Pursuing a graduate degree in a STEM field can help you level up your career prospects. A key consideration is how to pay for STEM master’s degrees. You’ll need to manage tuition, fees, and other expenses. The average cost of a master’s degree in science is $61,380, though your actual cost depends on where you attend school, how long it takes you to complete the program, and what types of aid or assistance you qualify for. Pursuing medicine or a health profession, for example, could be more costly. Federal financial aid, scholarships, and grants are all options to consider as you explore how to pay for a STEM master’s degree.
Table of Contents
Key Points
• Federal aid (loans, TEACH Grants, work-study) is available for STEM master’s degrees.
• STEM graduate costs include tuition plus unique fees for labs, technology, and research.
• Minimize loan reliance with assistantships, fellowships, scholarships, grants, and employer tuition benefits.
• Borrow strategically: Start with federal loan options, and explore rates and terms for private loans if necessary.
• Manage costs by budgeting living expenses and selecting less expensive or online program options.
Unique Costs of STEM Graduate Programs
Typical STEM graduate program costs include tuition, fees, and books but there may be additional expenses you’ll need to factor into your budget. You may be expected to pay lab fees to conduct hands-on coursework, purchase specific hardware or software, and cover research-related expenses. If you anticipate completing an internship or fieldwork during your graduate program, that may require a placement fee.
Lab Fees and Technology Requirements
As a graduate student in a STEM field, you may be expected to pay lab and/or technology fees, which can add 10% or more to your total cost, even if you pursue a degree online. Lab fees help to cover the cost of materials required for hands-on experimentation or coursework. Technology fees typically cover maintenance and upgrades for required software systems and hardware used in lab settings.
Additionally, you may be expected to purchase hardware or software for use outside the lab. For instance, you may need to purchase a laptop or tablet, printer, or specialized software to complete work in a virtual lab. Some of these costs may be one-time only; for instance, your laptop may last for the duration of your enrollment. Others, such as lab fees, may be recurring and apply to each course you take that requires a lab component.
Research Expenses
STEM master’s degree students are typically expected to conduct research if they’re on a thesis track. Students who are enrolled in a non-thesis course of study may be expected to complete a capstone project in lieu of research.
Research costs typically depend on whether your efforts require labwork, fieldwork, or both; how long you plan to conduct the research; and any materials you may need. For example, if you’re a biochem STEM major you may need to purchase reagents and lab equipment to conduct your research. A mathematics major, on the other hand, may require access to computing equipment and data sets.
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FAFSA’s Role in STEM Program Funding
If you’re seeking STEM graduate school funding, completing the Free Application for Federal Student Aid (FAFSA) is a key step. The FAFSA helps establish your eligibility to receive financial aid to pay for school. FAFSA STEM graduate programs include:
• Direct Subsidized Loans: The federal government’s Direct Subsidized Loan program for students who demonstrate financial need offers up to $20,500 in funding annually for independent students who are enrolled in an eligible graduate program at least half time. Graduate students may receive an aggregate total of $138,500 in aid. The graduate aggregate limit includes all federal loans received for undergraduate study.
• PLUS Loans: Grad PLUS Loans have historically helped to pay for master’s degree costs not covered by other types of financial aid. This program is being discontinued due to changes in federal financial aid programs generated by the One Big Beautiful Bill Act that passed in 2025. If you have a Federal Direct Loan prior to July 1, 2026, you are eligible to continue to borrow for three academic years or the remainder of the expected time to secure their degree, whichever is less.
• TEACH Grants: TEACH Grants provide up to $4,000 per year for students who are pursuing a degree in an education-related field. You may qualify for a TEACH Grant to help pay for graduate school if you’re seeking a master’s in STEM education.
• Work Study: Work study funding enables you to get paid for working while in school. You must have an approved job, which can be on-campus or off-campus, and your school must pay you at least once per month. Graduate students may be paid hourly or a salary, and earnings can’t exceed your award limit.
Federal graduate student loans must be paid back but they can offer some advantages over private student loans where STEM graduate school funding is concerned. Rates are fixed and won’t change unless you consolidate or refinance your loans. You get the benefit of grace periods, deferments, and forbearance periods if you can’t pay. Income-based repayment can help keep your payments reasonable once you graduate, and it’s sometimes possible to qualify for loan forgiveness.
Grants typically don’t need to be repaid, though the TEACH Grant program has a catch. You must agree to a work commitment after graduation; otherwise, you’ll have to repay the grant just like you would a federal loan. Work study’s biggest hitch is availability; funds are first-come, first-served so if you plan to apply for this type of aid, it’s better to get your FAFSA in sooner rather than later.
Additional Funding Sources
If you’ve exhausted federal financial aid or want to avoid loans, consider other options for how to pay for a STEM master’s. That includes assistantships and fellowships, private STEM scholarships, and grants, and employer-paid education benefits. These are all ways to pay for a STEM master’s without borrowing, if you qualify.
Assistantships and Fellowships
Assistantships and fellowships can both help pay for STEM master’s degrees, though they work differently.
• Assistantships: Assistantships are essentially work-study awards that require a weekly commitment of a set number of working hours. You might work as a teaching assistant, research assistant, or administrative assistant. An assistantship is designed to help you gain hands-on experience in a STEM environment while helping you pay for school.
• Fellowships: Fellowships provide STEM students with funds to cover research costs, tuition, and living expenses while in school. You’re not paid to work with a fellowship; you’re paid to excel in your studies. Compared to an assistantship, fellowship funding may be more competitive and/or merit-based.
Assistantships and fellowships may be offered through your school or privately. Keep in mind that receiving either one may reduce the amount of federal financial aid you qualify for.
Other Scholarships and Grants
Scholarships and grants can offer money for school that you typically don’t have to repay. In some cases, repayment may be expected unless you agree to a work commitment after graduation.
Some scholarships and grants are need-based while others are awarded based on merit. If you’re looking for scholarships and grant funding for a STEM master’s degree, you can talk to your school’s financial aid office to learn about opportunities, both internal and external. You may also try an online scholarship search to see what results turn up.
Application and eligibility requirements vary but you may be expected to offer multiple letters of reference and write one or more essays for consideration. The more scholarships and grants you apply for, the better your odds may be of winning some awards to pay for school.
Employer Tuition Benefits
If you’re going to graduate school while working full-time, or looking for a full-time role once you finish your degree, your employer may offer some benefits to help fund education costs. They may include tuition assistance or loan reimbursement.
Tuition assistance offers cash up front to pay for tuition, fees, and other school expenses. Loan reimbursement gives you money to repay your student loans after the fact. If you’re working or scouting out job offers, take a closer look at an employer’s benefits package to learn what may be available to reduce the cost of earning a degree.
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Building a Borrowing Strategy
If you plan to take out student loans to pay for graduate school, it helps to have a strategy. Here’s what that might look like for a typical STEM master’s student:
• Complete the FAFSA to determine your eligibility for Direct Subsidized Loans, TEACH Grants, and work-study.
• Review your estimated aid package to see how much of your expected cost of attendance it will cover.
• Pursue a Grad PLUS Loan if you are eligible and your existing loan package isn’t enough.
• Compare private graduate student loan rates and terms, if you’ve exhausted federal financial aid options.
It’s best to only borrow what you need to minimize the amount you have to repay with interest later. If you receive a student loan overage check, consider applying it to your principal loan amount to reduce what you owe.
If you take out both federal loans and private loans, think carefully before you combine them. Refinancing federal student loans into a private loan can reduce the number of payments you need to make. However, you’ll lose all of the built-in protections that may be included with federal loans, including income-based repayment and loan forgiveness eligibility.
Budgeting for Living Expenses
Living expenses can add to your total cost of earning a STEM master’s degree. How much you pay for living expenses can depend on your geographic area, your housing situation, and your basic needs.
You may be able to reduce living expenses while in grad school by:
• Living with parents or other relatives who may let you stay for free or a minimal cost
• Splitting housing costs with one or more roommates
• Living closer to campus so you don’t need to have separate transportation to get to your classes
• Reducing all unnecessary expenses in your monthly budget
You might also think about completing at least part of your graduate education online. There are STEM online and distance-learning options for graduate students. While you may sacrifice some of the social and networking benefits that go along with completing coursework on-campus, you could save some money on things like transportation, food, and housing if you can attend while living further away from school.
Of course, choosing a less expensive program may be the simplest way to keep the cost of a STEM master’s degree as low as possible. As you compare programs, consider how well the course of study aligns with your career goals, what types of research opportunities you might have, and how much financial aid the typical student qualifies for.
The Takeaway
Figuring out how to pay for a STEM master’s degree can feel overwhelming once you start adding up all the costs. Completing the FAFSA can help you gauge your eligibility for federal student aid. You can also explore STEM scholarships, grants, assistantships, fellowships, and employer education benefits to fill the gaps. If you still need to borrow, private graduate student loans may be an option for you.
SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no fees.
FAQ
Do STEM students qualify for FAFSA?
STEM students are eligible to complete the FAFSA to learn which types of federal aid they may qualify for. That could include Direct Subsidized Loans, TEACH Grants, and work-study funding.
Are assistantships taxable?
Assistantships are generally taxable. The IRS considers any funds you receive for teaching, research, or other services required to get the assistantship as taxable income. Scholarships, grants, and fellowships, on the other hand, are tax-free if you only receive the funds to help pay for tuition, fees, and other education expenses while enrolled.
Should I borrow the full cost of grad-school attendance?
Borrowing the full cost of a graduate degree only makes sense if you need that amount to pay for school. It’s better to avoid borrowing money to pay for living expenses if you can get it through another means, like working part-time or full-time. Every penny you borrow, whether in federal or private student loans, must be repaid with interest, regardless of how you use it.
Can employer tuition benefits reduce loan needs?
Employer tuition benefits may reduce loan needs if you can get cash up front to pay for school through your job. If you’ve already taken out student loans, employer-sponsored loan reimbursement could reduce the amount you have to repay out of pocket.
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