Cash Cow Master's Programs: Which Elite Universities Accept 80% of International Students

If you're an international student looking for a US master's program, you've probably noticed something odd. Getting into Columbia's undergrad program? Nearly impossible at 3.9% acceptance. But their School of Professional Studies master's programs? Students report acceptance rates over 80%.

This isn't a mistake. It's a business model.

Our investigation analyzed federal data, university financial reports, and student testimonials from 32 universities. We found that elite schools operate two entirely different systems: competitive undergraduate programs that built their reputation, and cash cow master's programs designed to generate revenue. The numbers are staggering—608,857 international students enrolled in master's programs, generating profits of $55,000 to $70,000 per student for universities.

Here's what you need to know if you're considering these programs.

The universities running cash cow programs (with the data to prove it)

Let's start with the schools where the evidence is overwhelming. These aren't rumors—these are documented patterns from federal enrollment data, financial reports, and direct statements from university administrators.

The big three: Columbia, USC, and NYU

Columbia University operates what multiple sources call the most "notorious" cash cow system. Their School of Professional Studies runs 18 master's programs, all coursework-only with no thesis option. Tuition? $82,380 to $84,480 for programs lasting 10-18 months.

The admissions difference is striking. Columbia's flagship MS Data Science program maintains a 6-8% acceptance rate with 3.7-3.8 GPA requirements. But forums consistently report their one-year professional master's programs are "VERY easy to get in" with acceptance rates exceeding 80%. One student bluntly stated: "I won't try to get the Columbia MS even if it is free."

With 1,384 graduates annually from SPS alone, Columbia generates an estimated $100-120 million in tuition revenue from this single school, with profit margins of 60-70%.

USC takes a different approach—massive scale with international students. Their MS Computer Science program is 80% international students according to Peterson's data. That's about 810 international students out of 1,012 total CS graduate students, all paying full out-of-state tuition of $42,640-$45,774 annually.

The faculty structure reveals the cost-cutting: 67% of CS instructors are part-time (56 out of 84 total). Students describe cohorts of 500+ students, with one-third of coursework repeating undergraduate content. Career support? Students say it's "more focused on finance than technology roles" despite being a CS degree.

NYU rounds out the big three, hosting over 15,000 international students and ranking among the top master's degree producers nationally. They appear alongside for-profit institutions like Grand Canyon University in federal rankings—a comparison that reveals how similar their business models have become.

The expansion stories: Brown and Simmons

Some schools are refreshingly honest about their motivations.

Brown University recently announced plans to double residential master's enrollment and increase online students to 2,000. Why? To address budget deficits projected to reach $90 million by 2026. No mention of educational need or student outcomes—just enrollment targets and revenue projections.

Simmons College provides the most transparent case study. When President Helen Drinan arrived in 2008, the university couldn't make payroll. By partnering with online provider 2U, graduate program revenue exploded from $5.4 million to $56 million by 2017. Total university revenue doubled to $208 million.

Drinan told PBS NewsHour: "We said, 'This is where we're going to make more money.' We had established master's degree programs we could market." The graduate programs now generate $24 million more than they cost to provide, subsidizing the barely-profitable undergraduate division.

The complete list of 32 universities with cash cow indicators

Based on our analysis, here are universities showing multiple red flags (high international enrollment, adjunct-heavy instruction, minimal funding, coursework-only programs, or explicit revenue focus):

Confirmed major operators:

1. Columbia University - SPS programs, $82,000+, "notorious reputation"
2. USC - 80% international in CS, 500+ cohorts
3. NYU - 15,000+ international students
4. Northeastern - 15,000+ international students, programs across 4 campuses
5. Boston University - 15,000+ international students
6. Arizona State - 15,000+ international students
7. University of Illinois - 15,000+ international students

Documented expansion for revenue:

8. Brown University - Doubling master's enrollment for budget
9. Simmons College - Grew from $5.4M to $56M revenue
10. Georgetown - Cut $100M budget after international enrollment drop
11. DePaul - 63% decline in international students caused crisis
12. UC Berkeley - MIDS program $79,810 online through 2U

Low admission standards documented:

13. New York Institute of Technology - Accepts 2.5-2.84 GPAs
14. University of San Diego - Accepts 2.0-2.5 GPAs with test scores
15. Rice University - Waives GRE requirements
16. Seattle University - Waives GRE
17. Stevens Institute - Waives GRE

Other universities with documented issues:

18. Harvard - MFA programs failed debt-to-earnings tests
19. Duke - Faculty concerns about revenue-driven programs documented
20. Carnegie Mellon - Mix of legitimate and questionable programs
21. Northwestern/Northwestern Polytechnic - Grade falsification scandal
22. Southern New Hampshire - 65% recruited through commission agents
23. Wichita State - 30-40% through agents
24. Western Kentucky - Suspended 25 students for fraud
25. University at Albany - Budget crisis from enrollment drop
26. Northwest Missouri State - Collapsed from 557 to 125 international students
27. UC Irvine - Dean quoted on charging more for graduate programs
28. University of Connecticut - Guidelines require non-thesis revenue programs
29. University of Utah - Professor noted MS students weaker than undergrads
30. Silicon Valley University - Visa mill characteristics documented
31. Marygrove College - Eliminated all undergrad, kept only graduate
32. Grand Canyon University - For-profit model for comparison

How to identify a cash cow program

Want to know if that acceptance letter is from a cash cow program? Look for these patterns:

The admissions tell:

• Acceptance rates over 50% (often 70-80%) while undergrad is under 10%
• GRE "optional" or easily waived
• Rolling admissions instead of competitive deadlines
• Accepts students with 2.5-3.0 GPAs
• Heavy recruitment through commission-based agents

The program structure:

• Coursework-only, no thesis option
• 10-18 month completion time
• Classes of 100-500 students
• Mostly taught by adjuncts or "practitioner faculty"
• Located in a separate school (Professional Studies, Continuing Education)
• Online or hybrid options with same degree

The money tells:

• $70,000-$100,000+ total cost
• "Practically no scholarships" available
• No TA/RA positions offered
• International students pay full sticker price
• Heavy marketing emphasis on "ROI" and career outcomes

Why this system exists (and why it's getting worse)

The cash cow model didn't appear overnight. It's the result of three converging factors that created perfect conditions for exploitation.

First, the money dried up elsewhere. State funding for public universities dropped dramatically after 2008. Research shows every 10% reduction in state funding was associated with a 12% increase in international enrollment. Universities needed new revenue sources, fast.

Second, the federal government removed all borrowing limits for graduate students in 2006. Through Grad PLUS loans, students can now borrow unlimited amounts at 6-7% interest with no requirement to demonstrate ability to repay. This created what one researcher calls "an unlimited spigot of money" for universities.

Third, demand from international students skyrocketed. With 708,000 students from India and China seeking US education for career advancement and visa opportunities, universities found eager customers willing to pay premium prices for prestigious brand names.

The financial architecture behind the scenes

The profit margins are extraordinary. Traditional research master's programs actually lose money—about $20,000-$30,000 per student after accounting for funding, research supervision, and small class sizes. Cash cow programs flip this entirely.

Here's the math on a typical 100-student program:

Traditional research MS:

• Revenue: $25,000 per student (after scholarships/waivers)
• Costs: $60,000 per student (funding, faculty time, resources)
• Net: -$35,000 loss per student
• Program total: -$3.5 million loss

Cash cow professional MS:

• Revenue: $80,000 per student (no scholarships)
• Costs: $15,000 per student (adjuncts, large classes)
• Net: +$65,000 profit per student
• Program total: +$6.5 million profit

That's a $10 million difference for just 100 students.

What students actually experience

The student testimonials paint a consistent picture. A USC graduate reported "maybe 1/3rd" of coursework was repetition of undergraduate material. Multiple students advised that "leetcode is the king"—meaning self-study for technical interviews matters more than the actual program.

Class sizes shock many students. Columbia and USC students describe cohorts of 500+ students. One Utah CS professor observed that "the median-quality MS student is weaker than the median-quality undergrad" in mixed classes.

Career services? Minimal to non-existent. Success depends entirely on individual initiative. As one forum post summarized: "It is only worth it when your parents have a lot of money...without any problem."

The financial stress is real. Urban Institute data shows 60% of master's students feel stressed about finances. Nearly 40% drop out or haven't completed degrees after 10 years. The median debt load has risen to $57,600, with many accumulating $150,000-$300,000 for degrees with questionable value.

The gossipy details universities don't want you to know

Some of the most revealing information comes from unguarded moments. When PBS NewsHour showed Simmons president the revenue growth charts, she responded: "I love looking at these numbers."

The forum discussions get even more blunt. On College Confidential, students explicitly state: "Most less-than-two-year master's degrees at Columbia are VERY easy to get in. No financial aid is offered. Some people say these masters programs are cash cows."

One particularly telling comment from Economics Job Market Rumors: "No one will respect a 'data science' masters mid-late career." Industry professionals noted these graduates have "zero edge over a CS undergrad" despite spending $80,000+ on credentials.

The use of commission-based recruiting agents adds another layer. Agents typically receive 15-20% of first-year tuition ($10,000-$20,000 per student). At Southern New Hampshire, 65% of graduate students come through agents. Western Kentucky had to suspend 25 students after discovering fraudulent credentials from problematic agents.

Recent changes making things worse (or better?)

The 2024-2025 academic year brought major shifts. International graduate enrollment dropped 12% in Fall 2024, with new enrollment falling 17%. Universities heavily dependent on this revenue immediately felt the impact.

Georgetown cut $100 million from its budget. DePaul saw a 63% year-over-year decline. Northwest Missouri State's international graduate enrollment collapsed from 557 to just 125 students.

This might force change. Universities can't sustain these programs without continuous enrollment growth. Some are doubling down (like Brown's expansion plans), while others are quietly scaling back.

Should you apply to these programs?

This is the million-dollar question—literally, given the total cost.

Consider these programs if:

• You need a US degree for visa/immigration purposes
• Your employer is paying full tuition
• The brand name matters more than education quality in your field
• You're confident in self-directed learning
• You can afford it without loans

Avoid them if:

• You expect small classes and faculty mentorship
• You need funding or scholarships
• You believe the degree alone will guarantee career success
• You'll need loans exceeding potential first-year salary
• You can get similar education elsewhere for less

The data sources behind our investigation

This analysis draws from multiple authoritative sources:

• Department of Homeland Security SEVIS data on international enrollment
• National Science Foundation Graduate Student Survey 2023
• Institute of International Education Open Doors Report 2024
• Federal IPEDS database on university finances
• Wall Street Journal investigation of graduate debt
• Direct statements from university administrators to media
• Student testimonials from College Confidential, Reddit, and EJMR forums
• University financial reports and strategic plans

The patterns are consistent across sources. When federal data shows USC with 80% international CS enrollment, forums describe 500+ student cohorts, and financial reports show adjunct-heavy instruction, the picture becomes clear.

What happens next?

The cash cow model faces increasing pressure. Declining international enrollment threatens revenue. Media investigations raise public awareness. Some politicians call for regulatory changes.

But universities have strong incentives to continue. Columbia's SPS generates $100+ million annually. Simmons transformed from bankruptcy to prosperity. Brown explicitly plans expansion to cover deficits.

For students, information is power. Knowing these programs exist—and being able to identify them—helps you make informed decisions. That acceptance letter from an elite university might not be what it seems. Sometimes it's not about how smart you are. It's about how much you can pay.

The question isn't whether elite universities operate cash cow master's programs. The evidence proves they do, with administrators explicitly acknowledging it. The question is whether you want to be one of the 608,857 international students funding this system—or whether you'll look elsewhere for genuine educational value.

Note: This analysis focuses on patterns and documented evidence. Individual program quality varies, and some students find value even in cash cow programs. Research thoroughly before making decisions about graduate education.