How to Pay for a Degree in Computer Science
Updated April 3, 2024
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After deciding to pursue higher education, you need to figure out how to afford it. This reality dawns on many students as they research available programs and experience some level of sticker shock.
The good news is that there are various support systems in place that allow you to focus on your education without worrying about finances — at least in the short term. The National Center for Education Statistics (NCES) reports that 85% of learners in public and private for-profit institutions received some form of financial aid.
Average tuition costs vary significantly, based on several factors. For example, NCES data reveals that the average annual tuition at a public institution was $9,700 in the 2021-2022 academic year, while students at private nonprofit schools paid $38,800 annually, on average. Costs for computer science programs typically align with these ranges.
Whether you're figuring out how to pay for a master's degree, a bachelor's degree, or an associate program in computer science, this guide offers an in-depth look into financial considerations for higher education. Discover information such as typical tuition costs, forms of available aid, and ways to lower your overall financial burden.
How Much Does College Cost?
Degree level plays a significant part in your costs for college. Starting with associate degrees, NCES data indicates that the average annual figure for tuition and fees among two-year programs was $3,564 for in-state learners as of the 2021-2022 academic year. In private two-year institutions, learners paid an average of $8,415 per year.
Bachelor's degrees break down similarly (in-state vs. out-of-state tuition, whether a school is private or receives public funding). Students paying in-state tuition at public four-year institutions were charged an average of $9,596 in tuition and fees, while out-of-state learners paid $27,457. This difference highlights the importance of researching available programs within your state.
While private schools don't often charge out-of-state learners more, they do tend to have higher price tags in general. Private four-year institutions charged an annual average of $34,041 in the same period.
Among graduate programs tabulated by NCES, the average annual rate for tuition and fees reached $28,017. Meanwhile, public two year programs charged $12,596, on average.
These NCES figures include costs beyond tuition alone, such as room and board, books, meal plans, and transportation.
Based on your situation, you can avoid some of these costs. For example, by pursuing an online degree, you will not need to relocate, or pay for commutes or room and board. For further savings, some virtual programs allow you to use digital versions of textbooks.
Bootcamps offer an alternative path to computer science careers. These intensive, compressed programs deliver career-ready skills in various tech subjects, including computer science. A 2019 report by RTI Press indicates that the median price for a bootcamp was $11,900.
Along with these considerations, costs for higher education can still differ widely based on other components.
What Influences College Costs?
Factors that can impact paying for a degree at any level include institution type, school prestige, and the availability of financial aid for computer science programs.
- Institution Type: Attending a public college or university where you can pay in-state tuition often costs substantially less than going to a private school or even an out-of-state public institution. Consider attending a two-year public school for the first two years of your education, then transferring to a four-year institution to save money on undergraduate computer science programs.
- Location: Schools in areas with higher costs of living — including densely populated metropolitan areas — often cost more to attend. Enrolling in an institution far away from where you live may mean paying for transportation and housing.
- School Size: Large public institutions often offer more affordable tuition than small elite schools.
- School Prestige: Attending a prestigious college or university often comes with higher financial costs.
- Student Financial Aid: Some schools offer large amounts of financial aid, and the majority of schools have an online cost calculator that can help you assess your financial aid eligibility.
Run your numbers, and ask specifically about financial aid options for computer science programs at any prospective schools.
How to Pay for a Degree in Computer Science
Below, we discuss how to pay for associate, bachelor's, and master's degrees in computer science. Students can use various strategies to fund their education.
Types of financial aid for computer science degrees include scholarships, grants, and student loans. We also discuss options like work-study, employer assistance, using savings, and parental support.
Grants and Fellowships
Research all available funding from grants and fellowships before relying on loans, which require repayment with interest. Many refer to these sources as "free money," but given their strict requirements and eligibility terms, it's a little more complicated than that.
Grants and fellowships are two ideal forms of financial aid for computer science students. Grants may come from federal or state governments to provide funding based on need, degree level, identity, academic achievement, and subject matter. For example, the Department of Defense offers the SEED Grant to doctoral-level grads who commit to research benefiting the U.S. military system.
Fellowships provide funding for tuition and other college costs in exchange for work and/or ongoing research. Though there are undergraduate fellowships, most providers offer this type of funding to students who need to pay for a master's degree in computer science or other subject. For example, the Hertz Foundation offers a fellowship that provides up to $250,000 for STEM graduates to apply toward their tuition and other academic efforts.
There are several databases to use in your research for computer science grants and fellowships. George Washington University maintains a list of available STEM fellowships, and the U.S. National Science Foundation offers a searchable database for grants.
Scholarships
Scholarships, like grants, provide funding based on factors like academic achievement, location, identity, and need, and do not require repayment. This form of aid can come from private organizations, government programs, and educational institutions themselves.
Scholarships are typically more available at the undergraduate level than grants and fellowships, making them a key consideration as you apply to programs. For example, (ISC)2 offers undergraduate/associate scholarships ranging from $1,000-$5,000.
The U.S. Department of Labor features a database of available scholarships across disciplines. Use this tool to compare scholarships across subjects and degree levels. The National Society of High School Scholars awards a $1,000 scholarship for high school students planning to pursue STEM in higher education.
Online scholarship searches can help you cast a wide net, but don't overlook local scholarship opportunities from places like credit unions or local businesses. Always research whether your prospective school offers scholarships, as well.
Student Loans
Many students use loans as one strategy for paying for a computer science degree. When you get a student loan, a lender gives you money for your education that you must start repaying at an agreed-upon date.
Federal Loans
The government provides federal loans to assist students in pursuing higher education. You can fill out the Free Application for Federal Student Aid (FAFSA) to receive information on their eligibility for various forms of aid, including federal loans. These loans require repayment after a specific period and include interest.
The interest rate changes each year, making it important to check the current terms as you re-submit a FAFSA form each year. Whether you qualify for any grants, fellowships, or scholarships, federal loans can help you temporarily lower your financial burden and focus on your studies.
However, before taking on any type of loan, you must prepare for the reality of repayment. The government typically gives you six months after leaving school or graduating to begin making payments.
Private Loans
Private loans may come from independent lenders and your educational institution. This form of aid typically carries higher interest rates than federal loans, though they may offer more money. Some private loans may, in fact, have lower interest rates than funding from the government but may not qualify for benefits such as loan forgiveness or income-driven payment schedules.
If you've maxed out your eligibility for grants, scholarships, and federal loans, you may need to turn to private lenders as a last resort. After all, you need to pay for your education somehow.
The following chart illustrates the differences between government and private loans. Interest rates for private loans can be significantly higher than government loans, and private loans often have more stringent repayment options.
| Factor | Stafford Loans (Undergraduate) | Graduate Plus Loans | Private Loans |
|---|---|---|---|
| Eligibility Requirements | No previous federal loan defaults; must attend school at least half time | Must attend school at least half time; acceptable credit | Based on credit |
| Amount You Can Borrow | $5,500 to $12,500 per year, based on dependency status and class status | Up to $20,500/year; $138,500 for the entirety of a degree | Varies |
| Interest Rate | Variable, but does not exceed 8.25% | Fixed yearly, 8.05% for 2023-2024 | Varies |
| Repayment | Deferred until six months after leaving school | Deferred until six months after leaving school or after attendance drops below half time | Begins immediately (generally) |
| Income-Based Repayment Option? | Yes | Yes | No |
| Forgiveness Option? | After 10-25 years; 10 years for public servants | After 10 years if employed at a nonprofit or government agency | None |
More Ways to Pay for a Computer Science Degree
Students might be able to pay for their degrees through options like work-study programs, employer assistance, and college payment plans. Other options can help to reduce costs from the outset. These include tuition reciprocity programs and prior learning assessments. These and other options are explored below.
Tuition Reciprocity Programs
With tuition reciprocity agreements, states connect to allow out-of-state learners to pay reduced rates -- sometimes the same as in-state students. These programs apply almost exclusively to public institutions and operate regionally.
For example, the Midwest Student Exchange comprises eight states in the heartland of America. With this agreement, member institutions set a cap at 150% of their in-state rate, lowering costs for nonresidents.
Similar agreements include the New England Regional Student Program, the Academic Common Market in the South, and the Western Undergraduate Exchange. For reduced-tuition information on neighboring states, check out the reciprocity agreement that applies to your region.
Prior Learning Assessments
Prior learning assessments (PLAs) allow you to receive college credits for education gained outside of the classroom. These experiences may include training programs, volunteering, community services, professional work, and military training, among others. By using PLAs to cover credits, you can save on your overall financial burden.
Schools evaluate each student's PLA and maintain varying eligibility standards. As such, each institution will provide a portfolio review of your past experiences to communicate which PLAs will qualify. These credits typically apply to undergraduate programs, though some schools accept them for master's degrees.
The Council for Adult and Experiential Learning offers additional information on this type of credit. Their site offers information on available forms of PLA, including a credit assessment tool.
Work-Study
Work-study is a federal financial aid program that employs learners in part-time jobs on and off campus. The program accepts full- and part-time undergraduate and graduate students with demonstrated financial need.
Work-study jobs relate to the student's course of study when possible. Work-study participants receive at least the federal minimum wage, but many get paid more. Students can find work-study opportunities through their school.
Employer Assistance
Employed students can consider paying their tuition with the help of employer assistance. Some companies offer employer assistance programs that pay part or all of an employee's college or university tuition. Employer assistance programs may stipulate that employees pursue a degree related to the organization.
Employees who receive employer assistance may need to agree to work for the company for a certain number of years or pay back any financial assistance.
College Payment Plans
Some colleges and universities offer payment plans that make it easier for students to attend school. This option often works well for learners who work while in school, but who cannot pay their entire tuition bill upfront.
Instead of requiring payment of a student's bill in full at the beginning of each semester, college payment plans let learners spread the cost out over several months. This can be particularly helpful for students who either cannot or do not want to take out loans.
Savings
Students use various types of savings accounts to pay for their degree. Relying on savings accounts means starting to save far in advance. Potential accounts to consider include 529 plans, education savings accounts, federal savings bonds, and high-yield savings accounts.
States and state agencies sponsor 529 plans, a popular type of college savings account that offers tax advantages and the potential to earn a return on investment. Education savings accounts offer similar advantages as 529s, but offer more investment options.
Federal savings bonds are a low-risk, tax-advantaged way to save money. They offer a modest return on investment. A high-yield savings account pays higher interest rates than a typical savings account.
Parental Support
Parental support can play an important role in helping pay tuition. Some families pay for part or all of their children's education through their own savings or income.
If using parental savings is not an option, parents can help their kids by going over different financial aid options together. Parents who complete their tax returns as early as possible make it easier for their children to file the FAFSA early.
FAQ About Paying for Computer Science Programs
How much does it cost to get a computer science degree?
Computer science degree costs vary based on degree level, along with the school's prestige, public vs. private status, and location, among other factors. At the bachelor's level, annual tuition for a computer science degree can cost from around $6,000-$40,000 or more.
How expensive is a master's in CS?
Tuition varies among institutions, but master's degrees in computer science are generally more expensive than undergraduate degrees. Research reveals that they can cost around $20,000-$40,000 on the more affordable end.
How can I afford to pay for college with no money?
By taking out loans, you're assuming the risk of ultimately repaying them. However, earning a degree can be a crucial step in landing employment and more easily paying back student loans. Financial aid allows you to focus on your studies and make payments after completing college.
How do I pay for a master's degree in computer science?
To pay for a master's degree in computer science, you'll likely need to rely on financial aid. Before taking out loans, which require you to repay them with interest, research "free" funding sources such as grants and scholarships.
Does FAFSA cover master's degree programs?
Yes—like financial aid for undergraduate programs, you can fill out a FAFSA form to help pay for master's degrees. This document will detail your eligibility for various forms of aid, including loans, grants, and scholarships. However, the amount afforded for graduate school is typically less than for associate and bachelor's degrees.
Page last reviewed March 12, 2024.
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