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The COVID-19 pandemic has raised fear for an impending global economic recession that would further push the privatization in public higher education in the United States. Recent history suggested that university leaders pursued alternative funding models for traditionally state-funded academic programs in response to the state funding austerity during the 2008-09 financial crisis. Self-sustaining academic programs have grown drastically at the master's level. Many scholars questioned the alignment of these programs with the public missions of universities. This multi-site comparative case study reveals that self-sustaining master's programs do not contribute to student diversity meaningfully in aspects of admission, funding, and student service, despite the highlight of diversity in home institutions' mission statements.