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How Much Does a Masters Degree Really Cost?

20 October 2016 No Comment

canstockphoto10451265A master’s degree is a higher form of education that will distinguish you from other job candidates who are looking for the best paying jobs. Investing in this education will give you more specialized skills and allow you to enter more exciting careers. For example, you can enroll in RN to MSN programs, or you can even go the more flexible route and get your masters of science in nursing online from the University of Arizona if you want to enter the medical field. Or you can instead invest in an MBA if you wish to run your own business or become qualified to manage someone else’s company. But a master’s degree isn’t cheap, so keep reading to learn about how much it will really cost.

The Factors That Determine Cost

How much you will need to spend on your master’s degree will ultimately depend upon a few different factors. For example, some master’s degree programs are longer than others and require more credits than others, so they will be more expensive. Also, some employers are willing to provide you with tuition assistance, so that can help you lower your out-of-pocket costs for your degree. And whether you go to a school as an in-state or out-of-state student will also determine the cost of your tuition for your master’s degree.

Average Tuition Costs for Master’s Degrees

The tuition cost for a master’s degree will vary. Typical costs range from $30,000-$120,000. Different schools charge different rates, and different master’s programs cost different amounts. Plus, there are other costs involved with going to school for a master’s, such as investments into books and software, that also need to be factored into what you will end up spending in the long run by the time you complete the program. For example, an MBA at a public college might cost around $40,000, but the same graduate degree at a school like Stanford University or Harvard University would be around $120,000 or more. In other words, the cost of your master’s degree is not only dependent upon the type of degree that you are after, but also what school you plan on attending.

Out-of-State Students Pay More

Going to a college or university that is located within your state will help you save money, especially if you are going to be attending a public university. For example, an in-state student might end up paying $11,000 for about nine credits each year, while an out-of-state student in the same program might pay around $20,000 each year.

When it comes to getting a master’s degree, costs can vary considerably based upon the type of degree that you want and the school that you hope to attend, as well as whether you will be completing the coursework in person or online. The best way to know what a master’s degree will ultimately cost you, therefore, is to actually do your research into the schools and programs that interest you, and contact the schools’ administrators for a breakdown of the tuition and fees.

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