Earning a master’s degree can open the door to career advancement, specialized expertise, and higher lifetime earnings. But graduate school also represents a major financial investment. The average cost of a two-year master’s degree — including tuition, fees, and living expenses — typically ranges from around $73,000 to $92,000, depending on the program, institution type, and delivery format. Below, we break down the numbers in detail, including tuition ranges by program, hidden costs, and how to make a master’s more affordable.
Table of Contents
Key Points
• The average total cost of a two-year master’s degree generally falls between $73,000 and $92,000.
• Public universities offer the lowest average tuition for master’s students (for in-state students); private nonprofit schools are among the most expensive.
• The cost of a master’s degree is heavily influenced by the field of study, with MBA and STEM programs often exceeding the average cost.
• Beyond tuition, students must budget for housing, books, fees, transportation, and potential lost income from reduced working hours.
• Students can significantly reduce the cost of their master’s degree by pursuing assistantships, scholarships, and employer assistance, and by strategically choosing affordable programs.
Average Tuition Costs by Institution Type
The type of college or university you attend is one of the biggest factors affecting tuition. Public universities are generally the most affordable, while private nonprofit schools are typically more expensive.
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Public Universities
Public universities offer the lowest average tuition for master’s students, especially for in-state residents. According to latest data from the National Center for Education Statistics (2024-25):
• Average annual tuition for a master’s at a public university (in state): $12,116
• Average annual tuition for a master’s at a public university (out of state): $21,698
Additional expenses — including fees, room and board, books, supplies, and transportation — can add roughly $24,600 per year. This brings the estimated total cost of a two-year master’s at a public university degree to:
• $73,400 for in-state students
• $92,600 for out-of-state students
Public universities often strike a strong balance between affordability, academic quality, and program reputation, making them a popular choice for graduate students.
Private Nonprofit Universities
Private nonprofit universities are typically the most expensive option, but they may offer strong alumni networks, smaller class sizes, and more funding opportunities.
The average annual tuition cost for graduate school at a private not-for-profit university is $21,527. After additional fees and living expenses (e.g., housing, food, books, and supplies) total costs rise by about $24,600 per year, bringing the estimated two-year total to approximately $92,054.
Private universities generally charge more because they rely heavily on tuition and donations rather than government funding. However, many offer scholarships, graduate fellowships, and assistantships that can reduce out-of-pocket costs.
For-Profit Institutions
For-profit institutions, which are owned and operated by private corporations, had an average master’s degree tuition cost of $17,745 for the 2024-25 academic year.
For students who relocate or live on campus, the total cost of attendance for a two-year master’s at a for-profit college is roughly $84,700. However, many of these programs include an online component — and some are fully online — which can help students save on housing, commuting, and campus expenses.
Although these schools may appear cheaper than private nonprofit universities, outcomes and financial aid opportunities vary widely. It’s important for prospective students to carefully research accreditation, graduate rates, and employment outcomes before enrolling.
Average Costs by Field of Study
Your major may have an even greater impact on tuition than the school you choose. High-demand and specialized fields often cost more due to lab equipment, faculty, expertise, and strong job prospects.
Business (MBA)
The MBA remains one of the most popular — and expensive — master’s degrees. Total costs for a two-year degree ranges from around $78,000 (for in-state students at a public school) to $270,000 (for a private top tier university), including tuition, fees, textbooks, and living expenses.
Going to a public university as an in-state student is often the most cost-effective way to get an MBA. For example:
• Annual MBA tuition at Indiana University Kelley School of Business: $12,142 (in-state); $42,702 (out-of-state).
• Annual MBA tuition at Stanford Business School: $85,755.
Despite the high cost, MBA graduates often experience strong salary growth, which can make the investment worthwhile. Students may want to explore financial aid, employer sponsorship, and possibly MBA loans.
Engineering
Students may pursue a Master of Science (MS) or a Master of Engineering (MEng). These programs typically last one to two years and often require specialized labs and equipment, increasing costs.
Examples of tuition costs:
• Annual tuition for the MEng program at Penn State: $27,660 (in-state); $48,662 (out-of-state)
• Annual tuition at NYU’s Tandon School of Engineering for graduate students: $75,750
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Education
Master’s in education — which include Master of Education (MEd), Master of Arts in Teaching (MAT), and Master of Science in Education (MSEd/MS) — typically take two years to complete.
Annual tuition generally ranges from around $15,200 at public schools for in-state students to roughly $33,100 at private universities.
You may be able to receive a federal TEACH Grant for a master’s degree in education if you are enrolled in an eligible program and intend to teach in a high-need field at a low-income school after graduation.
Health Professions
From public health to nursing, health-related master’s programs often lead to high-demand careers but can vary widely in cost.
Here’s a sampling of costs:
• Annual tuition at SUNY Albany for a Master of Public Health (MPH): $13,908 (in-state); $28,318 (out-of-state).
• Annual tuition for Harvard University’s MPH program: $77,400.
• Annual tuition for a Master of Science in Nursing (MSN) at Emory University: $67,080.
• Online MSN degree from Southern New Hampshire University: $16,320 for the full program.
Social Sciences
Master’s in the social sciences, which focus on human society, behavior, and interpersonal relationships, typically fall in the lower-to-mid cost range and may only take one year.
Examples:
• Annual tuition for a Master of Social Sciences (MSS) degree at Ohio University: $9,600 (in-state)
• Annual tuition for a MSS at the University of Chicago: $59,732.
Computer Science & IT
Master’s degrees in computer science and IT, which typically require two years to complete, tend to be more expensive than the average master’s due to high demand and specialized resources.
Costs vary widely depending on type of university and format. For example:
• Annual tuition for the Master of Computer Science (MSC) program at the University of Illinois: $20,714 (in-state)
• Annual tuition for the MCS program at Carnegie Mellon University: $60,400.
• Online MCS program at Syracuse University: $60,450+ for full program.
Hidden Costs to Consider
Tuition is only part of the total cost of graduate school. Living expenses and course materials can substantially increase your budget.
• Housing and food: For students who relocate or live on campus while studying, room and board can run $18,000 to $24,000 per year.
• Books and materials: Graduate textbooks, software and supplies can easily run over $1,000 per year.
• Lost income: Full-time students may give up salary or reduce working hours, which can add a significant opportunity cost.
• Fees: Application, technology, and graduate program fees can add up to several hundreds per year.
• Transportation: Expenses for travel to and from campus, including commuting, public transit fares, fuel, parking permits, and trips home during breaks, can run anywhere from 1,600 to $4,000 a year.
These extra costs explain why the total cost of attendance is often much higher than tuition alone.
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Online vs On-Campus Program Costs
Online master’s programs have grown rapidly and can sometimes be more affordable. However, lower tuition isn’t guaranteed — some schools charge the same rate regardless of format.
Students can often save money through reduced relocation, housing, and commuting costs. When comparing programs, it’s important to consider the total cost of attendance, including technology fees and potential savings on living expenses.
Cost-Saving Tips for Master’s Students
A master’s degree can be expensive, but there are numerous ways to reduce the cost and make it easier to pay for grad school.
• Apply for assistantships: Graduate assistantship can significantly reduce tuition. These positions typically involve supporting professors with teaching, grading, research or administrative work. In exchange, students often receive tuition waivers and stipends for living expenses.
• Seek scholarships and grants: Master’s degree students often qualify for merit-based scholarships from universities and private organizations that do not require repayment. You can use an online scholarship search tool to find external opportunities.
• Choose a public university: Institution choice plays a major role in how much you ultimately pay for your master’s degree. Public universities often offer the best value, particularly for in-state students.
• Work while studying: Continuing to work during graduate school can offset living expenses and reduce the need for student loans. Many programs are designed to accommodate working professionals, especially evening, weekend, and online programs.
• Tap 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.
• Consider accelerated programs: Accelerated or intensive master’s programs can lower the overall cost of attendance. While these programs require a heavier workload and strong time management skills, they reduce the time spent out of the workforce and lower overall expenses.
• Borrow strategically: Student loans are common, but borrowing wisely can help prevent overwhelming debt after graduation. It’s wise to create a realistic budget that includes tuition, living expenses, and expected income, then borrow only what you truly need, prioritizing federal loans. A student loan payment calculator can help you estimate payments on any current or future education debt.
The Takeaway
The cost of a master’s degree is a major investment that varies widely by institution type, field of study, and delivery format. While public, in-state universities can provide an affordable path, specialized degrees such as MBAs, engineering, and computer science can cost significantly more than the average master’s degree.
Beyond tuition, you’ll need to consider hidden expenses like housing, materials, and lost income. By pursuing assistantships, scholarships, employer assistance, and responsible borrowing strategies, you can minimize financial stress while maximizing the long-term career benefits of earning an advanced degree.
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
What is the average cost of a master’s degree in the U.S.?
The average total cost of a two-year master’s degree in the U.S. — including tuition, fees, and living expenses — is typically between $73,000 to $92,000. In-state students at public universities can expect to pay around $73,400, while those at private nonprofit universities may pay closer to $92,054. Program type is also a factor, with degrees like MBAs, engineering, and computer science often costing more than average.
Is a master’s degree worth the cost?
A master’s degree may be worth the cost if it increases your earning potential in your chosen field. On average, master’s degree holders earn 20% more than those with a bachelor’s degree alone, according to the National Center for Education Statistics.
Which master’s degrees are the most expensive?
Master’s degrees in business, engineering, and computer science have some of the highest tuition costs among graduate programs. Public institutions and studying online may offer more affordable options in these fields of study.
What’s the cheapest way to get a master’s degree?
The cheapest way to get a master’s degree is generally by attending a public university as an in-state resident. These institutions offer the lowest average tuition. Further cost savings can be achieved by:
• Applying for graduate assistantships, which often include tuition waivers and a stipend.
• Seeking out merit-based scholarships and grants.
• Enrolling in online programs to reduce or eliminate relocation, housing, and commuting costs.
• Tapping into employer tuition assistance programs.
How much does an MBA cost?
Total costs for a two-year Master of Business Administration (MBA) degree are highly variable, ranging from approximately $78,000 for in-state students at a public university to as much as $270,000 at a top-tier private institution, including tuition, fees, books, and living expenses.
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