2024’s Most Affordable Online Master’s Degree Programs

What Makes an Online Master’s Degree Affordable?

When reviewing potential online master’s programs, multiple factors affect affordability. To be sure you understand all the costs and variables that come with an online master’s degree, check out our list below.

Tuition

It may seem obvious, but you need to consider the cost of tuition before any other factors. Estimating your cost isn’t complicated — to see if a program fits your budget, simply multiply the number of required credits by the quoted rate, then subtract any tuition assistance you anticipate receiving. If the program is too expensive, move on. By doing this exercise a few times, you’ll get a sense of the per-credit tuition you can afford and narrow your options. While you’ll still have to pay for books and university fees, tuition is the costliest part of earning an online master’s degree.

Average Debt Upon Graduation

Some schools publish data showing the average amount of debt graduates leave school with, making it easier for you to get a sense of how much you may owe for that program. At Berea College, for instance, students graduated with an average debt of $6,700. Meanwhile, graduates of the University of North Texas at Dallas owed an average of $6,927 upon graduation. These figures can vary greatly based on both school and type of degree, so ask program administrators for the data if you can’t find it online.

Online vs. In-person

Online degrees can help you save significantly across the full timeframe of your degree program. Tuition for online and in-person programs is often similar, but distance learners may skip some of the campus-based fees associated with activities, facilities, and parking. Completing your master’s degree online also allows you to avoid additional costs associated with transportation, eating out, lodging, and time lost commuting.

Public vs. Private

As you review your options for an online master’s degree, you may notice quite a gap between tuition for public and private institutions. Public universities usually have lower costs for getting a master’s degree because they get help from government subsidies and state funding. This support cuts down tuition costs for students, making it easier to afford education. On the other hand, private universities lean much more on tuition fees and donations, leading to higher expenses for students pursuing advanced degrees.

Grants & Scholarships

Grants and scholarships do not have to be repaid, making them a popular option for offsetting master’s degree costs. Finding a school that offers this type of funding from its endowment and accepts grants and scholarships from outside organizations is critical to graduating without breaking the bank. Some grant and scholarship organizations may not provide funding to schools that don’t hold proper accreditation, so make sure you research the school fully before deciding on a program.

Payment Plans

Paying for all your tuition and fees upfront each semester may seem impossible, however, stretching those payments over several months may be more doable. If you want to avoid taking out loans and paying interest, look for a school that offers payment plans. Columbia University, for instance, offers a monthly payment plan to spread your costs more evenly.