It is 2023, and we live in interesting times. The COVID-19 pandemic continues to rage on, and it may well be more than a while before normalcy is restored; when on-campus graduate schools can resume operations. Although there was already a steady move towards online education, particularly in online master’s programs, well before the pandemic, the average cost of education, including that of a bachelor’s degree or a master’s degree, was always on the rise and continues to be so. Rising degree level tuition and fees puts tremendous pressure on students pursuing an online master’s program, with private school and graduate programs already costing thousands of dollars.
So, how much does a master’s degree cost? To put everything in perspective, experts at OnlineMastersColleges.com have created this guide to answer the question of how much online master’s degree programs cost. The in-depth information provided here will help students understand the cost of online master’s degrees versus traditional on-campus ones, and help them make an informed choice between the two.
Getting A Master’s Degree Online
Students can earn an affordable online master’s degree in a variety of subjects. Learners can take classes online while undergoing practical training at a place near them, even in programs with a lot of clinical or research components. More than 1.2 million graduate students take online programs, with over 900,000 of them studying fully online, according to the National Center for Education Statistics (NCES). Degree seekers pick affordable online master’s programs for a variety of reasons, but one of the most important ones is the flexibility to earn a degree and enhance their careers while working. Another compelling reason to opt for online education is that in most cases, learners receive the same benefits as on-campus students, including access to libraries, student discounts, student support services, and other resources.
Choosing a Graduate School for Online Degrees
Choosing a good grad school and suitable online masters is quite an arduous process. Students must consider several factors before zeroing in on a particular program for their online education. A good grad school should
Factors Influencing the Cost of a Graduate Degree
Master’s programs focus on providing students with advanced knowledge and skills, to take on challenging careers in their chosen field. But graduate schools (especially private schools and for-profit schools) have several overheads to bear when imparting education and have to also invest in infrastructure and faculty training, to improve their offerings and reputation. These, and other factors, directly affect tuition and graduate school-cost for both on-campus and online programs. Some determinants of cost include, but are not limited to:
The cost of a graduate degree and graduate school depends on many factors such as the subject & program, the university, the state in which the student is enrolled, etc. While the cost of a master’s degree varies, according to Peterson’s, the average tuition and fees for a master’s degree are between $30,000 and $40,000. When it comes to master’s degree programs, public schools are the more affordable alternative for in-state students. Graduate students frequently live off-campus, while individuals obtaining a graduate degree after establishing a career typically continue to live in their apartment or home while attending school, translating into reduced costs.
Here are all the larger expenses involved when pursuing online master’s programs:
The most significant expense is annual tuition and fees. Directly affecting annual tuition is the duration of the program. A typical graduate degree requires a 2-year course of study but, depending on the subject, the program may be anywhere from 18 months to three years long. If the student takes only one course at a time, some online schools charge more per credit hour than if several courses are taken at the same time. In other words, the per-credit rate decreases when a student enrolls in more credit hours per semester. Of the 25 most affordable online schools offering master’s degree programs, the cost per credit hour will be in the range of $500 to $625. This brings the average annual tuition (of the 25 most affordable online schools) to approximately $5,362 per year.
(Note: Tuition varies for in-state students and out-of-state students.)
Unfortunately, tuition may not be the only cost that a university charges. There will probably be a host of other fees (dependent on how many credits one takes for that semester). Some such fees include:
The backbone of an online master’s is, of course, technology. Technology-related costs typically run into thousands of dollars but are inevitable. The following items are mandated for an online master’s, some of which are also required for a traditional on-campus master’s program:
Most master’s degree programs require an internship, and this may hold true for some online master’s programs as well, adding to the overall cost. Prospective students are also advised to conduct a school search to see if there is travel involved or other program requirements that may have a bearing on the cost. Additionally, books, educational supplies, and living expenses can add up to hundreds of dollars, which one must consider.
Tuition is not a rip-off, but it is also not exactly transparent. One of the most common complaints among college students is that it is difficult to know how much something costs until one gets the bill. And when one does get the bill, it is difficult to determine what has been paid for. While some colleges do list the overall program cost on their websites, these institutions are few and far between.
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