Healthcare Master’s Degree Cost Structures: Fund Your Graduate Degree with Ease
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Understanding the Cost of Your Master’s Degree in Healthcare
We’ll discuss the various aspects of healthcare master’s cost and funding sources. These are crucial topics because of the rising college costs. With healthcare being a STEM discipline, its degrees tend to be more expensive, too.
However, the benefits of earning healthcare degrees outweigh their costs. Healthcare occupations that need masters’ degrees:
- Earn six-figure salaries
- Enjoy high demand for their knowledge and skills
- Enjoy excellent job stability and security
Indeed, you can recoup your investments in a healthcare degree in as few as two years.
Despite these benefits, you must first ask yourself relevant questions.
- Can a master’s degree boost your job prospects and career advancement?
- Will you learn the vital knowledge and skills for your dream healthcare job?
- Do you want to expand your professional network or even find a mentor?
- Are you ready to commit to a rigorous curriculum?
- Can you afford the cost of graduate school?
If you answered “yes” to these questions, then you’re a suitable candidate.
You’ll find, too, that candidates with master’s degrees in healthcare are a diverse bunch.
- Healthcare professionals pursue these degrees to transition into specialized or leadership roles.
- Business, finance, and economics professionals want to make a career change into healthcare management and policy.
- Scientists pursue these degrees to combine their scientific expertise with management skills.
- Other non-healthcare professionals, such as social workers, earn these degrees for healthcare leadership roles, too.
So, how much is a master’s in healthcare?” There’s no single answer because it varies based on these factors:
- Status of the college offering the program – public, private for-profit, or private nonprofit. Public schools usually offer more affordable tuition and fees.
- Type of residency – resident/in-state or nonresident/out-of-state. Public schools usually have lower tuition and fees for resident students. Private schools offer the same tuition and fees for resident and nonresident students.
- Delivery format: on-campus and online. In many cases, online programs are more affordable. But always check the school’s website to be sure.
- Type of healthcare degree. In general, the cost of a master’s in healthcare administration is lower than that of an MSN.
If you want ballpark figures, prepare $20,000-$40,000 in tuition and fees in public schools. For private schools, it’s $50,000-$80,000 and up for two-year degrees.
Fortunately, the healthcare master’s cost is manageable with financial planning. This includes saving up for the cost, applying for financial aid, and being savvy with your money.
Finding Affordable Healthcare Master’s Programs
If you want to keep the healthcare master’s cost affordable, find an affordable program first. We’re not saying that inferior programs with low-cost tuition are the best options, either. Instead, find reputable programs that provide quality instruction, reasonable tuition, and financial aid.
Here are useful tips to do so.
- Always check for the colleges’ current regional or national accreditation. Regional accreditation, such as HLC and NECHE, are preferable.
- Check for the program’s industry accreditation, too. Examples include CAHME (healthcare administration), CEPH (public health), CCNE, and ACEN (nursing). In both regional and programmatic accreditations, these are assurances that the programs meet academic standards, among others.
- Consider public colleges and universities. These usually offer more affordable tuition and fees, especially for in-state students. You may also consider public colleges that offer either in-state or regional tuition and fees. Check out the Western Regional Graduate Program, Midwest Student Exchange Program, and Southern Regional Education Board Academic Common Market.
- Look at online programs, too. You can save money on transportation costs and on-campus fees, among others. Hybrid programs are also an excellent idea.
- Ask the program coordinator about employer tuition reimbursements. Better yet, check with your employer about it. Mayo Clinic, Kaiser Permanente, and CVS Health offer them.
- Consider the types and amounts of financial aid available for graduate students. Scholarships, grants, and assistantships lessen out-of-pocket expenses. Tuition discounts and other educational benefits are available for military and veteran students, too.
Of course, finding the best affordable program takes time and effort. But if you can earn your master’s degree without getting into neck-deep debt, it’s worth it.
Funding Your Master’s in Healthcare Program
Here are the specific ways to keep your healthcare master’s cost manageable.
Apply for federal and state financial aid.
Submit your complete and accurate FAFSA form on or before the deadline. Graduate students qualify for these federal and state aid:
- Federal Direct Unsubsidized Loans
- Federal Graduate PLUS Loan
- Federal work-study program
- California Health Professions Education Foundation
- New York State Primary Care Service Corps
Seek out scholarships and grants from nonprofits, community associations, charitable foundations, and corporations.
Use scholarship databases, such as Fastweb and Niche. Ask around in your local area for leads. Check with the local branch of your professional organization, too. Examples of grants and scholarships for graduate students are:
- Tylenol Future Care Scholarship
- National Health Service Corps Scholarship Program
- Albert W. Dent Graduate Student Scholarship
- AACN Graduate Nursing Student Academy Scholarship
- HRSA Scholarships for Disadvantaged Students
Ask about the scholarships, grants, and work-study programs offered by your college and program.
The University of Southern California offers merit-based scholarships for its MHA candidates.
Ask your employer about tuition reimbursements.
UnitedHealth Group, HCA Healthcare, and Baylor Scott & White Health offer them, too.
Apply for private loans as a last resort.
This is because of their stricter eligibility requirements, higher interest rates, and non-flexible repayment terms.
You can also use your savings, ask for help from family and friends, and be frugal.
In the end, funding your master’s degree demands effective financial management.
10 Top-Value Master’s in Healthcare Degrees
These are among the top healthcare master’s programs in terms of value. By “value,” we mean a combination of affordable costs, a rigorous curriculum, and high job placement rates.
University of North Carolina at Chapel Hill – Master of Public Health
Gross tuition and fees: $1,763.69 per credit
Financial aid: Federal and institutional aid, external scholarships and grants, employer support, military and veteran aid
The MPH program is available in on-campus, distance, and online formats. Candidates tackle a comprehensive curriculum that develops advanced competencies. The program starts with the Gillings MPH core, which sets the foundation for learning.
Candidates choose from 13 concentrations like Global Health, Nutrition, and Health Policy. Graduates are well-prepared to solve pressing public health issues.
University of Alabama at Birmingham – Master of Public Health
Gross tuition and fees: $496 per credit (in-state); $1,211 per credit (out-of-state); $588 per credit (online)
Financial aid: Federal and institutional aid, external scholarships and grants, employer support, military and veteran aid
The MPH degree program enables candidates to gain mastery of public health competencies. There’s an option between on-campus and online formats. Candidates choose from six concentrations like Population Health.
Applicants must have a bachelor’s degree, letters of recommendation, and a resume. This is a selective program that offers excellent student support.
University of Michigan – Master of Health Services Administration
Gross tuition and fees: $17,739 per term (in-state); $29,251 per term (out-of-state) for 9+ credits (full-time)
Financial aid: Federal aid, merit-based departmental aid, scholarships and grants, and military and veteran aid (Most awards cover 50% of costs; few cover 75%-100%)
The MPH program features a 60-credit curriculum and can be completed in two years. There’s also an internship period of 10-12 weeks.
The program of study starts with core courses that provide in-depth education. Candidates develop health administration competencies in and out of the classroom.
Florida International University – Master of Health Services Administration
Gross tuition and fees: $36,000 for online; $31,200 for hybrid for the entire program
Financial aid: Federal and institutional aid, external scholarships and grants, employer support, military and veteran aid
The MHSA program features rigorous courses that prepare candidates for leadership roles. These include organizational leadership, management, and quality assessment.
Candidates choose from two formats:
- Online program – 100% online courses, 24 months completion, 48 credits, 16-week courses
- Hybrid fast track – 50% in-person, 50% online; 18 months completion of 48 credits, 8-week courses
Every student can earn the Green Belt Lean Six Sigma certification for free.
University of Pittsburgh – Master of Science in Occupational Therapy
Gross tuition and fees: $30,894 for two terms (full-time); $1,255 per credit (part-time)
Financial aid: Federal and institutional aid, external scholarships and grants, employer support, military and veteran aid
To be admitted to this post-professional master’s degree program, applicants must have a bachelor’s degree in occupational therapy for admission purposes. Physical and mental fitness are also essential for success in the program.
Once accepted, candidates must complete 30 credits consisting of:
- Clinical courses
- Research courses
- Research with a scholarly project
Candidates also complete fieldwork experiences. The program has received national awards from the AOTA and AOTF. There have been several research grants from the CDC, NIH, and DoD, too.
Thomas Jefferson University – Master of Science (MS) in Occupational Therapy
Gross tuition and fees: $93,159 for the entire program
Financial aid: Federal and institutional aid, external scholarships and grants, employer support, military and veteran aid
The MSOT program features an 87-credit curriculum. The higher number of credits is due to it being open for applicants whose bachelor’s degrees aren’t in occupational therapy. Candidates prepare for work in entry-level positions.
This can be completed in two years of full-time studies. Candidates tackle classroom work, lab sessions, and clinical rotations.
University of Washington – Master of Science (MS) in Speech-Language Pathology
Gross tuition and fees per quarter: $7,905 (resident, Educational); $9,790 (nonresident, Educational); $8,753 (Medical); $6,683 (resident, Clinical); $11,851 (nonresident, Clinical).
Financial aid: Federal and institutional aid, external scholarships and grants, employer support, military and veteran aid
Candidates choose from three tracks:
- Educational
- Medical
- Clinical Research
The Educational and Medical tracks require 7 quarters for completion. The Clinical Research track has an 8-quarter time-to-completion. Regardless of track, candidates tackle a rigorous curriculum and clinical rotations.
Indiana University Bloomington – Master of Arts (MA) in Speech-Language Pathology
Gross tuition and fees: $10,902 per academic year (resident, full-time); $30,792 per academic year (non-resident, full-time)
Financial aid: Federal and institutional aid, external scholarships and grants, employer support, military and veteran aid
Applicants must have a bachelor’s degree in speech and hearing sciences or communication disorders. The on-campus program has a sequential course sequence. Candidates spend their final spring semester in off-campus clinical rotations.
Graduates are eligible for licensure in 50 states and Washington, D.C.
Ohio State University – Master of Science in Nursing
Gross tuition and fees: $9,682 per semester (resident); $22,982 per semester (nonresident) for on-campus programs
Financial aid: Federal and institutional aid, external scholarships and grants, employer support, military and veteran aid
Applicants must have a BSN degree and a current registered nursing license to qualify. Online and in-person programs are available.
Concentrations available include:
- Adult-Gerontology Primary Care Nurse Practitioner
- Pediatric Acute Care Nurse Practitioner
- Psychiatric Mental Health Nurse Practitioner
University of Texas at Austin – Master of Science in Nursing
Gross tuition and fees: $10,466 per academic year (resident); $19,340 per academic year (non-resident) for nine credits
Financial aid: Federal and institutional aid, external scholarships and grants, employer support, military and veteran aid
Applicants should have a current registered nurse license. The academic background can be:
- A BSN degree or
- A non-nursing bachelor’s degree and either a nursing diploma or an associate in nursing degree
Candidates choose from many specializations. Choices include Adult-Gerontology Clinical Nurse Specialist and Family Nurse Practitioner.
Conclusion: Beat the High Cost of A Master’s Degree in Healthcare
Your cost of attendance in a master’s degree in healthcare program depends on your decisions. It’s possible to spend as low as $10,000 or up to $100,000 on a two-year master’s degree. Your decisions, from choosing an affordable program to maximizing financial aid, determine your total costs.
So, always explore your financial aid and other funding options. If you keep your costs down, getting high returns on investment happens sooner.
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