These Top Schools Are Offering Big Savings On Master's Degrees, But There's A Catch : NPR Ed A master's degree, especially from an elite university, can be expensive. But a several universities are trying an experiment online to see if that cost, for some degrees, can come down.
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These Top Schools Are Offering Big Savings On Master's Degrees, But There's A Catch

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These Top Schools Are Offering Big Savings On Master's Degrees, But There's A Catch

These Top Schools Are Offering Big Savings On Master's Degrees, But There's A Catch

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  • <iframe src="https://www.npr.org/player/embed/504478472/515336671" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

DAVID GREENE, HOST:

You know, going to school for a master's degree can be expensive. I'm talking really expensive, sometimes $50,000 a year, maybe even more. But now there is an experiment underway at several universities in the U.S. and abroad to bring down the cost of some master's degrees. Here's a story from Kirk Carapezza from member station WGBH in Boston.

KIRK CARAPEZZA, BYLINE: Danaka Porter thought a master's degree was exactly what she needed to boost her career.

DANAKA PORTER: I found that people were a little bit more respected, I guess, once they had their master's because it was like they'd taken that next step to go a little bit further.

CARAPEZZA: The 31-year-old business consultant from Vancouver, British Columbia says the problem was that she simply couldn't afford to stop working to become a student again.

PORTER: You know, I own a house. (Laughter) I have bills and all of that stuff that doesn't just stop because I wanted to go to school.

CARAPEZZA: When a friend told her that the Massachusetts Institute of Technology was piloting its first partially online master's degree in supply chain management, she signed up. The first year of the program on campus would cost her $60,000. Her first semester online, though, is just a thousand. It's called a MicroMasters because it isn't a full degree, just a step toward one, though Danaka believes the coursework is just as rigorous as if she were on MIT's campus in Cambridge.

PORTER: It requires a lot of effort. And if you don't have a background in math and engineering or a supply chain, it's not a breeze. Like, we do have people that fail.

CARAPEZZA: And then there's this - even if she passes, Danaka will need to apply to the on-campus program to complete her master's, the second half at full cost. Getting accepted is no easy task. MIT only admits 40 students a year into its supply chain management graduate program.

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UNIDENTIFIED WOMAN: Who am I to dream of managing a global operations team?

CARAPEZZA: Some top schools from around the world are on board with MIT. There's user interface design from the University of Michigan, entrepreneurship from the Indian Institute of Management in Bangalore and artificial intelligence from Columbia University. Even if students don't go for a full master's, the online coursework can make them more appealing to employers. Industry leaders who say they can't find enough qualified candidates are looking for these very specific skills.

GE, Wal-Mart, IBM and Valvo have all recognized MicroMasters, encouraging their employees and applicants to take these courses. Some students who are enrolled in MIT's on-campus program wish these online courses had been available to them before spending more than $60,000 for their degrees.

VERONICA STOLIAR: Yeah, I think I would have considered if this was an option.

CARAPEZZA: Veronica Stoliar (ph) is a graduate student at MIT from Caracas, Venezuela. She quit her job in the oil industry to earn her master's in supply chain management. Ultimately, though, she thinks her on-campus experience will pay off.

STOLIAR: The income boost from it. It's more expensive, but also you're getting also experience of living in Boston, interacting with people from MIT that might not be in supply chain but might be in, like, the business school and other types of departments.

CARAPEZZA: You might be wondering, what's in this for MIT? Admissions officers here say they'll weigh applicants' performance in these online courses. And MIT's Anant Agarwal sees it all as a way to filter the applicant pool.

ANANT AGARWAL: So you get applications from people all over the world. It's often a crapshoot. You don't quite know the veracity of the recommendation letters or the grades. And so you're taking a bet very often.

CARAPEZZA: And Agarwal says that should give MIT and other institutions a better sense of how students will perform if they're lucky enough to get in. For NPR News, I'm Kirk Carapezza in Boston.

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