Pursuing a Master of Health Informatics is a financially conscious career path to follow. Because you’ll gain the skills sets to understand both technology and healthcare, your acquired knowledge is in demand due to the rapid growth of digital solutions in nearly all workplace settings.
“The field is exploding,” health informatics program director at the University of Michigan – Ann Arbor Charles Friedman told U.S. News & World Report. “Access to health information on the Web is taking off at a meteoric pace. It’s creating enormous employment opportunities.”
Due to the increased demand for health IT experts, a career as a manager in this industry pays well. According to the Bureau of Labor Statistics, medical and health services managers make an average salary of $94,500. The occupation is projected to increase by 17 percent from 2014 to 2024, 10 percent faster than the average growth rate.
Before you reach for new goals and pursue this career path, you must invest in your education. While it’s certainly a considerable decision to make in regard to expenses, the return on investment makes all the difference. This degree combined with prior academic training and work experience in the healthcare industry leads to new opportunities. By attending the University of Cincinnati Online Master of Health Informatics program, you’ll receive the knowledge and skills you need to pursue a successful career in health informatics at a cost-effective price. Let’s take a closer look at the tuition funds, plus tips on how to properly manage your expenses:
Tuition Costs: The University of Cincinnati Compared to Other Institutions
By enrolling in the Master of Health Informatics program at UC, you’ll have a better grasp on how health care, technology and data complement one another using industry approaches and other hands-on solutions. Here’s a closer look at what you can expect to pay as a student in the master’s program. This accounts for 11 courses, and they can be completed in as little as two years.
Ohio residents: With a non-refundable application fee of $65 and total tuition amounting to $26,064, your total balance will amount to $26,129. That’s $724 per credit hour.
Non-Ohio residents: With a non-refundable application fee of $70 and total tuition amounting to $26,604, your total balance will amount to $26,674. That’s $739 per credit hour and only $15 more than Ohio residents, a considerable difference as compared to what other master’s programs can charge for out-of-state students.
For example, in comparison to UC, attending the Drexel University makes a larger impact on your finances. During the 2016-2017 academic year, the Masters of Health Informatics program cost per credit hour at Drexel University was $1,192, with an estimated cost for the entire program at $53,640.
At the University of Illinois at Chicago, their MHI program is made up of 45 to 49 credits, making the overall tuition cost between $33,750 to $36,750. In comparison, Arizona State University’s Health Informatics program comes in lower than University of Illinois at Chicago’s program at $31,064- but still requires thousands more in investment compared to UC.
Beyond tuition costs, one must factor in other expenses that may come up throughout one’s college career. At the University of Cincinnati, we estimate that you’ll spend approximately $150-$400 per term on books, supplies and other technical fees. Additional fees may vary at different institutions.
Managing Expenses for a HI Degree
Now that you have a better understanding of what it’ll cost to acquire your Master of Health Informatics degree at the University of Cincinnati, let’s take a closer look at your options for managing expenses and funding your education:
Talk to Your Employer About Tuition Reimbursement
Enrolling in an online master’s program means you’re likely working a full-time position as you study, in which case you may be eligible for tuition reimbursement. According to Go Grad, some companies may offer assistance towards your master’s degree, as employers can give up to $5,250 toward education funding during a school year. Other employers may pay for all of their employee’s tuition costs. This is an option that many students overlook, so be sure to do some research and discuss your options with your managers.
“I relied mostly on federal student loans to pay my tuition,” recent MBA graduate Kayla Levitt told Go Grad. “My employer also reimbursed me for some of my courses, which I didn’t even realize was an option until discussing my plans with a co-worker. It was a nice surprise!”
Consider Financial Aid
To qualify for financial aid and maintain your eligibility, you must meet the required academic standards throughout the master’s program. There are options for financial aid, and it’s in your best interest to review all of them carefully before considering one as your formal funding for your education. With the help from your enrollment advisor or the UC Office of Financial Aid, you can explore all of your options. There are other ways to receive assistance, but many are only available for students willing to repay the loans – plus interest – after completing the program.
Apply for a Scholarship
One of the most rewarding ways to receive assistance for graduate school is with a scholarship. Based on the school you’re attending and the program you’re pursuing, the institution will award scholarships to certain students based on merit. The Graduate School at the University of Cincinnati offers two scholarship opportunities to potential students: the Graduate Incentive Award/Graduate Assistant Scholarship and the Yates Fellowship Program. This institution also accepts third party scholarships, provided by national organizations or community foundations. Students can navigate through FastWeb to find scholarships to apply for.
Remember: The sooner you apply for scholarship, the better your chances of receiving said funds and the higher the amount you may be granted.
Budgeting and managing expenses for your master’s degree doesn’t have to be stressful and costly. Be sure to explore your options and consider the University of Cincinnati’s rewarding and online program.