Contrary to what you may have heard, earning a master’s degree doesn’t have to put a major strain on your finances. Many colleges now offer affordable online master’s programs that allow students to advance their education while keeping costs manageable.
Author: Kathleen Curtis
Expertise: Graduate Ed.CareersFinancial AidEditor: Jordan Cosselman
- Affordabillity
What Makes an Online Master's Degree Affordable?
Read more - Colleges
More Affordable Colleges for an Online Master's Degree
Read more - Degrees By Subject
25 Most Affordable Online Master's Degrees by Subject
Read more - FAQs
FAQs on Affording an Online Master's Degree
Read more - Resources
Cost-Saving Resources for Your Master's Degree
Read more - Best Programs
Most Affordable Online Master’s Degree Programs
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Pursuing a master’s degree can help you grow professionally and deepen your expertise in a specific field, but cost remains a valid concern. According to the Education Data Initiative, the average student loan debt for master’s degree holders is about $106,129. With that level of debt, it’s understandable to approach graduate school cautiously. The good news is that affordable online master’s degrees do exist.
This guide highlights some of the most affordable online master’s degree options, explains what makes a program budget-friendly, and outlines strategies for minimizing debt. We also review financial aid options, including scholarships and federal loans, and discuss how online learning can help students balance coursework with full-time employment.
What Makes an Online Master’s Degree Affordable?
Several factors influence the total cost of an online master’s degree. When evaluating programs, it’s important to look beyond the advertised tuition rate and consider the following variables.
Tuition
Tuition is the largest cost associated with earning an online master’s degree. To estimate affordability, multiply the number of required credits by the program’s per-credit rate, then subtract any anticipated tuition assistance. This simple calculation can quickly help you determine whether a program fits your budget.
While students may still need to budget for books and university fees, tuition typically accounts for the majority of total costs. Repeating this exercise across several programs can help you narrow your options to schools within your price range.
Average Debt Upon Graduation
Some schools publish data on the average amount of debt their graduates carry, which can offer insight into long-term affordability. For example, graduates of Berea College leave with an average debt of $6,700, while University of North Texas at Dallas graduates average $6,927 in student loans.
Debt levels vary significantly by institution and degree type. If this information isn’t publicly available, consider contacting program administrators to request it.
Online vs. In-Person Programs
Online master’s programs can reduce overall costs even when tuition rates are similar to on-campus options. Distance learners may avoid campus-based fees related to facilities, parking, or student activities.
In addition, online study can eliminate costs associated with commuting, housing, meals, and time spent traveling. Over the course of a degree program, these savings can be substantial.
Public vs. Private Institutions
Public universities generally offer lower tuition than private institutions due to government subsidies and state funding. This support helps reduce costs for students, particularly residents.
Private universities rely more heavily on tuition revenue, which often results in higher prices. However, some private schools offset these costs through institutional grants or flat-rate online tuition.
Grants & Scholarships
Grants and scholarships do not need to be repaid, making them one of the most effective ways to reduce the cost of a master’s degree. Schools with strong endowments may offer institutional funding, and many also accept external scholarships.
Because some funding sources require accreditation, it’s important to verify that a school holds proper institutional and programmatic accreditation before applying.
Payment Plans
Some universities allow students to spread tuition payments over several months instead of paying the full balance upfront. Payment plans can make costs more manageable and help students avoid interest-bearing loans.
For example, Columbia University offers monthly payment plans that allow students to budget more evenly throughout the term.
Most Affordable Colleges for an Online Master’s Degree
The table below highlights 25 colleges offering affordable online master’s programs. Schools were selected based on factors such as the number of online master’s degrees offered and the average debt graduates carry, according to College Scorecard data.
| College | Average Debt Upon Graduation | # of Online Master’s Programs |
|---|---|---|
| Missouri University of Science and Technology | $23,250 | 15 |
| Concordia University—Chicago | $23,000 | 41 |
| Eastern Illinois University | $21,500 | 25 |
| University of Texas Rio Grande Valley | $12,950 | 26 |
| University of Northern Iowa | $19,691 | 25 |
| Stevens Institute of Technology | $27,000 | 60 |
| New Mexico University—Main Campus | $18,450 | 19 |
| Ball State University | $23,250 | 27 |
| University of Central Arkansas | $20,346 | 23 |
| University of Nebraska—Lincoln | $21,000 | 38 |
| University of Alabama in Huntsville | $20,704 | 25 |
| Iowa State University | $22,869 | 66 |
| University of Central Missouri | $21,000 | 47 |
| Rochester Institute of Technology | $26,778 | 48 |
| Minnesota State University—Mankato | $21,106 | 21 |
| SUNY College at Brockport | $20,000 | 32 |
| Western Carolina University | $21,868 | 10 |
| University of Massachusetts—Lowell | $23,704 | 70 |
| Arkansas Tech University | $21,000 | 23 |
| University of North Carolina at Greensboro | $22,858 | 56 |
| Lamar University | $21,250 | 42 |
| Missouri State University—Springfield | $21,992 | 24 |
| Stephen F. Austin State University | $23,409 | 20 |
| Tarleton State University | $19,606 | 22 |
| University of Missouri—Columbia | $20,500 | 121 |
Source: College Scorecard
25 Most Affordable Online Master’s Degrees by Subject
Debt levels can vary significantly depending on the subject you study. One major factor is the number of credits required to complete the degree. Programs with fewer credit requirements often cost less overall.
| Rank | Master’s Degree | Average Debt Upon Graduation |
|---|---|---|
| #1 | Forestry | $20,065 |
| #2 | Plant Sciences | $17,750 |
| #3 | Chemical Engineering | $20,500 |
| #4 | Agriculture | $25,250 |
| #5 | Zoology/Animal Biology | $22,500 |
| #6 | Bilingual, Multilingual, & Multicultural Studies | $23,500 |
| #7 | Engineering Science | $25,500 |
| #8 | Neurobiology & Neurosciences | $27,000 |
| #9 | Industrial Engineering | $19,189 |
| #10 | Electrical Engineering | $27,000 |
| #11 | Mathematics | $17,268 |
| #12 | Ethnic, Cultural Minority, Gender, & Group Studies | $25,000 |
| #13 | Physics | $27,000 |
| 14 | Parks, Recreation, & Leisure Studies | $27,000 |
| #15 | Curriculum & Instruction | $28,755 |
| #16 | Chemistry | $27,000 |
| #17 | Mechanical Engineering | $31,430 |
| #18 | Civil Engineering | $22,500 |
| #19 | Food Science & Technology | $19,500 |
| #20 | Teacher Education & Professional Development | $30,599 |
| #21 | Education (MEd) | $22,750 |
| #22 | Religion Studies | $21,000 |
| #23 | Geological & Earth Sciences/Geosciences | $22,291 |
| #24 | Environmental/Environmental Health Engineering | $27,000 |
| #25 | Educational/Instructional Media Design | $20,154 |
Source: College Scorecard
FAQs on Affording an Online Master’s Degree
Will an online master’s degree cost less than a traditional program?
Online degrees don’t typically cost more than traditional programs. Often, the tuition rate is the same for both options, though online tuition can sometimes be cheaper, especially for out-of-state students. Where online graduate students save money is in the elimination of transportation costs and many student fees. Usually, an online master’s costs less overall than a traditional program.
Are some master’s degree subjects more costly than others?
As the second table on this page demonstrates, some master’s degrees simply cost more. The biggest impact is the number of credits required for the master’s. For example, a master’s in natural resource stewardship requires 30 credits at Colorado State University, but a master’s in business administration requires 42 credits—40% more credits and 40% more cost.
If you study a subject that includes laboratory components, it will probably cost more than one that doesn’t. Similarly, if you choose a program that requires in-person intensives, you’ll need to factor in costs such as travel, accommodations, and food while you’re away from home. Some programs may also lead to required certifications and/or exams, so factor those costs in as well.
Can I use financial aid to cover the cost of an online master’s degree?
Most colleges treat online and on-campus students the same as far as financial aid goes. If you attend a properly accredited school and program and you qualify for federal financial aid, that aid can be applied to your online program.
If you’re unsure about the accreditation status of a prospective college, use the U.S. Department of Education’s Database of Postsecondary Institutions and Programs to check. Be sure to ask the school’s bursar or financial aid office about how different types of financial aid work at that particular school.
Find out more about paying for your online master’s degree with financial aid.
Are there scholarships for online master’s degrees?
Plenty of scholarships exist for online master’s degrees. While some funding sources previously excluded online programs from eligibility requirements, these days the majority include them. As with the previous financial aid question, it’s important to make sure your school holds proper accreditation, as this can influence whether or not the funder deems it acceptable.
What about employer tuition assistance?
Employer tuition assistance can greatly reduce the cost of your online master’s degree if your employer offers this benefit. Under current law, companies can provide up to $5,250 per year in tax-free tuition assistance, meaning the money you receive won’t be taxed as income. Even if your employer doesn’t advertise this benefit, consider speaking with your supervisor to see what’s possible.
Will the state my college is in impact the cost of an online master’s degree?
In short, it depends on the rules set by your chosen college. If you attend a private university, your location has no impact on tuition rates. If you attend a public school, it depends on the institution.
The University of North Dakota, as an example, allows all online students to pay the same tuition rate, regardless of where they live. However other schools and states charge higher tuition to nonresidents since they don’t pay taxes in that state.
How does program length affect affordability?
Program length can affect affordability due to semester-based fees. While tuition rates generally remain the same, enrolling on a part-time basis means you’re in school for more semesters and therefore pay more in fees. Some programs may also offer a small tuition discount for full-time students.
What should I do if I have existing graduate credits?
If you previously enrolled in either a traditional or online master’s program but didn’t finish, try to find a new program that allows you to transfer those existing credits–especially if you’re pursuing the same degree. By successfully transferring existing credits, you’ll graduate earlier and not pay for those classes a second time.
Are there other types of discounts I should ask about?
While tuition discounts depend on individual schools, you should always ask if you qualify for any. Some schools, such as Wayne State University, provide tuition discounts for active military members and military veterans. Other schools, such as Sullivan University, have partnerships with professional associations, companies, and other types of organizations.
If you’re an employee or member of a partner organization, you may qualify for a tuition discount.
How do federal loans differ at the graduate level?
If you need to borrow money to pay for your online master’s degree, start with the U.S. Department of Education. Two types of loans exist: subsidized and unsubsidized. Only undergraduate students qualify for subsidized loans, meaning the government pays the interest while you’re in school and for the first six months after graduating.
As a graduate student, you will only qualify for unsubsidized loans, meaning interest starts accruing as soon as you take out the loan.