diff --git a/common/djangoapps/course_modes/models.py b/common/djangoapps/course_modes/models.py
index f95f94feb2..4046877c15 100644
--- a/common/djangoapps/course_modes/models.py
+++ b/common/djangoapps/course_modes/models.py
@@ -202,8 +202,18 @@ class CourseMode(models.Model):
             raise ValidationError(
                 _(u"Professional education modes are not allowed to have expiration_datetime set.")
             )
-        if self.is_verified_slug(self.mode_slug) and self.min_price <= 0:
-            raise ValidationError(_(u"Verified modes cannot be free."))
+
+        mode_config = settings.COURSE_ENROLLMENT_MODES.get(self.mode_slug, {})
+        min_price_for_mode = mode_config.get('min_price', 0)
+        if self.min_price < min_price_for_mode:
+            mode_display_name = mode_config.get('display_name', self.mode_slug)
+            raise ValidationError(
+                _(
+                    u"The {course_mode} course mode has a minimum price of {min_price}. You must set a price greater than or equal to {min_price}.".format(
+                        course_mode=mode_display_name, min_price=min_price_for_mode
+                    )
+                )
+            )
 
     def save(self, force_insert=False, force_update=False, using=None):
         # Ensure currency is always lowercase.
diff --git a/common/djangoapps/course_modes/tests/test_models.py b/common/djangoapps/course_modes/tests/test_models.py
index 46062cca5d..596c2fbd42 100644
--- a/common/djangoapps/course_modes/tests/test_models.py
+++ b/common/djangoapps/course_modes/tests/test_models.py
@@ -474,6 +474,7 @@ class CourseModeModelTest(TestCase):
         (CourseMode.CREDIT_MODE, False),
         (CourseMode.PROFESSIONAL, True),
         (CourseMode.NO_ID_PROFESSIONAL_MODE, False),
+        (CourseMode.MASTERS, False),
     )
     @ddt.unpack
     def test_verified_min_price(self, mode_slug, is_error_expected):
diff --git a/lms/envs/common.py b/lms/envs/common.py
index b015946259..7de94110cf 100644
--- a/lms/envs/common.py
+++ b/lms/envs/common.py
@@ -3314,48 +3314,52 @@ ENTERPRISE_CUSTOMER_COOKIE_NAME = 'enterprise_customer_uuid'
 BASE_COOKIE_DOMAIN = 'localhost'
 
 ############## Settings for Course Enrollment Modes ######################
+# The min_price key refers to the minimum price allowed for an instance
+# of a particular type of course enrollment mode. This is not to be confused
+# with the min_price field of the CourseMode model, which refers to the actual
+# price of the CourseMode.
 COURSE_ENROLLMENT_MODES = {
     "audit": {
         "id": 1,
         "slug": "audit",
         "display_name": _("Audit"),
-        "min_price": 0
+        "min_price": 0,
     },
     "verified": {
         "id": 2,
         "slug": "verified",
         "display_name": _("Verified"),
-        "min_price": 0
+        "min_price": 1,
     },
     "professional": {
         "id": 3,
         "slug": "professional",
         "display_name": _("Professional"),
-        "min_price": 0
+        "min_price": 1,
     },
     "no-id-professional": {
         "id": 4,
         "slug": "no-id-professional",
         "display_name": _("No-Id-Professional"),
-        "min_price": 0
+        "min_price": 0,
     },
     "credit": {
         "id": 5,
         "slug": "credit",
         "display_name": _("Credit"),
-        "min_price": 0
+        "min_price": 0,
     },
     "honor": {
         "id": 6,
         "slug": "honor",
         "display_name": _("Honor"),
-        "min_price": 0
+        "min_price": 0,
     },
     "masters": {
         "id": 7,
         "slug": "masters",
         "display_name": _("Master's"),
-        "min_price": 0
+        "min_price": 0,
     },
 }