Pursuing your advanced degree certainly has its rewards. Some will argue a Master’s Degree is now the equivalent of what a Bachelor’s Degree was twenty years ago. Nonetheless, while the benefits are certainly there, go into this decision with your eyes wide open. The costs can be extreme.

Thanks to the team at BestColleges.com for doing the research and verifying these numbers. Be sure to read the article in whole. Making this decision can be life changing on many fronts.

Data Summary

  • The average total cost of graduate school comes out to roughly $38,200 per year.[1]
  • Private, nonprofit institutions cost the most, but this is before factoring in financial aid, grants, and scholarships.[2]
  • The median cost of a two-year master’s degree program was $52,200.[3]
  • Online master’s degree programs are typically cheaper than in-person programs by 20% or more.[4]
  • The average cost of a Ph.D. totaled $166,800-$333,700 for a 4-8 year program before grants and assistantships.[5]
  • The average cost of graduate school has increased by nearly 140% in the past 30 years.[6]