Total graduate school cost breakdown: **Tuition & Fees** ($25,000-$80,000/year): Masters programs: $25,000-$50,000/year (public in-state), $35,000-$70,000/year (private).

Ph.D. programs: Often fully funded with stipends ($20,000-$35,000/year), but unfunded programs: $30,000-$60,000/year.

Professional degrees (MBA/JD/MD): $40,000-$80,000/year. **Living Expenses** ($15,000-$30,000/year): Housing: $8,000-$18,000/year (shared apartment vs studio).

Food: $3,000-$6,000/year ($250-$500/month).

Utilities & Internet: $1,200-$2,400/year.

Health insurance: $2,000-$4,000/year (if not covered by school plan). **Books & Supplies** ($500-$2,000/year): Textbooks: $300-$1,000/year.

Course materials/software: $200-$1,000/year. **Transportation** ($500-$2,500/year): On-campus students: $500-$1,000/year (local transit).

Commuters: $1,500-$2,500/year (car expenses/parking). **Miscellaneous** ($1,000-$3,000/year): Professional conferences: $500-$1,500/year.

Research expenses: $200-$800/year.

Personal expenses: $300-$700/year. **Opportunity Cost** (Largest hidden cost): Lost salary during program: $50,000-$80,000/year × program length.

Example: 2-year Masters = $100,000-$160,000 in foregone earnings.

This often exceeds direct costs! **Total Annual Cost Examples**: Public Masters (in-state): $45,000-$80,000/year all-inclusive.

Private Masters: $60,000-$100,000/year.

Funded Ph.D.: $0-$10,000/year (stipend covers living).

Unfunded Ph.D.: $50,000-$90,000/year.

MBA (top programs): $80,000-$120,000/year.

Graduate financial aid sources and impact: **Assistantships** (Best option - covers tuition + stipend): Teaching Assistantships (TA): $15,000-$30,000/year + tuition waiver (20 hrs/week teaching).

Research Assistantships (RA): $20,000-$35,000/year + tuition waiver (work on professor research).

Impact: Reduces $50,000/year total cost to $0-$5,000/year (you may even save money).

Availability: Common in STEM Ph.D., less common in Masters/Humanities. **Scholarships & Fellowships**: Merit-based: $5,000-$50,000/year (competitive, based on GPA/test scores).

Field-specific: $10,000-$30,000/year (e.g., NSF Fellowship for STEM, Fulbright for international).

Diversity fellowships: $15,000-$40,000/year (women in STEM, underrepresented minorities).

Impact: Reduces tuition by 20-100%.

No repayment required. **Federal Student Loans**: Unsubsidized Direct Loans: $20,500/year max (interest accrues during school at 6.5-8%).

Grad PLUS Loans: Up to full cost of attendance (7.5-9% interest).

Impact: Covers remaining costs but adds 20-40% to total cost via interest.

Example: $80,000 borrowed at 7% over 10 years = $111,000 total repaid. **Private Loans**: Higher interest rates (8-12%), require credit check.

Use only after exhausting federal loans. **Employer Sponsorship**: Many employers pay $5,000-$15,000/year for part-time graduate degrees.

Some (consulting, tech) pay full MBA cost ($100,000-$200,000) with return commitment.

Impact: Reduces out-of-pocket cost to $0. **Example Financial Aid Scenario**: Full cost: $50,000/year tuition + $20,000 living = $70,000/year.

TA position: $25,000 stipend + $50,000 tuition waiver = $75,000 total aid.

Out-of-pocket: $70,000 - $75,000 = -$5,000 (you save money!).

This is why Ph.D. students often pay nothing or even bank stipend savings.