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The cost of a master’s degree can vary depending on your subject, country, and university of choice. Here’s how much a master’s program costs in some of the most popular study destinations in 2026, along with tips on how to finance your master’s.
It’s difficult to put an exact number on the cost of a master’s degree, given the number of elements involved. Tuition fees can vary dramatically depending on the subject you want to study and the country where you want to study. You’ve also got to factor in things like:
The cost of all these elements also varies by country, institution, and subject.
Here, we will explore average tuition fees in the world’s most popular study destinations and then provide financing tips to help make your degree more affordable.
*These figures are intended as a guide only (All figures quoted are from Research.com). To find the most accurate information about the cost of individual master’s programs, we recommend consulting individual university websites.
A master’s degree in the United States can vary in cost per year, depending on the institution and the location. The average cost of college in the US in 2025/26 was US$27,000.
The price of many top-tier programs can reach up to over US$100,000. Remember that this figure relates to the total cost of the program, which in the USA can run over two years instead of the customary one year in the UK and Europe.
In general, tuition fees at local public universities in the US are likely to be lower than those at private institutions. This is because they’re partly subsidized by the local taxpayer. However, this also means that tuition fees are generally higher for “out-of-state” and international students who come from a different US state or a foreign country to study.
Private universities generally charge higher tuition fees than public schools. Privately funded schools are also more likely to charge a higher rate to international students, as they don’t distinguish between in-state and out-of-state students.
If you’re from the U.K. or the EU/EEA, the average cost of a master’s degree in the United Kingdom is GBP£8,740 (US$$11,712) per year. If you’re an international student, you can expect to pay between GBP£13,000 and £35,000 on average (US$16,770 to US$45,150).
As with any other country, the cost of a master’s in the U.K. can vary depending on the subject and university. Degrees in popular subjects such as law, business administration, and international relations are likely to fall at the higher end of, or even beyond, the average price range. Similarly, a master’s from the U.K.’s top-ranked universities is likely to be more expensive.
It should also be noted that since the U.K. left the European Union, EU students are now classed as international students rather than domestic, and are therefore subject to higher rates of tuition.
Looking ahead, the U.K. government has announced an intention to increase home tuition fees from £9,535 to £9,790 for the 2026/27 academic year.
In Europe, the cost of your program differs depending on whether you’re an EU/EEA citizen. EU/EEA citizens are charged the same price as students from the same country as the school. Citizens from outside the EU/EEA will be charged at a higher rate.
Master’s degrees in Europe typically range from €1,500 to €6,500 per year for EU/EEA students, and Non-EU citizens can expect to pay between €4,000 and €20,000. As always, this is only an estimate, and the costs differ from country to country. However, it’s certainly true that master’s programs in Europe are typically cheaper than those in the U.S., U.K., and Canada.
For EU citizens, the cost of a master’s degree in Europe ranges between EUR€0 and €3,000. Yes, you read that right. It’s possible to do a master’s in Europe for free.
Norway
Finland
Denmark
Sweden
Iceland
Overall, the average tuition fee for a master’s degree across Europe is approximately US$9,050 per year, and given that the typical European master’s lasts around 1.76 years, the average total cost for an American student comes to roughly US$15,928.
Europe often boasts cheaper living costs, regional tech and business hubs, is a vibrant cultural melting pot, and offers multiple travel options while you study, making it a great choice for international students.
Canada is similar to the U.S. in that it has a higher proportion of two-year master’s programs than the UK or Europe. However, in general, the costs of studying in Canada are cheaper than in the USA.
The average tuition fees for a master’s degree in Canada are between CAD$10,000 and $40,000 per year. As with any other country, you’ll still be able to find plenty of master’s programs that fall outside of this price range. Local Canadian students pay an average of CAD $9,564 per year for a master’s program. Whereas International students pay an average of CAD $20,876 per year.
The fees vary depending on subject and university, with Business, Engineering, and health-related degrees at the higher end.
The Canadian government website has a handy college and university search tool, which you can use to get a better idea of the tuition fees for the subject that you would like to study.
The average cost for a master’s degree down under is among the highest in the world. Student loan debt is common among graduates in Australia, likely because Australian universities have tuition rates that are similar to those in the U.S. and the U.K. Multiple factors affect the cost of a degree, ranging from the number of credits taken per year to the type of program.
Most master’s programs in Australia last 1.5 to 2 years, so total program costs for international students typically fall between AUD $44,000 and $100,000. International students must also show proof of at least AUD $29,710 in accessible funds for living expenses in their first year, on top of tuition. The student visa (Subclass 500) carries a base application fee of AUD $2,000.
Despite the high living costs, Australian students enjoy a safe, outdoor lifestyle, which can mean they save money in entertainment, transport, and other sundries while studying.
Now that we know the cost of a master’s degree, the next obvious question to ask is: How do you finance your master’s?
There are several ways to find the funding you need, including:
In the next sections, we’re going to take a closer look at these different options. If you would prefer to get some personalized advice on how to finance your master’s, you should speak with your chosen university’s admissions team.
A popular way of financing your master’s can be found in various scholarships and grants because, unlike student loans, they do not need to be repaid, and more students benefit from them than you might think.
Scholarships tend to be merit-based, which means they’re awarded to students based on their academic performance. On the other hand, grants are typically need-based, meaning they’re awarded to underprivileged students who don’t have the financial resources to complete the program.
Many scholarships or grants are awarded by public or private organizations. For example, the British Council website lists several U.K. scholarships that are available to students from all over the world. The U.S. government website has a page dedicated to scholarships in the U.S., as well as a scholarship finder.
Otherwise, you’ll find that most universities offer a form of scholarships and grants to prospective students. They cover either the tuition fees or the living costs related to your program. In some cases, they will cover both. To learn more about these forms of financial support, it’s worth visiting the website of each university you’re thinking of applying to.
You can also take out a student loan to pay for the cost of your master’s degree. Unlike scholarships and grants, these need to be repaid in full, often with a proportionate amount of interest.
Student loans come in two forms: public or private. Public loans are provided by governments and other public institutions. Private loans typically come from banks and other private organizations.
In general, public loans are available from the government of your country of citizenship. Some countries encourage their residents to study abroad, and so will cover the cost of an entire degree at a foreign university. However, other countries will only provide financial assistance to those who study at home or those who study abroad for a term or semester. Check with your government to learn about the financial support that’s available to you.
Private student loans tend to be the best loan option for those wishing to study abroad. They’re available for a wider range of students and are not necessarily need- or merit-based. The drawback is that they normally come with a much higher interest rate than public student loans – but that interest rate is still lower than traditional bank loans.
The most popular private student loan providers include:
Most companies only offer student loans for specific countries, but companies such as Prodigy Finance offer international student loans. The European Commission also has a host of funding schemes and grants for students in the EU/EEA.
When we spoke to Virginie Fougea, Global Director of Admissions and Financial Aid at INSEAD, she told us that you might also consider taking a loan out from a company based in the country you intend to work in afterward. This is because when it comes to repaying the loan, it makes sense to repay it in the same currency as the lender.
Many universities and business schools recommend specific student loan providers to students. INSEAD, for example, works with Juno, Lendwise, and Prodigy Finance. Sourcing a loan from a company affiliated with your university may make the application process easier and increase your chances of acceptance.
If a loan, scholarship, or grant isn’t suitable for you, there are other ways in which you can finance your master’s. Some students are fortunate enough to be able to pay for their degree from their own personal savings. Others receive financial support from friends or family.
Some employers may agree to cover the cost of your master’s, otherwise known as sponsorship. Often, this comes with an agreement to return to your place of employment after your studies, and you’ll most definitely have to repay the loan in full after you graduate.
You may also be able to work part-time alongside your studies to help cover your tuition. This depends on whether your master’s allows you the spare time to do this, and also whether your student visa permits you to work in the country where you’re studying. Each country has different rules, so check with your country of study before going down this route.
Master’s degree costs vary by location, institution, and field of study, and there are many ways to finance your master’s, so make sure you research all of your options as thoroughly as possible. Hopefully, this guide will get you one step closer to your dream master’s program.
For more insights into scholarships, funding, and success stories, visit our Financing Your Masters page.
Looking for funding? These 20 lesser-known master’s scholarships worldwide can help fund your degree. From full tuition and living costs to perks like internships and mentoring, find real support to help you study, grow, and launch your career. Master’s scholarships can make your dream of an international master’s education more affordable than ever.
