Average Cost of a Master's Degree

Pursuing a master's degree can open doors to advanced career opportunities and higher earning potential. But with the rising costs of education, you might be asking yourself: “Is a master's degree worth the investment in 2025?” Let's dive into the numbers and explore what you can expect to pay for graduate education this year.

Key takeaways

• Average master's degree cost is ~$59,684, ranging from $56,000 to $75,000 based on school and program
• Public universities are cheaper ($48,690) than private ones ($64,440)
• Financial aid options like federal loans, scholarships, grants, and assistantships can reduce costs

The average total cost of a master’s degree might surprise you

If you're considering a master's program, it's essential to understand the overall financial commitment. On average, a master's degree in the United States costs approximately $59,684. However, depending on factors like the school, major, and program length, this figure can range between $56,000 and $75,000.

Public vs. private institutions: What’s the difference in cost?

Choosing between a public and a private institution can significantly affect your tuition fees.

• Public institutions: These schools generally offer lower tuition rates. On average, a master's degree from a public university costs around $48,690.
• Private institutions: Private schools tend to charge more, with an average total cost of $64,440 for a master's degree.

Are the higher costs of private institutions justified? It often depends on factors like program reputation, networking opportunities, and available resources.

How does your field of study affect the price tag?

The field you choose can dramatically influence the cost of your graduate education. Here's a breakdown of average costs by degree type:

• Master of Education (M.Ed.): Typically costs around $42,010.
• Master of Arts (M.A.): Average cost is $66,950.
• Master of Science (M.S.): Average cost is $57,770.
• Master of Business Administration (MBA): One of the most popular options, averaging around $56,850.

TuitionHero Tip

An MBA from a prestigious institution like Harvard Business School can cost up to $231,276 for a full two-year program. Does the potential return on investment align with these higher costs? That's a crucial question to consider.

Online vs. on-campus programs: Which is more affordable?

In today's digital age, online master's programs have become increasingly popular. But do they save you money?

• Online programs: Often more affordable, with an average cost of around $25,000. Plus, you'll save on transportation and potentially on out-of-state fees.
• On-campus programs: Can be more expensive due to additional costs like housing and campus fees.

Are you someone who thrives in a traditional classroom setting, or do you prefer the flexibility of online learning? Your personal learning style can influence not only your costs but also your overall educational experience.

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State-by-state variations: Location matters more than you think

Did you know that the cost of a master's degree can vary dramatically depending on where you study?

• California: The average cost at schools like Stanford or CalTech is about $54,000.
• Utah: Costs can be significantly lower, with a Master’s from BYU averaging $7,510.

So, if you're open to relocating, considering states with lower tuition fees might be a strategic way to reduce your educational expenses.

Living & non-tuition expenses

Tuition is just the beginning. Don’t underestimate the extras that can push your total expense 30–40% above tuition alone—making it critical to know how much is a masters degree beyond just tuition:

• Room & board: $12,000–$18,000 per year
• Books & supplies: $1,200–$2,000 per year
• Transportation: $800–$2,500 per year (varies by region)
• Technology & fees: $600–$1,200 per year
• Personal & miscellaneous: $1,500–$3,000 per year

For those considering education fields specifically, the cost of masters in education tends to be lower. And if you compare programs nationwide, you’ll see that how much do masters degrees cost varies widely—sometimes by tens of thousands of dollars.

Financial aid and student loans: How can you ease the burden?

Financing a master's degree can be intimidating, but several options can help lighten the load:

• Federal direct loans: Low-interest loans available to graduate students.
• Graduate PLUS loans: Federal loans that can cover remaining costs after other financial aid.
• Private loans: Offered by banks or other financial institutions, often with higher interest rates.
• Scholarships and grants: Free money that doesn't need to be repaid. Always explore these options first.
• Graduate assistantships and fellowships: Provide stipends and tuition waivers in exchange for teaching or research work.
• Military benefits: For those who have served, military education benefits can substantially reduce costs.

Have you explored all the financial aid options available to you? Sometimes, a little research can save you thousands of dollars.

TuitionHero Tip

Understanding terms like federal student loans and knowing how to qualify for a private student loan can make a significant difference.

Is the investment worth it? Understanding the return on investment (ROI)

Higher education is often touted as an investment in your future. But what does the data say?

• Increased earning potential: The median of master's degree holders earn $1,661 weekly, which is about 16% more than those with a bachelor's degree.
• Lower unemployment rates: The unemployment rate for individuals with a master's degree is only 1.9%, compared to higher rates among less-educated groups.

Considering these statistics, a master's degree can offer long-term financial benefits. But it's essential to weigh these against the upfront costs and potential student loan debt.

Did you know?

The average cost of an MBA has increased by nearly $10,000 from 1999 to 2022. Back then, the average cost was $46,530, compared to $56,850 today. Inflation and the growing demand for advanced business skills contributed to this significant rise.

Dos and don'ts of navigating a master's degree

Remember: Not all financial aid is created equal. Be cautious of origination fees and understand fixed vs. variable rates before committing.

Cost inflation: How graduate tuition has risen over time

Pursuing a graduate degree today means paying more than ever. Here’s how tuition inflation has reshaped the cost of masters degree landscape over the last two decades:

• Average master’s cost in 2000 vs. 2025
  • 2000 (inflation-adjusted): ~$28,000
  • 2025: ~$59,684
• Annual tuition inflation rate: Graduate tuition has climbed by roughly 3.5% per year since 2000, outpacing general CPI inflation and driving up masters degree cost year after year.

What this means for you:

• Lock in today’s rates: Many schools guarantee your tuition if you remain continuously enrolled, shielding you from next year’s rate hikes.
• Explore accelerated formats: Shorter programs reduce your exposure to yearly increases in how much a master's costs.
• Consider part-time enrollment: Spreading costs over more years can sometimes lower your overall rate increase.

Why trust TuitionHero

TuitionHero guides you in managing the costs of graduate education by offering resources for loans, scholarships, and refinancing. We also provide insights on maximizing your education's return on investment.

House GOP student-aid reform proposal

In April 2025, House Republicans advanced a sweeping student-aid reform package aimed at reining in federal education spending and reshaping graduate borrowing:

• $1.5 trillion cut: Over ten years, the proposal would reduce overall higher-education spending by $1.5 trillion, forcing deep changes in grant and loan programs.
• Pell Grant tightening: Eligibility for Pell Grants would be narrowed, with fewer low-income students qualifying for this critical aid.
• Graduate loan caps: New limits would cap total graduate borrowing at $100,000 per student—potentially leaving many aspiring master’s candidates underfunded.
• Institutional accountability: Colleges would be required to reimburse the government for defaulted loans, incentivizing schools to better support borrowers through graduation.

If passed, these reforms could directly affect the cost of a master’s degree for thousands of students, both by reducing available aid and by encouraging institutions to reconsider their tuition strategies.

Frequently asked questions (FAQ)

What is the average cost of a master’s degree in the U.S.?

In 2024, the average cost is around $59,684, but this can range from $56,000 to $75,000 depending on the program, institution, and other factors.

How do costs differ between public and private institutions?

Public institutions generally charge less, with an average cost of $48,690. Private institutions cost more, averaging $64,440. The decision between public and private may depend on program reputation, resources, and networking opportunities.

Does the field of study impact the cost of a master’s program?

Yes, program costs vary widely. For example, a Master of Education averages $42,010, while a Master of Arts is closer to $66,950. An MBA typically costs $56,850, though prestigious programs can exceed $200,000.

Are online master’s programs more affordable than on-campus ones?

Generally, yes. Online programs often cost around $25,000, with additional savings on housing and transportation. However, on-campus programs may offer valuable networking and in-person resources.

How does location affect master’s program costs?

Tuition varies significantly by state. For example, a master’s program at Stanford in California may cost around $54,000, whereas BYU in Utah averages $7,510. Considering states with lower tuition can reduce expenses.

What financial aid options are available for graduate students?

Options include Federal Direct Loans, Graduate PLUS Loans, private loans, scholarships, assistantships, and military benefits. These can help offset tuition costs, so exploring all options is recommended.

How much does a master’s in education cost?

The cost of a master's in education varies widely by institution type and location.

On average, you can expect to pay between $30,000 and $50,000 for the full program at a public university, and $40,000 to $70,000 at a private nonprofit school.

Community colleges and regional public universities often offer programs at the lower end of this range, sometimes under $25,000 total.

How expensive is a master’s?

Master’s programs generally run two years full-time. Across all fields, total costs can span from $20,000 at the most affordable public institutions up to $150,000+ at elite private schools.

The median total cost lands near $60,000, but specialized programs (like top-tier MBAs or M.S. in engineering) often exceed that by tens of thousands.

What is the most expensive master’s degree?

The priciest graduate programs tend to be in business and law. For example, a two-year MBA at Harvard Business School carries a total tuition of about $161,000, and Stanford’s MBA program is similarly steep.

Other high-cost offerings include specialized master’s in clinical psychology or executive education, which can each top $100,000 in tuition and associated fees.

Final thoughts

A master’s degree can unlock higher earnings and new career paths—but only if you go in with eyes wide open about every expense.

By factoring in both decades-high tuition inflation and the full slate of living costs, you’ll be able to compare programs more effectively, plan your financing strategy, and choose the path that delivers the best return on investment.

Remember, true financial readiness comes from knowing not just the sticker price but the complete cost of masters degree journey from application through graduation.

Source

• Average Cost of a Master’s Degree
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• Average Cost of Master’s Degree in 2023
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