What Is the Cost of a Master’s Degree?

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.

Master's Degree Cost

According to the most recent data from the Department of Education:

• 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]}

Keep in mind that master's degree program costs range widely. Find the spread below. (The tenth percentile means that 10% of schools charge lower than that stated tuition amount.)

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.

Average Master's Degree Student Loan Debt

Most master's students take on student loan debt to help pay for their degree.

• 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

Some master's students receive free financial aid in the form of grants, scholarships, and grad school fellowships. But, if you're counting on scholarship money to pay for your master's degree, there are a few things you should know:

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

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 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

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.

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.^[13]

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.