One of the best industries to participate in today for higher return on investment is those involving technology, one of which is Data Science. Earning an online master’s with the help of financial aid and FAFSA is an excellent way to enter the groundbreaking field of data science.
Data science helps us find important insights from large amounts of information using various techniques and technologies. It relies on curiosity and precision to drive meaningful progress across different industries.
Data scientists are among the highest-paid professionals today, with the highest 10 percent earning more than $184,090 per year. According to recent Labor Statistics data, opportunities for data scientists are projected to grow 36 percent from 2023 to 2033. If you want high job security, better pay, and vast career growth opportunities, consider earning an Online Master’s in Data Science.
Featured Programs
But before pursuing an online master’s degree, it’s important to understand the financial implications it can bring. Tuition for graduate degrees in data science costs an average of $47,000, and this does not include other educational expenses. To ensure you don’t harm your potential ROI, you should complete the FAFSA (Free Application for Federal Student Aid) form.
The FAFSA is a free form that students fill out to apply for federal student aid for college or career school. It’s available to everyone planning to attend school. There are different deadlines for various financial aid programs, so students should submit their FAFSA as soon as they can to get the most financial help.
To help you increase your ROI, we will list ten of the top Online Master’s in Data Science programs known for their generous financial aid programs.
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Methodology
We’ve prioritized listing online Master’s in Data Science degrees with regional accreditation—the gold standard for quality education. These programs guarantee that the courses are of high quality, that you can transfer your credits if needed, and that employers will recognize your degree. Regional accreditation also ensures that you’re qualified for financial aid from the FAFSA and other scholarship programs.
Data science is one of the hardest fields to master. It requires a solid foundation in statistics, programming, and data analysis. The following online colleges with financial aid emphasize the following topics to ensure students are equipped with the right skills:
- Analytic techniques
- Big data
- Data manipulation and management
- Data mining
- Data visualization
- Machine learning
- Object-oriented programming
- Probability and statistics
Some programs include a capstone course or project where your skills can apply to real-world scenarios.
#1 Eastern University
St. Davids, Pennsylvania
Online Master of Science in Data Science
Tuition: $9,900 per year
Eastern University offers one of the most affordable online MS in Data Science degree programs, with only $9,000 in tuition and fees per year. In addition to its low tuition costs, the EU is also recognized as one of the top online schools that accept financial aid. It offers grants and scholarships, low-interest student loans, and other financial aid like tuition waivers and military benefits.
Students will receive guidance in applying for federal aid for FAFSA and other privately funded tuition assistance.
EU’s MS in Data Science is among the fastest online programs, with completion times averaging ten months. Furthermore, its self-paced online 7-week classes will allow you to work part-time. Course options include:
- Applied Machine Learning
- Cloud Foundations
- Data Manipulation
- Data Science Capstone: Applied Data Science
- Data Science for Business
- Fundamentals of Data Science
- Information Visualization
- Introduction to Statistical Modeling
- Natural Language Processing
- Principles of Python Programming
#2 Tufts University
Medford, Massachusetts
Online Master of Science in Data Science
Tuition: Approx. $52,950
The online MS in Data Science offered by Tufts University may scare you with its expensive sticker price. However, considering Tufts’ generous financial aid offerings, you can earn the degree at a much lower cost. This is especially true for students with combinations of unique skills, high academic records and financial need.
Some of the scholarships offered by Tufts to its graduate students in data science include Alumni Scholarships and Merit-Based Scholarships, which cover 10% of the tuition for each semester. You’ll also receive guidance in applying for the FAFSA and scholarships offered by the School of Engineering.
In addition to being one of the top online colleges that accept financial aid, Tufts’ data science programs are among the strongest. Participants will master skills in:
- Big Data
- Data Analysis
- Data Infrastructure
- Data Mining
- Machine Learning
- Probabilistic Systems Analysis
#3 New York University
New York, New York
Online Master’s in Data Science
Tuition: $470 per credit (in-state); $565 per credit (out-of-state)
NYU is one of the best online schools that offer financial aid and one of the top providers of affordable online Master’s in Data Science programs. The curriculum comprises various advanced topics and is structured in several ways to ensure a high-quality learning experience. You can choose one of the three tracks:
- Industry Concentration if you want to experience hands-on practical learning experiences.
- Biomedical Informatics (Medical School) if you want to do a biomedicine-based capstone project.
- Data Science, where you focus on big data, mathematics and data, and natural language processing.
As an online student, you’re qualified for the competitive tuition scholarship program that can cover a big part of your tuition for up to two years. The new CDS Pathbreaker Scholarship supports diversity in data science, providing half tuition coverage for four students each semester. Applicants become automatically considered for the scholarship by applying to the program.
You’re also given a one-on-one coaching session on applying for the FAFSA and other scholarship opportunities.
#4 University of San Francisco
San Francisco, California
Online Master of Science in Data Science
Tuition: $1,660 per unit
The University of San Francisco’s online MS in Data Science is a one-year program known for its upkeep in data science and artificial intelligence industries. Students will build strong analytical skills and gain expertise in machine learning, deep learning, and artificial intelligence. They can also opt for a focus on Data Engineering.
A key feature of the program is a guaranteed practicum. Students work 16 hours a week with external partners on real-world projects for about nine months. This offers hands-on experience with diverse companies across various industries, including past partners like Meta, Reddit, and UCSF.
USF offers a limited number of merit-based partial scholarships. Although eligibility is competitive, qualified students will receive up to 50% tuition discounts. Those who do not qualify may still apply for additional funding opportunities like USF’s Double Dons Scholarship and Funding for Undocumented Students. You’ll also receive guidance in applying for non-USF financial aid for online degrees.
#5 Northwestern University
Chicago, Illinois
Online Master’s in Data Science
Tuition: $61,536 for the entire program
The sticker price for the whole program can seem expensive, but we decided to place Northwestern University’s online Master’s in Data Science #5 due to its vast array of financial aid and scholarship opportunities.
Northwestern University is dedicated to making education affordable by providing financial aid that covers a student’s demonstrated financial need. Importantly, this financial aid comes in grants, not loans, meaning students won’t have to pay it back.
Students in the master’s in data science degree program focus on advancing their skills in various database systems and analytics software. These include open-source tools like R, Python, and Go, along with TensorFlow and Keras for deep learning. You can also specialize in one of the five areas:
- Analytics and Modeling
- Analytics Management
- Artificial Intelligence
- Data Engineering
- Technology Entrepreneurship
- General data science
#6 University of Notre Dame
Notre Dame, Indiana
Online Master’s in Data Science
Tuition: $11,800 per semester
The University of Notre Dame is a competitive school with a rigorous online Masters in Data Science degree program. Notre Dame’s online Master’s in Data Science offers a prestigious degree with flexible learning options. Students benefit from live and flexible sessions, exclusive immersion weekends, and building AI and data science solutions with Notre Dame’s corporate partners.
Sample data science course:
- Advanced Data Visualization
- Advanced Machine Learning
- Data Science Capstone
- Databases and Data Architectures
- Python Programming for Data Science
- Storytelling & Communications for Data Scientists
Beyond its intensive data science masters curriculum, Notre Dame is also keen on helping students with their finances. It offers several financial aid programs, including Scholarships and Grants, Merit-Based Aid, Student Employment, and Graduate Scholarships from the FAFSA and corporate partners.
#7 Pace University
New York, New York
Online Master’s in Data Science
Tuition: $36,300 entire program
Pace University is one of the most affordable schools despite its expensive reputation. How so? You can access various types of financial aid, such as grants, scholarships, on-campus jobs, and low-interest and flexible loans to help cover costs.
Graduate students at Pace with a data science major have reported a high satisfaction rate. The master’s in Data Science degree helped them break into the competitive job market through Pace’s vast network and graduate with minimal loans.
Pace’s online data science masters degree is a STEM-designated program by the US DHS. You’ll learn from leading AI, software development, and machine learning experts. You’ll also get to network with several of New York’s major tech companies and industry professionals who are shaping the future of data science.
#8 Ball State University
Muncie, Indiana
Online Master of Science in Data Science
Tuition: $3,034 per semester
The online Masters in Data Science degree at Ball State University is a top-notch program emphasizing not only comprehensive coursework but affordability as well. There are no entrance exams, application fees, or transcript hassles. You just need to complete three 3-credit courses, and if you maintain a GPA of 3.0 or higher, you’re in!
As one of the best data science programs in the United States, Ball State has received several funds for student scholarships. Although most recipients are the ones who completed the FAFSA application early, those who apply later can still receive aid. Ball State offers Graduate Assistantships, Student Employment, and Employee Assistance Programs for students who did not receive scholarships. It also offers a 50% discount for in-state graduate students over 60 years old.
#9 University of North Carolina at Chapel Hill
Chapel Hill, North Carolina
Online Master of Science (MS) in Applied Data Science
Tuition: $1,211.78 per credit (residents); $1,760.06 per credit (non-residents)
UNC’s Master’s in Data Science degree online is one of the most selective programs today, with an acceptance rate of 28% only. If you’re accepted, you’ll enjoy the program’s access to practical experience, group projects, and a collaborative capstone. The curriculum will focus on effectively managing every stage of the data life cycle.
Coursework of this data science online degree includes:
- Programming and statistics
- Big data and different types of databases
- Advanced methods in deep learning, machine learning, and natural language processing
- Data visualization and communication
When looking for ways to pay for a master’s degree, students typically consider various options, such as employer tuition assistance, scholarships, and student loan programs.
#10 University of Denver
Denver, Colorado
Online Master of Science in Data Science
Tuition: $50,304 entire program
The cost of the University of Denver’s Data Science Masters online can seem intimidating. Yet, with over 90% of students receiving financial aid, many find that the financial burden is more manageable than expected. It also
Plus, the potential return on investment in terms of career opportunities can make it worthwhile. According to DU, the average salary of graduates is $105,000 after graduation.
Some of the courses you can expect to study in this online data science degree program include:
- Python Software Development
- Database Organization & Management
- Data Visualization
- Algorithms for Data Science
Career Opportunities and Salary Outlook
Data science is one of the hottest careers, and it’s only getting bigger! If you’re looking to switch things up in your career or just want to grow, picking up skills in this field is fantastic.
Companies across various industries are on the lookout for data scientists because they’re drowning in data. These experts help by predicting market trends, improving sales, cutting costs, and even creating innovative products.
Data science master’s degree graduates can pursue several well-paying positions. Here are the top ten roles you can apply for with this advanced degree:
- Data Scientist: Analyzes large data sets to provide insights for decision-making.
- Data Analyst: Interprets data to identify trends and improve business efficiency.
- Data Manager: Oversees data processes and ensures integrity.
- Data Architect: Designs and manages data architecture, often needing advanced degrees and experience in database design.
- Data Engineer: Prepares raw data for analysis, creating tools for data scientists.
- Business Analyst: Analyzes business processes for improvements.
- Software Engineer: Develops applications that generate data.
- Machine Learning Engineer: Combines data science and software engineering to create AI systems.
- Statistician: Focuses on statistical methods for data analysis, usually in business or healthcare.
- Data Modeler: Creates database blueprints to make data accessible for analysis. Collaborates with departments to ensure data standards.
Many people in these jobs earn good money, earning six-figure salaries yearly. Official Labor Statistics data show that the average salary for these professionals is about $108,020. The field is also expected to have 20,800 job openings each year.
Seems like a great financial investment, right? Yet, to ensure that your ROI after graduation is high, you need to secure financial aid. You should mainly focus on obtaining free money like scholarships and grants. Loans are readily available but need repayment, which can impact your ability to save for major life plans like purchasing a home, retiring early, or traveling.
A recent Citizens Bank survey reveals that millennial graduates are spending 18% of their salary on student loans. Additionally, 60% of them expect to be making payments into their 40s.
Here are a few tips on how to secure a high ROI:
- Start by applying to the FAFSA as early as you can. The start date of application for the FAFSA is October 1st each year. The FAFSA can help you maximize your financial aid options, including grants, scholarships, and work-study programs.
- Make sure to gather your financial documents ahead of time to streamline the FAFSA process.
- Explore other scholarships and funding opportunities specific to data science students.
The return on investment of a degree is only as good as the choices you make along the way. You should assess the school’s practical experiences, networking opportunities, and student support programs beyond financial aid and tuition prices. You can greatly improve both your financial and career goals by combining these aspects.