Average Cost of a Master's Degree: 2024 Analysis

Report Highlights. The cost of a Master’s degree typically ranges between $56,000 and $75,000 depending on the school, the major, and the length of the program.

The average cost of a Master’s degree is $59,684.
A Master’s degree in Education typically costs $42,010.
On average, the cost of a Master’s degree in Arts is usually $66,950.
A Master’s degree in Science typically costs $57,770.

Tuition Varies

Master’s programs generally take up to 1.5 years. The price of tuition varies greatly depending on the school, the program, and the residency of the student themselves. Master’s degree students are also less likely to receive grant aid, fellowships, or tuition waivers compared to undergraduates and doctoral students.

The average cost of a Master’s degree is $48,690 in a public school.
The average cost of a Master’s degree is $64,440 in a private school.
The University of Michigan’s School of Public Policy costs $33,386 for in-state, and $56,658 for out-of-state tuition and fees, per year.
Meanwhile, the University of Michigan’s School of Business: Master of Accounting program costs $52,582 for in-state, and $57,582 for out-of-state tuition and fees, per year.
The University of California’s Master of Public Policy program is $29,027 for in-state students and $41,272 for out-of-state students.
Northeastern University has a 30-credit hour Master of Science in Accounting program that costs $72,150.
Northeastern University also has a longer 55-credit hour Master of Business Administration program.
The average Master’s student spends $39,460 on school each school year.

Master of Business Administration

A Master’s degree in Business Administration may be the most popular graduate degree available. Because of its popularity, securing financial aid is a highly competitive process. Partial and full tuition coverage scholarships exist for MBA degrees; usually for disadvantaged communities or those with military service.

The average cost of a Master’s degree in Business Administration is $56,850.
The average cost of an MBA degree from 1999 to 2022 was $52,763.
The cost of an MBA degree from Harvard Business School for a full 2-year program is $231,276.
Meanwhile, the cost of an MBA degree from Binghamton University is $22,620 for a 2-year program.

Average cost of a masters degree 117 6 on Education Data Initiative

Master of Education

Master’s degrees in Education remain one of the cheaper if not the cheapest degree available. Federal loan forgiveness options exist for teachers who go on to use their degrees in a public setting. Better loan forgiveness options exist for graduates who go into fields where there is a lack of teachers.

The average cost of a Master’s degree in Education is $42,010.
The average cost of a Master’s degree in Education from 1999 to 2020 was $42,023.
A Master’s degree in Education from Buena Vista University may cost around $44,920.
A 2-year Master’s degree from Columbia University may cost around $135,000.

Average cost of a masters degree 117 7 on Education Data Initiative

Master of Arts

For this data set, Master of Arts programs may include History, Literature, Languages, and more. It does not include Public Administration, Public Health, or Social Work. Due to the broad range of categories, the amount of financial aid available is program and school-specific.

The average cost of a Master’s degree in Arts is $66,950.
The average cost of a Master’s degree in Arts from 1999 to 2020 was $53,150.
A Master of Arts in History from Florida International University may cost $52,948 for in-state residents, and $72,788 for out-of-state residents.
A Master’s in Education from Rutgers University may cost $73,992, for out-of-state residents.

Average cost of a masters degree 117 8 on Education Data Initiative

Master of Science

A Master of Science degree includes programs such as science, technology, engineering, and medicine (STEM). STEM graduates tend to enter the most in-demand, high-paying jobs that help offset the cost of graduate school.

The average cost of a Master’s degree in Science is $57,770.
The average cost of a Master’s degree in Science from 1999 to 2020 was $49,855.
Texas A&M University estimates the cost of a Master of Engineering from their school is $54,000.
Among the cheapest programs valued, The University of North Carolina estimates the cost of a Master’s in Engineering Management from their school is $12,673 for residents and $37,765 for non-residents.

Average cost of a masters degree 117 9 on Education Data Initiative

Other Master’s Degrees

Programs in this category include Public Administration, Public Health, Social Work, Political Science, and similar fields. Social workers are entitled to some forms of loan forgiveness if they commit to several years of public service. Because of the broad range of categories, the amount of financial aid available is program and school-specific.

The average cost of a degree in this category is $74,840.
The average cost of a degree in this category from 1999 to 2020 was $57,236.
Florida Atlantic University estimates its Master’s in Public Administration (MPA) program may cost $65,300 for Florida residents, and $89,700 for non-residents.
Evergreen University’s 2-year MPA program costs approximately $8,940 for Washington residents and $19,260 for non-residents.

Average cost of a masters degree 117 10 on Education Data Initiative

Cost by Race

The Brookings Institute created a study in 2016 showcasing the debt gap between White graduates and Black graduates pursuing their Master’s degrees. The American Council on Education also created a study in 2016 to study the student debt gap between racial groups. In general, Black Americans were the most likely to borrow and have loans. Asians as a whole had the largest amount of cumulative debt.

Black graduate school students are roughly 200% more likely to acquire graduate school debt.
White graduate school students are 22% likely to acquire graduate school debt.
From 2004 to 2012 Black enrollment in for-profit colleges increased by nearly 350%.
Asian students are the most likely group to borrow from private student loan programs or use their own personal savings.
50.1% of Asians surveyed took out a loan.
81.3% of Black or African Americans surveyed took out a loan.
72.9% of Hispanics or Latinos surveyed borrowed money to pay for school.
57.3% of White students surveyed borrowed money to pay for school.
54.1% of students who originate from two or more races surveyed borrowed money to pay for school.

Average cost of a masters degree 117 11 on Education Data Initiative

Additional Costs

Graduates with a Master’s degree had higher average debt in other categories besides student loans. Besides accumulating more debt, Master’s students may also pay extra in hidden school fees. Schools may charge fees like a deposit, a technology fee, or a health insurance fee. The technology fee is especially prevalent due to the surge in online learning brought on by Covid-19.

People with a Master’s degree held on average $46,798 in student loan debt.
People with a Master’s degree had on average 26% more credit card debt than the national public’s average.
People with a Master’s degree had on average 11% less retail card debt than the national public.
Master’s degree holders carry on average 23% more student loan debt than bachelor’s degree holders.
Master’s degree holders carry on average 4.7% more auto loan debt than the national public average.
Graduates with a Master’s degree on average held 44% more personal loan debt than the general public’s average.
Graduates with a Master’s degree on average held a 37% higher mortgage than the general public’s average.
Master degree holders carry on average 61% more debt when compared to the general public’s averages.

Graduate Debts vs Regular Debts
Type of Debt	Average with Master’s Degree	National Average
Credit Card	$8,115	$6,445
Retail Card	$1,076	$1,205
Student Loans	$46,798	$34,906
Auto Loans	$20,012	$19,117
Personal Loans	$23,443	$16,249
Mortgages	$275,713	$201,002

Average Cost of a Master’s Degree