In a world of rising tuition fees and mounting student debt, California's University of the People has started offering an ultra low-cost MBA, it said on Tuesday. The online programme - open to 100 applicants in its first term this September, with capacity expected to expand subsequently - will carry a $200 end of course assessment fee for each of the 12 courses. This would take the total cost to about $2,400 for the qualification, about one-thirtieth of what an average MBA might cost in the US. There are no tuition fees or textbook costs. Developing what UoPeople's founder Shai Reshef called the the world's most cost-effective MBA" was a natural progression for the Pasadena-based institution. Students can expect to complete the course in 15 months on a full-time basis but part-time students have to finish within five years. The MBA is accredited by the Distance Education and Accreditation Commission, a private non-profit organisation. UoPeople has offered undergraduate degrees in business administration or computer science, without tuition fees, to 3,000 students from 180 countries around the world. Its online programmes have a $100 charge for each course exam, taking the total a student can expect to pay for a bachelors degree to about $4,000. The university runs with the support of 4,000 volunteers from other universities and makes use of open-source technology. It has a programme in place that is supported by global foundations and corporations ... to help students who are unable to meet its charges.