So, deciding to start a master’s degree is a big investment & convenient way to open the door to better career prospects. However, before making any decisions, it is good to know how much a master’s degree costs. The full cost may also depend on your location, the kind of institution you choose to attend as well as the mode of study.
How Much Does a Master’s Degree Cost in the USA?
USA universities also offer a range of master’s programs placed under their category, however, the cost of the master’s degree differs considerably.
Usually, the average tuition varies from $20,000 to $70,000 per annum. Tuition fees for master’s degrees provided by public universities are generally more affordable than those in private universities.
How Much Does a Master’s Degree Cost Per Year?
However, the average student can expect an average cost per year for their master’s to be between $10,000 to $35,000 for tuition alone. This estimated fee for a master’s degree with living expenses, is another $10,000 to $20,000, depending on the city.
Master’s Degree Cost in Different Countries
The cost of higher education is very different across the world. Here’s a quick breakdown of what a master’s degree costs in different countries:
| Country | Average Cost (USD) |
|---|---|
| USA | $20,000 – $70,000 |
| UK | £10,000 – £20,000 |
| Canada | CAD 16,000 – CAD 30,000 |
Master’s Degree cost in the UK is the lowest compared to a master’s degree in the USA and a master’s degree in Canada.
Online vs. On-Campus Master’s Degree Cost
Students often choose to study online to cut costs. The online master’s degree cost can vary from $5,000 to $30,000, however, it is more affordable than the traditional on-campus courses.
Factors Affecting the Master’s Degree Cost
The total cost of a master’s degree varies based on several factors:
- Tuition Fees
- Accommodation and master’s degree living expenses
- Mastering the materials and hidden fees of a master’s degree
Different Ways to Pay for a Master’s Degree
For financial relief, students can choose from different ways to fund a master’s degree:
- Master’s degree scholarship
- Master’s degree financial aid
- Master’s degree student loans
This can help to significantly cut the upfront costs of tuition for a master’s degree.
How to Reduce Master’s Degree Cost
Some practical advice on avoiding the high master’s degree cost:
- Apply to different scholarships for master’s degree
- Look for inexpensive master’s degree programs
- Pick up the online courses which have slightly lower fees.
Master’s Degree Cost Comparison
| Country | Average Cost | Living Expenses | Funding Availability |
|---|---|---|---|
| USA | $20,000 – $70,000 | High | Limited |
| UK | £10,000 – £20,000 | Medium | Moderate |
| Canada | CAD 16,000 – CAD 30,000 | Medium | High |
Conclusion
Tuition for a master’s degree varies widely by location, school, and format. While master’s degree programs can be costly, looking into funding opportunities such as master’s degree scholarship programs and attending affordable master’s degree programs can help make education more accessible.
