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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 degrees help students attain education while still maintaining a balance with 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 cheap online master’s degrees so you can reach your educational goals without breaking the bank!
Related reading: Cheapest Online PhD Programs in 2022
Schools with the Cheapest Online Master’s Degrees
We’ll separate our cheap online master’s degrees by university. Some colleges tend to have a wide variety of affordable online graduate programs for you to choose from.
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: $129 for in-state students; $552 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 students to take proctored exams remotely, without needing to visit the campus.
Some online master’s programs the school offers include:
- Online Master’s in Aerospace Engineering
- Online MBA
- Online Master’s in Urban/Regional Planning
- Online Master’s in Pharmacy
What’s great about the University of Florida is its incredibly inexpensive master’s degree programs in high-paying fields. It’s not every day that you find a master’s in aerospace engineering as the cheapest master’s degree 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 degrees 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 Bioethics (MS)
- 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:
- Master of Public Administration (MPA)
- Master of Public Health
- Master of Business Administration
- Master of Arts in Digital Communication
- Master of Science in Pharmaceutical Sciences
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 computers 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:
- Online Master’s in Science in Analytics
- Online Master’s in Computer Science
- Online Master’s in Cyber Security
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:
- Online Master’s in Health Administration
- Online Master’s in Liberal Studies
- Online Master’s in Criminal Justice
Frequently Asked Questions (FAQs)
What is the Cheapest Master’s Degree in the USA?
Many of the 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 where students save money by studying online.
The master’s degrees on our list range in tuition cost 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:
- Computer Science
- Health Administration
- Finance
- Engineering
- Nursing
- Business Administration
Which Master’s Degrees Have the Best Value?
The master’s degrees 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 master’s 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!
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.
