There is also Cranfield Univ in London (near Luton Airport) which offers a Masters of Science degree in Air Transportation which is one third of the cost of Embry Riddle.
Cranfield's program is also 1 year only and valued by many airlines worldwide who recruit their graduates. The current GF CEO and ex RJ CEO Mr Majali is a Cranfield Univ graduate.
Cranfield's degree will cost you approx US$ 45,000 all inclusive which includes tuition fees + housing on campus + meal plan + insurance + text books.
program overview: MSc Air Transport Management
course content: MSc Air Transport Management
entry requirements and fees: MSc Air Transport Management
applications homepage for 2011 entry: Cranfield University - Courses that can be applied for online