The Cost and Value of Earning a Master’s Degree Online

Each year, thousands of individuals make the decision to earn a master’s degree online. If you count yourself among that number, it’s only natural to wonder not only if earning your degree online will be worth it, but also what the costs involved will be.

Below, we take a look at the average cost of earning a master’s degree online, the unique expenses related to doing so, and the benefits that come from it. Our goal is to empower you to make a more informed decision about whether or not earning a master’s degree online is the best path forward for you.

Average cost of earning an online master’s degree

Many universities offer both online and in-person degrees. And yet if you compare those two options side by side, you’ll often find that there is no difference in the cost of tuition and only a nominal difference in fees. Simply put, most universities charge the same for tuition and fees whether you are attending in person or online.

According to data compiled by EducationData.org, the average cost of earning a master’s degree is approximately $59,684. This cost can vary significantly depending on the institution you attend, whether it is a private or public university, and how many years it takes for you to complete your program.

Expenses of an online master’s degree

Of course, earning your master’s degree online will come with certain expenses that may not be necessary if you were to complete your degree in person. While these costs are relatively minimal, it’s important to understand them and work them into your budget.

1. A computer

A laptop or desktop computer will, generally speaking, be required for virtually every modern degree, whether you are completing your studies in person or online. That being said, when you earn your degree online, this device will be your primary means of education, making it even more important for you to invest in a reliable device.

When selecting a laptop or computer for online studies, you should choose one that you know will be able to handle the demands of videoconferencing as well as any specific programs or software that your program of study requires. Failure to choose a powerful enough device may make it more difficult for you to complete your degree.

Depending on the machine you purchase, you can expect to spend anywhere between $1,000 and $2,000-plus on your laptop or computer.

2. Computer accessories

In addition to your laptop or desktop computer, earning your degree online will likely require a number of computer accessories that can be easy to overlook. These can sometimes be required for your program or simply necessary for you to be productive. Some examples of computer accessories you may need include:

• Headphones, a microphone, and a webcam for videoconferencing or collaborating online with your professors and classmates
• A printer for printing hard copies of course materials
• A scanner for scanning documents to send to your professor
• Specialized tools, such as a stylus and tablet for design programs, or CAD software for engineering programs

Depending on the tool, each of these can cost anywhere from $100 to $1,000 or more.

3. High-speed internet

While this may be a given, and something that you are already paying for, it’s an important consideration to add to your list, especially if your program involves videoconferencing or synchronous learning. If you have never taken part in a video call over your Wi-Fi or internet connection, it’s recommended to test your bandwidth and see if it can handle such demands. If not, you may need to upgrade your internet package to include faster upload and download speed.

Depending on the internet package you select, you may need to add anywhere from $50 to $100 to your monthly budget.

4. A proper work setting

When you study remotely, it’s important that you create a workspace for yourself where you know you will be able to be productive. However tempting it may be to learn from your bed, couch, or kitchen counter, most online learners find that they learn most effectively from a formal learning space.

Ideally, your learning space should include:

• A proper desk
• An ergonomic chair
• Organizational supplies (storage, shelving, etc.)
• A room divider (especially important if your learning space will be in a shared space, such as a section of your living room or bedroom)

Benefits of earning your master’s degree online

Of course, while you may have certain easy-to-overlook expenses when earning your degree online, you’ll also realize a number of benefits. For most online learners, these benefits far outweigh the costs.

1. Increased flexibility

Earning your degree online will allow you to complete your coursework when and where you are able to do so, regardless of your schedule. This fact can be an especially important consideration for learners who are completing their degree while working, those who are earning their degree while raising a family, or those who have other obligations that require flexibility.

2. Lowered expenses

Even though you may need to spend some money on the expenses discussed above, many online learners find that earning their master’s degree online saves them money compared to earning their degree in person.

For example, consider the fact that if you were to complete your master’s degree in person, you would by nature need to be relatively close to the university. You would either need to commute to campus or live on campus in a dorm.

Commuting to campus would require you to spend money on:

• Gas
• A parking pass
• Car maintenance
• Public transportation

Living on campus, on the other hand, would require you to pay for room and board. And if you are moving a long distance in order to reach campus (such as cross country), you would also be required to pay travel and relocation expenses.

All of these expenses can really add up over time. Completing your degree online, by comparison, will allow you to save much of this money.

3. Increased options

Many aspiring students would like to attend a specific university program that is not near where they live, but they are unable or unwilling to uproot their lives in order to do so. With an online program, it is in many cases possible to attend the same program from afar, regardless of where you live.

This fact opens up many more options and opportunities for programs that you can consider. It can be an especially important consideration for those learners who own a home, who care for aging parents or other family members, or who have children.

When an online master’s degree makes sense

Ultimately, you are likely to find that earning a master’s degree online will not dramatically increase how much you pay to complete your education, but it could lead to significant savings.

Of course, an online education isn’t for everyone. You should consider an online master’s degree if:

• You need increased flexibility in your schedule for work or family obligations while completing your degree.
• You would like to earn your degree from a university or program that is far from where you live, and you are unwilling to travel.
• You have the self-discipline to stick to your learning plan and complete your coursework.
• Your program does not require in-person education (as is the case with many medical degrees, for example).

For more on how to be a successful online learner, explore our related online learning tips and advice posts, or watch the recorded webinar below.

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Editor’s Note: This post was originally published in March 2022. It has since been updated for relevance and accuracy.