How To Pay For a Data Science Degree

Data science is a high-demand field that has numerous applications, from computer science to healthcare to business analytics to information technology. Most data science careers require at least a bachelor's degree, if not a master's degree, which can be expensive.

Luckily, there are various financial aid options for learners to lower their tuition costs. Keep reading to discover how to pay for a data science degree program.

What Is the Average Cost of a Data Science Degree?

The average cost of a data science degree program can depend on several factors, like the level of degree you're earning. It can also depend on things like:

• if you attend a public university or a private university
• if you attend a public university, if you're an in-state student or out-of-state student
• what state your school is in
• if you're a part-time or full-time student
• whether you take classes online or on campus
• if you take online courses, whether your classes are self-paced or instructor-paced
• what financial aid you qualify for

Below, we discuss what you can expect for tuition for data science bachelor's and master's degrees.

Bachelor's Degree

Tuition for a bachelor's degree in data analytics is usually charged per credit, rather than by specific program. According to the Education Data Initiative, the average cost of a bachelor's degree is $17,709 per year.

The average cost for an in-state student at a public institution is $9,750 and $38,421 at a private institution. This does not include materials or living expenses and does not include financial aid.

Master's Degree

Tuition for master's programs is more likely to vary based on the type of program than tuition for bachelor's degrees. According to the Education Data Initiative, the average cost of a Master of Science degree is $57,770.

Again, this number can be affected by several factors, including the school you attend. It also does not include coursework materials, living expenses, or financial aid. Online data science master's programs may offer lower tuition rates.

Tips for Paying for a Data Science Program

While degrees can be expensive, there are several things you can do to reduce your costs. Below, we'll discuss several tips for paying for a data science degree.

1. Complete the FAFSA

The Free Application for Federal Student Aid (FAFSA) is an application that students must fill out to be eligible for state and federal financial aid, as well as many institutional and private financial aid options. All students who need financial aid should fill out the FAFSA.

To fill out the FAFSA, create an account at StudentAid.gov. You'll also need to gather your family's financial information so you can fill out the application.

2. Explore Data Science Scholarship Programs

Scholarships are a great option for students because they're a type of financial aid you don't need to pay back. They may be offered for things like academic success, extracurriculars, or programs of study. We've listed a few scholarships for data science majors below.

Great Minds in STEM Scholarship

The Great Minds in STEM Scholarship is available for undergraduate and graduate students studying science, technology, engineering, or math (STEM) fields. Scholarship amounts range from $500-$5,000.

To be eligible for this scholarship, you must be of Hispanic descent and/or demonstrate significant leadership or service within the underserved community. Applicants must also have a GPA of at least 2.5.

HIMSS Foundation Scholarship

The Healthcare Information Management Systems Society (HIMSS) Foundation Scholarship is for students studying the healthcare information and management systems field. One scholarship is awarded at each level, bachelor's, master's, and doctoral.

Applicants must be members of HIMSS and undergraduate students must be at least a junior. To apply, you'll need to submit two letters of recommendation and a resume.

MinneAnalytics Data Science Scholarship

MinneAnalytics is a Minnesota-based nonprofit organization dedicated to data science advancements and the emerging technology community. It offers a $1,000 scholarship to undergraduate data science and data analytics students.

Students cannot apply for this scholarship themselves; they must be selected by a participating college or university. Each department can offer one scholarship.

3. Discover Data Science Grant Programs

Grants are similar to scholarships, in that, they are a type of financial aid that you don't need to pay back. However, they are more often need-based rather than merit-based. Below, we've featured a few grants for data science students.

American Heart Association (AHA)'s Data Science Grants

The American Heart Association offers grants to researchers in the data science field. This includes grants for pre-doctoral and doctoral students.

Data science research must be focused on advancing knowledge, clinical care, or outcomes for people, and anchored in heart and brain health. Students will need to submit a research proposal to be considered.

NC State's Data Science Academy Seed Grants

North Carolina State University is a public research university in Raleigh, North Carolina. Its Data Science Academy offers a seed grant program to researchers in data science methods and applications.

They can receive anywhere from $20,000 to $50,000 for their project. The projects should be interdisciplinary.

4. Look for Data Science Fellowships

Fellowships allow students to receive funding for work or research in a particular field. They often help launch students into their career paths and help students develop their skill sets. We've listed a few data science fellowships below.

Stanford Medicine's Clinical Data Science Fellowship

Stanford University offers a Clinical Data Science Fellowship for PhDs and MDs to bridge the gap between data science and clinical medicine. The fellowship is full-time and takes one year to complete.

The focus is to immerse fellows in interdisciplinary research and clinical workflows so they can learn, build, and deploy real-world health data solutions. Fellows will work with an interdisciplinary group of researchers, data scientists, clinicians, and product developers.

Bloomberg Data Science Ph.D. Fellowship

Bloomberg offers a data science fellowship to PhD students studying fields, such as artificial intelligence, machine learning, deep learning, and big data. The goal of this fellowship is to support and encourage Ph.D. candidates to generate groundbreaking research publications.

The fellowship covers 100% of tuition; recipients also receive a $42,000 stipend for living expenses. Recipients must complete a 14-week paid summer internship at Bloomberg each year they participate in the program.

5. Consider a Work-Study Program

Work-study programs are offered by your college or university. They allow you to work for your school or a partnering business to earn money toward your tuition.

You may be able to work in a role in data science or a related field, like within the school's cybersecurity department. These jobs can help you develop important data science skills, like problem-solving skills, communication skills, programming languages, and other technical skills.

Is Data Science a High-Paying Major?

After you graduate, you'll likely start in an entry-level data science job, like a data analyst. As you gain years of experience, you may be able to work your way into higher-paying, advanced fields that require this specialization. Several data science professionals average over six figures, including:

• data engineer
• data architect
• business intelligence developer
• machine learning engineer