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Compare Master’s Programs
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Most Affordable Master’s Degree Programs of 2025
Compare Master’s Programs
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Earning a master’s degree is an excellent way to boost earnings. Degree holders earn a median weekly salary of $1,737 — $300 more than those with a bachelor’s degree. Attending an affordable master’s program can significantly increase your return on investment (ROI), providing financial and professional benefits of an advanced degree without taking on excessive debt.
Below, we’ve compiled a list of the most affordable master’s degree programs to help you find a high-quality education at a reasonable cost. You’ll also find a general cost breakdown, factors influencing cost, a list of the resources available to help you finance your degree, and tips on choosing the right program.
Cost Breakdown for a Master’s Degree Program
When it comes to costs related to your education, it can be easy to view tuition prices and think that this is the total cost. However, there’s often more to consider. Here’s a general breakdown:
Tuition: Most master’s degree programs calculate tuition rates on a per-credit basis, averaging $500 to $1,200 per credit. An entire program may require 30 to 60 credits depending on the institution.
Fees: These are additional charges on top of tuition, including any fees related to technology, academic resources, and library access. They usually add a few hundred dollars to tuition bills per term.
Personal technology: A reliable laptop is crucial for coursework. Purchasing a new computer or upgrading your current laptop can cost $500 to $1500 upfront.
Books and other learning materials: These expenses vary by program but can average $500 to $1,000 annually for textbooks, software, or other materials required for courses.
It’s important to remember that the cost of your master’s degree will depend mainly on the institution and program you attend. Be sure to check with your school’s financial aid office to get a more accurate estimate.
Factors Influencing the Cost of a Master’s Degree Program
The following factors will likely influence the cost of your master’s degree:
Public vs. private institution: Public institutions generally have lower tuition than private schools, especially for in-state residents. Though often more expensive, private universities may offer more financial aid through grants or scholarships.
Nonprofit vs. for-profit: Nonprofit schools prioritize education while reinvesting revenue into student services, leading to lower costs than for-profit institutions, which are businesses aiming to generate profit and may charge higher tuition and fees.
Student residency status: Public universities often have different tuition rates for in-state versus out-of-state students. In-state students usually pay significantly less, while out-of-state or international students receive higher tuition rates.
Student military status: Many schools offer reduced tuition or benefits to active-duty military members, veterans, and their families. Additionally, military tuition assistance or GI Bill benefits can lower out-of-pocket costs.
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Over 3,868 accredited, nonprofit colleges and universities analyzed nationwide
52 reputable tech bootcamp providers evaluated for our rankings
All content is fact-checked and updated on an annual basis
Rankings undergo five rounds of fact-checking
Only 7.12% of all colleges, universities and bootcamp providers we consider are awarded
Our Methodology
We ranked 256 accredited, nonprofit colleges offering online business administration bachelor’s degree programs in the U.S. using 17 data points in the categories of credibility, affordability, student outcomes, student experience and application process.
We pulled data for these categories from reliable resources such as the Integrated Postsecondary Education Data System; private, third-party data sources; and individual school and program websites. Data is accurate as of February 2024.
We scored schools based on the following metrics.
Student Outcomes:
Graduation rate within eight years of normal time
Median earnings 10 years after graduation
Pell Grant recipient graduation rate within eight years of normal time
Retention rate
Pell Grant graduation rate vs. overall graduation rate
Affordability:
Average in-state tuition rate and fees
Median federal student loan debt
Student loan default rate
Percentage of students who take out loans
Student Experience:
Student-to-faculty ratio
Socioeconomic diversity
Program’s coursework (excluding student orientations, field experiences and labs) is available 100% online
Proportion of undergraduate students enrolled in at least some distance learning courses
Credibility:
Fully accredited
Nonprofit status
Application Process:
Acceptance rate
Uses Common App
We chose the 10 best schools to display based on those receiving a curved final score of 88% or higher.
How to Choose the Master’s Degree Program that’s Right for You
Clarify your needs and goals
First, you’ll want to have a clear idea of your needs and goals. Consider asking yourself:
What area of study aligns with my career goals?
Do I want a research-focused or professionally oriented program?
Should I choose an in-person, online, or hybrid delivery format?
Can I commit to a full-time schedule, or is part-time more realistic?
Full-time programs offer faster completion but require a more significant time commitment, while part-time allows for flexibility, especially for working professionals. Additionally, research-focused programs are ideal for academic careers, while professional ones prepare students for industry roles.
Research schools and programs
With clear goals, you can now research schools and programs. You may come into this process with some questions of your own, but here are a few more to consider:
Is the school and program accredited?
What are the faculty’s qualifications and experience?
What is the program’s reputation in my field?
Does the program offer the specialization or resources I need?
Most of this information will be readily available on program websites, but you’ll also benefit by attending a virtual open house or speaking with an admissions counselor.
Review application and eligibility requirements
With your shortlist of programs in hand, it’s time to review the application and eligibility requirements. Most schools have specific criteria and processes to follow, but here are the standard application elements:
Official transcripts from previous institutions
Letters of recommendation
Personal statement
GRE or GMAT scores, if required
Some programs may also require work experience or a portfolio. If GRE or GMAT scores are needed, a test prep program can boost your performance and chances of admission.
How to Pay for a Master’s Degree
As a graduate student, you have many options to help pay for your master’s degree, from scholarships and grants to employer tuition reimbursement and federal loans. Our Ultimate FAFSA Guide is an essential resource for those seeking federal aid. It offers step-by-step instructions on completing the FAFSA, with special tips on navigating questions related to family structure, immigration status, and more.
Out-of-pocket
You can pay for your degree out-of-pocket using a tuition payment plan offered by your university. These plans allow students to break tuition into smaller, manageable monthly payments rather than paying the total amount upfront. By using a payment plan, you can avoid or reduce the need for student loans, ultimately lowering the total cost of your education by avoiding interest or loan fees.
Federal student loans
Federal loans can be a smart choice for financing a degree due to their lower interest rates and flexible repayment plans compared to private loans. They offer income-driven repayment options and some opportunities for loan forgiveness.
However, it’s wise to use federal loans sparingly and prioritize other financial aid sources, such as scholarships and grants, which don’t require repayment. Every dollar taken out on a loan has to be repaid with interest, which can ultimately make your education more expensive if you don’t prioritize minimizing loan reliance.
Private education loans
Private education loans can help cover educational costs but should be used as a last resort due to their higher interest rates and rigid repayment options. Unlike federal loans, private loans are not eligible for income-driven repayment plans or federal forgiveness programs. These terms can lead to long-term financial strain, making it harder to manage debt post-graduation.
Scholarships
Scholarships are an excellent way to finance your education, as they’re typically merit-based and don’t need to be repaid. They can significantly reduce or even eliminate your need for loans.
These opportunities can be found through your university, as well as from nonprofits and some corporations. You’ll want to actively research and apply for these awards, as many are available based on academic achievement, talent, or unique backgrounds.
Grants
Grants are a valuable resource for funding education since they don’t require repayment. While federal grants are more commonly available for undergraduate students, graduate students can still find grant opportunities through private organizations, nonprofits, and professional associations. These grants are often based on research, field of study, or financial need.
You’ll need to explore these options early, as they can help reduce the need for loans and lower the overall cost of your education.
Work-study
Work-study opportunities like assistantships are a great way to offset tuition costs while gaining resume-boosting experience. Assistantships typically involve working as a teaching or research assistant in exchange for a stipend or tuition reduction. These positions often require 10 to 20 hours of work per week and are common in graduate programs.
Assistantships can be competitive, so applying early and demonstrating strong academic or research skills is essential.
Employer tuition assistance
Employer tuition reimbursement is an option for students already employed in a field related to their degree. Many companies offer this benefit to help cover tuition costs if the degree improves job-related skills. Typically, students must agree to remain with the company for a set period after graduation. Be sure to check with your employer to see if you’re eligible for this benefit.
