What Is the Average Student Loan Debt for Graduate School?
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Dive deeper into attending grad school
Strategies to afford your next degree: How to pay for grad school
Who qualifies for aid: Financial aid for grad school
Paying for grad school: Subsidized loans for graduate school
Find a loan: Best graduate student loan options
The average student loan debt for graduate school in 2019-20 was $77,300, according to the most recent data available from the National Center for Education Statistics.
That average reflects debt for master’s degrees, Ph.D.s and other graduate school loans borrowed only for advanced degrees. Including undergraduate loans increases the average debt for graduate students to $88,220.
With a total debt of $88,220, the average graduate student would repay about $1,074 each month and around $128,890 overall, assuming current federal interest rates and a standard 10-year repayment term.
» MORE: Is a masters degree worth it?
How much debt will I take on for graduate school?
The average total student loan debt of $88,220 for graduate students includes all advanced degrees. But you should expect to borrow more for some graduate programs than others.
For example, master’s degree graduates leave school owing $69,140 on average, while doctors with professional degrees — who enroll in longer programs — owe $178,800.
The type of graduate school affects indebtedness as well. For example, when not including undergraduate loans, getting a master’s at a public school results in an average student loan debt of $44,410 for that degree alone; that number increases to $63,850 for master’s recipients at private nonprofit institutions.
The College Scorecard has average debt data for certain graduate degree programs; search by the school’s name to see if this is available. If a school or program you’re interested in isn't included, ask its financial aid or admissions office for this information.
» MORE: Student loan debt statistics
Average Student Loan Amounts by Debt Type
Debt type | Average debt |
|---|---|
$29,300. | |
$77,300. | |
$30,639. | |
$132,740. | |
$51,850. | |
$212,341. | |
$296,500. | |
$170,956. | |
$40,000-$54,999. | |
$202,647. | |
Sources | |
How to limit graduate school student loan debt
Roughly 54% of students take out loans for graduate school, according to the NCES. Debt is almost unavoidable for some programs — about 75% of doctors in professional degree programs take out medical school loans, for example — but graduate students can take steps to limit their borrowing.
Exhaust free aid programs. Scholarships, fellowships and grants are the best ways to pay for graduate school. Ask your school about institutional awards and search for professional organizations focused in your field of interest, for example, to see if they offer graduate scholarships.
Use your wages. Attending graduate school part-time while working can help you pay as you go, and avoid borrowing. Plus, if you plan to work while enrolled, your company may help pay for your degree via a tuition reimbursement program. Ask your human resources department for details. If you work for the university, your salary or stipend may help with your living expenses.
Borrow only what you need. There aren't subsidized loans for grad school, so you'll always pay interest on what you borrow. Graduate PLUS loans can cover up to your school’s cost of attendance, which can include expenses graduate students may face like child care and transportation. But before borrowing for all of your costs, see if you can use savings, scholarships or income from part-time work to help minimize your debt.
Have a repayment plan. Federal loans offer income-driven plans that can keep graduate loan payments manageable if you don’t make a lot of money, and you may qualify for loan forgiveness by pursuing a public service career. Graduate degree holders with strong earning power — like doctors or MBAs — can be good candidates to refinance student loans at a lower interest rate.
Estimate your potential refinance savings
Note: This calculator assumes that after you refinance, you’ll make minimum monthly payments.
Step 4: Compare NerdWallet's top-rated student loan refi lenders.
| Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
 Earnest Student Loan Refinance on Earnest's website | 4.29-
8.98% | 650 | 5.88-
9.73% | on Earnest's website |
 SoFi Student Loan Refinancing on SoFi's website | 4.49-
9.99% | 650 | 5.99-
9.99% | on SoFi's website |
 LendKey Student Loan Refinance | 4.89-
9.04% | 680 | 5.54-
9.12% | on LendKey's website on Credible's website |
 ELFI Student Loan Refinance | 4.88-
8.44% | 680 | 4.86-
8.24% | on ELFI's website on Credible's website |
 Splash Financial Student Loan Refinance on Splash Financial's website | 5.94-
8.95% | 650 | 7.60-
7.85% | on Splash Financial's website |
