This report appeared on the Urban Institute.
Thirteen percent of adults in the United States ages 25 and older hold advanced degrees—master’s, doctoral or professional degrees. The first brief in this series reported that bachelor’s degree recipients from low- income households are less likely than other graduates to pursue advanced degrees and are less likely than students from more affluent backgrounds to complete them. High tuition prices and living expenses may provide one explanation for these unequal outcomes.
This brief examines how students finance their graduate and professional education. It summarizes the sources of funds used to cover the tuition and fees universities charge, as well as living expenses. Institutions set a “cost of attendance” (COA) for students, estimating the average budget for one academic year (fall through spring). COA includes tuition and fees, books and supplies, room and board, transportation, and other living expenses, and it establishes the maximum amount students can borrow in federal student loans to attend a particular school. These official budgets serve as the foundation for the discussion that follows about how graduate and professional degree students pay for their education.
Read the full report HERE.