How much did your Master's cost?

[That Is Nice]

I'm curious - how long and how much did your Master's degree cost?

I started graduate school a few years ago for a short time but stopped due to funding cuts where I worked (no more tuition reimbursement) and I couldn't come up with the cash myself and that was before I was a parent and had child related expenses.

I have a pretty decent job with just a bachelor's degree, but most people I have worked with all along in my career have had master's degrees or law degrees so I am at a bit of a disadvantage and it's one reason I am paid what I earn, probably.

I've gone about as far and as good as I can with a bachelor's, I think.

But I've been looking at master's programs and law programs for quite a while, and while it would be a big challenge to get admitted into the better programs, the major hurdle is cost.

I just can't believe how much it costs? I mean, $180,000 for a law degree?? There is just no way I can justify that or pull it off.

Even grad school is thousands per credit at a lot of state schools.

I paid for all my undergrad myself so I graduated with about $25k in debt for 4 years and I've just about paid it off. That was a significant thing to undertake and I just don't see how I can pull off grad school or law school financially, even with scholarships paying for half.

[Herausgeber]

Both the cost and the time it takes for the investment to pay off depend on a lot of things -- the field you're in, the place you are in your career, your previous education, the program you get into, et al.

My master's is in journalism, from a top school for journalism. It cost me about $30K, which I made back within one year in salary increases. It took me 1.5 years to complete the program. BUT, that was because (1) I had an utterly unrelated undergrad (agronomy) and the master's helped show I was serious about journalism, (2), I worked for a large employer (The Washington Post) that had a need for the higher-level skill set I developed in grad school, (3) It's become pretty common for people who come into journalism at that level to have a master's degree, (4) I went to a top-ranked program (University of Maryland), and (5) I didn't quit my job to go to school. Had none of those factors been in place, I doubt I would have seen the kind of payoff I did.

The decision to go to grad school should start with your long-term career goals. IF you need grad school to pursue them, then you start looking at the particular program that would best help you make it happen. Some are obvious: If you want to be a lawyer, well, you're going to have to suck it up and go to law school. Then your question becomes public vs private. Full time vs. part time. Which school's speciality. Others are fuzzier -- especially if they involve business school. A top-tier MBA is nearly always a good financial investment -- if you're willing to really gun it for 20 years after graduation. An MBA from a lessor school might be cheaper, but not really do much for your career.

[That Is Nice]

Originally Posted by Herausgeber

It took me 1.5 years to complete the program. BUT, that was because (1) I had an utterly unrelated undergrad (agronomy).

But aren't most programs two years as a standard? Going full time? How did you complete it in 1.5 years with an unrelated degree (although I do think for journalism MA or MS you don't need a related degree).

Most of the accerlerated programs take a year to 1.5 years. The standard programs going full time take two years of on-campus work.

That's what I've seen at school after school.

If it only took a year to 1.5 years, I might consider it, but that's the timeline more for a certificate not an MA or MS.

[That Is Nice]

Forgot to add that $30k for a 1.5 years of classes seems so high to me, but right in line with the tuition I've been seeing for accredited and well regarded schools.

It's so expensive.

I always thought I'd finish my MS someday, maybe when my employer paid for tuition again or when I had my student loans paid off. I think I waited too long. Tuition increases have been so significant. And with the economy, my employer isn't going to be offering tuition reimbursement anytime soon. I didn't call this one right at all.

[lolar2]

My master's was fully funded as far as tuition, and I had a small stipend, but I took out about 36k in student loans as well (18k/year) because we were in an expensive area and couldn't make ends meet just on the stipend.

Master's degrees in the UK are 1 year, not 2, but I don't know where Herausgeber is from. In the US they are usually 2 years.

[honey-lilac]

Chiming in... right now the program I'm in is 3 years full time (yikes) but another program that was similar was only 1 year full time for the same program essentially. So they do vary.

[Herausgeber]

There is considerable variation in what encompasses a "master's." So much so that it really not even useful to talk about them in a generic sense. What I did to get my master's is very different from what a psychologist would need to do -- or an accountant. Heck, it's not even consistent across journalism programs, even within the same schools. I pursued Maryland's practical MJ option, for example, because that's what suited my career goals, rather than the MA, in which I would have had to write a thesis. The latter would have taken a full 2 years, and I couldn't have worked while I did it.

I worked full time while I did all of this because I had the time and stamina to pull that off at the time. This was pre-motherhood.

What types of programs are you evaluating specifically? How do you think a master's would help you?

[Sorin]

Originally Posted by Herausgeber

There is considerable variation in what encompasses a "master's." So much so that it really not even useful to talk about them in a generic sense. What I did to get my master's is very different from what a psychologist would need to do -- or an accountant. Heck, it's not even consistent across journalism programs, even within the same schools. I pursued Maryland's practical MJ option, for example, because that's what suited my career goals, rather than the MA, in which I would have had to write a thesis. The latter would have taken a full 2 years, and I couldn't have worked while I did it.

I worked full time while I did all of this because I had the time and stamina to pull that off at the time. This was pre-motherhood.

What types of programs are you evaluating specifically? How do you think a master's would help you?

I agree with this. My MA and PhD were fully funded, as were all of my classmates'. My degree is in English and the prevailing wisdom in my field is that you do not pay to go to grad school. If a school wants you badly enough, they will fund it, either in the form of fellowships or (more likely) in the form of teaching assistantships. Now, of course, this is for a full-time program, and I do not think that the same applies if you were to go part-time.

DH has an MA in a completely different field, and he paid about 20K. However, the interest rate is very low, he needed it for his job, and he has had greater job mobility since earning his degree, which makes the debt a smart decision.

Professional school (JD, MBA, etc.) is a competely different can of worms, and I agree with the above poster who said that you should not pursue one of those degrees unless you are willing to work hard for several years at a corporate job to pay back those extensive student loans.

[CatsCradle]

Professional school (JD, MBA, etc.) is a competely different can of worms, and I agree with the above poster who said that you should not pursue one of those degrees unless you are willing to work hard for several years at a corporate job to pay back those extensive student loans.

I agree. A law degree (J.D.) is a professional degree and should only be pursued, in my opinion, if you really, really, really want to practice law. It is a very expensive and time consuming pursuit. $180k for a law degree? Maybe at some schools and if you're taking taking out loans to pay for cost of living expenses. I went to a fairly expensive private school but paid about $110k for tuition and books. I had saved a considerable amount of money before hand to pay for the time that I wouldn't be working (most law schools are three-year intensive programs). The job market right now is really bad for new lawyers, as with a lot of professions that have been saturated with new recruits. I took a big risk when I went to law school, but I had a specific area in mind that I wanted to practice and was very fortunate to have made my way in this profession. I make more per year than I took out in student loans, so from a financial standpoint, my degree paid for itself. I don't have any regrets, but wouldn't advise to anyone unless his/her heart is really set on it and that is want they really want to do with their life. It is a lot of work.

Anyway, I did get a masters degree in fine arts back in the eighties, and that cost me about $7k. Don't regret that either, but was for love of art, and there were pretty of lean days thereafter.

If it were me, and expense and time were an issue, I would consider something that is going to pay off financially....but something that you will love doing. Nothing worse than making a living and hating what you do, or loving what you do....and starving!

[GoGoGirl]

I got a Masters in Social Work in 2005. I have a Bachelors in Social Work, so the Masters program was only 1 year for me instead of the usual 2 years. Tuition (at a state school) was $12,000 for the year. I took out a $4k loan, and paid it back in the year after I graduated (not working as a social worker, but in my pre-grad school, higher paying job). I still haven't actually worked as a paid social worker. I have friends who went to private schools for their MSWs and have over $50k in student loans! That's almost double the yearly salary of entry level social workers. Yowch.

If I was going to get another masters (and I'm considering it), I'd want to know that I could pay off any loans I had to take out in 2 years of graduating, tops. But I guess that all depends on your comfort level with debt. Mine is minimal.

[BetsyS]

My masters' was a 4 semester program at a pricey private university (only program in the state). Tuition/fees/books cost about $50,000.

Before my program, I worked in a town that underpaid people with my degree, only I didn't know that. I was y oung, and I didn't realize I could make (a lot) more money in a different area, only 1-2 hours away. I also totally over-estimated how much money I'd make when I got out.

So, when I graduated, I had a hard time making my loan payments on my salary. I'd do it again, but I'd do it differently (save ahead of time instead of loans, find a cheaper state school, etc).

[1growingsprout]

My 'cost' was zero. I was single and contined to work full time will attenting school full time on scholarship for my MBA, same holds true for DH. Right now I'm considering going back for my teaching certificate. (cost would be minimal)

[jocelyndale]

My husband's degree (MS in library & information science) is probably going to be roughly $38k, plus travel and other expenses. This is out of state tuition. Our actual cost for the tuition will depend on how long he takes for the degree. His employer will cover $15k/calendar year.

[~pi]

Originally Posted by Sorin

I agree with this. My MA and PhD were fully funded, as were all of my classmates'. My degree is in English and the prevailing wisdom in my field is that you do not pay to go to grad school. If a school wants you badly enough, they will fund it, either in the form of fellowships or (more likely) in the form of teaching assistantships. Now, of course, this is for a full-time program, and I do not think that the same applies if you were to go part-time.

DH has an MA in a completely different field, and he paid about 20K. However, the interest rate is very low, he needed it for his job, and he has had greater job mobility since earning his degree, which makes the debt a smart decision.

Professional school (JD, MBA, etc.) is a competely different can of worms, and I agree with the above poster who said that you should not pursue one of those degrees unless you are willing to work hard for several years at a corporate job to pay back those extensive student loans.

: Almost exactly on all of it. I did not (and would not) pay for a graduate degree. I'm in the sciences.

DH's Master's (library science) did cost, but it paid for itself afterwards.

If you want a flexible lifestyle, a professional degree is not the way to go IMHO.

[mrsfrenchy]

my master's program is 5 semesters, one of which is a summer semester, so it is essentially 2 years. I'll be getting my tuition paid (except for the one summer semester) with a tuition scholarship, which requires me to work on campus 8 hours a week. My program is Speech Pathology.

The most I'll be taking in loans is $40K and thats mainly just to pay for daycare and a few other expenses while I'm in school.

[Ambystoma]

Originally Posted by ~pi

: Almost exactly on all of it. I did not (and would not) pay for a graduate degree. I'm in the sciences.

DH's Master's (library science) did cost, but it paid for itself afterwards.

If you want a flexible lifestyle, a professional degree is not the way to go IMHO.

Yep, I don't think I would go to any program in Bio that doesn't do full funding. I pay only student fees (~$50/semester) but have a tuition waiver and a teaching assistantship that pays monthly.

[kcparker]

This is from an R1 public school of good repute.

3 years of fulltime coursework (with a 25% TAship the first year and a 50% appt. RA/TA the other two years, but having to pay tuition and ending up netting about $300/month). I took about $15K loans out for supporting myself during those 3 years, and I wrecked my immune system with stress due to the heavy workload, trying to work on courses and my own artwork, and stressing about still barely having enough money to get by.

180K is a ridiculous amount of debt - that's a house, or even 4 or 5 houses depending on your location. No education is worth that much. You could do a perfectly good law degree at a state school for a lot less.

[That Is Nice]

Originally Posted by kcparker

180K is a ridiculous amount of debt - that's a house, or even 4 or 5 houses depending on your location. No education is worth that much. You could do a perfectly good law degree at a state school for a lot less.

I agree. $180k is a ridiculous amount. It's not going to buy a house where I live, unfortunately, but it's still a high number.

It's the amount for law school at a very good, private school that happens to be local.

That's the problem with not being able to relocate.

If I could go anywhere, I could probably shop for scholarships and get a pretty good deal.

[lolar2]

If a master's degree is useful for your field, I don't suppose your company might help with the cost, would they?

[siobhang]

I got my Master's in the UK - total cost including room and board for the year was $30K, which I had saved before I went. I decided to pursue my degree in the UK because a. of cost and b. the course/school sounded exactly what I wanted, c. I wanted to live/hang out in London, and d. I wanted the British perspective (Anthropology of International Development).

best investment of my life.

ETA: I was looking at doctorate programs, and agree that normally I'd never pay for one. However, I discovered that full rides are only available for full time students, and that if I worked/studied part time and paid for the degree myself, I would actually make more money than if I had a full ride and got a Research TA job. I decided in the end that I don't want a PhD right now, maybe not ever, but if I do want one, I want to enjoy it and not feel pressured by work, kids and school. Esp. since an additional degree is not required for job promotion.

DH on the other hand would benefit not from a master's but rather from a security certification. $3k would add about $25K a year in salary potential. Maybe in the Spring.