The soaring cost of graduate school tuition can feel like a financial hurdle, demanding meticulous planning before you even consider taking the plunge. However, let’s not forget that education is an investment in your future. If you make the most of what you’ve learned, the rewards can significantly outweigh the initial costs. So, the question remains: how do you navigate the financial realities of grad school?
Research is Key
The first step is understanding the cost landscape. Tuition fees can vary dramatically even within the same university, depending on the specific program and college you choose. Meticulously research programs that align with your career goals. Don’t just focus on tuition– factor in living expenses, books, and other incidentals. Most universities offer detailed cost breakdowns that include everything from tuition to housing and supplies. This comprehensive picture empowers you to make informed financial decisions.
Most of the master’s programs at Arts & Sciences can be completed in less than one year or in two semesters for those who enrolled as full-time students. In this case, the estimated cost of attendance for 2024 – 2025 is as below:
9-month academic year (September – May)
| Tuition (12- 18 credits per semester) | $66,670 |
| Fees (Student Services, Health & Wellness) | $956 |
| Housing & Food | $15,450 |
| Personal | $3,292 |
| Transportation | $1,120 |
| Books & Supplies | $1,264 |
| DL Fees | $208 |
| Total estimated cost of attendance | $88,960 |
Applying for Scholarships & Financial Aid
Earning an advanced degree is a valuable investment in your future, but the financial commitment shouldn’t be a barrier. Here at Boston University, we understand this concern. We offer resources like merit-based scholarships and university-wide fellowships and award opportunities recognizing your academic achievements and reducing costs. Federal and private loans are also available to bridge any remaining gaps. Additionally, on-campus employment opportunities allow you to gain valuable experience while contributing to your education. Remember, specific requirements and eligibility may vary for domestic and international students.
Investing in Your Future
Think of pursuing a graduate degree as a strategic investment, not just for professional advancement but also for personal growth. As you explore programs across different institutions, consider the return on investment (ROI) for each option. Ask yourself: How will this program benefit my future? Will the long-term advantages outweigh the upfront costs?
The benefits of personal growth will vary, but the impact on your career is undeniable. Graduate degrees are often associated with increased earning potential. While the salary gap between undergraduate and graduate degrees may be narrowing, a 2022 report by the National Association of Colleges and Employers (NACE) still shows a significant 22.5% difference. The starting salary and the increase vary by subject:
(source: NACE First Destinations for the College Class of 2022)
| Subject | Mean starting salary, Master’s | Mean starting salary, Bachelor’s | Difference |
| Biology | $68,537 | $42,859 | 60% |
| Computer science | $105,894 | $86,964 | 22% |
| English | $53,317 | $43,678 | 22% |
| History | $53,137 | $46,663 | 14% |
| Mathematics | $83,444 | $76,186 | 10% |
| Psychology | $58,276 | $42,125 | 38% |
| Social sciences | $65,059 | $57,022 | 14% |
Furthermore, a graduate degree opens doors to a wider range of career opportunities. Many job postings specifically target candidates with master’s degrees, offering them priority over those with only undergraduate qualifications. This translates to not just a higher starting salary but also greater control over choosing your ideal career path.
Don’t be Discouraged by the Price Tag
The upfront cost of graduate school can be a formidable obstacle. However, with strategic planning, you can transform it from a financial burden into a springboard for your future. By meticulously researching program costs and their return on investment (ROI), you can identify an option that aligns perfectly with your career aspirations and financial constraints. Remember, a graduate degree isn’t just about acquiring knowledge; it’s about unlocking a world of personal growth, increased earning potential, and a wider range of career opportunities. Take the time to weigh the financial investment against your long-term goals. By doing so, you’ll be empowered to make an informed decision about whether grad school is the key that unlocks your future success. Be sure to watch our financial aid video for a guide into Boston University’s Graduate School of Arts & Sciences financial aid services and learn more about financing your future endeavors!
References:
“Differential in Starting Salaries between Bachelor’s and Master’s Grads Is Diminishing.” NACE, 5 Dec. 2022, www.naceweb.org/job-market/compensation/differential-in-starting-salaries-between-bachelors-and-masters-grads-is-diminishing/.
About the Author:
Doğa Sevgi
Marketing & Communication Assistant, GRS
Bachelor of Science, Psychology