How Much Does Grad School Cost?

By

Jane Nam

Updated on February 21, 2025

Edited by

Rebecca Long

• Fact-checked by Marley Rose

Learn more about our editorial process

Grad school costs an average of $43,620 per year. Discover the average cost by program, as well as average graduate debt amounts and earning potential.

Credit: Marco VDM / E+ / Getty Images

According to the National Center for Education Statistics (NCES), the average total cost of graduate school is roughly $43,620 per year. This includes the average cost for all master’s, doctoral, and professional programs.^{Note Reference [1]}

Knowing the cost and value of a graduate degree can help you decide whether it is right for you. This report covers average graduate student loan amounts, average costs by institution type and degree program, and earning potential for graduates with advanced degrees.

Average Cost of Graduate School

The average cost of graduate tuition and fees is $22,430 per year, per NCES.^{Note Reference [1]} The average total cost, which includes housing and course materials, is around $43,620 per year.^{Note Reference [1]} The median cost is less, at $35,550 per year.^{Note Reference [1]}

Private, nonprofit institutions cost the most, but this is before factoring in financial aid, grants, and scholarships. Private, for-profit schools cost over $20,000 less than private, nonprofit schools.

Cost of Graduate School by Program Type

The cost of graduate programs can vary depending on the length of a program, the institution type, and the degree type. The following sections break down costs by program type, including master’s, doctoral, and professional programs.

Research Graduate Programs

Research-based programs are intended for those pursuing academic positions. These program types are not typically chosen to prepare for professional practice.

Master’s Degree

The average cost of a master’s degree amounts to $36,760 per year or $73,520 for two years.^{Note Reference [3]} Costs vary by institution and can range from $36,000-$93,000 for a two-year program.^{Note Reference [3]}

The median cost of a master of public health (MPH) degree is the highest of all master’s degree types. Master of social work (MSW) degrees cost the second highest with a median total cost of $35,780 per year.^{Note Reference [5]} As shown in the chart below, living expenses and course material costs can double or even triple the actual cost of attendance.

The median cost of a fully online master’s degree program is typically cheaper than the price of an in-person or hybrid program by more than 45%.^[7]

• Some of the most affordable online master’s degrees may cost as little as $4,000-$7,000 a year.
• The average total cost of enrolling in an online master’s program is about $27,930 per year.^{Note Reference [7]}

Ph.D. Programs

According to the NCES, the average total cost of a Ph.D. is roughly $49,500 per year.^{Note Reference [1]} Since students typically take 4-8 years to complete a Ph.D. program, it can cost anywhere from $198,000-$396,000 before grants and assistantships.

While Ph.D. programs take longer to complete than other graduate programs, doctoral students receive more financial support on average than master’s degree and other professional graduate degree students. This includes tuition waivers or stipends in exchange for teaching or research.

Professional Graduate Programs

Unlike research-based graduate programs, professional graduate programs are intended to prepare students for professional practice. This includes dentistry, business, law, medicine, and nursing degrees.

Cost of Graduate School Over Time

The average cost of graduate school has increased by over 123% in the past 33 years.^{Note Reference [4]}

• At public institutions, it rose from about $4,440 to $12,600: 184% increase.
• At private schools, it went from roughly $17,505 to $28,020: more than 60% increase.

Is Grad School Worth It?

Is graduate school worth the money? Having a graduate degree may help you progress faster in your career or qualify for higher-paying jobs. However, it is important to weigh the costs, including both time and money.

Graduate Student Loan Debt

In 2019-2020, most master’s and professional doctorate graduates completed their programs with loans.

The figures below account for all institution types. However, private, for-profit institution graduates held the highest percentage of loans. For example, 77% of professional doctorate recipients at these institutions owed money in 2019-2020.^[9]

It is worth noting that the table shows the percentage of those with loans who also graduated. It does not account for those who did not finish their degree programs, in which case the percentage of students with student loans would be much higher.

Those who completed a master’s degree held an average loan amount of $80,550 in 2022-2023 dollars. Among Ph.D. research graduates, the average loan amount was $84,540 in 2022-2023 dollars.9 Those who completed a professional doctorate had an even higher average loan amount of $208,310.^{Note Reference [9]}

Since the turn of the century, average student loan amounts for graduate school completers have generally increased for all degree types. For research doctorate graduates, the average amount increased by over $20,000 between 2000 and 2020, going from $57,720 to $79,560.^{Note Reference [9]}

Earnings Potential

Data from the Bureau of Labor Statistics (BLS) shows that higher levels of education correlate with higher income levels. According to the BLS, high school graduates made a median income of $55,810 in 2023, while those with doctorates earned a median of $170,900.