What Is the Cost of a Master’s Degree?

By

Lyss Welding

Updated on December 1, 2023

Edited by

Jordan Stewart-Rozema, Ph.D.

• Fact-checked by Marley Rose

Learn more about our editorial process

Most master’s programs cost over $57,000. Students can save money in online and public college programs. Find average master’s degree costs in our guide.

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Master’s Degree Cost

• On average, master’s degrees cost between $50,000-$85,000 for a two-year program.^{Note Reference [1]}
• The average total cost of a master’s degree is about $35,700 per year.^{Note Reference [1]}
• 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.)^{Note Reference [1]}
• The priciest master’s degree programs cost nearly $74,000 a year, or over $148,000 for two years.^{Note Reference [2]}

Average Master’s Degree Tuition

Average Master’s Degree Student Loan Debt

• In 2015-2016, just over half of full-time master’s degree graduates (53%) had student loan debt at graduation.^{Note Reference [6]}
• The average student loan debt amount among master’s degree graduates was $50,290.^{Note Reference [6]} In 2023 dollars, that’s $64,400.
• The total debt they owed after graduating — including debt from their undergraduate and master’s programs — was $64,770, or $82,960 in 2023 dollars.^{Note Reference [6], Note Reference [7]}

Average Net Cost for Master’s Degrees

Scholarships & Grants for Master’s Programs Aren’t Common

• Less than half (45%) of full-time master’s students receive grants.^{Note Reference [3]}
• Grants are even less common for part-time master’s students. Just over one-third (35%) of part-time master’s students receive aid.^{Note Reference [4]}

And They Usually Don’t Cover All Your Costs

• In 2015-2016, the average grant amount for full-time master’s students was $10,890.^[9] In 2023 dollars, that’s $13,950.^{Note Reference [7]}
• The average grant amount for part-time master’s students was $5,620, or about $7,200 in 2023 dollars.^{Note Reference [7], [10]}

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 $30,870 per year.^[11]
• The median net cost of a master’s degree program is roughly $24,730.^{Note Reference [11]}

Cost of Online Master’s Degrees

• The average total cost of taking a fully online master’s program is about $24,290 a year.^{Note Reference [5]}
• Some of the most affordable online master’s degrees may cost as little as $4,000-$7,000 a year.
• Median prices for fully online master’s programs are more than 30% cheaper than in-person master’s programs and hybrid programs (where students participate both in class and online).^{Note Reference [5]}

Master’s Degree Cost by Field

The Value of a Master’s Degree