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6 Tips for Evaluating the Overall Cost of Your Graduate Degree

When evaluating the overall cost of your graduate degree important points of consideration are:

  • The final cost of your degree will depend on how many credits you needed to complete it. Most degrees will require anywhere from 48-110 credits depending on if you are getting your Masters or Doctorate degree respectively.
  • The cost of your graduate degree can also be significantly impacted by student fees that vary widely by program. Take time to evaluate and consider what fees you will be responsible for and how that will impact the overall cost of your degree.
  • The overall cost of your degree will also be impacted by how long it takes you to complete the program. Most colleges and universities offer a better value for full time students completing within the range of 8-16 credits per term. Meaning, you usually pay per credit for the first 1-8 credits and then anything above that, up to full time, is available for the same price. So if you are able to successfully manage a full load you will get more for your money.
  • Because in state tuition is considerably less expensive than out of state tuition it is worth considering if the degree you would like to acquire is offered at an institution in your home state. Many of the schools listed here are private institutions so the tuition is the same for in- state and out-of-state residents.
  • Most graduate schools require interviews for the final round of applicants. Travel expenses can quickly add up. You may only want apply to graduate schools that you would be able to afford to travel to if you made it to the final round of the application process.
  • Most schools offer scholarships specific to the graduate department students are enrolled in. It is worth researching and applying for scholarships to reduce your overall cost of graduate school. Check out these 50 great private scholarships for counseling and psychology.

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