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Average student loan debt for graduate school in 2022

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College professor stands at the front of a lecture hall
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Graduate degrees can do wonders for your career. They can make your resume stand out in a competitive job market, give you the necessary skills to move up the corporate ladder, help you switch industries and boost your salary.

But going to grad school is expensive. The National Center for Education Statistics has found that, on average, students rack up more than $70,000 in student loans to pay for school — a number that can reach as much as six figures, depending on the program you choose. However, there are some ways to keep these costs at bay. Here’s what to know.

Key graduate school student loan debt statistics

  • The average cost of tuition and fees for graduate school at public universities was $12,410 during the 2019-20 academic year, while tuition and fees at private schools was roughly $26,600.
  • The cost of graduate school varies greatly from one program to the next. For instance, in 2016-17, students pursuing a master’s in education spent an average of $18,812 a year in school, while medical students spent twice that amount.
  • More than half of graduate students take out loans to pay for their education.
  • The average annual borrowing amount for graduate school has more than doubled over the past two decades.
  • On average, graduate students in the U.S. leave school with about $71,000 in graduate school loans alone and $82,810 total in student loans from undergraduate and graduate school.
  • Student debt is more common among those attending medical and law school compared to other graduate degrees. It is estimated that 75 percent of professional doctorate students (including medical and law school students) graduate with student loans, versus 60 percent and 48 percent of those getting a master’s and a research doctorate, respectively.
  • Public administration, social work, fine arts and public policy are among the master’s degrees with the highest percentage of student loan borrowers.
  • Graduate students account for half of the nation’s outstanding student debt.

Average cost of graduate school

The latest data published by the National Center for Education Statistics shows that the average graduate student spends close to $20,000 a year in tuition and fees. However, for graduate students attending private nonprofit schools, that number goes up to $28,430, while those attending public schools spend around $12,410.

But the type of institution you choose is not the only factor that determines how much you’ll spend on your graduate education, as some programs cost considerably more than others.

Mary Morris, former board chair at the College Savings Foundation, says that the reason behind this is simple: Some programs just cost more to teach than others.

She says to think about the costs of training a medical doctor, for example. The labs, technology and equipment needed to provide the curriculum are more expensive than, say, materials required for training in fine arts.

Average graduate student loan debt by degree

Because graduate school is so expensive, most students have to bridge the financial gap by taking out student loans. This has become so common that the average annual borrowing amount for graduate school more than doubled between 1994 and 2014, according to the Brookings Institution, and graduate students now account for half of the nation’s student loan debt.

When it comes to federal student loans, graduate students have two options:

  • Direct Loans. With a federal Direct Loan, graduate and professional students can borrow up to $138,500 (or up to $224,000 for medical school), with a 6.54 percent fixed interest rate for 2022-23 and an origination fee of 1.057 percent. Additionally, federal Direct Loans don’t require you to pass a credit check, and almost anyone who’s in good academic standing is eligible for them.
  • Grad PLUS loans. With a grad PLUS loan, you can borrow up to the full cost of attendance, as determined by your school. Unlike federal Direct Loans, grad PLUS loans do require students to pass a credit check and currently have a 7.54 percent fixed interest rate for 2022-23, plus a 4.228 percent origination fee.

Students can also take out private student loans to pay for school. However, these oftentimes have higher interest rates than federal student loans and offer fewer protections and repayment options.

Average graduate student loan debt by program

Most graduate students in the U.S. leave school with upward of $70,000 in graduate school debt, according to the National Center for Education Statistics’ latest data. But the amount students have to borrow fluctuates greatly by degree type (master’s versus doctorate) and field of study.

For instance, students pursuing a law degree graduate with more than double the amount in student loans than those who choose a master’s in education.

Program Average student debt in 2015-16
MBA $66,300
Master of arts $72,800
Master of education $55,200
Master of science $62,300
PhD $98,800
Law $145,500
Medicine $246,000

Source: National Center for Education Statistics

How to lower the cost of grad school

The cost of a graduate education has consistently been on the rise for the past decade and, with inflation at record levels, sticker prices aren’t going down anytime soon. Still, there are a few options to consider that can make your degree more affordable.

Look into online or accelerated programs

Although some schools charge the same amount for both their online and their campus programs, others charge less for their online courses. For instance, if you were to enroll in an online MBA program at Arizona State University, your tuition and fees for the 2022-23 academic year would be $23,044 if you’re a resident student. But if you choose to pursue the MBA on campus, that amount would go up to $29,164.

Likewise, Morris says that finishing your degree faster can also save you “thousands” — and she’s right. A one-year in-person MBA program at the Kellogg School of Business goes for $157,578, while the two-year program goes for more than $230,000.

Seek fellowships and teaching opportunities

Fellowships are a type of financial aid that is awarded to outstanding students based on their academic achievements and future potential. These programs are highly competitive, but the perks are worth it, as you could get money to pay for all your graduate school expenses or get funding for a specific research project.

Some schools also offer tuition waivers or some sort of monetary award for students who serve as teaching assistants. However, this does involve some time commitment on your end, so that’s something to consider.

If you’re employed, ask about tuition assistance

Some companies offer their employees help with their college expenses either through a tuition reimbursement program or by paying back a portion of their loans after they finish school. To find out whether your employer offers these opportunities, simply contact your HR department.

It’s worth noting that although these programs can provide some much-needed financial relief, oftentimes they do come with some strings attached, such as staying in the company for a specific amount of time.

The bottom line

Going to grad school is expensive, but the rewards can be very well worth it. The most important thing is to research your options — both in terms of cost and financial aid — to ensure that you’re making the right choice for your wallet and your career.

Written by
Heidi Rivera
Heidi Rivera is a student loans writer for Bankrate. She began her journey in the personal finance space in 2018 and is passionate about collecting data and creating content around higher education and student loans.
Edited by
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