Best Affordable Online Master’s Programs of 2026

According to our BestColleges 2025 Online Education Trends Report, 27% of online master’s students and graduates say they wish they’d done more research about cost and financial aid before enrolling in an online program.

The reality is that many graduate degrees carry hefty price tags — and these costs are rising.

Fortunately, you can earn an affordable master’s degree online without sacrificing quality. We’ve found online programs that can make graduate school more accessible for many students — and they won’t break the bank. These programs deliver quality education and the flexibility to learn from anywhere.

Here are our picks for the best affordable online master’s programs.

How We Measured Student Satisfaction: We partnered with College Pulse to bring you data from students themselves on the schools on our list. The data and reviews aren’t part of our ranking methodology.

How We Measured Student Satisfaction: We partnered with College Pulse to bring you data from students themselves on the schools on our list. The data and reviews aren’t part of our ranking methodology.

Our ranking above isn’t a list of the cheapest online master’s programs for a reason. While affordability is a major factor in how we rank schools — and how students choose them — it shouldn’t be the only thing you consider.

Cheap tuition might seem like a good financial choice, but if the program doesn’t pair its low cost with great student outcomes, you might not see the return on investment you’re looking for.

That’s why we didn’t just look at sticker price. To help you make a confident choice in an affordable master’s program, we weighed factors like net price, average student loan default rate, the percent of students taking federal loans, and graduation rate.

It’s no secret that even cheap online master’s degrees can still cost a pretty penny. This is why it’s so important to research the costs of online master’s programs.

According to the National Center for Education Statistics (NCES), online master’s students paid an average of just over $10,000 in tuition and fees in 2019-2020.

Private schools tend to cost more than public schools. So if you want to save money, consider choosing an online master’s program offered by a public college or university.

In 2020, the average tuition and fees for online master’s programs at public colleges was just over $8,000, according to NCES. At private nonprofit colleges, this rate was nearly $13,000.

While not always cheap, earning an online master’s degree can save you money compared to enrolling in an in-person program. How? You’ll likely be able to save on things like campus fees and transportation.

Still, make sure you have a plan in place for how you’re going to fund your online education.

Even students enrolled in the cheapest master’s degree programs often need financial assistance.

“Many students graduate with student debt,” says Melissa Venable, Ph.D., an online education expert and instructional designer. “Estimating your financial return on the investment in higher education includes finding out how much you can expect to earn as a new graduate.”

Here are some of the best ways to save money on your online master’s degree.

Grants and scholarships are free money for college. Grants are usually awarded based on financial need, whereas scholarships tend to be awarded based on academic excellence and other factors.

You do not need to repay grants or scholarships, and these rewards can be renewable. Submitting the Free Application for Federal Student Aid (FAFSA) can help you qualify for federal and institutional grants.

College loans can be federal or private. Unlike scholarships and grants, loans must be paid back, usually with interest. Federal loans tend to have lower interest rates than private loans.

Fellowship programs offer graduate students a stipend in return for work or research. Some fellowships also offer health insurance. These programs provide high-achieving students with professional development, funding, and relevant career experience.

You can search online to find virtual or remote fellowships for online master’s students.

Your employer may provide tuition assistance to help you earn a master’s degree.

Some companies offer tuition reimbursement, in which case you pay any educational costs upfront and your employer later reimburses you. Other employers offer tuition assistance programs, meaning they pay for a portion of your tuition upfront.

As you begin your online master’s journey, consider the following factors when deciding whether a program is right for you.

When choosing an online master’s program, it’s important to consider your interests, skills, and professional goals.

“Begin by identifying your goals for pursuing higher education,” recommends Melissa. “You may need a degree to be more competitive for a promotion in your current workplace or industry. Or maybe you are exploring a career change into a completely new field.”

Whatever your reasons for going back to school to earn an online master’s degree, make sure the programs you apply to align with your interests and career goals. That way, you’re more likely to complete the program — and enjoy your coursework.

While exact requirements vary by school, common documents you may need to submit when applying to online master’s programs include:

Keep in mind that some master’s programs do not require standardized test results. Many also offer application fee waivers for students who demonstrate financial need.

Give yourself several weeks before your application deadlines to collect your application materials. This will make the process less stressful and help increase your chances of success.

As you explore online master’s programs, consider the time commitment.

According to our research, 21% of online master’s students and graduates say they wish they’d known more about how long their program would take to complete.

Many online master’s programs last 2-3 years, though your exact completion time will vary. If you’re a part-time student, for example, you’ll spend more time in your program.

Additionally, not all master’s programs have the same credit requirements. Most master’s programs require 36-48 credits, though some programs may require more — up to 72 credits.

You can shorten your time in school by transferring credits if you have them or by enrolling in an accelerated online master’s program.

Online college accreditation means a school meets certain academic standards, awards recognized credentials, and meets requirements for awarding federal financial aid.

Always look for an institutionally accredited college — ideally a regionally accredited school.

If you plan to earn your master’s in a professional field, like nursing or social work, programmatic accreditation may also be required for licensure. Be sure to check schools’ and programs’ accreditation statuses before you apply.

Pursuing a master’s degree in an in-demand field can lead to a well-paying career with high growth potential.

“Employers by and large are looking for new hires with relevant workplace skills,” says Melissa. “They want to bring in candidates who can hit the ground running and quickly become productive members of the team.”

Roles like nurse practitioner and physician assistant are among the fastest-growing jobs that require a master’s degree, according to the Bureau of Labor Statistics (BLS). Nurse practitioners have a projected job growth rate of 35% from 2024-2034 — much faster than the average for all jobs.

Mathematicians, occupational therapists, and genetic counselors also earn solid wages and boast high projected growth rates in the coming years.

While you should take time to determine the value of an affordable online master’s degree, several factors can help you make a decision.

For one, graduate degrees can lead to better-paying jobs and more advancement opportunities.

According to the BLS, the median salary for a master’s degree-holder in 2024 was almost $300 more per week compared to someone with only a bachelor’s. Depending on your field, this “master’s increase” could be even higher.

Sources: Median wages for all occupations (BLS), average starting salaries by academic program (National Association of Colleges and Employers)

When weighing the pros and cons of online versus on-campus programs — or simply deciding whether you should pursue a master’s degree at all — consider factors like time, cost, and return on investment (ROI).

Fortunately, 99% of online master’s students and graduates in our survey say they would recommend online education to others. That same percentage say they think earning an online degree has had or will have a positive ROI for them.

“Earning a degree online can be worth it if you enroll in a program that will help you reach your goals while minimizing debt,” says Melissa.

So make sure you consider all factors and potential barriers — and choose the best option for you.