Report Highlights. The cost of a master’s degree typically ranges between $44,640 and $71,140 depending on the school, the major, and the length of the program.
- The average cost of a master’s degree is $62,820.
- A Master of Education typically costs $44,640.
- On average, the cost of a Master of Arts is usually $71,140.
- A Master of Science typically costs $61,380.
Related reports include Average Cost of College & Tuition | Average Cost of Community College | Average Cost of a Doctorate Degree | Average Cost of Law School | Average Cost of Private School
Master’s Degree Tuition Statistics
Master’s programs generally take up to two (2) years, and students are as likely as undergraduates and doctoral students to receive financial aid, including grant aid, fellowships, and tuition wavers.
- The average cost of a master’s degree is $48,870 in a public school.
- The average cost of a master’s degree is $55,640 in a private for-profit school.
- The University of Michigan’s School of Public Policy costs $35,040 for in-state, and $59,462 for out-of-state tuition and fees, per year.
- Meanwhile, the University of Michigan’s School of Business’ Master of Accounting program costs $56,910 for in-state, and $61,090 for out-of-state tuition and fees, per year.
- The University of California’s Master of Public Policy program is $31,910 for in-state students and $44,155 for out-of-state students.
- Depending on the length of the program, the average full time master’s student spends between $31,410 and $41,880 on school each school year.
Master of Business Administration Cost
A Master of Business Administration may be the most populartype of masters degree available, so securing financial aid is a highly competitive process.
- The average cost of a master’s degree in Business Administration is $60,410.
- Adjusted for inflation, the average cost of an MBA degree between 1999 and 2020 was $56,067.
- The cost of an MBA degree from Harvard Business School for a full 2-year program is $173,408.
- Meanwhile, the in-state cost of an MBA degree from Binghamton University is $35,740 for a 2-year program.
Master of Education Average Cost
Master’s degrees in Education are some of the cheapest Master’s programs available. Teachers who go on to use their degrees in a public and/or disadvantaged district may also be eligible for federal loan forgiveness.
- The average cost of a Master of Education is $44,640.
- The average cost of a master’s in education from 1999 to 2020 was $31,850.
- Adjusted for inflation, the average cost of a master’s degree in education between 1999 and 2020 was $44,653.
- Tuition for a Master of Educational Administration from Buena Vista University may cost around $16,335 over two years.
- A 2-year Master of Curriculum and Teaching from Columbia University may cost around $68,192 in tuition alone.
Master of Arts Average Cost
Master of Arts programs may include History, Literature, Languages, and more. 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 $71,140.
- The average cost of a Master’s degree in Arts from 1999 to 2020 was $40,550.
- Adjusted for inflation, the average cost of a Master of Arts between 1999 and 2020 was $56,478.
- Tuition and fees for a Master of Arts in History degree from Florida International University may cost an estimated $17,200 for in-state residents, and $38,824 for out-of-state residents.
- A Master of Arts in Teaching degree from Rutgers University costs an estimated $38,376 for in-state residents, and $59,904 for out of state residents in tuition and fees.
Master of Science Average Cost
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 $61,380.
- The average cost of a Master’s degree in Science from 1999 to 2020 was $40,720.
- Adjusted for inflation, the average cost of a Master of Science between 1999 and 2020 was $52,975.
- Texas A&M University estimates the cost of a Master of Science in Engineering Technology is $54,000.
- Among the more affordable programs, University of North Carolina at Charlotte estimates the tuition and fees for its Master of Engineering Management degree cost approximately $13,317 for residents and $40,504 for non-residents.
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 $79,530.
- The average cost of a degree in this category from 1999 to 2020 was $47,470.
- Adjusted for inflation, the average cost of a degree in this category between 1999 and 2020 was $60,822.
- Florida Atlantic University estimates the tuition for its Master of Public Administration (MPA) program may cost $13,385 for Florida residents, and $40,502 for non-residents.
- Evergreen State College estimates tuition for its two-year MPA program costs approximately $26,412 for Washington residents and $59,364 for non-residents.
Additional Costs of a Master’s Degree
Indirect costs, such as student loan interest, also contribute to the end price of a master’s degree. Graduates of master’s programs had higher average debt in other categories besides student loans.
- People with master’s degrees held on average $46,798 in student loan debt.
- Master’s degree holders had on average 26% more credit card debt than the national public’s average.
- People with master’s degrees 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.
- Compared to the national public average, master’s degree holders carry 4.7% more auto loan debt.
- Graduates with master’s degrees on average held 44% more personal loan debt than the general public’s average.
- Master’s degree holders on average held a 37% higher mortgage than the general public’s average.
- Master’s degree holders carry on average 61% more debt when compared to the general public’s averages.
| 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 |
Sources
- National Center for Education Statistics (NCES), Digest of Education Statistics
- Experian, How Graduate Degrees Affect Debt and Credit
- Brookings Institution, Black-white Disparity in Student Loan Debt
- Sallie Mae, How America Pays for Graduate School
- American Council on Education, Debt: Master’s Degree Recipient
- Harvard Business School, MBA Annual Cost of Attendance
- Binghamton University, Costs and Funding
- Buena Vista University, Graduate Tuition and Fees
- Columbia University, Teachers College Tuition
- Florida International University, Graduate Tuition & Fees
- Rutgers, College of Arts and Sciences Tuition & Fees
- Texas A&M University, Tuition and Fees
- Charlotte School of Professional Studies, Engineering Management
- Florida Atlantic University, Cost of Attendance
- Evergreen State College, Costs and Financial Aid
- University of California, Irvine, Master of Public Policy
- U.S. News & World Report, Master’s Degree Length
- University of Michigan, Graduate Tuition
- U.S. Bureau of Labor Statistics, CPI Inflation Calculator