How Much Does Grad School Cost?

If you are considering going to grad school after college, you may be wondering, “How much does grad school cost?”

Making the decision to attend graduate school is one thing, but paying for it is another issue. Whether you plan to take out graduate student loans, receive a scholarship, or pay out-of-pocket, being aware of the average cost of grad school and how it varies is important. 

On Average, How Much Does Grad School Cost?

The average cost of tuition for public grad schools is roughly $30,000 per year, while private grad schools cost around $40,000 per year. However, these figures do not apply to specialized degrees in medicine and law, which usually cost significantly more. 

While you are calculating the cost of grad school, be sure to think about the cost of attendance (COA), in addition to the tuition. The COA is the total amount of money you will have to pay to attend grad school, including tuition and other fees like transportation, room and board, school supplies, and more. 

>> MORE: Compare college graduate student loan rates

Is Grad School More Expensive than Undergrad?

There is no “right” answer to the question of whether grad school is more expensive than undergrad, as the price depends on your field of study, type of degree, and other factors. 

Generally, medical, law, and other specialized degrees cost more than an MBA or a Master of Arts. STEM degrees can also be pricier than a degree in humanities or social sciences, given that there may be additional costs in labs, equipment, and other materials. 

Is Graduate School Worth the Price?

The question of whether grad school is worth the cost ultimately depends on your personal aspirations and financial standing. 

Before making the decision, be sure to carefully weigh the pros and cons. Here are some things to consider: 

Pros of Attending Grad School

• More scholarship opportunities: Grad schools are usually more generous with their scholarship offerings than undergraduate programs are. If you take the time to find and apply for scholarships, you may be able to offset the cost of your tuition. 
• Career advancement: An advanced degree can unlock career doors for you that may not have been accessible with only a Bachelor’s degree. 
• Increased salary: The average salary of an individual with a Master’s degree is higher than the average salary of an individual with a Bachelor’s degree. By going to grad school, you can increase your earning potential.
• Specialized study in the field you love: If you’re going to grad school, you are probably going to study something that you love and enjoy. By attending graduate school, you will be able to have an in-depth, specialized study of the field and become an expert.

>> MORE: How to budget as a college graduate

Cons of Attending Grad School

• Loss of opportunity to make more money: A majority of undergraduates decide to work in the industry after graduation. Going to grad school may be a potential loss of income that you could have made had you begun working instead. 
• Loss of time: Attending grad school can take anywhere from one to three years, in general, which may set you behind in comparison to your peers.
• Potential student debt: If you don’t receive any financial aid or gift aid, you may need to take out graduate student loans to afford the cost of attendance. If you have previous debt from your undergraduate education, you may be shouldering even more student loan debt.
• Delayed work experience: You may miss out on industry experience if you decide to go to grad school. 

>> MORE: Best options: graduate student loan lenders

How to Pay for Grad School

As with any degree, there is a certain order you should follow when it comes to how you finance your education.

Scholarships, fellowships, and grants are all forms of free aid, or gift aid. Typically, scholarships, fellowships, and grants do not need to be paid back, so you’ll want to accept these first. 

>> MORE: Learn more about 5 strategies to pay for the cost of grad school

After accepting any free money available to you, you should pursue work-study next. Federal work-study is considered earned money, meaning you have to trade your time to receive it. While not everyone will receive federal work-study, it’s a great option for those who do.

Loans should always come last in the process because they are borrowed money. When you borrow a loan, it’ll typically accrue interest, and by the time you pay it back, you’ll have paid a significant amount in interest. 

>> MORE: Compare student loan rates: how to pay for the cost of grad school

Closing Thoughts From the Nest

Attending grad school is a big decision to make. Be sure to reach out to current graduate students, academic mentors, and other role models who have been in your position before. 

When it comes to financing the cost of your grad school tuition, be sure to consider all of your options. If you want to explore graduate student loans, consider submitting a free application with Sparrow. Sparrow allows you to compare your pre-qualified, private student loan options across 17+ different lenders.

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