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A Deeper Dive into the Most Affordable Electrical Engineering Master's Programs

If you're looking for the cheapest online master's in electrical engineering, you're not alone. Graduate education in this field can be expensive, but choosing the right program means weighing much more than just tuition. 

That’s why we’ve analyzed these top-ranked programs across multiple dimensions: not just cost, but also student outcomes like graduation and retention rates, student satisfaction, online enrollment, and our own proprietary earnings data. This guide is designed to help you balance affordability with return on investment, whether you're aiming to deepen your technical skills, pivot into a new specialization, or prepare for leadership in the field.

Affordability First, But Not in Isolation

Electrical engineering is a high ROI field, but with wide variability in earnings depending on specialization (e.g., Power Systems vs. Embedded Systems) and industry (e.g., defense vs. consumer tech). That means while long-term earning potential is strong, not all graduates will start with six-figure salaries. Choosing a lower-cost program helps protect against taking on debt that might not align with your initial earnings, especially if you're switching industries or starting mid-career.

At just $4,695, the University of Arkansas (UA) leads the list for raw affordability — by a wide margin. What makes this price tag even more appealing is how much value is packed into it. UA boasts a retention rate of 86% and a graduation rate of 69%, placing it in the top 13% and 16% nationally, respectively. With a 92% recommendation rate (based on student surveys our team has collected) and strong peer satisfaction, UA proves that low-cost doesn’t mean low-quality. Plus, the Electric Power Engineering concentration and accelerated 8-week terms are especially appealing for working professionals aiming to specialize quickly.

But tuition alone shouldn’t make your decision. Kennesaw State University (KSU), ranked #2 for cost, charges only $5,895 (which is still well below average) but adds strong industry engagement via its location near Atlanta’s Tech Square and research-intensive environment. Its innovative curriculum includes electives in battery tech and biosensing, and it has a solid 85% recommendation rate. 

I included the total program cost above for the top 10 most affordable programs because it offers a clear, upfront view of financial commitment, helping with long-term planning. Knowing the full cost helps you budget around other obligations and determine whether employer reimbursement or scholarships will cover the entire degree. 

Unlike undergraduates, master’s students — particularly in STEM fields — have limited access to need-based financial aid. Without Pell Grants or broad institutional aid, students often rely on personal funding, employer tuition assistance, or loans. A lower total tuition can reduce or eliminate the need for loans entirely.

What Do Outcomes Say About Value?

To determine whether a master's degree is worth it, we looked at outcomes like graduation and retention. 

Purdue University is a clear standout here: despite ranking 12th in affordability with a $12,495 tuition, it has the highest graduation rate at 83% and the best retention rate at 90%. That places it in the top 6% and 8% nationally, respectively. This is especially remarkable for an electrical engineering program with a strong online footprint (top 5% in online enrollment nationally). Purdue’s 94% recommendation rate reinforces that students stick with it, and are glad they did.

Iowa State University and the University of Cincinnati also shine here. ISU’s 74% graduation and 86% retention rates are strong indicators of a supportive program. UC posts nearly identical numbers and adds a workforce-friendly online model that can be completed in just 18 months.

Our Proprietary Salary Score Tells a Bigger Story

Electrical engineering is a high-investment field, often pursued by working professionals looking to sharpen their credentials or pivot into more advanced technical roles. When available, we’ve included earnings data, drawn from our own proprietary research, to help estimate post-graduate pay relative to similar programs. 

For example, Arizona State University (ASU) reports alumni earnings of $112,277 just four years after graduation. This is complemented by a high 16,000+ online enrollment and innovative, portfolio-based final project. The University of Colorado Boulder, with $115,243 in earnings, slightly edges out ASU in earning power. Both programs are highly accessible and modern, but may be more appealing for those focused on flexibility over top-tier salary outcomes.

Iowa State (ISU) comes in at third on our affordability list for salary. Strong graduation (74%) and retention rates (86%) suggest quality, but earnings fall behind, and the tuition is significantly higher than the top-ranked budget programs. ROI is middling unless paired with a strong specialization or employer funding.

Ultimately, ROI should be used as a lens to help you assess risk vs. reward. And when affordability is your starting point, these data points give you the context to choose not just the cheapest degree, but the smartest investment.

Unique Featured in Electrical Engineering Graduate Programs

Below, I wanted to include some online master's programs that differentiate themselves:

• The University of New Mexico provides a rare focus on space systems engineering, built in partnership with the Air Force.
• Kansas State University allows significant curriculum customization across electric power systems and communications, and leads all schools in recommendation rate (98%).
• New Mexico State University offers a coursework-only degree with broad specialization options. (Plus, there's no thesis or oral exams required.) 
• The University of Houston integrates business, safety, and environmental coursework into its power and energy systems curriculum. 
• The University of Colorado Boulder and Colorado State University – Fort Collins offer flexible admissions, stackable credentials, and extensive research engagement — all while maintaining sub-$11,000 tuition.

Final Thoughts: Choosing The Right Electrical Engineering Master's Program for You

If cost is your primary concern, the University of Arkansas, Kennesaw State, and New Mexico State offer unbeatable tuition with respectable outcomes. But if you're weighing ROI more heavily — considering graduation rates, peer satisfaction, or potential earnings — Purdue, Iowa State, and Cincinnati deliver standout performance that justifies their slightly higher price points.

And for those looking for unique focus areas, like space systems (UNM), energy systems (UH), or cutting-edge applications like quantum computing or big data (Purdue), the field offers far more than a one-size-fits-all curriculum.

The takeaway? The cheapest online master's in electrical engineering might be your entry point, but the right program for you balances cost with flexibility, outcomes, and alignment with your career goals. Use this comparison not just to find the lowest price but to find the smartest investment.