loans to pay for your college education, which come with higher interest rates than federal student loans. Generally, it’s cheaper for you to borrow money for college than your parents. Plus, you’ll have more time to repay the debt.

You’ll Improve the Return on Your Investment

Return on investment (ROI) is a term borrowed from investing that tells you the average earnings you can expect when you compare the return to how much you invested. To consider ROI for a college degree, you need to look at how much you can expect to earn with your degree versus how much the degree costs. You likely won’t earn enough to offset the degree within one year, so you generally want to consider the potential return over 10 years.

The lower your college costs, the better the chance you’ll get a strong return on your investment. That means earning enough after graduating to justify the expense of attending school.

To figure out which schools have the best chance of setting you up for success, you might look at the U.S. Department of Education’s College Scorecard . It has key details including average net price, graduation rates, and typical salaries students earn after attending a college or university.

How to Lower the Cost of College

What you will have to pay to attend a particular college may differ from that school’s published cost of attendance. Here are some ways to significantly shrink the sticker price.

Fill out the FAFSA

Submitting the Free Application for Federal Student Aid (FAFSA) is a critical step when it comes to reducing the price of college. This form is a gateway to several forms of financial aid, including grants, scholarships, work-study, and federal student loans. Many colleges also use the FAFSA when awarding institutional (merit-based) aid, and some states use the form for certain state-based aid. So it’s worth filling out even if you don’t think you will qualify for aid.

Seek Out Local Scholarships

Submitting the FAFSA puts you in the running for many grants and scholarships. But there are other, smaller, sources of “free money” out there that can further chip away at the cost of college. You may be able to take advantage of local scholarships, which are typically offered by local organizations, nonprofits, or places of worship. You can do a national search for private scholarships using an online search engine. To find local scholarships, however, you may want to ask your high school guidance counselor what is available in your area. Some companies also give out scholarships to dependents of their employees.

Earn College Credits in High School

Taking Advanced Placement (AP) courses in high school and doing well on AP exams can help you save on college tuition. Some schools will award course credits based on AP scores, while others allow students with qualifying scores to place into higher-level courses, which could allow you to graduate a semester early.

Pay Less for a Four-Year Degree

You may be able to save on the cost of a four-year degree by starting at a community college for two years, then transferring to a pricier, four-year school for your remaining two years. However, you’ll need to make sure that the college you want to transfer to — and graduate from — will accept the credits from the community college. Some community colleges actually have reciprocity agreements with nearby four-year schools.

Pursue Federal Loans First

If you need to borrow money to pay for college, you generally want to tap all sources of financial aid, including federal student loans, before looking at private student loans. Then, if you still have gaps in funding, you might consider using private student loans ot fill them.

Available through banks, credit unions, and online lenders, private student loans typically come with higher interest rates than federal student loans and don’t offer the same borrower protections (like income-driven repayment plans and forgiveness programs). However, they come with higher borrowing limits. Typically, you can borrow up to the total cost of attendance, minus any financial aid received, every year, giving you more borrowing flexibility than you can get with federal government.


💡 Quick Tip: Federal student loans carry an origination or processing fee (1.057% for Direct Subsidized and Unsubsidized loans first disbursed from Oct. 1, 2020, through Oct. 1, 2024). The fee is subtracted from your loan amount, which is why the amount disbursed is less than the amount you borrowed. That said, some private student loan lenders don’t charge an origination fee.

The Takeaway

There may be many colleges where you’d be happy and thrive academically, so it’s important to narrow the possibilities into a manageable list. To do this, you’ll want to consider size, location, available majors, makeup of the student body, and, of course, price. Going to a more affordable college can mean taking on less debt, giving your parents a break, and improving your return on investment.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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If you’re interested in earning a master’s degree in business administration, an MBA program that is partially or totally online might suit your needs. These programs can give you the flexibility you need (in terms of the time you have available for your education, your geographic location, and your finances) to get the graduate diploma you’re seeking.

An MBA can unlock a fascinating and lucrative career path, but not everyone can turn up on a campus full-time for a couple of years. So in this guide, you’ll explore the top online MBA programs available. Equipped with this information, you can then move ahead with your plans, accommodating your particular set of needs and wants.

What Is an MBA Program?

MBA programs offer master’s degree level courses in a variety of business-related content, including economics, finance, marketing, accounting, entrepreneurship, and statistics. Many provide hands-on learning through capstones or client projects, and some also offer the opportunity to study abroad.

There are many types of MBA programs, just as there are many undergrad majors. Some details:

•   There are in-person one- or two-year programs as well as partially and fully online MBA programs.

•   In terms of e-learning opportunities, some programs are 100% online, while others require you to attend classes on the weekend once a month or so. Your willingness and ability to travel, if necessary, should be a part of which format you choose for your MBA studies.

•   There are also executive MBA programs, which are geared toward working professionals with a bit more professional experience than the average undergrad.

You can pay for an MBA program in several ways: paying out of pocket, taking out a student loan for your MBA, securing scholarships, or a combination of these.


💡 Quick Tip: Ready to refinance your student loan? You could save thousands.

What Are the Benefits of an MBA Program?

You may wonder whether getting an MBA is worth the investment. Generally, studying topics like management, marketing, or finance can help make you a more knowledgeable employee, which may help you secure a job or a promotion in one of these fields.

And having a master’s degree can potentially make you more appealing to employers, helping you stand out from the sea of applicants. The degree may also help increase earning potential, which can be a good thing since you may have to finance your degree.

The top online MBA programs may also present networking opportunities, whether virtual or in-person, that can connect you with others in your field as well as employers looking to hire MBAs from your university.

Choosing the Best Online MBA Program for You

The program you ultimately choose will depend on factors like:

•   How much do you want to spend?

•   Are you willing to be on campus for classes occasionally?

•   What concentration are you interested in?

•   How quickly do you want to complete your coursework?

Each of the MBA programs on this list is ranked highly, but the choice will be personal based on your own criteria. Spend time speaking with admissions reps at each of the schools you’re interested in, as well as talking to grads to understand their experience.

Recommended: Which Debt to Pay Off First: Student Loan or Credit Card?

Top Online MBA Programs to Consider

What defines an MBA program as being one of the top online business schools will vary depending on your criteria. To give you a place to start, here are some of the top online MBA programs in several categories, culled from online reviews, ratings, and other lists.

Top Affordable Online MBA Programs

Online MBA programs can get fairly expensive. Consider an affordable MBA program with a smaller price tag, such as these three highly rated options.

Louisiana Tech University

This university, located near Ruston, Louisiana, has one of the best rated affordable MBA programs in the country, and is accredited by the Association to Advance Collegiate Schools of Business (AACSB). Courses can be taken wholly online, and the degree requires 30 credits. Its MBA program has been ranked highly by U.S. News & World Report.

Total tuition: $14,250

University of Texas Permian Basin

Another award-winning online MBA program comes from the University of Texas Permian Basin. This program is accredited, affordable, and ranks highly for services and technologies, as well as being a good option for military veterans. Between 30 and 36 credits are typically required.

Total tuition: $11,729.70 -14,075.64

Fitchburg State University

This Massachusetts-based program requires 30 credits and presents the same learning as in-person classes in the online studies, which are recorded and archived. The business administration-focused course doesn’t require graduate exam results with the application.

Total tuition: $13,080

Top Executive Online MBA Programs

If you’ve been in the workforce for several years and are looking to move up in your career, an executive online MBA program could be a good fit, as it’s typically flexible in how and when you do your coursework so it doesn’t interfere with your job. That said, these programs can be significant investments of time and money, with some programs approaching or topping the $200K mark. So research your financing options for graduate school as you determine your next steps. What follows are affordable options.

Washington State University

WSU’s Carson College of Business offers an EMBA that can be completed in as little as 16 months. This program offers perks like an option for international field study in a seven-day overseas program, an annual Leadership Conference, and professional coaching.

Total tuition: $57,162

Texas Southern University

Texas Southern University offers an online executive MBA program; it can be completed in 24 months. It has received recognition both for its reasonable costs and its academic excellence. Since it’s online, you can fit it in around your professional and personal obligations. While the degree can allow for growth in a variety of fields, there can be an emphasis on the energy sector.

Total tuition: $36,000

Southeastern Louisiana University

If you’re interested in combining online executive MBA curriculum with in-person learning, Southeastern Louisiana University offers that balance in its 17-month program. The program is 40% online and 60% face-to-face, with classes on Saturdays only. The program offers three options: general MBA with accounting and financing electives, general MBA with business electives, or MBA with a healthcare concentration. The MBA program has small classes, and is accredited by the AACSB.

Total tuition: $20,676

Top Overall Online MBA Programs

Maybe you just completed your undergraduate degree and want to move straight into your MBA program, and you’re looking for the cream of the crop. Here are some of the top online MBA programs for you to consider.

Yes, they may be more expensive than other options, but exploring scholarships, grants, and loans can help you afford this degree.

Arizona State University

Arizona State University’s W.P. Carey School of Business offers several different MBA programs, including full-time, online, executive, professional flex, and fast-track. The program offers diverse concentrations, including business data analytics, entrepreneurship, finance, and international business. The online MBA has been rated a top-ten program by U.S. News & World Reports.

Total tuition: $66,266

Pennsylvania State World Campus

PennState’s World Campus’ Smeal College of Business offers flexibility in how you build your personal MBA program. There are 20 possible concentrations with the program, including advanced accounting, international affairs, and strategic leadership. There is a three-day residency to kick off the program in person, as well as other sessions throughout.

Total tuition: $59,904

Rochester Institute of Technology

Rochester Institute of Technology’s Saunders College of Business offers a highly-recognized Executive Master of Business Administration degree. It’s designed to accelerate the careers of high-performing professionals. The program, which covers the same learning as the on-campus courses, has been recognized as a top-ten option by U.S. News & World Report.

Total tuition: $78,000

The Takeaway

Online MBA programs can be one way for students to gain skills desirable for a future career in business. They can offer more flexibility than traditional in-person MBA programs because lectures can generally be viewed on the student’s schedule.

But even paying for an online program can be costly. Some students may turn to student loans to finance all or a portion of the cost of tuition.

Some students may find that later refinancing their loans can help make their education costs more manageable. However, it’s worth noting that when you refinance federal loans with private loans, you forfeit federal benefits and protections. In addition, if you refinance for an extended term, you may pay more in interest over the life of the loan. For these reasons, it’s wise to think carefully to uncover the best fit for your debt repayment.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

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Photo credit: iStock/Miljan Živković

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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