How Much Does a Masters Degree in Education Cost

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Updated on June 29, 2022

Master’s in Education degrees are programs for students who wish to pursue careers as educators. As with most graduate degree programs, the cost of a master’s degree in education depends on two significant factors: tuition rates and financial aid options.

For prospective master’s students, this article will explore the costs of these degrees. It will also discuss the salary increase that graduates can expect.

Why Should You Opt for a Master’s in Education?

A Master’s of Education degree is an excellent option for those who wish to pursue a career as an educator, whether in a public school system or through private education. A master’s degree can help prospective teachers gain the requisite skills and knowledge that will enable them to enter their chosen field confidently.

A master’s in education can improve a teacher’s salary and chances of being recognized for outstanding work. It also allows teachers to become leaders within a school district, which is a testament to their knowledge and experience in the classroom.

What Are the Costs of a Master’s in Education?

Before considering a master’s program, prospective students should understand that these programs are intensive and require multiple commitments from students. For this reason, it is important to carefully review the cost of master’s degrees in education before applying.

The cost of a master’s in education varies depending on the college or university students choose to attend. Several factors can affect the final price tag associated with these degrees, which is why researching options and choosing wisely can help students save money. This breakdown of costs will help prospective master’s students understand what they may expect upon graduation.

Tuition Rates for Master’s in Education Degrees

The exact amount depends on whether or not students are full-time or part-time students and how long they take to complete the program. Tuition rates for master’s degrees in education vary depending on the institution and cost up to $50,000 per year.

For instance, tuition costs at public four-year institutions average $9,139 per year, while private non-profit four-year institutions cost an average of $20,090 annually. Fortunately, many financial aid options are available to students who wish to pursue master’s in education degrees.

Financial Aid Options for Master’s in Education

Many organizations offer financial aid options for prospective students pursuing master’s degrees in education. This is especially true at the graduate level because students must have a bachelor’s degree to enter a master’s program. These grants and scholarships can make a significant financial difference for many students, making the cost of a master’s education much more manageable.

In addition, federal loans are an option for those who wish to borrow money to help defray the cost of their education. These loans are given with favorable terms and interest rates to help make students’ educations more affordable.

What Can You Expect Upon Graduating?

After graduation, most masters in education graduates can expect to start their careers at around $54,956 per year. However, this salary boost will depend on students’ work and their specific job descriptions. For example, elementary school teachers generally make between $38,000 and $54,500 per year, while secondary teachers make $45,000 and $59,000 yearly.

In addition to the financial benefits associated with a master’s degree in education, many graduates also find their degrees invaluable when seeking promotion or greater responsibility within their chosen field.

Expectations vs. Reality of Salary Increases upon Completion of Degree

When considering the cost of a master’s program in education, many people assume that their salary will increase significantly after receiving the degree. However, this may be an unrealistic expectation for some educators.

While teachers can expect to see a small increase in pay of about $1,000 after earning their master’s degree, it is more common for teachers to receive raises at the rate of inflation or as part of union negotiations.

The tuition fee at the top colleges offering Masters in Education is:

Harvard University: $51,904 per year

University of Pennsylvania: $1,752 per credit

University of California: $26,544 per year

University of Wisconsin: $24,054 per year

New York University: $44,808 per year

Stanford University: $54,315 per year

Arizona State University: $23,544 per year

University of Washington: $31,139 per year

University of Ohio: $15,000 per year

Samples and Spending Breakdown

In addition to tuition and the length of the program, other factors such as whether or not courses are offered online may affect the cost of a master’s degree. Some programs charge based on course load (for example, the cost for an incoming student who enrolls full-time would be significantly higher than that for a part-time student).

In addition, some programs charge a fee for examinations. This can be quite costly if students have to pay for each exam.

For example, the average graduate earns approximately $40,000 as a starting salary as an Educator.

Averages: $40,000 – $50,000

Sample Range of Costs for Master’s in Education Degree Programs: $10,000 to $50, 000 (excluding graduate assistantships and financial aid)

Average Cost of Tuition and Fees for Master’s Degree Program: $20,000 (30 credit hours, $600 per credit hour)

Sample Budget:

Tuition and Fees: 30 Credit Hours at $600 per Credit Hour = $18, 000

Personal Expense: Basic spending money while studying. Utilize student loans if needed.

Food and Shelter while attending school: Rent, Food, Utilities – Use student loans if needed.

Sample Budget: $18,000 + $1,000 =

$19,000 for one year of attendance + an additional 10% to allow for unexpected expenses = $21,900 per year.

3 years @ $21,900 = $63,700 total cost.

Average Cost of Tuition and Fees for Master’s Degree Program: $20,000 (30 credit hours, $600 per credit hour)

Sample Budget: 30 Credit Hours at $600 per Credit Hour = $18, 000

Personal Expense: Basic spending money while studying. Utilize student loans if needed.

Food and Shelter while attending school: Rent, Food, Utilities – Use student loans if needed.

30 Credit Hours at $600 per Credit Hour = $18, 000

$19,000 for one year of attendance + an additional 10% to allow for unexpected expenses = $21,900 per year.

3 years @ $21,900 = $63,700 total cost.

Average Salary after Graduation:

$40, 000 – $50,000

ROI of a Masters in Education and How Much Salary Increment Can It Induce?

When choosing a master’s program in education, you can calculate ROI to see how much extra income your degree can get you. You can then compare this number to the program’s cost and see if it is worth it for you.

When considering ROI, consider that salaries will be different depending on where you work; however, education tends to be a fairly stable field with generally low turnover rates.

For the average cost of $40,000, you can expect an average increment of $11,490 with a master’s degree and pay your costs back in around 3.5 years. With 6-9 years of experience, a teacher with a master’s degree will get around $7500 increase in their salary compared to teachers with a bachelor’s degree.

Conclusion

A master’s degree in education can have many benefits for those pursuing a career as an educator. Not only does this degree increase the average salary of educators, but it also provides them with greater opportunities for advancement and better job security.

However, there is a wide range of costs associated with earning a master’s in education. This educational investment is well worth the price, but individuals should carefully consider their options before committing to a program.

 

References:

https://nces.ed.gov/programs/digest/d13/tables/dt13_211.40.asp
https://nces.ed.gov/programs/digest/d13/tables/dt13_211.30.asp
https://www.collegeraptor.com/getting-in/articles/online-colleges/the-value-of-a-masters-degree-in-education-med-increased-salary-and-roi-infographic/
https://www.pointloma.edu/resources/education/how-much-can-masters-degree-increase-teachers-salary-0

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