Welch and his wife, Suzy, will be extensively involved in developing curriculum and attracting faculty to the program. Already, Welch has tapped former GE employee and University of Michigan's Ross School of Business professor, Noel Tichy, to be the dean of the Welch MBA program.

The program will be presented over twelve courses that reflects Welch's various business philosophies and will include video messages from Welch himself. The MBA program is specifically designed for working professionals. The estimated cost for the MBA degree will be about $21,600 before fees according to University officials.

While we are yet to review Chancellor University or the Jack Welch MBA program, we have reviewed a number of online universities that offer undergraduate and graduate degrees in business. You can learn more by reading our reviews and comparison of online business degrees.

There are many reasons that Americans are choosing online education over more traditional classroom instruction. For example, online universities offer working adults a flexible class schedule that allows them to advance their education without quitting their day job. Other benefits of online education include extensive financing options, a wide variety of courses of study and even a lower carbon foot print than traditional classroom options.

You can learn more about online education by visiting our comparison and reviews of online colleges and universities.

Q: Does University of Phoenix offer financial aid? If so, what are the requirements to apply for financial aid?

A: University of Phoenix has several financial aid options available for students. If you are unable to pay your tuition partially or in full, you need to find a primary source of financial aid to cover the balance. If you cannot find a single source to cover the balance, you will need to find multiple sources of financial aid.

If your employer is willing to reimburse you for educational expenses, the University of Phoenix will defer your payments for 60 days from the beginning of your courses. Some companies allow direct billing, which means that you can send your tuition invoice directly to your employer.

If you have served in the military, the University of Phoenix will accept Military Tuition Assistance funds. You will have to consult directly with the University of Phoenix's financial aid department in order to utilize these benefits.

Student loans are another option to consider.You should contact the financial aid department directly regarding private loans, which will vary depending on your major and location.

The University of Phoenix also offers scholarships. You can browse scholarship options at the University of Phoenix alumni association website.

Federal financial aid is limited and is contingent upon your degree or certificate program. If you have been accepted to a degree or certificate program, you may be eligible for the Federal Pell, Academic Competitiveness, National SMART and SEOG Grant Programs, the Federal Family Educational Loan Programs (Stafford subsidized, Stafford unsubsidized and PLUS Loans) and/or the Federal Perkins Loan Programs.

It is also possible to defer tuition payment for the duration one school term but after this time, the deferment must be renewed and you must meet certain requirements.

Financial aid can be revoked at any time if you do not meet a minimum enrollment or GPA requirement. You can learn more about financial aid options by contacting the University of Phoenix financial aid department when you request information or apply.

For more information about University of Phoenix or other online universities, see our reviews and comparison chart.