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How Much Does Graduate School Cost?

Costs for graduate school can vary by program and university. On average, master's degrees cost under $63,000 per year, while annual costs for professional doctorates are under $67,000, and Doctors in Philosophy average under $12,000 at public universities.

Funding and Costs Grad School 101
Wade Griffin
By Wade Griffin
22 Jun 2026
Graduate student studying on UM campus in Oxford, Ms.

Key Points Summary

    Is Graduate School Affordable?

    Yes, graduate school is affordable. While grad school can look expensive, there are many ways to reduce the overall price, like loans, scholarships, fellowships, and assistantships, among other options. 

    This article will help you understand the real cost of graduate school (tuition, fees, financial aid, scholarships, etc.) so you can choose the right graduate degree to fit your budget. 

    The Price of Grad School: Who Needs to Know

    There isn’t one road to graduate school. Many graduate students enroll in the final year of their undergraduate program. But many others are older students who may already have families and work full-time jobs. There are first-generation graduate students and international students as well. Each one of these groups may have different concerns when it comes to affording graduate school. 

    Regardless of where you’re coming from or what group you fit into, we know you want to save as much money as you can. 

    Search through the list below for a situation that sounds like yours:

    • You're just beginning to think about graduate school, but not too seriously. You may be unsure if graduate school is possible financially. Start by looking at tuition, fees, and available scholarships or assistantships that reduce your costs.

    • You’ve been in the workforce for a while now, but it’s time for a change in careers. You may wonder how to support yourself if you leave your job. Consider part-time or hybrid graduate programs that let you keep working. Also, check if your employer offers tuition reimbursement.

    • You're still an undergraduate, and you can't decide if a graduate degree is worth the additional time. You may not feel like spending more time in college is the right decision. See if your university offers an accelerated master's degree or a 4+1. If they do, you may be able to get a head start on your graduate coursework before you graduate with your bachelor's degree.

    • You’ve just finished your undergraduate degree and are ready for the next step. You may worry about taking on debt right after finishing your bachelor's. Use federal and institutional aid, and look into repayment plans like income-driven repayment.

    • You’re a first-generation student. You may not have a family who can guide you through financial aid. That's okay. Universities offer advising, financial aid counseling, and mentorship opportunities.

    • You're an international student. You may be concerned about visas, travel costs, and federal aid. Many graduate programs provide international fellowships, scholarships, and assistantships. Factor in travel expenses and exchange rates when planning.

    What Do You Really Pay for Graduate School? 

    When you look at graduate school cost, think about all the pieces:

    • Tuition and required fees. The cost of classes.

    • Room and board. Housing, food, and utilities.

    • Books, supplies, and technology. Laptops, lab materials, etc.

    • Transportation and personal expenses. Commuting, health care, and daily living.

    What's the Average Cost of a Master's Degree?

    The average cost of a master’s degree is about $62,820 across programs.

    Some public programs may be $30,000–$40,000, while others can reach $70,000 or more.

    What's the Average Cost of a Doctorate / Ph.D.?

    The average costs of a doctoral degree can vary:

    • A professional doctorate may cost $66,650 per year at public schools or $87,070 at private schools.

    • A Ph.D. program averages about $11,827 per year in tuition at public schools and $20,515 at private ones.

    • Many Ph.D. students receive assistantships, stipends, or tuition waivers that cover most or all of their costs.

    See the University of Mississippi's tuition calculator for help.

    How to Pay for Graduate School

    Most prospective graduate students won't cover tuition with cash alone. Instead, they'll use a combination of federal loans, scholarships, fellowships, and assistantships to help cover costs.

    Here are the main options — and what they actually get you.

    Federal Loans for Graduate Students

    Graduate students can access two federal loan types:

    • Unsubsidized loans: up to $20,500/year, $100,000 lifetime maximum

    • Professional degrees (law, medicine): up to $50,000/year, $200,000 lifetime maximum

    Graduate Student Scholarships, Fellowships, and Assistantships

    University assistantships often include tuition waivers plus a stipend in exchange for research or teaching work. External fellowships and scholarships are also available and don't require repayment. 

    Other Ways to Reduce What You Borrow as a Graduate Student

    There are a few ways to reduce what you borrow as a grad student to make graduate school more affordable, including:

    • Employer tuition reimbursement. Many companies cover partial or full costs for employees pursuing advanced degrees

    • 529 College Savings Plans. Some plans extend to graduate programs

    • Personal savings and grants. Federal and state grants exist for eligible students

    For a full breakdown of these options, see Sallie Mae's guide.

    Page updated 09/28/2026

    How the University of Mississippi Make Grad School Affordable

    The University of Mississippi has plenty of ways to make grad school affordable, from grants, scholarships, assistantships, and more.

    FAQs

    About Graduate School Costs

    It depends on the program. Per-credit tuition at the graduate level is often higher, but many graduate students receive assistantships, fellowships, or employer support that undergraduates don't have access to. Total cost varies widely by program type and funding.

     

    Many PhD programs, especially research-focused ones, fully fund admitted students through assistantships and stipends.

    You do the work of research or teaching; the program covers tuition and pays you a living stipend.

    This is not universal, so ask your program or graduate program coordinator directly when you apply.

     

    A scholarship is awarded based on merit or need and requires nothing in return. An assistantship is a paid position; you work (typically 20 hours/week in research or teaching) and receive tuition remission plus a stipend as compensation.

     

    Yes, if your employer offers it. Policies vary; some cover full tuition, others cap at a dollar amount per year, and some require you to stay with the company for a set period after graduating. Check your HR benefits before you apply.

     

    Yes. The University of Mississippi offers graduate assistantships, fellowships, and scholarships across programs.

    Availability and amounts vary by department. See what the Graduate School Funding Opportunities are at UM.

    Next Steps

    Explore Affordability

    We have a variety of scholarships and financial aid options to help make college more affordable for you and your family.

    Financial Aid Tuition & Fees

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