Top 10 Cheapest Online Masters Degrees in the US [2024]

Grad school is notoriously expensive — a barrier to many aspiring students. For many, it feels like a cheap master’s degree doesn’t exist. But that’s not always the case anymore. From 2000 to 2018, the number of US citizens with graduate degrees nearly doubled from 10.4 million to 21 million.

Why?

For starters, high-paying master’s degrees can score you a job with higher seniority and greater salary potential. And there are more options now than ever for flexible graduate school programs. Remote learning is a standard for many schools now, not just a privilege. Online degree programs help students attain education while still maintaining a balance between work and family obligations.

But how about tuition?

Some schools actually have affordable online master’s programs, significantly cheaper than average. You might wonder: Which is the cheapest online master’s degree? We’ve put together a short list of the cheapest online master’s degrees so you can reach your educational goals without breaking the bank!

Related reading: Cheapest Online PhD Programs in 2022

Table of Contents

Are Online Master’s Degrees Respected?

Only a few years ago, the answer to this question may have been no. However, over the past few years (especially with schools having to shift to online courses due to the COVID-19 pandemic), the general perception of online education has shifted to a more positive one.

Nowadays, employers are not as particular as to whether a prospective employee earned their degree online or in person. The fact is many of the best and cheapest online masters degree programs follow the same curriculum and cover identical material as their traditional on-campus counterparts. And so, many employers no longer consider the delivery method of your education during the hiring process.

It’s worth noting, however, that there are some cases in which your online master’s degree may not be respected or accepted. One of the biggest reasons is if you earned your online degree from an unaccredited institution.

Accreditation is a vital component of education and should never be neglected when selecting your school or program. A degree from an unaccredited institution doesn’t guarantee the quality of education you received during your time in the program.

Another reason your online master’s degree may not be respected is if you earned a degree in a field that requires or prefers in-person learning, such as healthcare.

How Much Does It Cost to Get an Online Master’s Degree?

Costs can vary wildly depending on the online master’s degree program and the school, as well as the availability of financial aid. Because costs are so different, it’s tough to pinpoint an exact price range for an online master’s degree. However, you can expect to pay $3,000 to $20,000 per year (or even more), depending on the program and school you choose.

If you’re considering earning a master’s degree online, there is a wide range of options available from both public and private institutions. Regardless of which option you choose, there’s a chance you may pay less as an in-state student than if you are out-of-state.

It’s worth mentioning that some schools offer their online programs at a cheaper rate than their in-person counterparts. However, many institutions price their online programs like the on-campus versions. Despite online programs costing the same as in-person versions, chances are you’ll save a lot of money with distance learning. Online degrees are cheaper because you won’t need to worry about transportation costs, on-campus residency, or campus food plans.

Another thing worth noting is that some institutions offer their online programs at the same rate, regardless of where you are from (or if you are in-state or not). Look for programs priced this way so you can enroll without paying the out-of-state differential.

When considering master’s degree online costs, remember that you’ll also need to worry about less visible or hidden expenses. These may include textbooks, occasional (required) campus visits, distance learning fees, proctored examination fees, graduation fees, and more. You may also need to consider any wages you might lose when focusing on your studies full-time.

Even though many grad schools will try to keep their miscellaneous fees and additional costs low, those expenses can and will still add up during your program. It’s vital to do your research and set aside a budget for those fees just to prevent a headache later on.

Funding Your Online Master’s Degree

Even though there are plenty of affordable online master’s degrees to choose from, even the cheapest online master’s degrees can still cost you thousands of dollars each year. Luckily, financial aid is also available for online degrees, so there are still a few ways you can fund your master’s without burning a hole through your pocket.

Beyond finding cheap master’s programs online, here are a few more ways you can fund your graduate education.

Loans

Student loans will always be one of the biggest and most popular ways to fund your education, mostly because it’s much more accessible to students of status. Student loans can come from the federal government, such as in the case of FAFSA or the Free Application for Federal Student Aid. Other loans may come from banking institutions or private lenders.

A typical student loan has a relatively low interest rate and lightened repayment requirements until you graduate. However, not all loans are created equally, so do your research before you sign any documents!

Always consider federal student loans before opting to borrow from a private lender. Federal student loans may qualify for loan forgiveness and other programs to lighten your repayment burden.

Employer Benefits

Some employers may offer flexible schedules or a tuition stipend (or both) as part of your employment package. If you are fortunate enough to work for a company that offers such benefits, you may be able to partially or fully pay for your education with your stipend.

Grants and Scholarships

Grants or scholarships are usually awarded to students who can demonstrate their financial needs. Many non-profit organizations and private benefactors offer scholarships to students who meet certain criteria. These criteria can include dire financial need, being part of a specific underserved population, or being a member of an underrepresented minority group.

You may also receive a scholarship for other reasons, such as academic excellence or raw talent.

Scholarships and grants are given with no expectation of repayment. In some cases, they may even be renewable each year.

It’s worth noting that it can be challenging to secure a grant simply because many others will also apply. Scholarship applications are highly competitive, so if you want a grant to help pay for your affordable master’s degree program, make sure you apply to multiple scholarships to increase your chances!

Fellowships

Another popular way in which you can fund your online master’s degree programs is by securing a fellowship. Fellowships allow graduate students to receive a tuition stipend in return for becoming a teaching or research assistant. Some programs may also offer full tuition remission in exchange for your work. In some cases, you may also receive a living stipend to cover your housing and food costs during the program.

Some schools may offer you a full ride, including full tuition remission and a living stipend during your fellowship so that you can support yourself and study full-time. In these situations, you will most likely be forbidden from accepting other employment as the school wants you to focus fully on your program.

Work-Study Arrangements

Sometimes, the best way to pay for your education is to work for it. There are federal work-study placements that allow you to work part-time on or near your campus (or elsewhere if you’re studying online) in return for some tuition assistance. Work-study placements like these usually go to online students with deeper financial needs.

If you can’t find a federal work-study placement, you can also look for part-time employment while you complete your cheap master’s online.

Schools with the Cheapest Online Masters Degrees

We’ll separate our cheapest online master’s degrees according to university. Some colleges tend to have a wide variety of affordable online graduate programs for students to choose from. Although the institutions below offer some of the cheapest online master’s degree programs available in the United States, that doesn’t mean they compromise on quality or difficulty. The schools below offer accredited programs, which, in some cases, aren’t the easiest to complete.

That said, let’s dive in.

University of Florida

Location: Gainesville, FL

Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACS)

Acceptance Rate: 31%

Graduation Rate: 88%

Cost Per Credit: $449 for in-state students; $1,139 for out-of-state students

Duration: 1-2 years

Based in Gainsville, Florida, the University of Florida boasts one of the most (if not the most) affordable online master’s programs, especially for Florida residents. Their online branch is well-managed, even allowing graduate students to take proctored exams remotely without needing to visit the campus.

Some online master’s programs the school offers include:

What’s great about the University of Florida is it has relatively inexpensive master’s degree programs in high-paying fields. It’s not every day that you find a master’s in aerospace engineering as one of the cheaper master’s degrees online in the field.

University of Texas Rio Grande Valley

Location: Edinburg, TX

Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACS)

Acceptance Rate: 82%

Graduation Rate: 44%

Cost Per Credit: $528 for in-state students; $936 for out-of-state students

Duration: 1-2 years

The University of Texas Rio Grande Valley has multiple campus locations across Texas’s Rio Grande Valley region. The school has granted more degrees to Hispanic students than most American universities, making it a great school for diversity and equity. Furthermore, students can pick from a wide range of online master’s programs that they can complete traditionally (16-week semesters) or quickly through accelerated, 7-week semester timelines.

Here are some popular online master’s degree programs offered by UTRGV:

Online Master’s in Nursing Administration (MSN)
Online Master’s in Nursing Education (MSN)
Online Master’s in Reading and Literacy (MED)
Online Master’s in Spanish Translation and Interpreting (MA)
Online Master’s in Bilingual Education (MED)
Online Master’s in Engineering Management (MS)
Online Master’s in Mathematics (MS)
Online Master’s in Medical Science (MMS)

University of North Carolina at Chapel Hill

Location: Chapel Hill, NC

Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACS)

Acceptance Rate: 25%

Graduation Rate: 91%

Cost Per Credit: $237-$1,997 for in-state students; $1,155-$1,997 for out-of-state students

Duration: 1-2 years

The University of North Carolina at Chapel Hill is notoriously prestigious, even nicknamed one of the “public” Ivy League schools. Its prestige comes with exclusivity, as it has a mere 25% acceptance rate. However, its 91% graduation rate is higher than many other universities in the US.

The school’s online division is well-known and celebrated for its high academic quality and smooth delivery. It also features a wide array of master’s programs in medical fields, like public health, pharmacy, and nursing.

Some popular online master’s programs include:

Georgia Institute of Technology

Location: Atlanta, GA

Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACS)

Acceptance Rate: 21%

Graduation Rate: 85%

Cost Per Credit: $275 – $7,032 for in-state students; $1,215 + for out-of-state students

Duration: 1-2 years

Known for its renowned programs in science and technology, the Georgia Institute of Technology was founded in 1885. Graduates from the school’s computer and engineering programs usually go on to embark on impressive, lucrative careers.

Now, not all of the Georgia Institute of Technology’s programs are exactly cheap. There’s a big range in tuition prices for different programs. However, some of the cheaper programs are as follows:

University of Southern Indiana

Location: Evansville, IN

Accreditation: The Higher Learning Commission (HLC)

Acceptance Rate: 94%

Graduation Rate: 40%

Cost Per Credit: $274 – $350 for in-state students; $667- $680 for out-of-state students

Duration: 1-2 years

A relatively new university, the University of Southern Indiana was founded in 1965. The school’s known for its gorgeous, 1,400-square-foot campus full of greenery, as well as its affordable master’s degrees.

Compared to other universities in Indiana, the University of Southern Indiana ranks below average in terms of academic quality. However, some of their master’s programs have good prospects and are quite affordable.

Here are some of the school’s cheapest online master’s programs:

California State University – Dominguez Hills

Location: Carson, California

Accreditation: The Western Association of Schools and Colleges (WASC)

Acceptance Rate: 81%

Graduation Rate: 75%

Cost Per Credit: $396 for non-California residents; Annual fee for full-time graduate students: $8,493 (for more information, click here)

Duration: 1-2 years

The California State University at Dominguez Hills is another relatively new university founded in 1960. This institution, located in Carson, California, is part of the CSU (California State University) system. Thanks to its central location, CSU Dominguez Hills is one of the most economically and ethnically diverse institutions on the West Coast. In 2020, CSUDH had nearly 18,000 students enrolled. About half state that they are first-generation college degree seekers.

If you’re wondering if you can earn a cheap online master’s at this school, you can. Here are some of the programs they offer:

Missouri State University

Location: Springfield, MO

Accreditation: The Higher Learning Commission (HLC)

Acceptance Rate: 86.6%

Graduation Rate: 53.7%

Cost Per Credit: $279 to $500, depending on the course

Duration: 1-2 years

If you are looking for an affordable master’s degree, look no further than Missouri State University. MSU, formerly known as Southwest Missouri State University, was first established in 1905. The public university is the second largest in Missouri, at least going by enrollment. Nowadays, this school has well over 20,000 enrollees each year.

You can earn an affordable master’s degree online at Missouri State University, where the cost per credit can go anywhere from $297 to $500 before financial aid. Here are some examples of the online master’s programs offered at MSU:

Eastern Illinois University

Location: Charleston, IL

Accreditation: The Higher Learning Commission (HLC)

Acceptance Rate: 56%

Graduation Rate: 57%

Cost Per Credit: $329.26 for in-state students, $790.22 for out-of-state students

Duration: 1-2 years

Eastern Illinois University, or simply EIU, is a public institution that was founded nearly 130 years ago. It’s located in the city of Charleston, Illinois, and has a campus of around 320 acres. This school is somewhat more selective, with an acceptance rate of 56% and only around 8,600 enrollees.

You can earn your online master’s degree at EIU. Some of their more popular programs include:

University of Arkansas

Location: Fayetteville, AR

Accreditation: The Higher Learning Commission (HLC)

Acceptance Rate: 78%

Graduation Rate: 65%

Cost Per Credit: $437.54 for in-state students; $1,190.02 for out-of-state students (more information is available here for costs on other programs)

Duration: 1-2 years

Located in Fayetteville, AR, the University of Arkansas (also known as UArk, UA, or U of A) is also the largest university in the state. Established in 1871, the institution now has over 30,000 enrollees comprising over 26,000 undergrads and more than 4,000 graduate students.

The University of Arkansas offers you the chance to earn an affordable master’s degree online. Here are a few of the online programs available at UArk.

Fort Hays State University

Location: Hays, KS

Accreditation: The Higher Learning Commission (HLC)

Acceptance Rate: 91.4%

Graduation Rate: 63%

Cost Per Credit: $298.55 – $400 (more information is available here)

Duration: 1-2 years

Fort Hays State University is a public university established in 1902 in Kansas. It has a student body of over 15,000, making it the fourth-largest institution that is governed by the KSB or Kansas Board of Regents. Currently, over 6,800 students at this institution are earning their education in one of FHSU’s many online degree programs.

FHSU has sixty online graduate programs you can choose from. Here are a few of them:

Cheapest Online Master’s Degrees Compared

Here is a quick comparison table for the schools offering the most affordable online master’s degree programs:

Institution	Accreditation	Acceptance Rate	Graduation Rate	Cost Per Credit
University of Florida	SACS	31%	88%	$449 in-state; $1,139 out-of-state
University of Texas Rio Grande Valley	SACS	82%	44%	$528 in-state; $936 out-of-state
University of North Carolina at Chapel Hill	SACS	25%	91%	$237-$1,997 in-state; $1,155-$1,997 out-of-state
Georgia Institute of Technology	SACS	21%	85%	$275 – $7,032 in-state; $1,215+ out-of-state
University of Southern Indiana	HLC	94%	40%	$274 – $350 in-state; $667- $680 out-of-state
California State University – Dominguez Hills	WASC	81%	75%	$396
Missouri State University	HLC	86.6%	53.7%	$267.00 to $500
Eastern Illinois University	HLC	56%	57%	$329.26 in-state, $790.22 out-of-state
University of Arkansas	HLC	78%	65%	$437.54 in-state; $1,190.02 out-of-state
Fort Hays University	HLC	91.4%	63%	$298.55 – $400

Our Ranking and Rating Methodology for the Cheapest Online Master’s Degrees

In putting together our list of the cheapest masters programs, we considered a few factors. First and foremost, we eliminated any colleges and universities with annual tuition costs above $7,500. Then,

We used data found on schools’ official websites and the NCES (National Center for Education Statistics) to gain more insight into each institution
We considered the quantity and quality of cheap online graduate programs at each school

We started with a list of one hundred, then narrowed it down to fifty, then to twenty-five, and finally, to the ten schools you see here today.

Frequently Asked Questions

What Is the Cheapest Master’s Degree in the USA?

Many of the online master’s degree programs listed in this article are quite affordable compared to others. However, the Georgia Institute of Technology’s Online Master’s in Analytics is impressively affordable. At $275/credit hour, it’s one of the cheapest online graduate programs.

How Affordable is an Online Master’s Degree?

Most online master’s degrees are just as affordable as on-campus degrees when it comes to tuition. It’s usually only in the accommodation and transportation costs that students save money by studying online.

The master’s degrees on our list range in tuition costs from $2,000- $10,000 all in.

Usually, master’s degrees cost between $30,000 to $40,000 in the US.

Which Master’s Degrees are Most In-Demand?

Master’s degrees in high demand lead to careers that pay well and have positive market growth. You might consider a master’s in:

Which Master’s Degrees Have the Best Value?

The online master’s degree programs with the best value are the ones that promise job security and lucrative salaries. We put together an excellent list of high-paying master’s degrees here, though the fields of study are:

Engineering
Nursing
Business Administration
Cyber Security
Finance
Computer Science
Economics
Data Analytics

These fields have plenty of job openings available and average salaries over $100,000.

Conclusion

Graduate school can be both flexible and affordable. But you should still always pick a program aligned with your interests and needs. Scroll through our list of the cheapest online masters degree programs carefully and assess which ones feel most suitable.

Affordable master’s degrees are great, but could you imagine attending graduate school for free? Check out our list of free master’s programs!

About the Author

Chrissy Kapralos

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Chrissy is a freelance writer and editor that takes pride in helping businesses and individuals tell their story. She's worked in a variety of professional writing and communications roles, including as a communications advisor for the Canadian Ontario Ministry of Energy.

Armed with an Honors BA in English and professional editing courses under her belt, Chrissy enjoys writing about the academic world and helping prospective students navigate their education.