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.  

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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.  

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

2. Computer accessories

Examples include headphones, webcam, microphone, printer, scanner, stylus, or CAD tools. Depending on the tool, each can cost between $100 to $1,000+.  

3. High-speed internet

You may need to upgrade your internet package to handle videoconferencing, costing maybe $50–100/month.  

4. A proper work setting

Important items for productivity: desk, ergonomic chair, storage, etc.