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$10,000 M.B.A. Program Coming To Springfield Area University

Updated: Wednesday, February 12 2014, 10:04 AM CST

The cost of higher education continues to rise at universities across the country. That's making an impact on the wallets and purses of unemployed Americans looking for a fresh start.

Benedictine University at Springfield hopes a revolutionary program will make college affordable once again.

Imagine attending college for 2 years and spending only $10,000. That dream could soon be reality thanks to a new M.B.A program offered at Benedictine University at Springfield.    

"There is a huge need for adult learning in this area and particularly affordable adult learning in this area," said Michelle Koppitz, Vice President of the National Moser Center.

And that need for affordable adult education comes from a sluggish economy.

"A lot of adults over the past few years for the first time in their lives were faced with uncertainty about the workplace and uncertainty about whether their Bachelor's Degree alone would maintain in the jobs they held," said Koppitz.

Student loan debt has topped 1.2 trillion dollars in the U.S. So now, with an opportunity for a low to nearly no debt education, students are rushing to fill out an application.

"We are anticipating a significant response. The price break between this $10,000 MBA as well as it's delivery model is one that's different than anything else that's out there," said President of Benedictine University at Springfield, Michael Bromberg.

But is the deal too good to be true? University officials say the low cost of the graduate program is made possible by working together with another campus in Mesa, Arizona.

"If I had to train faculty by myself, it would cost me more for a faculty member then if I am doing it with the Mesa campus; so we are able to spread costs out in that manner," said Bromberg.

Spreading those costs in the end will benefit students. According to the U.S. Census Bureau adults with a graduate degree earn $400,000 more in their lifetime.

"When they go back to work, it is something they can apply right away and that helps them in their competitive work place," said Bromberg.

This new M.B.A program is for adults who already have a college degree and experience in the work place. It's the first of it's kind in Illinois.

Judging how successful it is in Springfield, the program could pop up at other campuses across the state.

$10,000 M.B.A. Program Coming To Springfield Area University

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