Attending graduate school is an opportunity to gain new skills, grow your network, and advance your career. Yet it’s important to determine whether the knowledge and professional advancement are worth the cost and time spent earning a graduate degree.
What follows is a breakdown of average tuition by graduate program, hidden fees to watch out for, and strategic tips to make your advanced degree more affordable.
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Average Cost of a Graduate Degree
The cost of graduate school varies widely, but annual expenses average around $49,500, including tuition and living costs. Pursuing an academic master’s or Ph.D. may cost less (particularly if it’s subsidized), while law or medical school can cost considerably more.
Public colleges are generally more affordable than private institutions, particularly for in-state residents. Graduate tuition at public universities often ranges from $10,000 to $30,000 annually for in-state students, while out-of-state students can expect to pay between $20,000 and $50,000 per year.
Graduate school tuition at private universities tends to run higher, often between $30,000 and $60,000 or more per year. However, private institutions may offer smaller class sizes and more networking opportunities, which can add value to your degree. They may also offer generous financial aid packages that make the actual price significantly lower than the published “sticker price.”
đź’ˇ Quick Tip: Some lenders help you pay down your student loans sooner with reward points you earn along the way.
Cost by Type of Graduate Program
Graduate degree costs vary significantly based on program type. While many master’s programs span one to two years, medical school and doctorate programs may take four or more years to complete. Professional degrees generally cost more than research-based and academic programs.
Here’s a look at average costs across different graduate programs.
Master’s Degree
The cost of a master’s degree depends on the program length (such as one or two years), field of study, and institution type.
According to the Education Data Initiative, the average total cost of a master’s degree is $62,280. A master’s degree in education may cost around $44,640, while a master’s degree in the arts averages $71,140.
In-state tuition at a public university is typically the most affordable option before factoring in scholarships, grants, or other funding opportunities. Getting a master’s degree online can also lower costs and provide flexibility for working students.
MBA Programs
The total cost of an MBA can range from around $78,000 (for in-state students at a public school) to $270,000 (for a private top-tier university) for a full-time two-year program. This includes tuition, mandatory fees, textbooks, supplies, technology costs, and living expenses.
Public universities are generally the most affordable route. For example, 2025-26 tuition at the University of Michigan’s Ross School of Business was $18,962 for first-year in-state students, compared to $64,556 for nonresidents. A prestigious private business school costs significantly more — tuition at Columbia Business School was $91,172 for first-year MBA students in 2025-26.
Law School (JD)
Average law school tuition is around $50,000 annually, or roughly $150,000 for a typical three-year program. With additional expenses, such as housing, books, and personal costs, the total cost of earning a JD can easily exceed $200,000.
Public universities often provide a more affordable path. For example:
• Tuition and fees at the University of Colorado Boulder for 2025-26 was $37,262 for Colorado residents and $45,272 for out-of-state students, with total annual cost of attendance estimated at $64,888 and $73,818 per year, respectively. Based on these numbers, the total cost of the three-year JD would be $194,664 (in-state) and $221,454 (out of state).
• Tuition and fees at Harvard Law School for 2025-26 were $82,560, with a total cost of attendance estimated at $126,650 per year. Based on these numbers, the cost of earning a Harvard law degree would be roughly $380,000.
Medical School (MD/DO)
Medical school typically takes four years to complete. The median cost for the class of 2025 was $286,454 at public schools and $390,848 at private institutions, according to Association of American Medical Colleges data.
Here’s a sampling of 2025-26 costs for first-year med students:
• Tuition at the University of Illinois College of Medicine was $48,450 (in-state) or $82,350 (out of state), with total cost of attending estimated at $89,195 and $123,095, respectively.
• Tuition at Stanford Medicine was $92,884, with total cost of attendance estimated at $146,148.
There are a handful of exceptions to these high tuition costs. The NYU Grossman Long Island School of Medicine offers free tuition to admitted students, and John Hopkins University School of Medicine provides free tuition to students from families earning less than $300,000 annually.
Recommended: Guide to FAFSA for Graduate Students
Ph.D. Programs
It can take four to eight years to graduate from a Ph.D., and costs vary widely by institution and field.
Average tuition is about $12,116 at a public in-state universities and $21,110 at private institutions, according to the most recent figures from the National Center for Education Statistics (2024-25). Including fees and living expenses, the average cost of a Ph.D is around $49,500 per year, or $198,000 to $396,000 over four to eight years.
However, these averages can be misleading. Many Ph.D. students receive funding through fellowships, scholarships, grants, and teaching or research assistantships that offset most or all of their costs, making it much easier to pay for grad school.
Breakdown of Graduate School Expenses
Beyond tuition and fees, graduates students also need to budget for:
• Housing and food: $18,000 – $24,000
• Books, course materials, and supplies: $1,400 – $2,100
• Technology fee: $100 – $200
• Personal and miscellaneous expenses: $1,700 – $2,600
• Transportation: $1,600 – $2,200
Hidden or Unexpected Costs to Watch Out For
Even though graduate schools typically publish full cost-of-attendance estimates, many students underestimate the full cost of graduate school. Commonly overlooked expenses include:
• Application fees: University application fees, transcript requests, and travel for on-campus interviews can add up quickly.
• Relocation expenses: Many students incur significant out-of-pocket moving expenses, which may include moving trucks, security deposits, first month’s rent, and travel costs.
• Professional wardrobe: Clinical placements, teaching assignments, and defense presentations often require professional attire you may not currently own.
• Exams and licensing: It’s important to budget for standardized testing fees, background checks, fingerprinting, and state licensing applications.
• Opportunity cost: Choosing graduate school over full-time work means missing out on salary, retirement contributions, and career advancement. For example, leaving a $50,000 job to earn a two-year master’s adds roughly $100,000 in lost income.
Recommended: How to Save Money for Grad School
Ways to Reduce the Cost of a Graduate Degree
There are ways to achieve your education goals while paying less than the average cost of a graduate degree. Here are some strategies to consider:
• Employer tuition assistance: Many companies offer to pay for all or part of a graduate degree in exchange for remaining with the company for a set period after graduation.
• Graduate assistantships (TA/RA): Research assistant (RA) and teaching assistant (TA) positions often provide tuition waivers and stipends for living expenses.
• Scholarships and fellowships: Graduate students often qualify for merit-based scholarships from universities, department fellowships, and funding from professional organizations and nonprofits.
• Choose a less expensive program: Public universities, accelerated programs, and online degrees can lower expenses.
• Reduce living expenses: Living with roommates, using public transportation, and sticking to a student budget can make your degree more affordable.
💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too.
How to Estimate Your Total Graduate School Cost
Many institutions outline the total cost of attendance, including tuition, fees, and living expenses for graduate students in a particular program. Part-time students may need to calculate costs by credit hour instead.
You’ll then want to subtract any expected financial aid, including scholarships, grants, and assistantships, to estimate your out-of-pocket expenses. If you plan to borrow, a student loan repayment calculator can help estimate monthly payments and total repayment costs.
Is a Graduate Degree Worth the Cost?
Graduate school can be a major investment of time and money. Both direct costs and opportunity costs matter when deciding whether or not to apply to a graduate program.
Graduate degrees can increase earning potential, though outcomes vary by profession and degree type. On average, master’s degree holders earn about 20% more than those with only bachelor’s degrees. Many graduate programs publish graduate salary data, which can help you evaluate potential return on investment.
To help determine if a graduate degree is worth it, consider:
• What is the average salary after graduation?
• How long will it take to repay graduate student loans?
• Is the degree required for your career?
• Are there more affordable alternatives?
The Takeaway
Graduate degrees vary widely based on program type, institution, field of study, and funding availability. Scholarships, grants, assistantships, and student loans can help cover costs. Prospective students will want to weigh expenses against potential earning power to decide whether graduate school is the right investment.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
FAQ
How much does a master’s degree cost in the U.S.
The average cost of a master’s degree in the U.S. is approximately $62,280 in total. This figure varies significantly based on the field of study, the type of institution (public or private), and whether you’re an in-state or out-of-state student. Choosing a public university, enrolling as an in-state resident, or opting for an online program can help lower your costs.
What is the most expensive graduate program?
The most expensive graduate programs are typically professional degrees, such as medical school (MD/DO) and law school (JD). Medical school has a median cost of nearly $400,000 for a private institution’s four-year program. Top-tier private MBA programs (typically two years) can exceed $250,000. These programs are often costly due to specialized training, resources, and high market demand for graduates.
Are graduate degrees tax-deductible?
Graduate degrees may offer tax benefits, but they are not fully tax-deductible. The Lifetime Learning Credit allows graduate students to claim up to $2,000 of their education expenses on their tax returns each year. In addition, borrowers may be eligible to claim a student loan interest deduction of up to $2,500 annually.
How can I go to grad school for free?
There are several ways to attend graduate school for free or at a significantly reduced cost. Many Ph.D. programs provide full funding through research or teaching assistantships, which typically include a tuition waiver and a living stipend. Master’s students can also secure assistantships, scholarships, or external fellowships. Many professionals leverage employer tuition assistance, and a select few medical programs now offer tuition-free education to eligible students.
Is it cheaper to do grad school online?
Online graduate programs can often be cheaper than their on-campus counterparts. While the tuition cost per credit hour may be similar, online programs eliminate or significantly reduce associated expenses like campus fees, commuting costs, and relocation expenses. The flexibility of online learning may also allow students to continue working full-time, avoiding the opportunity cost of lost wages.
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