Average Graduate Student Loan Debt [2024]: for Master's & PhD

Report Highlights. The average inflation-adjusted graduate student loan debt balance of the class of 2019-2020 was $94,141 among federal borrowers.

The average student loan debt balance in 2024 is $38,005.
The average inflation-adjusted debt among 2020 master’s graduates is $64,668.
The average debt among PhD holders is $89,526.
12.4% of the average graduate student debt is from the borrower’s undergraduate study.
There is an 85% difference between the average graduate student debt and the average debt balance among all student borrowers.

Average graduate student loan debt 1026 1 1 on Education Data Initiative

Average Graduate Student Debt

Graduate school encompasses advanced degrees beyond the Bachelor’s level. These degrees typically include master’s and doctoral degrees. Many borrowers who carry a graduate student loan debt balance also have debt from undergraduate studies; debt from graduate school alone averages $94,141.

Each outstanding Direct PLUS loan or Grad PLUS loan debt carries a balance of $59,722.
$634 billion was the total federal graduate debt in 2017 according to the Congressional Budget Office.
$84,277 was the average student loan debt among postbaccalaureate certificate holders in 2020; $57,057 is from graduate school only.
$87,089 is the average student loan debt among those who received their postbaccalaureate certificate from a public institution; $81,085 is just from graduate school.
$76,446 is the average debt among those who earned their postbaccalaureate certificate from private, nonprofit institutions; $92,546 is from graduate school.
$150,687 is the average debt among those who attended private, for-profit institutions; $133,625 is from graduate school.

Trends in Graduate Student Debt

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 in 1995.

Graduates contributed to 39% of new federal student loans in 2017.
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%).
Student loan debt balances increased by 90% for professional doctorate degree holders 85% for postbaccalaureate certificate holders, and by 57% for those who finished their master’s degrees.

Average graduate student loan debt 1026 2 1 on Education Data Initiative

Average Master’s Student Debt

In 2020, Most master’s degree holders carry a cumulative student loan debt balance of over $80,000 adjusted for inflation. For graduate school alone, the average debt among master’s degree holders exceeds $60,000. The values presented below are from the graduating class of 2020 and have been adjusted for inflation.

$84,203 is the average student loan debt balance among master’s degree holders; $65,667 is from graduate school only.
$71,415 is the average student loan debt among master’s degree holders who attended public institutions; $54,085 is just from graduate school.
$63,378 is the average debt among those who earned master’s degrees at private, nonprofit institutions.
$92,997 is the average debt among master’s degree holders who attended private, for-profit institutions; $64,387 is from graduate school.
Relative to 2000, the average debt among master’s degree holders has increased by 92%.
55.2% of master’s degree graduates in 2020 owe student loan debt.
Among master’s degree graduates who attended public institutions, 52.5% owe student loan debt.
53.6% of graduates who earned master’s degrees at private, nonprofit institutions owe student loan debt.
69% of master’s degree holders who attended private, for-profit institutions owe student loan debt.

Average graduate student loan debt 1026 3 1 on Education Data Initiative

Doctoral and Professional Debt

Doctorate holders naturally have a higher average graduate student loan debt, and professional doctorate holders carry more than twice as much debt as research doctorate or PhD holders. Doctorate and Professional debt has more than doubled since 1999 when inflation is not considered. The values presented below are from the graduating class of 2020 and have been adjusted for inflation.

$88,368 is the average 2020 PhD graduate’s total inflation-adjusted student loan debt; $89,526 is the average debt among graduates who only have graduate school debt.
$195,504 is the average debt among PhD holders who attended public institutions; $183,253 is the average debt among graduates who only have graduate school debt.
$258,712 is the average debt among those who earned PhDs at private, nonprofit institutions; $249,139 is the average debt among graduates who only have graduate school debt.
$202,117 is the average debt among those who earned PhDs at private, for-profit institutions; $192,435 is the average debt among graduates who only have graduate school debt.
$242,942 is the average debt among professional doctorate holders; $227,652 is the average debt among graduates who only have graduate school debt.
$185,747 is the average debt among those who earned professional doctorates at public institutions; $173,388 is the average debt among graduates who only have graduate school debt.
$288,865 is the average debt among those who earned professional doctorates at private, nonprofit institutions; $271,917 is the average debt among graduates who only have graduate school debt.
$247,702 is the average debt among those who earned professional doctorates at private, for-profit institutions; $221,963 is from graduate school.
Among PhD holders who attended public institutions, 31% have student loan debt.
33.2% of those who earned PhDs at private, nonprofit institutions owe student loan debt.
59% of those who earned PhDs at private, for-profit institutions owe student loan debt.
Among professional doctorate holders who attended public institutions, 70.7% owe student loan debt.
79.5% of those who earned professional doctorates at private, nonprofit institutions owe student loan debt.
76.6% of those who earned professional doctorates at private, for-profit institutions owe student loan debt.
33% of PhD graduates owe student loan debt.
74.8% of professional doctorate graduates owe student loan debt.
76.2% of medical doctorate graduates have student loan debt.
90.7% of other health science professional practice doctorate graduates have student loan debt.

Average graduate student loan debt 1026 4 1 on Education Data Initiative

Graduate Debt by Discipline

Medical and health science degree graduates are most likely to have high graduate student loan debt. Regardless of degree discipline, graduate student debt is consistently higher than undergraduate debt. The values presented below are from the graduating class of 2020 and have been adjusted for inflation.

$81,218 is the average debt for a Master of Business Administration (MBA) graduate; $63,146 is the average debt among graduates who only have graduate school debt.
57.8% of MBA holders have student loan debt.
$69,857 is the average debt for a Master of Education graduate; $46,656 is the average debt among graduates who only have graduate school debt.
62.5% of Master of Education holders have student loan debt.
$98,087 is the average debt for a Master of Arts (MA) graduate; $74,363 is the average debt among graduates who only have graduate school debt.
67% of MA holders have student loan debt.
$78,893 is the average debt for a Master of Science (MS) graduate; $64,170 is the average debt among graduates who only have graduate school debt.
43.8% of MS holders have student loan debt.
$83,412 is the average debt of a doctorate in education graduate; $69,735 is the average debt among graduates who only have graduate school debt.
$242,623 is the average debt among doctorate in health science professional practices graduates; $233,770 is the average debt among graduates who only have graduate school debt.
$161,733 is the average debt among those who hold other doctorates (not PhDs); $154,803 is the average debt among graduates who only have graduate school debt.
67.3% of law school students graduate in debt.
76.2% of medical school students graduate with educational debt.

For more detailed information, see related reports Average Law School Debt and Average Medical School Debt.

Average Graduate Student Debt

Trends in Graduate Student Debt

Average Master’s Student Debt

Doctoral and Professional Debt

Graduate Debt by Discipline

Sources