Today’s Most Affordable Online Master’s Programs in Psychology

Funding Your Master’s Degree in Psych: 5 Ways to Save

The most affordable online master’s in psychology program is not necessarily the one with the lowest tuition rate. You also need to consider the many resources available to help you pay for your education. Below are five of the most common resources to help you save on your online master’s degree in psychology.

Scholarships, Grants, and Fellowships for Psychology Master’s Students

Scholarships, grants, and fellowships are the most popular types of funding resources because they’re essentially “free money” since they aren’t paid back. Scholarships and fellowships are typically awarded based on merit, while grants are usually awarded based on financial need. Most scholarships and fellowships and even some grants are competitive. For more on these valuable funding opportunities, check out our scholarships and resources guide.

Work Study or Assistantships

Assistantships are typically positions as teaching and research assistants for department faculty. They’re normally awarded based on student merit and department need and provide compensation through tuition waivers and money stipends. Work study jobs are often administrative and provided to students with financial needs. Finding a work study position or a graduate assistantship can be more difficult as an online student, but it’s not necessarily impossible. Missouri State University, for example, offers a partially-online psychology master’s program and several graduate assistantships.

Employer Tuition Reimbursement Programs

Employer tuition reimbursement programs provide employers with a great tool for recruiting and retaining quality workers, both during and after their degree studies. In most cases involving graduate-level psychology students, employers offering tuition reimbursement will most likely be in a psychology-related field. It’s always worth asking your supervisor or HR officer about the availability of tuition reimbursement for your psychology master’s education.

Payment Plans

Tuition payment plans allow students to pay their tuition over time, typically in monthly installments. These plans are often interest-free but do have a program enrollment fee. Not all schools offer them, though. Examples of programs offering tuition payment plans include Arizona State University’s Online MS in Psychology and the Online MA in Psychology at Fayetteville State University.

Paid Internships

Internships are often a requirement of master’s in psychology programs, particularly those leading to licensure. Internships may be paid or unpaid. Whether your degree program requires one or not, they’re a great way to gain valuable experience working with patients in practice settings. Contact your program’s department for information on paid internship opportunities with program-affiliated agencies. You can also search for paid internships using employment websites.