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The cost of graduate school may seem overwhelming. Tuition for one year of law school at a public university costs over $20,000 on average. It averages more than $30,000 per year at private universities. Medical school tuition is even higher.
The cost of graduate school is more than just tuition and fees. You should also plan on the following expenses:
- Textbooks
- Housing
- Living expenses
- Travel expenses
- Incidentals
According to the College Board, the average cost of personal expenses at a four-year public college is $200 per month. Graduate students can anticipate spending at least that much for personal expenses.
Costs: Application
Don’t forget about the cost of applying to graduate school. You’ll pay for:
- Application fees
- Transcripts
- Graduate school admission tests
- Trips to schools to see the campus or for an interview
If you apply to a number of graduate programs, the costs will add up quickly.
Potential Rewards
According to the U.S. Census Bureau, there is a strong correlation between average annual and lifetime income and the amount of education you have. Here’s how the figures compare:
Remember, though, that your pursuit of a graduate degree may delay your entry into the workforce. By the time you get your degree, a classmate who found a job right after graduating college might have earned $100,000 or more and isn’t deeper in debt. Furthermore, if your undergraduate classmate invested some of those earnings, it may be a long while until you catch up financially.
However, the lack of a graduate degree may limit your career choices; and, without a graduate degree, certain careers and levels of success may be unattainable.
Paying for Grad School >> |
