How to pay for a graduate STEM degree

1. Understand costs and future earnings

Before committing to a program, take time to see the full financial picture. Knowing your total cost upfront helps you avoid surprises later.

More than 8 in 10 graduate math and science majors say they expect their degree to increase their earning potential — and most choose programs based on career impact, not just cost. Evaluating both sides of the equation helps you decide whether the investment makes sense for your goals.

Source: How America Pays for Graduate School

How much does a graduate STEM degree cost?

Costs vary depending on the school, the program, and where you live. Typical annual tuition ranges (approximate):

• Public universities (in-state): $12,000–$25,000
• Public universities (out-of-state): $25,000–$40,000
• Private universities: $30,000–$55,000+

Most master’s programs take one to two years. Doctoral programs may take four to six years, although many PhD students receive funding support.

But tuition is only part of the equation. You may also need to budget for lab and research fees, software or equipment, housing and utilities, transportation, health insurance, and everyday living expenses.

When everything is added together, total annual costs often reach $25,000–$60,000+, depending on your program and location.

Over time, that can mean:

• $30,000–$100,000+ for many master’s programs
• $150,000+ for self-funded doctoral programs

Some research-based programs offer stipends or tuition support, which can lower your out-of-pocket costs. Always confirm what funding is guaranteed—and for how long.

Why graduate STEM costs vary

Not all STEM programs cost the same. A few key factors can change your total investment:

Your degree level
Doctoral programs usually run longer than master’s programs, which increases total tuition and living expenses.

Research and lab requirements
Programs with hands-on lab work, advanced computing, or research materials may include additional costs for equipment, software licenses, or consumables.

In-state vs. out-of-state tuition
Public universities typically charge lower tuition for in-state residents.

Location
Living in a major metro area can raise housing and transportation costs.

If you’re still comparing options, it may help to explore what a master’s degree is and whether it’s right for you before choosing your path.

How to find your full cost of attendance (COA)

A school’s cost of attendance (COA) includes more than tuition. It also factors in fees, housing, food, books, supplies, equipment, and transportation.

Before you enroll, compare schools side by side. Tools like Scout College Search can help you review estimated total costs and see how different schools stack up.

How much STEM graduates make

Many students choose STEM because of the strong career outlook. And while salaries can vary, many STEM fields offer competitive pay and steady demand.

• Computer and data science roles: $90,000–$150,000+
• Engineering roles: $80,000–$130,000+
• Mathematics and statistics careers: $85,000–$140,000
• Research science roles: $70,000–$120,000+

Your actual salary will depend on your specialty, industry, location, and experience. Some private-sector roles may offer higher starting pay, while academic or research careers may grow more gradually.

As you think about borrowing, keep your career path in mind—what works for a high-paying tech role may not be the right fit for an academic or public-sector track.

2. Maximize free money

Free money should always be your first stop. Every dollar you receive in STEM scholarships, grants, or assistantships is one less dollar you need to spend out of pocket or take out in loans.

Federal aid and the FAFSA^®

The Free Application for Federal Student Aid (FAFSA) isn’t just for undergraduates. Completing it each year is required to access federal student loans and may also be used by schools to award certain grants or scholarships.

Even if you don’t expect need-based aid, filing the FAFSA keeps your options open. For step-by-step help, see our FAFSA Guide.

STEM grants, fellowships, and assistantships

Many graduate STEM students receive funding through research assistantships, teaching assistantships, departmental fellowships, or government- or industry-sponsored grants. These opportunities may provide tuition support, stipends, or both, and also give you hands-on experience that can strengthen your resume.

Scholarships for graduate STEM students

Scholarships can be a key source of funding—you don't need to pay them back and there's no limit to how many you can apply to.

Start by exploring STEM scholarships and broader graduate student scholarships. Use tools like Scholly Scholarships to find opportunities matching your background, field of study, and career interests.

For an easy start, consider Scholly Easy Apply Scholarships and the $5,000 Grad School No Essay Scholarship. These options don’t require lengthy applications, and you can apply regularly without adding extra stress.

Apply for scholarships early—and continue to apply throughout your program—to maximize your free money and reduce the amount you need to borrow

3. Borrow smart

Even after scholarships and assistantships, you may still need graduate student loans to cover remaining costs. The goal is to borrow thoughtfully—so your loans support your future without limiting flexibility early in your career.

Federal vs. private student loans

Federal student loans are often a good starting point. They’re issued by the U.S. Department of Education and may offer options private loans don’t, such as income-driven repayment programs. To apply for federal loans, you need to file the FAFSA.

Private graduate student loans, offered by banks and other lenders, can help fill funding gaps once you’ve maximized scholarships, grants, and federal borrowing.

Federal student loans for graduate STEM students

Many graduate students qualify for Direct Unsubsidized Loans. These loans don’t require a credit check or cosigner, but interest gets added while you're in school—and there are also new limits to what you can borrow. 

Because of recent changes to the federal loan program, the graduate PLUS loan will no longer be offered as of July 1, 2026.

Know the new federal loan limits

Beginning July 1, 2026, federal borrowing caps are:

• Graduate students: Up to $20,500 per year ($100,000 lifetime)
• Professional students: Up to $50,000 per year ($200,000 lifetime)

Because many STEMs programs exceed these limits—and the federal PLUS loan program has ended—you may need to plan for a funding gap. To understand what’s changing and how to plan around it, read how to navigate federal loan PLUS loan changes.

Using private graduate student loans to fill the gap

If scholarships and federal loans don’t cover your full cost of attendance, private loans may help bridge the difference. Some students explore Sallie Mae® Graduate Student Loans to help pay for tuition, housing, and other education-related expenses.

When preparing to borrow, look at interest rates, repayment options, and the total cost over time. Make sure your loan supports your long-term career goals—not just your immediate plans—with payments you can manage.

Before you borrow…

1. Review your federal aid offer: Look at the breakdown of grants and federal loans, then figure out what you'll still need to cover.

2. Factor in upcoming changes to federal loans: Understand if you’re affected and if you need to adjust your funding plan. For details, check out Sallie Mae's guide to PLUS loan changes.

3. Think long term: Consider how your expected earnings and job prospects line up with how much you plan to borrow. Use a loan calculator to estimate your payments ahead of time. For more tools and resources to help you borrow confidently, explore Sallie Mae's Student Loan Guide.

More ways to pay for a graduate STEM degree

You may also be able to reduce costs through:

• School-based funding
• Employer tuition assistance
• Paid internships or co-op programs
• Corporate sponsorships
• Military education benefits.

Using multiple funding sources can lower how much you need to borrow.

Build your future in STEM with confidence

A graduate STEM degree can be a powerful investment in your future. The key is pairing your academic goals with a financial plan that makes sense for your career path. Understand your full cost. Go after free money. Borrow carefully.

With the right approach, you can move forward focused on building your knowledge and skills—and the STEM career you’re working toward.