How Much Does Arbitration School Cost?
Arbitrators are typically lawyers or business practitioners by profession. They usually have sufficient experience in their respective fields before they are asked to help decide conflicts and disputes out of court. If a career as an arbitrator is where you would like to direct your career path, going to law school or business school would be your best educational preparation. In your search for the best school that would prepare you for this career, the cost of tuition and other expenses would certainly be one of your top considerations—and rightfully so. Attending college is not cheap these days so you want to get the most out of every penny you spend.
Since many arbitrators have an undergraduate background in business, the cost for business school would be a good place to start a discussion on college expenses. If you are interested in taking up a four-year bachelor’s degree in business administration or management, the tuition costs will depend on whether you attend public colleges or universities or a private institution, with the former being more affordable than the latter. It will also depend on whether you are attending as an in-state student or out-of-state student, with students who are attending schools in-state usually paying less.
The tuition cost for business school can go as low as $5,000 to over $44,000 annually. To give you an idea of the cost of undergraduate business schools, the tuition at Indiana University- Bloomington, a public institution, is $8,750 for in-state students and $30,200 for out-of-state students. At another public school, The University of Texas at Austin, the in-state tuition fee is $9,790 and $33,128 for out-of-state students. One of the more affordable options for business courses is offered at the University of North Carolina at Chapel Hill which has an annual tuition cost for in-state students of $5,823 and $26,575 for out-of-state students.
For private business schools, the tuition cost for in-state and out-of-state students are often the same. At the University of Pennsylvania which is considered one of the top schools for business, the tuition fee is $39,088 annually. Massachusetts Institute of Technology charges $41,770 while Carnegie Mellon University charges $44,880.
Many arbitrators proceed to take up law after obtaining their bachelor’s degree. Law school takes three years to complete and just like business school, tuition for law school also depends on whether you are attending a public or private school and are an in-state or out-of-state student. Future arbitrators would do well to obtain their law degree from schools that are known for their dispute resolution programs. At the University of Oregon, a public school, the tuition fee for in-state students is $8,010 while for out-of-state students, it is $27,360. Another public school, the University of Missouri-Columbia, the tuition fee for in-state students is $8,082 while that of out-of-state students is $22,191. At the Ohio State University-Main Campus, law school tuition for in-state students costs $9,168 while for out-of-state students, it is $24,576.
As expected, law schools of private institutions charge considerably more tuition than public schools. At Pepperdine University, considered as one of the top law schools for dispute resolution, tuition fee is $42,520 annually. Harvard University charges $37,576 while tuition for Hamline University is $33,236 each year.
The cost of fees and other books should also be factored into the equation. The fees in business schools range from $0 to a little over $4,000 while books can cost anywhere from a little over $800 to more than $1,200 a year. For law school, the cost of fees range from a little over $200 to about $3,000 annually while books can range from about $900 to $1,500 yearly.
Housing, food, transportation and personal expenses should also be taken into consideration as these are going to comprise a large portion of your expenses in college. In-campus housing can be cheaper than staying in an apartment and food and personal expenses can be lessened if you cook your own meals and minimize going out. You would most likely have to prepare anywhere from $15,000 to $25,000 a year for these expenses.
If you need help funding your studies so that you can become an arbitrator someday, remember that there are scholarship and grant opportunities that you can apply for. You can also consider teaching assistantships for graduate school as well as apply for student loans. Ask the financial aid office of the college or university for information regarding financial assistance.