Master’s degrees are advanced degrees that typically take from 1 – 3 years to complete. To be accepted onto a master’s course, a student generally needs to have already completed a bachelor’s degree. Sometimes prospective students are required to sit entrance exams.
Many master’s degrees also have prerequisites which means a student will have to have taken specific classes at undergraduate level (e.g. maths and programming for an MS in Computer Science.)
Master’s degree student loan debt statistics
- The typical amount owed by federal student loan borrowers who completed a graduate degree is $102,913
- On average, individuals with a master’s degree owe $80,494 in student loan debt
- Roughly 14.4% of the average graduate student’s loan balance comes from their undergraduate education
- The average graduate’s student loan balance is 145.6% higher than the average student’s
- Across all advanced degrees, debt from graduate school alone averages $88,212
- Private, for-profit institution attendees owe an average of $118,684, with $76,182 of that debt being from graduate school
- Graduate students today are 2.5 times more likely to take out loans for school than they were in 1995
- The average amount of graduate student debt has more than doubled since 1995
MBA student loan debt statistics
An MBA is a Master’s of Business Administration – essentially an advanced degree in management and one of the most popular master’s degree programs for business people.
Average debt at the most competitive business schools
- An MBA from Northwestern University Kellogg School of Management costs more than 3 times as much as an MBA from Dartmouth Tuck School of Business, The Wharton School of the University of Pennsylvania, or Stanford Graduate School of Business
- Duke Fuqua School of Business is the only other school that comes close to breaking the $100k mark amongst the top schools
| Business School | Average MBA Student Debt |
| Northwestern University Kellogg School of Management | $162,886 |
| Duke Fuqua School of Business | $95,432 |
| University of Chicago Booth School of Business | $79,808 |
| Columbia Business School | $72,314 |
| Yale School of Management | $58,493 |
| University of Michigan Ross School of Business | $56,055 |
| Stanford Graduate School of Business | $51,246 |
| The Wharton School of the University of Pennsylvania | $45,500 |
| Dartmouth Tuck School of Business | $41,000 |
Average Master’s degree debt by major
| Major | Debt |
| Visual and Performing Arts, General | $63,830 |
| Radio, Television, and Digital Communication | $55,980 |
| Social Sciences, General | $54,550 |
| Philosophy | $54,260 |
| Journalism | $53,210 |
| Statistics | $53,170 |
| Clinical, Counseling, and Applied Psychology | $51,890 |
| Registered Nursing, Nursing Administration, Nursing Research, and Clinical Nursing | $51,420 |
| Multi/Interdisciplinary Studies, General | $48,690 |
| Public Relations, Advertising, and Applied Communication | $48,370 |
| Sociology | $46,870 |
| Health Professions and Related Clinical Sciences, Other | $44,600 |
| English Language and Literature, General | $44,300 |
| Political Science and Government | $43,850 |
| Liberal Arts and Sciences, General Studies and Humanities | $44,400 |
| Finance and Financial Management Services | $43,400 |
| Psychology, General | $43,400 |
| Business Administration, Management, and Operations | $43,250 |
| Economics | $43,050 |
| Literature | $42,830 |
| Computer Engineering | $42,650 |
| Public Administration | $42,150 |
| Arts, Entertainment, and Media Management | $41,240 |
| History | $40,950 |
| Computer & Information Sciences, General | $40,580 |
| Anthropology | $40,430 |
| Biology, General | $40,270 |
| Architecture | $39,790 |
| Communication and Media Studies | $39,270 |
| International/Global Studies | $37,180 |
| Zoology/Animal Biology | $37,060 |
| Hospitality Administration/Management | $36,200 |
| Marketing | $35,740 |
| Criminology | $35,320 |
| Computer Science | $35,300 |
| Engineering, General | $33,240 |
| Health and Physical Education/Fitness | $33,370 |
| Agriculture, General | $30,680 |
| Geography and Cartography | $30,660 |
| Education, General | $29,430 |
| Chemistry | $28,900 |
| Accounting | $28,200 |
| Mechanical Engineering | $26,780 |
| Civil Engineering | $26,180 |
| International Agriculture | $23,280 |