Most Affordable Online Master’s Degrees: Top Programs That Won’t Break the Bank

Will an online master’s degree cost less than a traditional program?

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.

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.

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.

Want to pay less in tuition? Discover the top scholarships for your online master’s degree.

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.

Learn how to get your employer to pay for your 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.

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.

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.

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.

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.