Financial FAQs, Answered: How to Fund Your Data Science Master’s Degree

Choosing where to earn your data science master’s degree requires you to weigh multiple factors, with cost ranking high among them. Given the significant costs of pursuing an advanced degree, researching available financial assistance options is crucial to the decision-making process. 

An online program, such as the Tufts University Online Master of Science in Data Science (MSDS), can help reduce costs by allowing you to earn your degree without the relocation and commuting expenses typically associated with on-campus programs. Part-time study can reduce your per-semester outlay, making it easier to manage your education expenses. The program’s 100 percent online format—with much of the content delivered asynchronously—offers the flexibility to keep working and earning while you study. 

Continue reading to learn more about funding your MSDS degree and the unique features of the Tufts online MSDS program.

Understanding Tuition Costs

Tufts online MSDS students pay tuition on a per-credit basis; tuition rates typically change annually. The 2024-2025 MSDS tuition rate per credit was $1,765. 

Graduate students often pay additional fees for services like health and wellness. At Tufts, online students are exempt from many of these fees; however, they may still incur loan fees. 

Financial Aid Options

Graduate students have access to three main types of financial aid:

• Scholarships and grants
• Loans
• Employee sponsorship
  

Most graduate students fund their degrees using one or more of these options. To apply for financial aid, start by submitting a Free Application for Federal Student Aid (FAFSA) form, which determines your eligibility for various types of federal student aid. States and colleges also use FAFSA information to award financial assistance. Continue reading to learn how aid is administered at Tufts.

Scholarships

Tufts School of Engineering offers several scholarships to online MSDS students. They  include: 

• Alumni scholarships: Tufts School of Engineering alumni qualify for Double Jumbo Scholarships, which provide a 20 percent per credit tuition discount and application fee waivers. 
• Scholarships for students from bridge universities: Current students and alumni of select institutions qualify for a 20 percent per credit tuition discount and application fee waivers.
• Yellow Ribbon scholarships: This scholarship serves veterans who meet criteria set by the U.S. Department of Veterans Affairs. The current Yellow Ribbon Scholarship award for Tufts MSDS students totals $5,000 annually.
• Merit-based scholarships: Tufts School of Engineering offers a limited number of merit-based scholarships to online students. These scholarships cover 10 percent of a candidate’s tuition fees for a specific semester. 

Tufts online MSDS students may also pursue external scholarships. The school recommends using the Fastweb scholarship database to research other scholarships for which you may qualify.  

Loans

Most graduate students offset tuition costs with loans, which are categorized into federal loans and private loans. Federal loans, accessed by submitting a FAFSA, generally offer fixed interest rates, typically lower than those of private loans. Furthermore, federal loan borrowers do not begin payments until after graduation

Prospective graduate students can apply for two types of federal loans:

• Federal Direct Unsubsidized Loan: Unsubsidized loans are available to all graduate students demonstrating financial need. Your school determines the borrowing amount based on your cost of attendance and other financial aid received. 
• Direct Graduate PLUS Loans: Graduate PLUS loans cover expenses not covered by other financial aid. To qualify, you must be a graduate or professional student enrolled at least half-time in an eligible program leading to a degree or certificate. Additionally, you must have a good credit history and meet federal student aid eligibility requirements. 

Moreover, organizations like banks and credit unions often offer private loans. The lender sets the terms and conditions, which can vary significantly. If you’re considering a private loan, make sure you understand the interest rate and payment due dates. 

Employer Sponsorships and Partnerships

Approximately half of U.S. employers provide tuition assistance benefits. If you’re considering pursuing your MSDS while working full-time, reach out to your HR department to understand your employer’s policy. Use these questions to uncover essential details about their tuition assistance program.

• Which degree programs qualify? Some employers fund only those degrees related to your current role; others may fund programs to help you switch roles within the company. 
• Which expenses will they cover? Some employers cover the total cost of your tuition; others pay only a portion. Some employers cover additional costs, e.g., books. 
• Do I qualify based on my employment status? Eligibility for tuition assistance might require you to have been employed at the company for a certain duration or to hold a specific seniority level.
• Are there any conditions attached to the benefit? Some employers require students to maintain a certain GPA to retain their funding. Many employers require employees to stay with the company for a prescribed period after graduation. 

Learn more about employer tuition assistance and how to inquire about this benefit. 

Budgeting Tips for Students

Creating and adhering to a budget helps ensure you can cover costs while working and studying part-time. The following tips can guide you in creating a successful budget: 

• Make sure your budget includes all necessary expenses, including tuition. Set aside a monthly amount for unexpected costs. 
• If possible, save a portion of your monthly paycheck to help repay your tuition loans. 
• Explore potential tax deductions to determine your eligibility. For example, your interest payments on student loans may qualify you for an income tax deduction.  

Earn Your Online MSDS at Tufts University

Utilizing financial aid opportunities—such as scholarships, loans, and employer tuition assistance—can make earning a graduate degree more affordable and accessible. When evaluating the cost of obtaining your master’s in data science, also consider the potential impact on your future income to calculate the return on investment. According to data from the U.S. Bureau of Labor Statistics, individuals with master’s degrees earn around 16 percent more than their counterparts with bachelor’s degrees. That averages more than $12,500 in additional annual income.

Earning a degree from a highly regarded institution like Tufts University typically adds further value. Tufts’ online MSDS program equips you with the skills needed to stand out in the job market and qualify for higher-profile job opportunities and research projects. 

Ready to take the next step? Contact an enrollment advisor to learn more about the Tufts online MSDS program and the admission and enrollment process.