Between employer tuition reimbursement (common across aerospace, defense, tech, and manufacturing), institutional scholarships, research assistantships, and a handful of programs that have slashed tuition to a fraction of the traditional cost, there are real ways to reduce what you spend on an advanced degree in engineering. This guide profiles three online engineering master’s programs with financial aid, covers the funding sources most relevant to engineers, and answers the practical questions that come up when you start running the numbers.
Author: Jordan Cosselman
Editor: Wes Ricketts
- School Profiles
School Spotlights: Online Engineering Programs with Financial Aid
Read more - FAQs
FAQs About Financial Aid for Online Engineering Master’s Students
Read more - Types of Aid
Types of Financial Aid for Engineering Master’s Students
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School Spotlights: Online Engineering Programs with Financial Aid
These three programs represent very different price points and financial aid models.
- One has redefined what a top-tier engineering degree can cost.
- Another one leverages built-in institutional support to reduce sticker price across more than 20 disciplines.
- The third combines public-university pricing with traditional graduate assistantships and merit aid.
Read about each program to see what makes them different, and learn which type of approach makes the most sense for your education and budget.
Georgia Institute of Technology
Georgia Tech’s Online MS in Computer Science (OMSCS) changed the economics of engineering graduate education when it launched in 2014. The program charges approximately $225 per credit hour, bringing the total cost of a 30-credit master’s degree to roughly $7,000—compared to $45,000 or more for the same degree on campus.
Georgia Tech has since expanded the model to online master’s programs in analytics (OMS Analytics) and cybersecurity, each at similarly low price points.
- At under $7,000 total, the OMSCS program is affordable enough that many students pay out of pocket or cover the entire cost through a single year of employer tuition reimbursement. The program’s pricing effectively functions as its own form of financial aid.
- OMSCS students are eligible for federal financial aid through FAFSA and can access Georgia Tech’s Office of Scholarships and Financial Aid, though the low tuition means most students don’t need to borrow.
- The diploma is identical to the on-campus degree—no distinction is made for the online format.
Types of Aid Offered/Accepted:
- Low tuition (built-in affordability)
- Federal financial aid
- Employer tuition reimbursement
Johns Hopkins University
Engineering for Professionals (EP) is Johns Hopkins’ online and part-time engineering division, offering master’s degrees in more than 20 disciplines—including computer science, systems engineering, electrical engineering, cybersecurity, data science, and applied physics.
Standard per-course tuition is $6,870, but the Dean of the Whiting School of Engineering provides automatic tuition support that reduces the out-of-pocket cost to approximately $5,620 per course. For a 10-course master’s degree, that brings total tuition to roughly $56,200.
- The Dean’s support is applied automatically to all EP students—no application or eligibility review required. It reduces every course by approximately $1,250.
- EP is designed for working professionals and accepts applications on a rolling basis with no GRE requirement, making it one of the more accessible paths to a Johns Hopkins engineering credential.
- Federal financial aid is available through FAFSA. The program also coordinates with employer tuition reimbursement offices, which is relevant because a large share of EP students receive tuition support from defense contractors, tech companies, and government agencies.
Types of Aid Offered/Accepted:
- Automatic Dean’s tuition support
- Federal financial aid
- Employer tuition reimbursement coordination
Virginia Tech
Virginia Tech’s College of Engineering offers several online master’s programs in fields including computer science, electrical engineering, systems engineering, industrial and systems engineering, and aerospace engineering. As a public research university with one of the strongest engineering reputations in the country, Virginia Tech pairs competitive tuition with traditional graduate financial aid mechanisms.
- Merit-based scholarships are available to graduate engineering students, with some department-level awards specific to online students. Awards are determined during the admissions process.
- Graduate research assistantships (GRAs) and graduate teaching assistantships (GTAs) are available through the College of Engineering, providing tuition waivers and stipends. Availability for fully online students depends on the department, but virtual research assistantships do exist in some programs.
- Virginia Tech participates in the Yellow Ribbon Program and maintains strong support for military-connected students through its VT-ENGAGE Veterans Center. Federal financial aid is available through FAFSA.
Types of Aid Offered/Accepted:
- Merit-based scholarships
- Graduate research and teaching assistantships
- Military benefits
- Federal financial aid
FAQs About Financial Aid for Online Engineering Master’s Students
Types of Financial Aid for Engineering Master’s Students
Engineers have access to strong employer-sponsored funding, some of the largest professional-society scholarship pools in graduate education, and—at a few schools—tuition models that have upended the traditional pricing structure entirely.
Here’s a detailed look at every type of aid that’s available.
Employer Tuition Reimbursement
This is the dominant funding source for working engineers pursuing an online master’s degree. Part or all of tuition for degrees in engineering, computer science, and related STEM fields are commonly reimbursed by:
- Defense and aerospace companies
- Major tech firms
- Consulting and manufacturing companies
- Government agencies
Most programs reimburse up to $5,250 per year tax-free under IRS Section 127, though many large employers exceed that cap for STEM degrees specifically. Some cover full tuition regardless of the amount. Reimbursement typically requires pre-approval, a passing grade (often B or better), and a post-completion service commitment of one to three years.
At programs like Georgia Tech OMSCS, where total tuition is under $7,000, a single year of standard employer reimbursement can cover the entire degree.
Institutional Merit Scholarships
Awarded by the engineering school based on your academic record, professional experience, and application strength. At most programs, admitted students are automatically considered during the admissions process.
Award amounts in engineering programs range widely, from partial-tuition grants of a few thousand dollars at mid-range schools to significant coverage at top-tier programs. Unlike business schools, engineering programs less frequently offer named fellowships with full-tuition coverage, but partial merit aid is common.
Graduate Research and Teaching Assistantships
GRAs and GTAs are part-time positions (typically 10–20 hours per week) that provide a tuition waiver and hourly pay or stipend. In engineering departments, research assistantships are especially valuable because they connect you directly to faculty-led research in areas like machine learning, controls, materials science, or systems optimization.
For online students, availability is more limited. Some departments offer virtual research positions, but most GRA/GTA appointments are designed for on-campus students. If you’re within commuting distance or can attend campus periodically, your options expand.
Professional Society Scholarships
Engineering has one of the deepest pools of professional-society scholarships in graduate education.
- The National GEM Consortium offers full-tuition fellowships plus a stipend for underrepresented minorities in engineering master’s programs at GEM member universities
- The Society of Women Engineers awards graduate scholarships for women pursuing engineering and computer science degrees
- NSBE, SHPE, and AISES offer scholarships for Black, Hispanic, and Indigenous engineering students respectively
- Discipline-specific societies—IEEE (electrical), ASME (mechanical), ASCE (civil), AIChE (chemical)—offer smaller awards, typically $1,000–$5,000, that require membership and a separate application
The GEM Fellowship is the standout: it covers full tuition and provides a paid internship at a GEM employer partner. It’s highly competitive, but if you qualify, it’s the single most valuable external funding source in engineering graduate education.
NSF and DOD Fellowships
The NSF Graduate Research Fellowship Program (GRFP) provides three years of support—including a $37,000 annual stipend and a $16,000 cost-of-education allowance—for graduate students in STEM fields. While GRFP is more commonly associated with doctoral students, master’s students in research-focused programs are eligible.
The Department of Defense also funds fellowships through programs like the:
- NDSEG (National Defense Science and Engineering Graduate) Fellowship
- SMART (Science, Mathematics, and Research for Transformation) Scholarship
The latter of which covers full tuition plus a stipend in exchange for post-graduation service with a DOD facility.
Military Benefits
Veterans and active-duty service members are well-represented in engineering graduate programs, particularly in fields like systems engineering, cybersecurity, and aerospace. Most accredited online programs accept GI Bill benefits, and schools that participate in the Yellow Ribbon Program can cover tuition beyond the Post-9/11 GI Bill cap.
For engineers transitioning from military service into defense contracting or civilian technical roles, a master’s degree funded through GI Bill benefits provides a strong return.
Federal Student Loans
Federal Direct Unsubsidized Loans and Grad PLUS Loans are available at FAFSA-eligible institutions. Given that engineering salaries generally support aggressive loan repayment, borrowing for a well-chosen program can still be a sound investment, but it’s still worth exhausting the options above first.
Engineers working for government agencies or qualifying nonprofits are also eligible for Public Service Loan Forgiveness after 120 qualifying payments.