How Much Does Grad School Cost?

The average total cost of graduate school comes out to roughly $42,270 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.

The average cost of graduate tuition and fees is $21,730 per year. The average total cost, which includes housing and course materials, is around $42,270 per year. The median cost is less at $29,070 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.

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

The average cost of a master’s degree amounts to $35,700 per year, or $71,400 for two years.^{Note Reference [3]} Costs vary by institution and can range anywhere between $51,060 and $85,400 for a two-year program.

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.^[8] As shown in the chart below, living expenses and course material costs can double or even triple the actual cost of attendance.

Median prices for fully online master’s degree programs are typically cheaper than in-person programs by more than 30%.^{Note Reference [4]}

According to the National Center for Education Statistics (NCES), the average total cost of a Ph.D. comes out to roughly $48,470 per year.^{Note Reference [5]} Since students typically take 4-8 years to complete a Ph.D. program, it can cost anywhere from $193,880-$387,760 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 progressional graduate degree students. This includes tuition waivers or stipends in exchange for teaching or research.

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

The average cost of graduate school has increased by over 123% in the past 33 years.^{Note Reference [6]}

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

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 in 2019-2020.^[10]

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.

Less than half (45%) of full-time master’s students received grants, and the average grant amount totaled $13,500.^{[11], [12]}

Those who completed a master’s degree held an average loan amount of $75,800 in 2019-2020. Among Ph.D. research graduates, the average loan amount was $79,560 in 2019-2020. Those who completed a professional doctorate had an even higher average loan amount of $196,030.^{Note Reference [10]}

Average student loan amounts for graduate school completers have generally increased for all degree types since the turn of the century. 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 [10]}

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 $51,470 in 2022, while those with doctorates earned a median of $151,400.