Here is a list of some of the cheapest universities in Iceland 

1. University of Iceland

• Tuition Fee For Undergraduate Programs: Registration fee of only ISK 75,000 (~$585) per year
• Tuition Fee for Graduate Programs: Registration fee of only ISK 75,000 (~$585) per year.

2. University of Akureyri

• Tuition Fee For Undergraduate Programs: Registration fee of only ISK 75,000 (~$585) per year
• Tuition Fee for Graduate Programs: Registration fee of only ISK 75,000 (~$585) per year

3. Agricultural University of Iceland

• Tuition Fee For Undergraduate Programs: Registration fee of only ISK 75,000 (~$585) per year
• Tuition Fee for Graduate Programs: Registration fee of only ISK 75,000 (~$585) per year

4. Hólar University College

• Tuition Fee For Undergraduate Programs: Registration fee of only ISK 75,000 (~$585) per year
• Tuition Fee for Graduate Programs: Registration fee of only ISK 75,000 (~$585) per year

5. Iceland University of the Arts

• Tuition Fee For Undergraduate Programs: from ISK 576,334 (~$4,495) per year
• Tuition Fee for Graduate Programs: from ISK 588,296 (~$4,587) per year

6. Bifröst University

• Tuition Fee For Undergraduate Programs: Registration fee of only ISK 230,000 (~$1,795) per year
• Tuition Fee for Graduate Programs: Registration fee of only ISK 230,000 (~$1,795) per year

7. Reykjavik University

• Tuition Fee For Undergraduate Programs: from ISK 1,500,000 (~$11,695) per year
• Tuition Fee for Graduate Programs: from ISK 1,500,000 (~$11,695) per year