Top 10 Affordable MBA Programs in Indiana

A Master of Business Administration is a great way to further your career opportunities and fine-tune your decision-making and leadership skills. Many business leaders hold MBAs, but the cost can be a deterrent for many people; however, there are many affordable MBA programs available to reduce these costs.

Students in Indiana can take advantage of these MBA degrees, including programs at affordable online colleges in Indiana. Keep reading to discover the top affordable MBA programs in Indiana.

Top Affordable MBA Programs in Indiana

Multiple colleges and universities in Indiana offer affordable MBA programs, including online MBA programs. We've featured ten of these top programs below.

The Association to Advance Collegiate Schools of Business (AACSB) accredits high-quality business programs. All programs below are AACSB-accredited.

1. Ball State University

Ball State University is a public research university in Muncie, IN. Its Miller College of Business offers full-time, part-time, and online MBA programs with concentrations like:

• business analytics
• healthcare administration
• information technology leadership
• logistics and supply chain management

In-state students pay $451 per credit hour, or $13,530 for 30 credits, while out-of-state students pay $676 per credit hour, or $20,280 for 30 credits. BSU offers scholarships and graduate assistantships to help MBA students cover the cost of their degrees.

2. Butler University

Butler University is a private university in Indianapolis. It offers both an on-campus and an online MBA through its Lacy School of Business with four concentrations:

• entrepreneurship and innovation
• finance
• international business
• leadership

Both the in-person and online programs are $950 per credit hour. As the program requires 38 credits, this comes out to a total of $36,100.

3. Indiana State University

Indiana State University is a public university in Terre Haute, IN. Its Scott College of Business offers in-person and online MBA degrees with concentrations such as:

• entrepreneurship
• human resource development
• nonprofit management
• supply chain and operations management

Tuition for in-state students totals about $14,000, while tuition for out-of-state students is about $27,000. Some students may qualify for scholarships.

4. Indiana University Bloomington

Indiana University Bloomington is a public research university in Bloomington, IN, and the flagship campus of the Indiana University system. Its Kelley School of Business is ranked the number one business school in Indiana on the U.S. News and World Report rankings of best business schools.

The school offers on-campus and online MBA degree programs with specializations like:

• business analytics
• entrepreneurship and corporate innovation
• marketing
• strategy and leadership

Tuition is approximately $29,573 yearly for Indiana residents and $55,695 for nonresidents. The school offers numerous financial aid options, including scholarships, assistantships, and fellowships, to help MBA students pay for their business education.

5. Indiana University South Bend

Indiana University South Bend is a public university in South Bend, Indiana. It offers full-time and part-time MBA degree options through its Judd Leighton School of Business and Economics, with two optional concentrations in finance and marketing.

Tuition for in-state residents is $393.87 per unit, for a total of $14,770 for the required 37.5 units. Out-of-state students pay $892.28 per unit, but students from Indiana partner states pay only $590.81 per unit. Students can take advantage of several fellowship opportunities and financial aid awards to help them pay for their business degrees.

6. Purdue University

Purdue University is a public research university in West Lafayette, IN, and this location is the flagship of the Purdue University system. Its Mitch Daniels School of Business offers an online MBA and an accelerated MBA degree program with specializations like:

• business analytics
• global supply chain management
• machine learning and AI
• strategic change and transformation

Tuition and fees for the online MBA degree are $60,000 for in-state students and $62,102.40 for out-of-state students, while the accelerated program is $46,156 for in-state students and $58,388 for out-of-state students. The school offers tuition reductions and scholarships specifically for eligible MBA students.

7. Purdue University Fort Wayne

Purdue University Fort Wayne is a public university in Fort Wayne, IN. It offers a traditional and an accelerated MBA program through its Doermer School of Business with concentrations like:

• business analytics
• engineering management
• healthcare management
• human resource management

Indiana residents pay $479.42 per credit hour, or $17,259.12 for 36 credits, while out-of-state students pay $960.01 per credit hour for a total of $34,560.36. MBA students may qualify for assistantships, which can cover up to the total cost of tuition.

8. University of Notre Dame

The University of Notre Dame is a private Catholic research university in Notre Dame, IN. Its Mendoza College of Business offers a full-time and an executive MBA program with four pathways:

• consulting
• finance
• marketing
• technology

The traditional MBA program costs a total of $71,126. The business college offers a variety of merit-based and need-based scholarships and fellowships to help students cover their tuition costs.

9. University of Southern Indiana

The University of Southern Indiana is a public university in Evansville, IN. It offers in-person, online, and accelerated MBA programs through its Romain College of Business with concentrations such as:

• data analytics
• healthcare administration
• human resource management
• project management

In-state students pay $446.94 per credit, or $13,408.20 for the 30-credit program, while out-of-state residents pay $875.33 per credit, or $26,259.90 in total. However, all online students are charged $430 per credit, regardless of where they live, and students may also qualify for scholarships.

10. Valparaiso University

Valparaiso University is a private university in Valparaiso, IN. Its College of Business offers an in-person and an online MBA with concentrations like:

• business analytics
• engineering management
• healthcare administration
• management

Both the on-campus and online MBA have a flat tuition rate of $30,000. The university offers several scholarship options for students, including the Back2Beacon scholarship specifically for grad students.

FAQs About Affordable MBA Programs

Below, we've answered some frequently asked questions about affordable MBA programs in Indiana.

What Factors Should I Consider When Choosing an Affordable MBA?

There are several factors to consider when choosing an affordable MBA. We already mentioned accreditation above, but other factors include:

• Admissions requirements: Most MBA programs require you to hold a bachelor's degree, but they may also require you to have a minimum GPA and take either the GRE or the GMAT.
• Concentrations/electives available: Concentrations and electives allow you to tailor your coursework to your career goals.
• Format: Some programs are available online, while others are only on-campus.
• Schedule: Most colleges offer full-time MBA programs, but some offer accelerated or part-time programs as well.
• Work experience: Some programs offer internships and other opportunities for real-world experience in a business environment, providing students with mentoring and networking opportunities.

How Much Does an MBA Cost in Indiana?

The cost of an MBA in Indiana depends on several factors, including whether the school is public or private, whether you're an in-state or out-of-state resident, and whether you're learning on campus or online. However, several schools in Indiana offer programs for $30,000 or less.

What Is the ROI of an MBA Program in Indiana?

Like cost, the return on investment for an MBA program depends on several factors. ROI is calculated by determining the average salary of MBA graduates within the first three months of graduating versus how much debt they graduated with.

For example, the ROI for MBA graduates at Indiana University is a ratio of $178,132:$59,220, or approximately 3:1.

How Can I Make an MBA Program More Affordable?

There are a few ways to make an MBA program more affordable. Start by looking for lower-cost accredited programs, especially at in-state public schools.

Fill out your Free Application for Student Aid every year. This will determine your eligibility for government aid and help you land scholarships, fellowships, and assistantships through your school.