Would you believe in an MBA program from an accredited college for only $5,000?

At a time when the cost of an MBA can run into the six figures from top business schools, being able to put those three letters after your name for a fraction of that sounds like a pretty good deal. There are, of course, a number of caveats, not to mention that this a limited time offer, but still...

William Howard Taft University today announced it was offering an MBA for $5,000, including full tuition and fees, to qualified students who can allocate the time to progress through its Master of Business Administration Program at an accelerated pace.

Normal tuition in the University's MBA Program is already a bargain at a mere $225 a semester unit. But now, a grant from The Taft University System, the parent organization of the University, will allow a number of students to complete the program for nearly half that at an average tuition of less than $137 per unit.

Now the caveats. Students who wish to take advantage of the grant must:

• Be citizens of the United States or Canada.
• Apply on or before July 31, 2012, and begin studies on or before August 15, 2012.
• Meet the regular admission requirements of the program (a bachelor's degree from an accredited institution).
• Complete coursework according to an accelerated schedule.

William Howard Taft University offers four MBA program options:

• Master of Business Administration (MBA)
• MBA with a concentration in Professional Practice Management
• MBA with a concentration in Entrepreneurship
• MBA with a concentration in Health Care Administration

Also, all of these programs are delivered online with no residency requirements, and:

• All programs are supported by highly qualified and credentialed faculty providing insights and feedback based on real-world experience.
• It may be possible to transfer up to 18 units from other accredited programs.
• Students may be eligible to defer existing Federal Student Loans.

The grant is offered in connection with a research study to determine if financial incentives have a positive effect on course completion and graduation rates. Unless extended by The Taft University System, it will expire on July 31, 2012.

Under The Taft University System grant program, students are charged $199 per unit for the first 12 units, $150 per unit for the second 12 units and $60 per unit for the final 12 units. The costs of books/materials, which can be purchased from any source, are not included in tuition. In order for students to qualify for the reduced tuition in the second trimester, the first trimester must be completed within six months of matriculation. In order for students to qualify for the reduced tuition in the third trimester, the second trimester must be completed within six months of enrollment in that trimester. Students who fail to meet the special course completion schedule of the grant may continue in the MBA program but will be required to pay the regular tuition ($225 per unit) for the balance of the program. The grant cannot be combined with other grant offers including PIPE grants.