Average Graduate Student Loan Debt [2025]: for Master's & PhD

Report Highlights. Graduate student borrowers have an average outstanding debt of $106,129 based on projections for 2025.

The average federal Grad PLUS outstanding balance is $66,222 as of the third fiscal quarter of 2025.
Master’s graduate borrowers owe an average of $81,870; debt from their graduate degree alone is $64,440.
Borrowers with doctorates have an average debt of $180,757; debt for professional doctorates is the highest at $213,439.
69% of indebted borrowers with graduate degrees owe $25,000 or more.

Line graph: Average Student Loan Debt Among Graduate Degree Holders according to the U.S. Department of Education

Average Graduate Student Debt

Graduate school encompasses advanced degrees and programs beyond the undergraduate level. Many borrowers who carry a graduate student loan debt balance also have debt from undergraduate studies; debt from graduate school alone averages $95,104.

Each outstanding Direct PLUS loan or Grad PLUS loan debt carries a balance of $66,222.
Debt from graduate study represents 89.6% of the average education debt among indebted graduate borrowers.
While 30% of graduate students borrow, they own 46% of education debt when repayment begins.
In the sixth year of repayment, the median loan balance among graduate borrowers is more than they borrowed.
About 5% of graduate borrowers have loans in default after five (5) years in repayment.

Line graph: Average Balance Federal Graduate PLUS Loans according to the U.S. Department of Education

Average Master’s Student Debt

It’s typical for a master’s program borrower to leave school with $50,000 or more in debt.

$69,624 is the average student loan debt among master’s degree holders who attended public institutions; $47,560 is just from graduate school.
Among borrowers who attended private nonprofit institutions, master’s degree holders have an average debt of $95,381; their average debt for graduate school alone is $79,329.
$76,379 is the average debt among master’s degree holders who attended private, for-profit institutions; $47,131 is from graduate school.

Grouped bar graph: Average Student Debt of Master's Graduates by Institution Type according to the U.S. Department of Education

Master’s Student Debt Growth

After adjusting for inflation, the average student borrower with a master’s degree has almost 50% more debt compared to borrowers in the year 2000.

The average debt among master’s degree holders increased 179% between 2000 and 2025.
After adjusting for inflation, the average debt among master’s degree holders increased 60.9% between 2000 and 2025.
In 2025, master’s program graduates from public institutions have an average debt balance that’s 172% higher than the average debt balance in 2000.
Private nonprofit master’s program graduates owe an average of 191% more in 2025 than the average balance in 2000.
The average debt among master’s program graduates from private for-profit schools increased 86.7% between 2000 and 2025.

Line graph: Average Student Loan Debt Among Master's Degree Holders according to the U.S. Department of Education

Master’s Student Borrowing Rate

While most students who earn their master’s degree have debt at graduation (55.2%), less than half have debt from graduate school only.

Among master’s degree graduates who attended public institutions, 52.5% owe student loan debt; 46.7% have debt from graduate school only.
53.6% of graduates who earned master’s degrees at private, nonprofit institutions owe student loan debt; 47.9% have debt from graduate school only.
69.0% of master’s degree holders who attended private, for-profit institutions owe student loan debt; 62.0% have debt from graduate school only.

Grouped bar graph: Average Student Loan Debt Among Research Doctorate Holders according to the U.S. Department of Education

Average Research Doctorate Debt

A student borrower pursuing a research doctorate or Ph.D. can reasonably expect to graduate $70,000 or more in debt.

The average debt among student borrowers with Ph.D.s is $77,331 as of 2025.
$81,138 is the average student loan debt among Ph.D. holders who attended public institutions; $74,978 is just from graduate school.
Among borrowers who attended private nonprofit institutions, Ph.D. holders have an average debt of $56,733; the average debt from graduate school alone is $74,977.*
$142,662 is the average debt among Ph.D. holders who attended private, for-profit institutions; $101,356 is from graduate school.

*This apparent discrepancy may indicate that a majority of students who attend private nonprofit research doctorate programs have low undergraduate debt balances and little-to-no debt from graduate school only; meanwhile, those who borrow for their research doctorate at a private nonprofit may take out high-balance loans while having little-to-no undergraduate debt.

Line graph: Average Student Debt of Research Doctorate Holders by Institution Type according to the U.S. Department of Education

Research Doctorate Debt Growth

While student borrowers with research doctorates carry higher balances than master’s holders, the average debt growth has been comparatively slower.

The average debt among Ph.D. holders increased 107% between 2000 and 2025.
After adjusting for inflation, the average debt among Ph.D. holders increased 10.1% between 2000 and 2025.
In 2025, Ph.D. program graduates from public institutions have an average debt balance that’s 156% higher than the average debt balance in 2000.
Private nonprofit Ph.D. program graduates owe an average of 49.9% more in 2025 than the average balance in 2000.
The average debt among Ph.D. program graduates from private for-profit schools increased 1.66% between 2012 and 2025.

Research Doctorate Borrowing Rate

Ph.D. holders are less likely to have debt at graduation than master’s or undergraduate students.

33.0% of Ph.D.s have student loan debt, and 26.2% have debt from their graduate program only.
Among research doctorate holders who attended public institutions, 30.9% owe student loan debt; 25.5% have debt from graduate school only.
33.2% of graduates who earned Ph.D.s at private, nonprofit institutions owe student loan debt; 23.0% have debt from graduate school only.
59.1% of Ph.D.s who attended private, for-profit institutions owe student loan debt.

Grouped bar graph: Average Student Debt of Professional Doctorate Holders by Institution Type according to the U.S. Department of Education

Average Professional Doctorate Debt

Professional doctorates, such as M.D.s or J.D.s, tend to be the most expensive postgraduate programs.

$203,010 is the average student loan debt among professional doctorate holders who attended public institutions; $194,605 is just from graduate school.
Among borrowers who attended private nonprofit institutions, professional doctorate holders have an average debt of $281,817.
Also among professional doctoral student borrowers, the average debt for graduate school alone is $279,881.
$168,322 is the average debt among professional doctorate holders who attended private, for-profit institutions; $147,765 is from graduate school.

Line graph: Average Student Loan Debt Among Professional Doctorate Holders according to the U.S. Department of Education

Professional Doctorate Debt Growth

Debt among professional degree holders has skyrocketed compared to borrowers with other degrees.

The average debt among professional doctorate holders increased 212% between 2000 and 2025.
After adjusting for inflation, the average debt among professional doctorate holders increased 65.6% between 2000 and 2025.
In 2025, professional doctoral program graduates from public institutions have an average debt balance that’s 234% higher than the average debt balance in 2000.
Private nonprofit professional doctoral program graduates owe an average of 277% more in 2025 than the average balance in 2000.
The average debt among professional program graduates from private for-profit schools declined 8.86% between 2012 and 2025.

Professional Doctorate Borrowing Rate

Three of every four students who earned a professional doctorate have education debt; 73.0% have debt from graduate school only.

Among professional doctorate holders who attended public institutions, 69.1% owe student loan debt.
79.5% of graduates who earned professional doctorates at private, nonprofit institutions owe student loan debt; 77.7% have debt from graduate school only.
76.6% of professional doctorates who attended private, for-profit institutions owe student loan debt; 72.8% have debt from graduate school only.

Grouped bar graph: Average Student Loan Debt of Master's Graduates by Program according to the U.S. Department of Education

Graduate Debt by Discipline

Students pursuing advanced professional degrees are more likely to borrow to attend school than students in other graduate programs. These graduates are also more likely to carry high debt balances.

While master’s holders owe less per borrower than more advanced degrees in general, students from certain fields (such as health sciences) end up owing twice as much as a typical borrower with a master’s in a different discipline (such as those with education degrees). These discrepancies may be due to the cost of a degree, the average graduate’s ability to repay their debt, financial aid availability, etc.

Business Graduate Loan Debt

Students pursuing advanced business degrees are less likely to borrow and have a relatively low average debt balance.

$76,996 is the average debt for a Master of Business Administration (M.B.A.) graduate; debt from grad school alone averages $60,118.
57.8% of M.B.A. holders have student loan debt.
The average student debt balance among M.B.A. holders in 2025 was 133% higher than the average balance in 2000.

Horizontal grouped bar graph: Average Student Loan Debt of Selected Master's Graduates according to the U.S. Department of Education

Education Graduate Loan Debt

At both the master and doctoral levels, education student borrowers tend to have lower debt balances than their peers.

$67,553 is the average debt for a Master of Education graduate; debt from grad school alone averages $42,680.
$80,508 is the average debt for a Doctor of Education graduate; debt from grad school alone averages $47,297.
62.5% of education master’s holders have student loan debt.
47.0% of education Ph.D. holders have student loan debt.
The average student debt balance among Master of Education holders in 2025 was 201% higher than the average balance in 2000.
The average student debt balance among Doctor of Education holders in 2025 was 42.4% higher than the average balance in 2004.

Horizontal grouped bar graph: Average Student Loan Debt Among Selected Doctoral Graduates according to the U.S. Department of Education

Law Graduate Loan Debt

See the Education Data Initiative report on Average Law School Debt for a more detailed breakdown.

$167,399 is the average debt for a law graduate (LL.B. or J.D.); $162,526 is the average debt among M.A. graduates who only have graduate school debt.
67.3% of LL.B. or J.D. holders have student loan debt.
The average student debt balance among LL.B. or J.D. holders in 2025 was 191% higher than the average balance in 2000.

Horizontal grouped bar graph: Average Student Debt Among Law & Health Science Doctoral Graduates according to the U.S. Department of Education

Science Graduate Loan Debt

Science degrees include health and medical studies. For a more detailed report on debt for professional health science degrees, see Average Medical School Debt.

$77,189 is the average debt for a Master of Science (M.S.) graduate; $63,664 is the average debt among science master graduates who only have graduate school debt.
$235,788 is the average debt for a Doctor of Medicine (M.D. or D.O.) graduate; $228,493 is the average debt among science master graduates who only have graduate school debt.
$299,131 is the average debt balance among doctors of professional health sciences (other than M.D.s and D.O.s); $297,806 is the average debt among those who only have graduate school debt.
43.8% of M.S. holders have student loan debt.
76.2% of M.D. and D.O. holders have student loan debt.
90.7% of other health doctorate degree holders have student loan debt.
The average student debt balance among M.S. holders in 2025 was 146% higher than the average balance in 2000.
Among M.D. and D.O. holders, the average student debt balance in 2025 was 171% higher than the average balance in 2000.
The average student debt balance among health doctorate degree holders in 2025 was 271% higher than the average balance in 2000.

Arts Graduate Loan Debt

Art students seem less likely to borrow for graduate programs than the average graduate student.

$101,144 is the average debt for a Master of Arts (M.A.) graduate; $76,240 is the average debt among M.A. graduates who only have graduate school debt.
65.9% of M.A. holders have student loan debt.
The average student debt balance among M.A. holders in 2025 was 226% higher than the average balance in 2000.

Other Graduate Loan Debt

Other graduate degrees include those not covered above.

$103,270 is the average debt among other master’s program graduate borrowers; $84,682 is the average debt among other master graduates who only have graduate school debt.
$80,508 is the average debt among other Ph.D. program graduate borrowers; $91,008 is the average debt among other Ph.D. graduates who only have graduate school debt.
$157,324 is the average debt among other non-Ph.D. doctorate program borrowers; $153,222 is the average debt among other non-Ph.D. graduates who only have graduate school debt.
61.6% of other master’s holders have student loan debt.
26.9% of other Ph.D. holders have student loan debt.
64.0% of other non-Ph.D. doctorate holders have student loan debt.
The average student debt balance among other master’s holders in 2025 was 213% higher than the average balance in 2000.
Among other Ph.D. holders in 2025, the average student debt balance was 139% higher than the average balance in 2000.
The average student debt balance among other non-Ph.D. doctorate holders in 2025 was 250% higher than the average balance in 2000.

Historical Federal Graduate Debt

Grad PLUS loans as defined by the Congressional Budget Office are non-need-based and “borrowing is limited only by the cost of attendance.”

$634 billion was the total federal graduate debt in 2017.
Graduate students in 2017 were 2.4 times more likely to borrow for school than graduate students in 1995.
The average graduate school debt in 2017 was more than 10 times higher than it was in 1995.
46% of federal student loan debt belonged to graduate student borrowers in 2017.
The average loan balance of graduate students in 2017 increased by 47% relative to 1995.
The average student loan balance for research doctorates doubled between 2000-2016, from $53,500 to $108,400 (an increase of 103%).
Also during 2000-2016, debt among master’s holders increased 57%.