There is a new low residency MFA program starting January 2010. Heartwood College of Art is a non-profit private school in Kennebunk, Maine. The "Low-Rez MFA program runs on a slower track than most other MFA programs I have found. Two classes a semester allows a person the flexibility to keep their regular job while moving forward with their education. The slower pace also makes paying for the program more feasible. Like many other low rez MFA programs, students are grouped in "pods", work one-on-one with mentor artists and advisors, have a considerable amount of freedom with their curriculum, and spend the majority of their time working independently in their own studios. As far as being on campus, students spend one "weekend-intensive" on site each semester, and one or two other shorter visits for advisor meetings.
Check out their website. I believe that they are still accepting applications until the end of November for the "pioneer pod". I met with the dean and president last summer and was impressed with their progressive vision for this program.
If you live in the New England area, have a BFA and have been thinking about pursuing your MFA, and if you are self-motivated and thrive on small group instruction, check this program out.
Here is a link to info on the Heartwood MFA program:
Heartwood MFA program