Average Graduate Student Loan Debt [2023]: for Master's & PhD

Report Highlights. The average graduate student loan debt balance is $76,620 among federal borrowers.

The average undergraduate student loan debt balance is $37,337.
The average debt among master’s degree holders is $83,651.
The average debt among PhD holders is $125,276.
14.3% of the average graduate student debt is from the borrower’s undergraduate study.
The average graduate student debt is 141.8% higher than the average debt balance among all student borrowers.

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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 $78,118.

Each outstanding Direct PLUS loan or Grad PLUS loan debt carries a balance of $56,882.
$634 billion was the total federal graduate debt in 2017 according to the Congressional Budget Office.
$85,950 is the average student loan debt among post-baccalaureate certificate holders; $69,858 is from graduate school only.
$64,743 is the average student loan debt among those who received their post-baccalaureate certificate from a public institution; $55,883 is just from graduate school.
$88,058 is the average debt among those who earned their post-baccalaureate certificate from private, nonprofit institutions; $84,826 is from graduate school.
$123,339 is the average debt among those who attended private, for-profit institutions; $67,474 is from graduate school.

Trends in Graduate Student Debt

Today’s graduate students are 3 times more likely to borrow for school than graduate students in 1995. The average graduate school debt is more than 10 times higher since 1995.

Graduate students borrow 39% of federal student loan dollars.
46% of federal student loan debt belongs to graduate student borrowers.
Between 1999–2000 and 2015–2016, average student loan balances for people who completed graduate school increased for all degree graduate degrees.
The average student loan balance for research doctorates doubled between 1999-2000, from $53,500 to $108,400 (an increase of 103%).
Student loan debt balances increased by 90% for professional doctorate holders (from $98,200 to $186,600), by 85% for post-baccalaureate certificate holders (from $36,600 to $67,800), and by 57% for those who finished their master’s degrees (from $42,100 to $66,000).

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Average Master’s Student Debt

Most master’s degree holders carry a cumulative student loan debt balance of over $80,000. For graduate school alone, the average debt among master’s degree holders exceeds $65,000.

$83,651 is the average student loan debt balance among master’s degree holders; $64,950 is from graduate school only.
$69,057 is the average student loan debt among master’s degree holders who attended public institutions; $54,699 is just from graduate school.
$91,168 is the average debt among those who earned master’s degrees at private, nonprofit institutions; $72,776 is from graduate school.
$114,531 is the average debt among master’s degree holders who attended private, for-profit institutions; $80,068 is from graduate school.
Since 2000, the average debt among master’s degree holders has increased by 113%.
60% of master’s degree holders owe student loan debt.
Among master’s degree holders who attended public institutions, 57% owe student loan debt.
60% of those who earned master’s degrees at private, nonprofit institutions owe student loan debt.
71% of master’s degree holders who attended private, for-profit institutions owe student loan debt.

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Doctoral and Professional Debt

Doctorate holders naturally have a higher average graduate student loan debt, and professional doctorate holders carry almost twice as much debt compared to research doctorate or Ph.D. holders. Doctorate and Professional debt has more than doubled since 1999 – and in some disciplines – debt has tripled.

$134,797 is the average PhD holder’s total student loan debt; $127,521 is from graduate school alone.
$115,759 is the average debt among Ph.D. holders who attended public institutions; $106,297 is from graduate school.
$116,989 is the average debt among those who earned a Ph.D. at private, nonprofit institutions; $113,266 is from graduate school.
$199,175 is the average debt among those who earned a Ph.D. at private, for-profit institutions; $183,508 is from graduate school.
$186,704 is the average debt among professional doctorate holders; $217,426 is from graduate school.
$250,426 is the average debt among those who earned professional doctorates at public institutions; $165,600 is from graduate school.
$275,890 is the average debt among those who earned professional doctorates at private, nonprofit institutions; $259,703 is from graduate school.
$236,576 is the average debt among those who earned professional doctorates at private, for-profit institutions; $211,992 is from graduate school.
Of Ph.D. holders attending public institutions, 37% have student loan debt.
54% of those who earned a Ph.D. at private, nonprofit institutions owe student loan debt.
76% of those who earned a Ph.D. at private, for-profit institutions owe student loan debt.
Among professional doctorate holders who attended public institutions, 76% owe student loan debt.
72% of those who earned professional doctorates at private, nonprofit institutions owe student loan debt.
90% of those who earned professional doctorates at private, for-profit institutions owe student loan debt.
45% of PhD holders owe student loan debt.
75% of professional doctorate holders owe student loan debt.
81% of medical doctorate holders have student loan debt.
75% of other health science professional practice doctorate holders have student loan debt.

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Graduate Debt by Discipline

Medical and health science degree holders are most likely to have high amounts of graduate student loan debt. Regardless of degree discipline, graduate student debt is consistently higher than undergraduate debt.

$82,439 is the average debt for a Master of Business Administration (MBA); $63,517 is from graduate school.
51% of MBA holders have student loan debt.
$68,620 is the average debt for a Master of Education; $52,878 is from graduate school.
62% of Master of Education holders have student loan debt.
$90,518 is the average debt for a Master of Arts (MA); $67,024 is from graduate school.
59% of MA holders have student loan debt.
$77,512 is the average debt for a Master of Science (MS); $60,730 is from graduate school.
56% of MS holders have student loan debt.
$139,166 is the average debt among Doctorate of Philosophy (Ph.D.) holders; $128,845 is from graduate school.
$139,166 is the average debt among those with a doctorate in education; $128,845 is from graduate school.
$251,736 is the average debt among those with doctorates in health science professional practices; $241,034 is just from graduate school.
$164,447 is the average debt among those who hold other doctorates (not a Ph.D.); $146,297 is from graduate school.
69% of law school students graduate in debt.
81% 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

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