How Much Does Graduate School Cost?

Obtaining an undergraduate degree is no longer considered sufficient to have the edge in today’s competitive job market. The undergrad degree could be considered today’s high school diploma as it will likely help you find employment, but it won’t make your services highly sought after. In order to have access to the most impressive jobs, you will almost certainly need to earn a graduate degree. The exact degree type will depend on your specialization and employment desires. It usually takes a minimum of two years to complete a Master’s degree, while the even more prestigious Doctorate (commonly the PhD) will require two or three more years in addition to the length of a Master’s program. Graduate school cost can be as much as $40,000+ per year, but it is very common for schools to provide scholarships, grants, and/or assistantships so that students will not need to find a job outside of the program.

What Is Graduate School?

Graduate schools provide the training and education necessary to obtain an advanced degree in a specific field. There are many types of graduate degrees available, but the most general categorization would be of Master’s and Doctorate’s. Both types of education are considered advanced, but a Doctorate entails two to three more years of practical training and education. Accordingly, graduate school cost can be twice as much for a Doctorate. Schools may cover these costs for accepted applicants through some form of funding. The cost of graduate school in any capacity is certainly worth the improvement of employment prospects that can accompany the completion of an advanced degree.

Average Cost Of Graduate School

Graduate school cost will vary from school to school, and among the various programs that are available. It can be expected that tuition for one year of graduate school will fall in the range of $10,000-$20,000. However, there are a number of other expenses that will greatly increase graduate school cost. Living expenses, books, and social activities can place the yearly cost of graduate school at over $40,000.Most graduate schools will absorb some or all of the expenses of an accepted student through funding of some form. These institutions have come to the understanding that maintaining work alongside graduate studies is a virtually impossible task.

Paying For Graduate School

There are many things to consider when contemplating graduate school cost.

The primary consideration is tuition, which could easily price at over $10,000 per year. You will have to factor in an estimate of the cost of living including rent/residence fees, food, household supplies, and other necessities. Prior to being accepted, you will need to take various standardized testing. These tests must be paid for, as well as the application fee. In total, the average cost of graduate school can be as high as $40,000 or more for one year of study. Luckily, there are many institutions that assist in covering all or most of graduate school cost with scholarships and other funding opportunities.

Financial Aid For Graduate School

For a person who has passed the rigorous acceptance progress, the cost of graduate school is of primary concern. While it is not always the case, grad schools often assist accepted students with most (if not all) of the expenses they may face. In the event that you don’t qualify for school funding (or if the school doesn’t have the funding to offer), then there are other options available. It is always worth researching the possibility of obtaining federal and/or state resources to address graduate school cost. Other possibilities include grants and bank loans.

Applying For Graduate School

Having an undergraduate degree will not guarantee you acceptance into graduate school. Due to the high demand for graduate level skills, there is a large overflow of applicants compared to the actual seats available in just about any grad program. The requirements for grad school acceptance must be met first, including the successful completion of various standardized tests (dictated by your program type and specialization), having an impressive CV, and showing evidence of the ability to be highly successful in your field of application (often measured by previous course grades).

Graduate School Requirements

Graduate school cost should only become a concern once the application process is complete, unless the institution requires confirmation of funding prior to acceptance.

It is important to understand that simply meeting the requirements for acceptance is not sufficient to actually gain admission, in most cases, so be prepared to go above and beyond what is requested. Practical experience during your undergraduate years would be a substantial contributor to your chances of being accepted, while maintaining an incredibly high grade point average is perhaps the best of all possible influences on the school’s decision.

Graduate School Deadlines

If you fail to file an application (with all requirements met) by a school’s deadline, you will have zero chance of being accepted. When researching grad schools, be sure to take note of the deadlines for each specific program.

Deadlines vary greatly not only between schools, but also among programs within the same school. Application fees cost anywhere from $50 to $200 or higher, and should be considered when calculating the cost of graduate school.

How Long Is Graduate School?

The length of your specific program will have a direct influence on graduate school cost. A program that results in a Master’s degree will take 2-3 years in most cases. A Doctorate may be obtained in a total of five years or more, either by completing a few additional years after a Master’s program, or by being accepted into a longer Doctorate program straight out of your undergraduate courses. It can commonly take longer than expected to complete a graduate program, and most schools have made allotments for these extension needs. However, there is also usually a limit to the amount of extra years that a student can take to finish a graduate program. The specific amount of time given is dependent on the program and/or institution.