How Much Does a Master's Degree Cost? [2024 Guide] (2024)

How much does a master’s degree cost? As the academic world continues to shift and evolve, many prospective graduate students are asking this pivotal question.

This guide will cover a rundown of figures, help unravel the intricacies of graduate degree expenses, and explore the various factors that shape the cost of pursuing a master’s degree.

If you’re interested in furthering your education, read on to gain a better understanding of the financial terrain ahead on your academic journey.

How Much Does a Master’s Degree Cost?

The cost of grad schools is a key factor for anyone considering advanced education. While specific costs can vary significantly depending on a range of factors, it’s beneficial to understand the general landscape of master’s degree expenses.

Tuition is often the most substantial cost associated with a masters degree. The amount you pay can depend on several factors, including the type of institution you attend. For instance, public universities typically offer lower tuition rates for in-state residents, while private universities generally charge higher tuition fees.

It’s essential to also budget for additional costs, such as fees, textbooks, supplies, and technology requirements. Some grad programs have hidden expenses, like mandatory workshops, fieldwork, or research costs. These extra charges can affect your overall expenses.

The National Center for Education Statistics provides the following data on this topic: ^[1]

So, how much does a masters degree cost? According to the above data, the average tuition and fees for full-time graduate students in public institutions is $12,394 per academic year, while the average cost for those in private institutions is $26,621 per academic year.^[1]

Financial aid options—such as scholarships, grants, and assistantships—can help mitigate the cost of a master’s degree. Researching and applying for these opportunities early is crucial to maximize your financial aid package. It’s also beneficial to consider the potential return on investment (ROI) when evaluating the cost of a master’s degree.

While earning an advanced degree can lead to higher earning potential and career opportunities, the ROI can vary based on your chosen field and location. Tuition, additional fees and expenses, financial aid options, and potential return on investment are all essential factors to consider when making informed decisions about advanced education.

Factors That Influence the Average Cost of a Master’s Degree

The cost of pursuing a master’s degree is a multifaceted issue, influenced by various factors:

• Tuition trends. According to the National Center for Education Statistics, the cost of a masters degree can vary depending on whether you attend a public or private institution.^[1] In a recent study, the average tuition and required fees for full-time graduate students per academic year were $12,394 at public institutions and $28,445 at private nonprofit institutions. This difference reflects the influence of state subsidies on public university tuition rates.
• Program type. The nature of the masters program also plays a pivotal role in determining costs. For instance, the average annual cost for law and medical programs can be considerably higher compared to other master’s degrees. The price of education in specialized fields involves not just tuition but also substantial costs for books, materials, and specialized equipment.
• Financial aid. Despite the costs associated with master’s degrees, financial aid options are available to qualifying students. Data from the National Center for Education Statistics reveals that approximately 58% of graduate students receive some form of financial aid, which can include scholarships, grants, assistantships, and loans.^[2]
• Income and employment. It’s beneficial to consider the potential return on investment when weighing the cost of a master’s degree. Earning a master’s often leads to higher earning potential over the long term. The National Center for Education Statistics reports that the median annual earnings of 25- to 35-year-old full-time workers with a master’s degree are around 21% higher than those with only a bachelor’s degree.^[3]

The cost of a master’s can vary widely based on factors such as the type of institution you attend, your program and field of study, and available financial aid opportunities.

Average Student Loan Debt of Masters Degree Graduates

The average student loan debt for master’s degree recipients has been on the rise. According to data from the National Center for Education Statistics, 53% of master’s degree holders have student loan debt.^[4] In recent years, the average cumulative amount owed by master degree holders was $50,290.

Here are the average cumulative amounts of student loan debt owed by masters degree recipients based on the type of institution:^[4]

• Public institution: $42,330
• Private nonprofit institution: $56,350
• Private for-profit institution: $62,010

The escalating student loan debt highlights the necessity of making informed decisions about graduate education. It’s strategic for prospective graduate students to weigh the potential benefits of a master’s degree against the financial requirements.

It could also be beneficial for you to research and explore avenues like scholarships, grants, and assistantships to help mitigate the amount of student loans you may be left with upon receiving your degree.

How to Pay for Grad School

A study from the National Center for Education Statistics shares that the median cost of a masters degree program is $24,250.^[5]

Here are some avenues that students explore to help pay for a master’s degree:

• Scholarships and grants. Many universities and external organizations offer scholarships and grants based on academic achievement, field of study, or financial need.
• Fellowships. Research or teaching fellowships can help cover tuition and provide stipends for living expenses, often in exchange for work within the university.
• Graduate assistantships. These positions involve working on campus—such as a research or teaching assistant—and may include tuition remission and a stipend.
• Federal student loans. Federal loans like Direct Unsubsidized and Grad PLUS Loans offer competitive interest rates and flexible repayment options.
• Employer assistance. Some employers offer tuition reimbursem*nt or sponsorship for employees pursuing graduate degrees.

Overall, the median net cost of a masters degree is $20,760.^[5] The average net cost of master’s degrees can vary widely, depending on factors like the type of institution, your field of study, and the amount of financial assistance for which you qualify.

Average Cost of Online Masters Degrees

How much is a master’s degree? The average cost of online master’s degrees can vary widely depending on several factors, including the field of study, program duration, and the institution offering the degree.

How many credits is a master’s degree? The number of credits required to complete a master’s program is a significant factor in determining the overall cost of the program. The cost per credit for a graduate program varies significantly depending on the type of institution and the state of residency.

On average, masters program tuition for in-state students ranges from $460 per credit to $1,000 per credit. For out-of-state masters students, the average tuition ranges from $1,000 to $1,200 per credit. Specialized or prestigious programs can even exceed this range.

One advantage of online masters degree programs is the potential for cost savings compared to traditional on-campus programs. Online students can often avoid expenses like commuting and housing, making online education more affordable.

In addition, online master’s programs often provide you the opportunity for quicker degree completion when compared to their traditional on-campus counterparts. A number of universities now offer one year masters programs online. If you are interested in medicine, there are also one year masters programs for medical school that you can explore.

Is a Master’s Degree Worth It?

Yes, a master’s degree is worth it for many students. A master’s degree can often result in enhanced income potential, broader career options, and specialized expertise and knowledge. It can also serve as an entry point to professions that demand advanced qualifications.

Data from the Bureau of Labor Statistics even reveals that there is an unemployment rate of 1.9% for master degree holders, which is lower than the unemployment rates for those with bachelor and associate degrees.^[6] If you’re ready to start your graduate journey, you can begin exploring accredited schools today that offer masters programs aligned with your interests and career ambitions.

References

^[1] Table 330.50. Average and percentiles of graduate tuition and required fees in degree-granting postsecondary institutions, by control of institution. Digest of Education Statistics. National Center for Education Statistics.

^[2] 2017–18 National Postsecondary Student Aid Study, Administrative Collection (NPSAS:18-AC), First Look at Student Financial Aid Estimates for 2017–18 (PDF). US Department of Education, Institute of Education Sciences. National Center for Education Statistics.

^[3] Annual Earnings by Educational Attainment. Condition of Education. US Department of Education, Institute of Education Sciences. National Center for Education Statistics.

^[4] Table 332.45. Percentage of graduate degree completers with student loan debt and average cumulative amount owed. Digest of Education Statistics. National Center for Education Statistics.

^[5] National Postsecondary Student Aid Study: 2020 Graduate Students (NPSAS:GR). US Department of Education. National Center for Education Statistics.

^[6] Earnings and unemployment rates by educational attainment, 2022. Bureau of Labor Statistics.