The cost of a master’s degree: What you’ll pay — and what you’ll gain

Some students are chasing promotions. Others are navigating a tough job market or leveling up to stay competitive in their field. And for many, it’s simply the next step toward a long-term goal that’s been waiting in the wings.

But no matter your path, one question might be looming: Is a master’s degree worth the cost? Or more specifically, what is the cost of a master’s degree and does the return on investment (ROI) make sense for you?

Let’s dig into the numbers, explore the value, and break down what it all looks like right here at the University of Cincinnati.

There’s no single sticker price for a master’s degree. Nationally, the average cost of a master’s degree ranges from $30,000 to over $100,000, depending on a few key factors:

• The program you choose
• Whether you’re attending full-time or part-time
• Public vs. private university
• Online vs. on-campus
• In-state vs. out-of-state tuition

At UC, things are a bit more manageable and transparent.

Some programs, like those in healthcare or engineering, may cost more due to clinical hours, lab access, or certification requirements. For the most accurate numbers based on your area of interest, visit UC’s tuition and program fees pages.

And don’t forget, tuition isn’t the only cost to plan for. You’ll also want to factor in: 

• Student fees: Tech, student support services, program-specific charges
• Books and materials:  Budget around $500–$1,000/year
• Living expenses: Luckily, living in Cincinnati is far more affordable than most major cities. Expect around $10,000-$15,000/year, depending on your lifestyle.

Pro tip: If you're going the online route, many of these fees and living costs can drop significantly or entirely, making the total cost of grad school even more budget-friendly.

Bottom line? Grad school is an investment, but with the right program and financial game plan, it can absolutely pay off.

Not everyone has the flexibility to hit the pause button on life and head back to school full time, and that’s where online and part-time programs come in clutch.

UC offers a wide range of fully online master’s degree programs that let you earn your credentials on your schedule. Whether you’re juggling a job, family, or just want to take classes at your own pace, these programs allow you to pay per credit hour, work from anywhere, and skip the costs of commuting or relocating. It’s grad school on your terms. 

Here are just a few flexible options worth exploring:

• Online MBA: Build business skills with real-world application
• Online Master of Educational Leadership (M.Ed.): Perfect for current or future educators who want to lead in the classroom or beyond.

• Online Health Administration (MHA): Designed for healthcare professionals ready to step into leadership roles

And the bonus? According to recent employer surveys, online degrees are more accepted and respected than ever before. So, you can level up your education without stepping away from your career.

If you’re wondering whether a master’s degree is a smart investment, the short answer is: very likely, yes. Let’s talk numbers.

Here’s where the math starts making sense. According to the U.S. Bureau of Labor Statistics, professionals with a master’s degree earn about $12,000 more per year than those with just a bachelor’s. Multiply that over the course of a career, and you're looking at a six-figure boost before even factoring in promotions or high-paying specialties. 

And it’s not just about averages either. The National Center for Education Statistics reports that workers with master’s degrees between the ages of 25-34 bring in a median salary of $80,200, compared to $66,600 for those with bachelor’s degrees. Translation? Grad school can seriously level up your paycheck.

Still not convinced? Investopedia lists these degrees among the most valuable in the workforce and when you do the math, it’s easy to see why. In fields like tech, business and healthcare, a graduate degree isn’t just a credential; it’s a career accelerator.

Of course, ROI also depends on:

• How quickly you finish your program
• Whether you take on debt, and how much
• The job market in your field of study
• Where you plan to live and work

Not sure how the degree you’re considering stacks up? UC’s Bearcat Promise Career Studio can help you explore salary trends, connect you with employers, and create a game plan that maximizes your return before you even enroll.

Let’s be real, seeing some of the tuition estimates can feel overwhelming. But the good news? You don't have to foot the entire bill yourself. UC and other institutions offer plenty of ways to offset the cost of a master’s degree, and with the right strategy, it’s totally doable.

Here are a few funding options to consider:

1. Graduate assistantships: Think of this as the ultimate tuition hack. Many UC programs offer graduate assistantships, which often include tuition remission plus a stipend in exchange for teaching, research, or administrative work. It’s a great way to gain hands-on experience and reduce your out-of-pocket costs at the same time.
   
   
2. Scholarships and fellowships: Yes, grad students can score scholarships too. UC offers institutional scholarships as well as department-specific fellowships, so it’s worth checking with your program to see what’s available.
   
   
3. Federal student loans: If you’ve filled out the FAFSA, you may be eligible for Direct Unsubsidized Loans or Graduate PLUS Loans. While these do accrue interest, they usually offer lower rates and better repayment options than private loans, especially if you plan on pursuing loan forgiveness programs down the road.
   
   
4. Employer tuition assistance: More common than you’d think, many employers, especially in fields like business, education, and healthcare, offer full or partial (usually up to $5,280) tuition reimbursement. Check your HR benefits package for all the perks. Bonus: Some employers even have partnerships with specific schools, like UC, for reduced tuition rates.
   
   UC employees: The university offers tuition remission as part of its benefits package. That means if you work at UC, you can pursue your master’s degree and UC will directly finance the cost of education, often with fewer upfront costs for you.
   
   
5. Part-time study: Taking classes part-time lets you continue working while spreading costs out over more semesters.Funding your master’s degree might feel like a puzzle, but UC offers the pieces to make it all come together. And if you’re unsure where to start, the team at UC’s Financial Aid Office can help walk you through your options.

If affordability, flexibility and career alignment are priorities for your grad school search, UC offers several features that may fit the bill:

• In-state tuition for Ohio residents helps reduce overall costs
• Regional reciprocity programs for out-of-state students
• Accelerated 4+1 master’s programs to save time and money
• Growing list of high-quality, fully online degrees
• Located in Cincinnati, where the cost of living is below the national average

All this adds up to make UC an appealing choice for students seeking a master’s degree that balances cost, convenience, and career relevance.

If you’re in a field where a grad degree can open doors and you’re ready to invest in your future, then yes, a master’s degree can be 100% worth it.

It’s not just about the tuition bill. It’s about what the degree helps you do next: Earn more, grow professionally, and gain a competitive edge in the job market. 

Still deciding? You don’t have to figure it out today or alone. UC’s Graduate College admissions team and Enrollment Services are here to help you map out your next step and make sure it works for you, your goals and your budget.

Ready to get started? Read more:

• Grad school requirements: What you need to apply and get accepted
• Your grad school application timeline: Stay on track and get accepted
• Graduate school personal statements: Examples and tips for success
• 8 top tips for building a graduate school resume that gets noticed
• Your guide to acing graduate school interview questions