# Here's the Average Student Loan Debt for Graduate School By [Authors at Earnest](/content/blog/author-page/authors-at-earnest/index.html) **|** Published on February 10, 2026 ) If you’re considering applying to grad school, you may be wondering if it’s worth the expense. Here’s what you need to know about the average graduate student loan debt, and what you could have to show for it once you enter the loan repayment stage. ## What’s the average graduate student loan debt? According to a [study from the National Center for Education Statistics](https://nces.ed.gov/programs/digest/d20/tables/dt20_332.45.asp), the average student loan debt for graduate school is about $88,220. However, debt varies widely based on the level and type of degree you seek and. It also depends on how long it takes you to complete that degree. Many Master of Science programs may take just one or two years to complete, while PhD programs could take three, four, or more. [Medical doctorates](/content/blog/medical-school-student-loans/index.html) usually take at least four years, plus several years in residency, during which you won’t be reaching your fullest earning potential. Where you go to school matters a lot, too. College students who attend public institutions may have much lower tuition than those studying at private nonprofit institutions or for-profit institutions. ### Average debt by graduate degree level The [type of degree you pursue](/content/blog/why-is-college-important/index.html) will greatly influence how much it costs, and thus, the amount of money you may need to borrow to cover all your expenses. Law school, for example, generally costs a lot more than a 2-year master’s degree. During the 2019-2020 school year, the average graduate student borrower took on anywhere from $52,050 in debt for a post-baccalaureate certificate at a private non-profit institution — to more than $242,000 for a doctorate in a specialized health profession. (That’s according to a 2022 analysis by the National Center for Education Statistics — the latest year for which data is available.) To better understand what your total graduate school loan debt might look like, use the below estimates from the [Education Data Initiative](https://educationdata.org/average-graduate-student-loan-debt). We’ve broken down the numbers to show the differences between public and private school tuition. Keep in mind that tuition costs tend to rise each year. Also, remember that no student loan debt statistic will give you a perfect estimate. Your actual debt will depend on a number of factors—including your specific program of study, your institution type, and your eligibility for scholarships, and financial aid. Finally, if you already have existing undergraduate school debt, remember to include that when calculating your potential cumulative debt. ###### Level of degree | Degree Level | Public School | Private Nonprofit | Private For-Profit | |----------------------------------|----------------|-------------------|--------------------| | Post-baccalaureate certificate | $55,883 | $84,826 | $67,474 | | Master’s degree | $54,699 | $72,776 | $80,068 | | Research doctorate | $106,297 | $113,266 | $183,508 | | Professional doctorate | $165,600 | $259,703 | $211,992 | ### Average graduate debt by graduate program The level of degree you pursue isn’t the only factor affecting your post-grad debt. Within each degree level — i.e., post-baccalaureate, master’s, or doctorate — there’s a wide range of degree types, and each has its own specific costs. A PhD in English literature, for example, may cost significantly less than going to medical school. Here are a few examples of the [average debt a graduate student takes on](https://educationdata.org/average-graduate-student-loan-debt#:~:text=The%20average%20graduate%20student%20loan,among%20PhD%20holders%20is%20%24125%2C276.) in specific disciplines. Note that this is the debt incurred from the graduate program alone — it doesn’t include other, pre-grad school debt. **Average student loan debt from common master’s degrees** - Master’s of Business Administration (MBA): $63,517 - Master of Education: $52,878 - Master of Arts (MA): $67,024 - Master of Science (MS): $60,730 **Average student loan debt from common doctorate and professional degree programs:** - Doctorate of Philosophy (PhD): $128,845 - Doctorate in Education: $128,845 - Doctorate in Health Sciences Professions: $241,034 - [Law Degree](https://educationdata.org/average-law-school-debt): $119,292 - [Medical Doctorate](https://educationdata.org/average-medical-school-debt/) (MD): $202,453 ## Is grad school worth it? The answer to this question is rarely black and white. Whether grad school is worth it depends on your personal development and career goals, the [income potential](/content/blog/are-student-loans-worth-it/index.html) for the advanced degree you’re seeking, and other factors. Here are a few things to consider. ### Grad school could seriously increase your income potential Graduates from some advanced degree programs make significantly more than they would with a bachelor’s degree alone. According to the [Bureau of Labor Statistics](https://www.bls.gov/emp/chart-unemployment-earnings-education.htm), the median American bachelor’s degree holder makes about $1,432 per week, while someone with a doctoral or professional degree usually earns $2,080 per week. That’s about 45% more. Here’s how that adds up over an annual salary and the first 10 years of your career: ###### Degree | Degree | Weekly Salary | Annual Salary (x52 weeks) | 10-year earnings | |---------------------|---------------|--------------------------|-------------------| | Bachelor’s degree | $1,432 | $74,464 | $744,640 | | Master’s degree | $1,661 | $81,372 | $863,720 | | Professional degree | $2,080 | $108,160 | $1,081,600 | | Doctorate | $2,083 | $108,316 | $1,083,160 | To put that into perspective, you could potentially earn about $338,000 more with a doctoral degree than a bachelor’s degree over the span of 10 years. And that’s not taking into account job changes or raises. Keep in mind, however, that these salary stats are general numbers based on data from a wide variety of industries. You can find more specific salary data broken down by field of degree in the [Occupational Outlook Handbook](https://www.bls.gov/ooh/field-of-degree/home.htm). ### Grad school can help you explore new interests while enhancing your resume Sometimes, you just need a break from the daily grind. And yet, a hiatus from the working world can sometimes look suspicious on your resumé. Taking an academic year or two “off” from work to pursue a new degree full-time can improve your overall employability while giving you meaningful time away from work. ### Grad school may be ideal for you if… - You can get a scholarship to cover some or all of your expenses, reducing your amount of debt - You’ve [paid off your undergraduate loans](/content/blog/undergrad-student-loan-debt-before-grad-school/index.html) or are in a good financial position to take on more debt, if you need to - You need an advanced degree to get to the next level of your career - You want to take some time off from your career to explore a new interest - You’re confident you’ll be able to pay off your loan balance - You like school and you’re excited about the prospect of studying ### Grad school may not be ideal for you if… - You’re currently in deferment or forbearance with existing private or federal undergraduate student loans - You don’t want to increase your total student loan debt - You’re not confident an advanced degree will open up new, lucrative opportunities for your career - You didn’t enjoy college and you’re not interested in continuing academic study - You don’t like your field of work and want to change careers to something that doesn’t require an advanced degree ## What types of loans can grad students take out? Grad students can finance their education with federal student loans, private loans, or a mix of both. ### Federal loans Students are eligible to borrow up to $20,500 each year in [Direct Unsubsidized Loans](https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized). If that’s not enough to cover your needs, you can borrow additional money in the form of [PLUS Loans](https://studentaid.gov/understand-aid/types/loans/plus/grad), which have a higher interest rate. You can borrow up to the full cost of attendance for each year, which is set by your university and includes expected living costs for the city you’ll be studying in. If you’re studying at a university abroad, the annual cost of attendance will include applicable fees for a student visa and flying to and from your school each year for holiday breaks. If you borrowed federal funds for your bachelor’s degree, you’ll need to keep federal lending caps in mind. For graduate and professional students, the [aggregate federal loan limit](https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized) is $138,500. This is the total amount you can borrow in subsidized and unsubsidized federal loans for both your undergraduate and graduate degrees combined. ### Private loans Generally speaking, student loan borrowers should always max out the amount of money they’re able to borrow from the federal government before turning to private loans¹. The U.S. Department of Education offers significant protections that make federal student loan debt easier to manage, such as [income-driven repayment plans](/content/blog/income-based-repayment-student-loans/index.html) and [student loan forgiveness](/content/blog/cares-act-student-loan-debt-cancellation/index.html). However, if you’re applying for grad school when you already have a well-established credit history, you may be able to get a lower interest rate from private lenders than from the federal government. This could save you a significant amount of money over time, and also help you get out of debt faster. ## If you have to take out loans, plan to refinance [Student loan refinancing](/content/blog/how-to-refinance-student-loans/index.html) is the process of paying off your old loans with a new loan from a private lender². This new loan will have new rates and terms, and if you’re in a better position financially than you were when you took out your original loans (better credit score, [DTI ratio](https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-en-1791/), credit history), you may be able secure a lower rate. This could translate to hundreds or thousands of dollars saved over the life of your loan. Refinancing can also enable you to lower your monthly payments, pay off your loans faster, switch your loan type from variable to fixed-rate, or release a cosigner from your original loans.³ Learn more about [the pros and cons of refinancing student loans](/content/blog/pros-and-cons-of-refinancing-student-loans/index.html). ## How to offset the cost of graduate school without loans ### Fully-funded programs [A fully-funded graduate program](https://scholarshiproar.com/fully-funded-masters-scholarships-in-usa/) is a program where the student’s tuition and living expenses are fully covered by the university or external sources such as grants, fellowships, or scholarships. This means that the student does not have to pay for tuition, fees, or living expenses such as housing, meals, and transportation. Fully-funded graduate programs are highly competitive, and you may be required to meet certain academic and research standards to be considered for them. In addition to covering tuition and living expenses, fully-funded graduate programs may also provide opportunities for research, internships, or teaching assistantships, which can offer valuable experience and connections for soon-to-be grads. These programs are typically available in fields such as science, engineering, social sciences, and humanities, and can be found at both public and private universities. ### Fellowships [A fellowship](https://www.usnews.com/education/best-graduate-schools/paying/articles/what-a-fellowship-is-and-why-you-might-want-one) is a type of financial aid that is awarded to graduate students based on merit, academic achievement, and research potential. Unlike loans, fellowships do not need to be repaid and are often considered the most prestigious form of financial aid for graduate students. Fellowships can provide students with a stipend to cover living expenses, as well as full or partial tuition coverage. They can also provide opportunities for research, professional development, and networking. Fellowships can be awarded by universities, private foundations, corporations, or government agencies. The application process for fellowships can be highly competitive, and students may need to submit essays, letters of recommendation, and other application materials to be considered. ### Teaching opportunities Another way to get financial support for grad school is through student teaching opportunities. Many universities offer teaching assistantships (TA) to graduate students, which can provide a stipend and/or tuition waiver in exchange for teaching duties. These opportunities not only help graduate students to pay for their education, but also provide valuable teaching experience that can be beneficial for future careers. ### Work-study A work-study job is a type of employment opportunity that is available to students who demonstrate financial need as determined by the Free Application for Federal Student Aid (FAFSA). These jobs are typically offered on college and university campuses and are designed to provide students with part-time employment that can help cover educational expenses. Work-study jobs can be in a variety of areas, such as administrative offices, libraries, research labs, and even in the community. The hourly wage for work-study jobs is typically at least the federal minimum wage, but can vary depending on the job and location. In some cases, work-study jobs can also provide valuable career-related experience that can help students in their future job search. ### Employer tuition assistance Employer tuition assistance is a benefit that some employers offer to employees to help pay for the cost of higher education. Here, graduate students have an edge over undergraduate students because they are more likely to have some experience in the workforce, and as a result, connections with a company that may be willing to help pay for grad school. This assistance may come in the form of tuition reimbursement, where the employer reimburses the employee for the cost of tuition, or tuition assistance, where the employer pays directly for the employee’s tuition. Some employers may have different plans for tuition assistance or reimbursement, so it’s important to check with your employer to understand what options are available to you. ### Scholarships While many people associate scholarships with undergraduate students, there are actually lots of scholarships available to graduate students as well. These scholarships can come from a variety of sources, including professional organizations, private foundations, and even the graduate school itself. Like undergraduate students, grads may also be able to find scholarships based on their field of study, academic achievements, or even their cultural heritage. Some scholarships are specifically designed for students pursuing master’s or doctoral degrees, while others are open to all graduate students. There are lots of [scholarship search engines](https://www.goingmerry.com/) out there now, so it’s easier than ever to quickly find scholarships that you’re eligible for.