Incorrect: it depends on the state, the subject, and the grade level. For secondary education of a core subject, in Michigan, for example, I had to take all of the classes for a normal 4-year degree in the subject, plus taking the equivalent of two years of education classes. Taking 18-20 credit hours per semester, it took me five years to graduate. So the requirements can actually be much more difficult than a normal degree.
When I taught Title I, there was an additional requirement that you had to be "highly qualified". That typically meant a 4-year degree out equivalent experience, no matter the subject or grade level.
Many teachers have a master's not due to pay, as you claim, but because states essentially mandate it. In Michigan you're required to get continuing education credits. I believe the requirement drops off once you have a master's. So it doesn't make a lot of sense not to get one.