UNC's Kenan-Flagler Business School announced this morning that it will begin an online MBA program next summer, following the recent news of a similar degree at N.C. State.

The Chapel Hill school is accepting applications for its first class, which will be limited to 50 students and is scheduled to start in July 2011. Tuition will be $89,000 for the two-year program and will include books, texts, student fees and lodging and food costs for four weekend immersions.

N.C. State's College of Management plans to begin taking applications in January and start its program next fall. Its 2-year program will cost $30,600 for in-state residents.

Both schools are betting on the increasing acceptance of online learning, especially among busy professionals who want a business degree.