The Financial Side of an Online English Master’s Degree
The cost of attending college is in the forefront of concerns shared by prospective students. Common questions include: How much will this cost? How can I afford it? What kind of funding might I receive? Although these are normal questions, a glance at the numbers shows that online master’s degrees in English can in fact be quite affordable. Furthermore, they can provide a good return on investment (ROI) down the line. Let’s examine the relationship between the cost of college and future salary potential.
Factoring in the Costs
The largest piece of the master’s degree financial puzzle is tuition. Whether schools charge tuition by the quarter, semester or credit hour, the amount of tuition can vary depending on the type of institution. Private schools are generally at the top of the spectrum while public schools are at the lower end. But one important consideration is the long-term cost of an online English master’s program. For example, it is easy to multiply the cost of college credit hour times the number of credits required for graduation. But what about the other financial responsibilities involved in creating a budget, such as fees, room and board, and other living expenses. This applies to both campus-based and online students.
Earnings Picture for English Experts
Earning an online master’s in English doesn’t guarantee a higher wage, but it can make it easier for job seekers to find a position. The Bureau of Labor Statistics (BLS) notes that some employers prefer to hire applicants with a master’s in English, because an advanced degree signals more extensive knowledge and skills. Here are salary figures for English language and literature teachers at the postsecondary level in 2013:
Top 10 %
Here’s a look at how annual wages for technical writers stacked up in 2013:
Top 10 %
Payscale.com ranks salaries for graduates with bachelor’s or master’s degrees in English Literature, English Language & Literature and English Language. According to these figures a master’s degree in English makes a difference in starting and mid-career salaries. The biggest jump was for early salaries for holders of English Language & Literature master’s degrees, as shown here:
||Early Salary Bachelor’s
||Early Salary Master’s
|English Language & Literature
Source:2014-2015 Payscale College Salary Report-master’s
2014-2015 Payscale College Salary Report-bachelor’s