What Is the Cost of a Master’s Degree?
Credit: Image Credit: SDI Productions / E+ / Getty ImagesData Summary
The average total cost of a master’s degree is about $36,760 a year. [1,2]- That’s nearly $74,000 for a two-year program.
- Master’s degree programs typically range from $36,000-$93,000. [1,2]
- The most expensive master’s degree programs can cost more than $75,000 per year. [2,3]
- 65% of full-time master’s students[3] and 38% of part-time master’s students[4] receive scholarships or grants.[4]
- The average annual cost of an online master’s program is roughly $27,930.[2,5]
- The average master’s degree-completer graduated with roughly $54,000 in student loan debt — not counting loans from their undergraduate degree.[2,6]
Earning a master’s degree could help you qualify for high-paying jobs in critical, fast-growing industries. It’s also a huge investment.
Knowing the cost and value of a master’s degree can help you decide on a program or an alternative next step in your career.
This report delves into how much master’s degrees cost on average, the range of program costs, and how much you can realistically expect to save with scholarships.
Table of Contents
Cost of a Master’s Degree
According to the most recent data from the Department of Education:
- On average, master’s degrees cost between about $36,000 and $93,000 for a two-year program. [1,2]
- The average total cost of a master’s degree is about $36,760 per year. [1,2]
- That includes tuition and fees plus non-tuition expenses, such as books, supplies, room and board, transportation, and personal expenses.
- The median master’s degree cost is $28,890 per year or $57,780 for two years. (Half of all programs cost less than the median, and half cost more.) [2,3]
- The priciest master’s degree programs cost over $75,000 a year, or more than $150,000 for two years.[2,3]
| Average Master’s Degree Cost (One Year) | Average Master’s Degree Cost (Two Years) | |
|---|---|---|
| Total (All Schools) | $36,760 | $73,520 |
| Public | $30,600 | $61,200 |
| Private, Nonprofit | $43,980 | $87,960 |
| Private, For-Profit | $26,290 | $52,580 |
Source: National Center for Education Statistics (NCES) PowerStats, in 2024 dollars [1,2]
Keep in mind that master’s degree program costs range widely. Find the spread below. (The 10th percentile means that 10% of schools charge lower than that stated tuition amount.)
| Percentile | Total Cost |
|---|---|
| 10th | $10,490 |
| 25th | $18,320 |
| 50th | $29,760 |
| 75th | $46,530 |
| 90th | $75,730 |
Source: NCES PowerStats, in 2024 dollars[2,3]
Behind the Numbers
First, we started with data from the 2019-2020 National Postsecondary Student Aid Survey of Graduate Students (NPSAS:GR), a nationally representative student survey conducted by the Department of Education. Then, we converted amounts to August 2024 dollars using the Consumer Price Index Inflation Calculator.[7] Finally, we rounded-md figures to the nearest $10.
Sometimes this report shows medians along with averages. Medians often better represent what’s typical because averages are more easily skewed by super high or low numbers in a set.
Average Master’s Degree Tuition
Master’s degree tuition makes up about half the total cost of attending a master’s degree program. Just like undergraduate tuition rates, nonprofit private schools typically charge more than public or for-profit schools.
| School Type | Average Annual Tuition and Fees |
|---|---|
| Total, All Schools | $12,120 |
| Public | $10,320 |
| Private, Nonprofit | $15,100 |
| Private, For-Profit | $9,710 |
Source: NCES PowerStats, in 2024 dollars[1,2]
| Percentile | Tuition & Fees |
|---|---|
| 10th | $3,760 |
| 25th | $6,860 |
| 50th | $12,120 |
| 75th | $21,950 |
| 90th | $44,250 |
Source: NCES PowerStats,in 2024 dollars[2,7]
A Deeper Look
Even though the cost of for-profit master’s degree programs is similar to the cost of programs at nonprofit public universities, for-profits might stick students with higher student loan debt.
A 2023 Department of Education report showed that students who earned their master’s degrees at for-profit schools had higher median debt burdens than master’s students at other school types, and they made lower median salaries after graduation.
Learn about the pros and cons of for-profit colleges.
Average Master’s Degree Student Loan Debt
Many master’s students take on student loan debt to help pay for their degrees.
- In 2019-2020, about half of full-time master’s degree graduates (49%) had student loan debt at graduation.[6]
- The average student loan debt amount among master’s degree graduates was $53,920.6 In 2024 dollars, that’s $66,160.[2]
- The total debt they owed after graduating — including debt from their undergraduate and master’s programs — was $69,140, or $84,830 in 2023 dollars.[2,6]
Master’s Degree Scholarships, Grants, and Net Cost
Some master’s students receive free financial aid in the form of grants, scholarships, and grad school fellowships. In fact, nearly 60% of master’s degree students received grant funding in 2020.[4]
But, if you’re counting on scholarship money to pay for your master’s degree, there are a few things you should know:
Grants Are More Common for Full-Time Master’s Students
While 57% of all master’s students received funding for their degrees in 2020, scholarships and grants are more common for full-time students than for part-time students.[4]
- 65% of full-time and 38% of part-time master’s students received grant funding in 2020.
- The most common types of master’s degree grants were fellowships, assistantships, and institutional grants.
- 28% of full-time master’s students in 2020 received funding for a fellowship or assistantship.
Source: NCES[4]
The Average Net Cost of a Master’s Degree Is Still Over $60,000
- The average net cost of a master’s degree program — including tuition and student expenses, minus grant funding — is about $31,790 per year,[2,8] or roughly $64,000 for two years.
- The median net cost of a master’s degree program is roughly $25,470.[2,8]
Source: NCES PowerStats, in 2024 dollars[2,8]
Cost of Online Master’s Degrees
Online learning often comes with fees, such as technology fees, which contribute to students’ total costs. But, online master’s degree students might save money on travel, room and board, and campus-related costs.
- The average total cost of enrolling in a fully online master’s program is about $27,930 a year.[2,5]
- Some of the most affordable online master’s degrees may cost as little as $4,000-$7,000 a year.
- The median total cost for a fully online master’s program is more than 45% less expensive than the median price of an in-person master’s program or hybrid program (where students participate both in class and online).[5]
Source: NCES PowerStats, in 2024 dollars[2,5]
Master’s Degree Cost by Field
Master’s degree costs vary by program type. For example, master of science (MS) programs tend to cost more than master of arts (MA) programs.
The average total cost of an MBA is less expensive than either. However, top-ranked programs can cost more than $120,000 a year.
Source: NCES PowerStats, in 2024 dollars[2,9]
The Value of a Master’s Degree
Having a master’s degree might help you qualify for higher-paying jobs in some fields. On average, people with master’s degrees earn higher incomes than people with just a bachelor’s degree.[10] The highest-paying master’s degrees tend to be in science, math, engineering, and technology (STEM).
However, master’s degrees can send students into student loan debt. Not only that, the rising cost of grad school may be contributing to a decreasing return on investment for advanced degrees, according to a 2023 Urban Institute study.
Learn more about whether a master’s degree is worth it and how to make the most of your program.
FAQ
The average annual tuition for a master’s degree program is actually pretty similar to the average annual tuition for a bachelor’s degree program at a public university. Both program levels tend to cost about $10,000-$15,000 in annual tuition. The costliest master’s degrees are comparable to the cost of bachelor’s degrees at private universities, close to $40,000-$50,000 per year.
However, full-time master’s programs take just two years to complete, whereas bachelor’s degrees typically take four years and may, therefore, cost more overall.
References
- Table: Master’s Degree Tuition, Fees, and Total Budget Across School Types. U.S. Department of Education (ED), National Center for Education Statistics (NCES), National Postsecondary Student Aid Study: 2020 Graduate Students (NPSAS:GR). Accessed October 2024.
- Consumer Price Index Inflation Calculator, Bureau of Labor Statistics. Figures converted from August 2019 to August 2024 numbers.
- Table: Master’s Total Cost: Percentiles. U.S. ED. NCES. 2020 NPSAS: GR. Accessed October 2024.
- Table: Percentage of Master’s Degree Students Receiving Grants, Fellowships, or Assistantships, by Type. U.S. EDU. NCES. 2020 NPSAS: GR. Accessed October 2024.
- Table: Master’s Degree Online Learning Student Charges. U.S. Department of Education, 2020 NPSAS:GR. Accessed October 2024.
- Table 332.45. Percentage of graduate degree completers with student loan debt and average cumulative amount owed, by level of education funded and graduate degree type, institution control, and degree program: Selected years, 1999-2000 through 2019-2020. NCES. September 2024.
- Table: Tuition and fees paid by graduate degree program. U.S. ED. NCES. 2020 NPSAS: GR. Accessed October 2024.
- Table: Master’s Degree Programs’ Total and Net Costs. U.S. ED. NCES, 2020 NPSAS:GR. Accessed October 2024.
- Table: Master’s Degree Costs by Program. U.S. ED. NCES. 2020 NPSAS: GR. Accessed October 2024.
- Education Pays, 2023. U.S. Bureau of Labor Statistics. April 2024.