Is a Graduate Nursing Degree Worth It?
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Editor & Writer
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Editor & Writer
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- Nursing is one of the most popular advanced degrees in the U.S.
- Master's and doctoral degrees in nursing often lead to higher earnings.
- Graduate nursing students often take on more than $45,000 in debt to complete their degree program.
A graduate degree in nursing may be pricey, but data shows that an advanced degree in the field often leads to a favorable return on investment (ROI).
An HEA Group analysis of federal data shows that a master's degree in nursing is one of the most popular master's degrees in the U.S. Additionally, a doctoral degree in nursing is among the country's five most popular doctoral degrees.
Both of these advanced degrees boast relatively low debt-to-earnings ratios compared to other popular majors, suggesting that these programs offer positive financial outcomes for nursing students more often than not.
However, ROI can vary depending on the type of institution a student attends.
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Nursing Master's Degree ROI
The five most popular master's degree programs in the U.S. are business administration, educational administration, registered nursing, social work, and teacher education, according to HEA Group.
A master's degree in nursing offers a similar ROI to a master's in business administration or educational administration, HEA data shows. A nursing master's degree provides considerably better ROI than a master's in social work or teacher education.
Notably, the debt-to-earnings ratio is similar at both public institutions and private, for-profit institutions. The ratio is higher for graduates from private, nonprofit colleges and universities.
A lower ratio means a better ROI for students.
| Institution type | Median debt of graduates | Median earnings, four years after graduation |
|---|---|---|
| Public | $47,124 | $110,946 |
| Private, nonprofit | $60,317 | $115,216 |
| Private, for-profit | $46,924 | $107,275 |
It's worth noting that these debt figures only take into account federal student loans like Grad PLUS loans. Private loans are not included.
Nursing Doctoral Degree ROI
The five most popular doctoral programs in the U.S. are business administration, clinical counseling and applied psychology, educational administration, nursing, and rehabilitation and therapeutic professions, according to HEA Group.
Once again, a doctoral degree in nursing provides one of the lowest debt-to-earnings ratios of these five programs.
Similar to a master's degree in nursing, a doctoral degree in nursing provides comparative ROI for students who attend a public or private, for-profit institution. The debt-to-earnings ratio is slightly higher for students who attended a private, nonprofit college or university.
| Institution type | Median debt of graduates | Median earnings, four years after graduation |
|---|---|---|
| Public | $80,107 | $136,375 |
| Private, nonprofit | $89,855 | $132,380 |
| Private, for-profit | $66,920 | $118,181 |
While the debt-to-earnings ratio is lowest for nurses who earned their doctoral degree from a private, for-profit institution, graduates from these programs also tend to earn the lowest salaries four years after graduation.
