Janice Lozano
The cost of a master's degree varies depending on the program, discipline, and university. In the United States, the average master's degree costs around $37,000 per year, with the total cost of a two-year program ranging from $36,000 to $93,000. The cost of a master's degree in business administration, for example, averages $60,410, while an MBA from Harvard Business School costs $161,304 for a two-year program. Master's degree students often rely on a combination of scholarships, grants, fellowships, and loans to fund their education. Part-time and online programs may have different fee structures, and international students may face higher tuition fees at certain universities.
| Characteristics | Values |
|---|---|
| Average cost of a Master's degree | $36,760 per year |
| Average cost of a Master's degree in Business Administration | $60,410 |
| Average cost of a Master's degree in Science | $61,380 |
| Average total debt of a Master's degree holder | $46,798 |
| Average debt of a Master's degree holder compared to the general public | 61% more |
| Percentage of Master's students receiving grants, fellowships, or assistantships | 57% |
| Average net cost of a Master's degree program per year | $31,790 |
| Average net cost of a two-year Master's degree program | $64,000 |
| Median net cost of a Master's degree program | $25,470 |
| Tuition and fees for Master's programs at UCLA | $21,115 per year for California residents, $36,297 for non-residents |
| Tuition fees at University of British Columbia | Assessed as an annual program fee or per-credit basis |
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What You'll Learn
Scholarships, grants, and fellowships
Master's degrees can be expensive, with average costs ranging from $36,000 to $93,000 for a two-year program, or about $36,760 per year, including tuition and fees. This can be a huge investment for students, and many graduate with tens of thousands of dollars in student loan debt. As such, scholarships, grants, and fellowships are important sources of funding for Master's students.
In 2020, 57% of all master's students received funding for their degrees, with scholarships and grants being more common for full-time students. The most common types of master's degree grants were fellowships, assistantships, and institutional grants. Fellowships are a special kind of merit scholarship that often covers all tuition expenses. They are usually granted by the school itself and often have competitive applications with a limited number of spots.
There are various scholarships, grants, and fellowships available for Master's students. For example, the Utom Conservation Fund offers four grants of $12,500 each to graduate students enrolled in accredited Master's or PhD programs. The CIA Graduate Studies Program provides funding for full-time students in accredited graduate or doctoral programs. The Albert Baker Fund (ABF) offers tuition scholarships to Christian Scientists pursuing degrees at accredited post-secondary institutions. Additionally, PathwaysToScience.org offers a search tool to browse over 1,200 funding opportunities in STEM, including scholarships, fellowships, internships, and research opportunities.
Students can also work as teaching assistants or research assistants to help cover tuition costs. However, this can be time-consuming and may impact a student's ability to focus on their studies. As such, applying for scholarships, grants, and fellowships is often a better option to help fund a Master's degree.
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Student loans
The cost of a master's degree varies widely depending on the type of program and the university. The average master's degree program costs about $37,000 per year, with the average total cost being about $36,760 per year, including tuition and fees, as well as non-tuition expenses such as books, supplies, room and board, transportation, and personal expenses. The average net cost of a master's degree program, including tuition and student expenses minus grant funding, is about $31,790 per year, or roughly $64,000 for a two-year program. The median net cost of a master's degree program is approximately $25,470.
Master's degree programs can be quite expensive, and as a result, most master's students receive some sort of scholarship, grant, or fellowship to help pay for their degree. Institutional grants are far more common than federal grants or private scholarships for master's students. In 2020, 57% of all master's students received funding for their degrees, with 65% of full-time and 38% of part-time master's students receiving grant funding. The most common types of master's degree grants were fellowships, assistantships, and institutional grants.
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Part-time vs full-time fees
The cost of a master's degree varies widely depending on the type of degree, the institution, and whether the student is studying full-time or part-time. The average master's degree costs between $36,000 and $93,000 for a two-year program, with an average total cost of $36,760 per year. This includes tuition and fees, as well as non-tuition expenses such as books, supplies, room and board, transportation, and personal expenses.
When deciding between a part-time and full-time master's program, it is important to consider the cost of attendance. Tuition rates vary drastically from school to school, and some schools offer different tuition rates for part-time and full-time students. While a full-time program will usually take one year to complete, a part-time program usually takes two years. This means that, even if the tuition rates are the same for part-time and full-time students, the cost will be spread over a longer period for part-time students.
Some schools charge a flat cost for semester attendance, which means that part-time students will pay a lower cost per semester. However, many schools have adopted a per-credit tuition system, in which part-time students will pay the same as full-time students, just over a longer period. In this case, if the part-time program has the same total credit requirement as the full-time program, the overall cost will be similar. If the part-time program is offered in a condensed format, it may be possible to save money.
It is also worth considering the availability of scholarships, grants, and fellowships when deciding between part-time and full-time study. While most master's students receive some sort of financial aid, scholarships and grants are more common for full-time students. In 2020, 65% of full-time master's students and 38% of part-time master's students received grant funding.
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Annual program fees
The cost of a master's degree varies depending on the type of program, the university, and the student's residency status. Annual program fees for master's degrees typically range from $21,115 to $61,380 per year, with the average cost being around $36,760 per year. This includes tuition and fees, as well as non-tuition expenses such as books, supplies, room and board, transportation, and personal expenses. The cost of a master's degree can be a significant investment, with the average master's degree completer graduating with around $54,000 in student loan debt, excluding any undergraduate debt.
Some universities, such as the University of British Columbia, assess graduate tuition as an annual program fee, which is divided into three equal installments due at the beginning of the academic terms in September, January, and May. This fee remains the same regardless of the number of course credits the student takes. Other universities, such as Brown University, have tuition fees that vary by degree program, discipline, and the number of courses required for full-time status. Full-time status at Brown University is defined as enrollment in two courses per semester, and master's students are responsible for knowing the structure of their program and registering accordingly.
The cost of a master's degree can be offset by scholarships, grants, and fellowships, which are available to most master's students. In 2020, 57% of all master's students received funding for their degrees, with 65% of full-time and 38% of part-time master's students receiving grant funding. However, it is important to note that part-time students may not be eligible for certain types of funding, such as interest-free government loans, university fellowships, or scholarships. Additionally, students pursuing a master's degree in high-demand, high-paying fields such as STEM may be able to offset the cost of their degree with their post-graduation salary.
The cost of a master's degree can vary widely, and it is important for students to carefully consider the financial commitment they are making. Knowing the cost and value of a master's degree can help students make informed decisions about their educational and career paths.
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Online learning fees
Online master's degree programs offer students flexibility, allowing them to balance their studies with work and personal commitments. Students can learn from anywhere, at any time, and are not restricted to programs offered by local institutions. This accessibility is particularly beneficial for those with physical or learning limitations, as well as those with other obligations, such as work or family commitments.
The cost of an online master's degree varies depending on the program and the institution. On average, master's degrees cost between $36,000 and $93,000 for a two-year program, with an average total cost of about $36,760 per year, including tuition and fees. The average net cost of a master's degree program, including tuition and expenses minus grant funding, is approximately $31,790 per year, or $64,000 for two years. The median net cost is roughly $25,470.
Online learning often incurs additional fees, such as technology fees, which contribute to the overall cost. The University of North Carolina, for example, estimates the cost of its online Master's in Engineering Management program to be $8,665 for residents and $32,947 for non-residents.
There are various ways to fund an online master's degree, including scholarships, grants, fellowships, and assistantships. Many master's students receive some form of financial aid, with institutional grants being more common than federal grants or private scholarships. Online programs may also offer pay-as-you-go tuition, allowing students to pay only for the courses they take.
It is worth noting that online learning requires a certain level of comfort with technology and digital communication tools. Students need to be able to troubleshoot connectivity issues and communicate effectively via email, group chats, and discussion forums.
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Frequently asked questions
The average master's degree costs $37,000 per year, but prices vary depending on the program and the university. The average total cost of a master's degree is about $36,760 per year, including tuition and fees, books, supplies, room and board, transportation, and personal expenses.
Master's students can pay their fees through scholarships, grants, fellowships, assistantships, institutional grants, private scholarships, or student loans. Most master's students receive some sort of scholarship, grant, or fellowship to help pay for their degree.
Yes, there are often differences in tuition fees for domestic and international students. For example, at the University of California, the Master of Public Policy program costs $29,028 for in-state students and $41,273 for out-of-state students. Similarly, at UCLA, tuition and fees are about $21,115 per year for California residents and about $36,297 annually for non-California residents.
