How much does a master’s degree cost? According to BestColleges, the average total cost of attendance is about $36,760 a year, or roughly $74,000 for a two-year program, while the median is $28,890 a year. That gap matters. Your tuition may look manageable until housing, books, travel, and reduced work hours turn a two-year decision into a much larger financial commitment.
How much does a master’s degree cost on average?
Over two years, the median total is $57,780, meaning half of programs cost less and half cost more. The Education Data Initiative’s 2026 analysis puts the average total degree cost at $62,820, with averages by degree type ranging from $44,640 to $71,140. These are planning benchmarks, not a price tag for every student.
The spread is wide. In NCES data (2024 dollars), annual cost is $10,490 at the 10th percentile and $75,730 at the 90th percentile. Before comparing schools, decide whether the comparison covers tuition alone or the full cost of attendance.
| Measure | Amount | Source and year |
|---|---|---|
| Average total cost of attendance | $36,760 per year; about $74,000 for two years | BestColleges analysis |
| Median total cost of attendance | $28,890 per year; $57,780 for two years | BestColleges analysis |
| Average total degree cost | $62,820 | Education Data Initiative, 2026 |
| Public university tuition and fees | $10,320 per year | NCES, 2024 dollars |
| Private nonprofit tuition and fees | $15,100 per year | NCES, 2024 dollars |
| Private for-profit tuition and fees | $9,710 per year | NCES, 2024 dollars |
| Public-institution graduate tuition and required fees | $12,116 per year | NCES IPEDS, 2024–25 |
Your school, program, and location change the bill
Institution type is one of the clearest cost drivers. In NCES data (2024 dollars), average annual tuition and fees are $10,320 at public universities, $15,100 at private nonprofit institutions, and $9,710 at private for-profit institutions. At public schools, residency can change what you pay, and local living costs can change what remains after tuition.
The field of study matters just as much. According to the Education Data Initiative, average cost is $44,640 for a Master of Education, $61,380 for a Master of Science, and $71,140 for a Master of Arts. For an MBA, the average is $60,410, but SoFi’s 2026 guide puts the full two-year price at about $78,000 for a public in-state program and up to $270,000 at a top-tier private program. MSN programs charge $18,000 to $57,000 in total tuition, with a median around $37,500, according to U.S. News data. For an MSW, one university charging about $925 per credit hour lists a 60-credit track at about $55,500.
Tuition is only the first line of your budget
Tuition and fees are not the same as the amount needed to finish. Housing and food can add $18,000 to $24,000 a year if you relocate or live on campus. Books, software, and supplies can exceed $1,000 a year, and transportation for commuting, parking, transit, or trips home can add $1,600 to $4,000 a year.
Also budget for application, technology, and program fees, which can add several hundred dollars a year. Lost income is often overlooked and can be substantial when a full-time schedule requires reduced work hours or leaving a job. Put that number next to the published tuition fee before deciding that one program is cheaper than another.
Online study can lower living costs, not always tuition
A fully online master’s averages about $27,930 a year in total cost, below the $36,760 average across all programs. Its median total cost is more than 45% lower than in-person or hybrid study. At the low end, some online options cost $4,000 to $7,000 a year.
That does not mean every online option has lower tuition. At many schools, online and on-campus programs carry the same rate. Savings usually come from staying in your current home, avoiding a move, and cutting commuting costs. Compare the program’s required fees and course format as carefully as the posted tuition.
High sticker prices do not always equal the net price
At some colleges, total cost of attendance exceeds $90,000 a year. For 2026–27, the University of Southern California is listed at $103,162 and Northwestern University at $99,375. These totals combine tuition, housing, food, and other charges.
But a sticker price is not necessarily what a student pays. After aid, Northwestern’s average net price was $23,341, while Haverford’s was $22,828. Ask each school for the complete budget and distinguish institutional aid from loans before using a headline number to rule it out.
Use funding before borrowing more
Funding can change the average cost substantially. Among full-time master’s students, 65% receive scholarships or grants, compared with 38% of part-time students. After grants and scholarships, the average net cost is $31,790 a year and the median is about $25,470.
- Ask whether teaching, research, or administrative assistantships are available. They commonly provide a full or partial tuition waiver plus a monthly stipend; reported 50% appointments range from $22,000 to $38,000 per year.
- Check your employer’s education benefit. Employers can provide up to $5,250 a year in tax-free educational assistance; the cap stays fixed through 2026 and is indexed for inflation starting in 2027. Amounts above that are generally taxable income.
- Compare aid offers by net cost, not by scholarship amount alone. A larger scholarship at a higher-cost school can still leave you with the larger bill.
Borrowing limits also make the order important. Grad PLUS loans ended for new borrowers on July 1, 2026. Under the new federal caps, graduate students can borrow up to $20,500 per year and $100,000 over a lifetime; only 11 qualifying professional fields, including law, medicine, and pharmacy, allow up to $50,000 per year and $200,000 over a lifetime. Direct Unsubsidized Loans for graduate students disbursed from July 2026 through June 2027 carry a fixed rate of 8.07%. Build a budget that works before loans, rather than assuming loans will cover every gap.
What a master’s degree can return
Workers with a master’s degree had median weekly earnings of $1,876 in 2025, compared with $1,578 for bachelor’s degree holders, according to the Bureau of Labor Statistics. Their unemployment rate was 2.6%, compared with 2.8%. On the other side of the ledger, BestColleges reports that the average master’s completer graduated with roughly $54,000 in student loan debt from the master’s program alone. Weigh the expected pay gain in your field against that kind of balance before you enroll.
Three master’s cost myths that can derail your choice
A master’s must cost more than a bachelor’s degree
Not necessarily. At public universities, annual tuition for bachelor’s and master’s study is similar, often around $10,000 to $15,000. Because a master’s commonly takes two years rather than four, its total cost is typically lower. Even so, exceptionally expensive programs can rival private undergraduate prices.
The published tuition tells you what you will pay
It tells you only one part of the bill. Housing, food, supplies, transportation, fees, and lost earnings can be larger than the difference between two schools’ tuition quotes.
Online automatically means cheap
Online formats often reduce total costs, but equal tuition rates are common. The meaningful comparison is your complete budget after housing, commuting, and required fees.
Frequently Asked Questions
What is the average cost of attendance at Michigan State University?
In-state Master’s Core/Professional tuition at Michigan State is $978.25 per credit hour for fall 2026 and spring 2027, after a $41-per-credit increase for 2026–27. The university’s 2026–27 sample graduate budget adds fees, housing, and living expenses to estimate the full cost of attendance.
How much does it cost to attend Duke University for a master’s?
For 2026–27, Duke lists master’s tuition of $34,940 per semester, or $69,880 for the academic year. Its estimated total cost of attendance for a domestic master’s student is $101,996 when tuition, fees, housing, food, books, and transportation are included.
Is an online master’s degree cheaper than an on-campus program?
It can be. Fully online programs average $27,930 a year in total cost, and their median total cost is more than 45% below in-person or hybrid programs. Check whether the school charges the same tuition and fees in both formats.
What factors affect the cost of a master’s degree?
School type, residency, field of study, program length, living location, required fees, and the ability to keep working all affect the final amount. Aid and assistantships can reduce it further.
How can you reduce the cost of a master’s degree?
Apply for scholarships, seek an assistantship with a tuition waiver and stipend, use eligible employer assistance, and compare complete net budgets. Choosing an online program may also reduce housing and transportation costs.
