How Much Does a Master's Degree Cost?

If you're thinking about getting a master's degree, you're probably ready to make an investment in your future. But before you can get started with classes, you'll need to consider the cost of tuition and figure out your budget.

How Much Should You Expect to Pay for a Master's Degree?

The average cost of a master's is $62,820, according to the Education Data Initiative. However, there are plenty of more affordable options.

"The typical costs are wildly variable for master's programs, depending upon the school that you're attending," said Jill Ketchen, a finance counselor at Southern New Hampshire University (SNHU). "The first thing to do is identify the program that you want to pursue."

Ketchen noted that an online degree might be less expensive than earning your master's on campus from a brick-and-mortar school. A nonprofit university may also be more affordable than other options.

But even at the same school, the cost of your master's can depend on the length of your program. For example, SNHU's online master's courses currently cost $659 per credit. At three credits per course, that comes out to:

• $19,770 for a 10-course program, like a Master of Business Administration (MBA)
• $23,724 for a 12-course program, such as a Master of Science (MS) in Psychology
• $27,678 for a 14-course program, like a Master of Public Health (MPH)
• $31,632 for a 16-course program, like a Master of Fine Arts (MFA) in Creative Writing

If you're getting a master's in a different subject from your bachelor's degree, you may have to take additional foundational courses, which could increase the cost of your degree. On the other hand, an accelerated bachelor's-to-master's degree could decrease the length and price of your program.

You should also budget for your expenses, including the cost of books and any equipment you may need for your degree, according to Ketchen. If you're studying on campus, your cost of living will also be a consideration.

Is a Master's Degree More Expensive Than a Bachelor's Degree?

A master's degree is often more expensive than a bachelor's on a course-by-course basis, but because it's a shorter program, it can end up costing less in total.

For example, SNHU's bachelor's courses currently cost $342 per credit, which is significantly less than the cost of master's-level courses. However, a bachelor's degree requires 120 credits, compared to 30-48 credits for a master's. Without any transfer credits, SNHU's tuition for a bachelor's program comes out to $41,040, making a master's program less expensive than a bachelor's overall.

Is a Master's Degree Worth It, Financially?

A master's degree can enhance your expertise, qualify you for specific roles and increase your employability, potentially leading to higher earnings.*

According to the U.S. Bureau of Labor Statistics (BLS), workers with a master's degree earned a median salary of $1,840 per week compared with $1,543 for those with just a bachelor's degree — that comes out to over $15,000 more per year.*

Read more about if a master's degree is worth it.

How Do People Afford to Get Their Master's?

Here are a few different ways to pay for your master's degree:

• Student loans. Many students finance their master's degrees by taking out loans that will need to be repaid later.
• Employer programs. Some employers offer programs to help pay for your master's, like tuition reimbursement or tuition assistance, according to Ketchen. Make sure to check with your employer to see if you have any similar benefits.
• Out of pocket. Earning a master's degree online can allow you to work full-time while pursuing your degree. That way, you could pay for your courses as you go without taking out any loans.

Scholarships and grants may also help with the cost of your program. If you want to learn more or if you have questions about paying for your degree, Ketchen recommends calling the student financial services department at the school you plan to attend.

"We have the knowledge to assist with understanding your personal goals, your needs and helping you navigate the resources available to help you get to where you want to go," she said. "Not just academically — financially, professionally. It's a very holistic approach."

*Cited job growth projections may not reflect local and/or short-term economic or job conditions and do not guarantee actual job growth. Actual salaries and/or earning potential may be the result of a combination of factors including, but not limited to: years of experience, industry of employment, geographic location, and worker skill.

Mars Girolimon '21 '23G is a staff writer at Southern New Hampshire University where they earned their bachelor's and master's, both in English and creative writing. In addition to their work in higher education, Girolimon's short fiction is published in the North American Review, So It Goes by The Kurt Vonnegut Museum & Library, X-R-A-Y and more. Connect with them on LinkedIn.