Recently, articles have surfaced exposing prestigious universities that charge exorbitant tuition rates for graduate degrees translating to less-than-stellar salaries. Graduates are finding themselves buried under a mountain of debt they feel like they’ll never overcome.
One way to curb some of that impending debt is to consider a public university versus a private one. While many grad students may have dreams dripping with Ivy, many public universities have excellent programs and reputations without the inflated price tag that comes with the privilege of prestige. The average published tuition and fees at private nonprofit four-year institutions was $37,650 in 2020–2021 versus $10,560 for public four-year institutions the same school year.*
That’s not to say that private institutions aren’t worth it, as many of them offer a good deal of financial assistance, waivers and scholarships that may offset the higher overall costs. It’s just important to take into consideration the future earnings that your master’s degree will afford you. Your field of study may influence your institution's decision as well. Sometimes prestige matters, such as is the case with medical school. Be aware of the expectations that your future job prospects will demand from your education.
