Costs Of University Degrees « Get Better Grades

The cost of higher education in the United States continues to escalate. With these increases, students at all stages are constantly challenged with paying the high price for earning bachelor, master’s and doctorate degrees. Aside from taking into account the cost per hour at either a public university or private college, students must also meet the cost for fees, text books, supplies, living expenses and even miscellaneous costs.

Assuming an individual would have living expenses and miscellaneous costs with or without school, let’s examine the cost of earning an undergraduate degree versus an MBA and a PhD. Of course these degrees are cumulative in that one cannot simply jump to a PhD, but instead must complete a bachelor’s and the course requirements for a master’s first. One cannot negate the other, nor does having one reduce the cost of the other. [1]

First, let’s examine the cost of a four-year private degree. According to Fortune Magazine, the average cost of such a degree has climbed 7.4 percent a year for the past 30 years. This growth rate is double the inflation rate. Despite what could be construed as price gouging, demand was not affected until the global economic slump hit hard this past year. [2]

As recently as 2006, the average cost of a four-year private college degree came in at $30,367, according to CNNMoney.com. When this figure is combined with Fortune’s estimate of 7.4 percent increases, students beginning a four-year private school degree this fall could expect to now pay more than $35,000 for the class hours alone per year. [3]

The news is not so dire in the public university or college setting. While there have been increases in the 6.3 to 7.1 percent range for the past three years, the average is still well below the private sector. CNNMoney.com cites the average tuition at a four-year public college or university as $5,836 per year. The ongoing increase in cost has ensured this amount is already obsolete, yet still affordable when compared with the private rate. [3]

The major area of study can also play a role in the total cost of the degree. The Delta Cost Project estimates the total cost of earning an elementary education degree at an average of $29,681 for public institutions. For an individual seeking a mechanical engineering degree at the same institution, he or she can expect to pay more than $40,000 on average for an undergraduate certificate. [4]

The debate over continuing the college education experience lies entirely on the expected payoff from earning a higher degree. The U.S. Census Bureau estimates the additional earnings a master’s degree will generate over a bachelor’s degree is $240,000. Over a lifetime, the individual possessing a master’s degree can earn a salary of $3.3 million. Considering the $100,000 cost associated with earning a private education master’s degree, the cost is certainly justifiable. [5]

Assuming the selected master’s degree does generate the substantial increases in income, it can be well worth the cost. Assessing the cost alone can be overwhelming when potential payoff is left out of the equation. FindAid estimates the median additional debt for a Master’s degree is $25,000. Roughly 25 percent of graduate and professional students borrow more than $42,898 for a Master’s degree – above and beyond any debt they have already incurred for their bachelor’s degree. [6]

The Harvard Business School offers perhaps one of the most useful tools on its website for those potential MBA students evaluating the cost of continuing their education. The site provides a Cost Summary Page with an outlined budget for the 2-year program. The total could knock you off your feet as it does reach more than $76,000 for a single MBA student per year. This amount does include all possible expenses and provides the potential student with a real-world estimate. [7]

Among those in academics, there continues to be much debate over whether or not an individual should seek out an advanced degree for the income potential or for the love of education. The U.S. Census Bureau estimates doctorate degree holders will earn nearly one million dollars more than their master’s degree holding counterparts over the course of their career. [8]

While those individuals seeking doctoral degrees had a net access price of $6,800 at public institutions and $13,900 at private, not-for-profit institutions per year for four years, full time doctoral students in both sectors tend to receive much larger amounts in grants, assistantships and other aid. As a result, doctoral students on average do not borrow more than those students seeking a master’s degree. [9]

Reaching your educational goals in the United States can be a fulfilling expenditure, but some students seek something more. For those wishing to study abroad, degrees can be found in a variety of fields and for a variety of costs. A bachelor’s degree can cost anywhere from $12,500 per year on up for a four year program. [10]

An MBA on the lower end costs $29,000 [11] while doctorate costs can vary widely according to the program, institution and country. Surprisingly, there are a number of programs available that present no cost to the student at all. Instead, the accepted student participates in research and other curriculum-enhancing activities to benefit the school. [12]

No matter what your intentions are for seeking an education beyond that which your state of residence is legally obligated to provide, there are a number of factors to consider before selecting your educational. Cost will certainly be a big factor and understanding what you get for that cost – both directly and indirectly – should be key to your overall decision.

References:

Costs Of University Degrees

Don’t Miss Any Study Tips > Subscribe Now!

Get Better Grades Makes The Top 101 List Of Best Educational Websites!

List Of Recent Study Tips

Categories Of Study Tips

Blogroll

Additional Study Tips