What Is the Average Cost of a Master’s Degree?

Key Takeaways:

• The average cost of a master’s degree is $59,684, with online degrees costing around $25,000 on average.
• Tuition varies greatly by degree, with Education degrees costing $42,010 and MBA programs reaching over $200,000.
• Public schools charge $48,690 for a master’s degree, while private institutions cost $64,440 on average.

In this article, we explore the average cost of a master’s degree and answer the question, “How much does a master’s degree cost?” Pursuing a master’s degree can enhance your skills, deepen your knowledge, and prepare you for leadership roles, but it’s also a significant financial investment. We’ll break down the average total cost of graduate school and highlight factors to consider when choosing master degree programs to help you decide if earning a master’s degree is worth the price.

Factors Impacting Cost for Master’s Degrees

Of course, several important factors can influence the total dollar amount for receiving your master’s degree. First, the subject you are studying can cause your tuition expenses to rise or fall dramatically. For instance, the average tuition cost for an accredited MBA is $56,850, but degrees in fields like education are typically less. The prestige and size of your chosen university can influence the bucks you’ll need to spend. Whether you’re earning your master’s degree online or on-campus is another important factor. Online students often pay less for out-of-state programs and save bundles on transportation. The length of your master’s program will also establish how many semesters you must finance.

Return on Investment from Master’s Programs

Although all those zeros beyond the dollar sign may scare you, it’s clear that investing in a master’s degree now can be smart for certain career paths later. Master’s degrees can be the perfect way to build on your experience and background to fine-tune skills for lucrative senior management jobs. The Bureau of Labor Statistics reports that graduates with a master’s degree make an average of $1,737 weekly, which is 16% more than those at the baccalaureate level ($1,493 per week). The unemployment rate for master’s graduates is also significantly lower at just 2%; bachelor’s degree holders have a 2.2% unemployment rate. Your return on investment (ROI) will vary based on your chosen career though.

Ways to Make Your Master’s Degree Affordable

One of the best ways to reap good value from your master’s degree is to shop smart when comparing your graduate school options. Look for accredited master’s programs that offer good financial aid benefits or cheaper tuition rates without compromising on the quality of education. You may need to apply for Stafford loans, Graduate PLUS loans, or private loans, but keep your borrowing limited to avoid mountains of debt. Take advantage of university financial aid, grants, scholarships, military benefits, and other tuition assistance programs because these won’t need to be repaid. Also, many full-time master’s students make their degrees less expensive by taking on graduate assistantships or fellowships. One element of cost people don’t factor in is time. A master’s degree earned quickly can cut down on costs. We have a ranking of affordable online 1-year master’s programs if you’re interested.

When deciding whether to enroll in a master’s program, your first priority should be to determine if it’s the best move for opening new career opportunities. However, you must also play the numbers game to make sure you can afford the degree and have access to viable funding options. Now that you’re aware of the average cost of a master’s degree, you can make a well-informed decision on attending graduate school to protect your future financial health.

Use this table for a quick reference about the average costs of master’s degrees.

Related to Average Cost of Master’s Degree:

• Cheapest Online Master’s
• Online Graduate Degrees

Sources:

• Bureau of Labor Statistics
• Education Data Initiatives