Living & studying in New York City: The real cost of Fordham University master’s programs

While the tuition fees for Fordham University master’s programs vary, the school offers helpful guidance on how much students should budget for their studies in order to make the most of their experience. We spoke to Zoya Hassan, Assistant Director of Student Aid and Admissions at the Gabelli School of Business, Fordham University, to find out the total costs of completing a master’s degree at Fordham University and how students can finance their studies.

In short

Tuition fees for Fordham University master’s programs

At the Gabelli School of Business, Fordham University, the tuition fees vary per master’s program. However, the school does charge at a per-credit rate. At the time of this writing, the rate is US$1,732 per credit.

Most Fordham master’s programs are 30 credits, thus the total tuition fee is US$55,000 for the entire program. Some programs are 36 credits, thus the total tuition fee is US$65,000. Specific programs also have flat rates, such as Fordham’s Master in Quantitative Finance (US$66,000).

“Our fees cover access to the classrooms, the campus, professors, gyms, the tutoring center, any professional development networking sessions that we have, and also the Career Center,” Zoya tells us.” (01:20)

Compared to other master’s programs in the US, which typically range between US$62,000 and $65,000, the tuition fees of Fordham University master’s programs are in the median range. If you take into account available scholarships at Fordham University, you’ll find the fees are on the slightly lower-end when it comes to master’s programs.

The total cost of completing a master’s degree at Fordham University

The Gabelli School of Business, Fordham University, is located in New York City, with campuses in the Bronx and Manhattan. Studying in one of the most dynamic and influential cities in the world undoubtedly offers students a unique, once-in-a-lifetime experience.

However, New York City is also one of the world’s most expensive cities, so it’s important that students plan and budget accordingly.

“We’re assuming that a student will be living in New York City in one of the five boroughs,” Zoya explains. “So, we budget out with books and supplies, transportation, utility bills, and food costs, a total of US$24,400 for 10 months.” (02:33)

Combined with tuition fees for one year of master’s studies, Fordham University advises students to budget around US$80,000. This is comprised of around US$55,000 in tuition and another US$25,000 in living expenses, which include rent, transportation, food, study materials, and other personal expenses.

Loans and scholarships for Fordham master’s students

There are a variety of ways to finance your studies at the Gabelli School of Business. The school offers merit-based admissions scholarships, covering between US$5,000 to full tuition. These are awarded to applicants with impressive academic and career achievements, diverse personal experiences, strong interpersonal skills, and leadership potential.

Admissions scholarships at the Gabelli School include the Dean’s Scholarship (awarded to high-potential candidates with an outstanding academic and professional record), the Early Leaders Scholarship (awarded to Fordham University undergraduate students pursuing a specialized master’s degree at the Gabelli School), and the Essential/Front-Line Industries Scholarship (awarded to applicants who are or have been essential or front-line workers in industries impacted by or critical to the successful navigation of the global pandemic. This includes industries like hospitality, retail, healthcare, food services, and education).

When it comes to student loans, domestic students (US citizens or permanent residents) can apply for loans like the Federal Direct Loan and/or the Graduate PLUS Loan, both backed by the US Department of Education. International students, on the other hand, can apply for private loans with Gabelli partners like Prodigy Finance and MPOWER Financing. If international students have a US co-signer, they can also gain access to more private loan options, such as Sallie Mae and Discover Bank.

Students can also finance their studies by working part-time. Zoya says, “Our students are free to work part-time if they like. We don’t have any restrictions on that. We also offer graduate assistantships. They are selective, but they can help reduce the cost of tuition anywhere from US$3,500 to $7,020 per term. That would entail a student working anywhere from 10 to 20 hours a week with either a faculty member or within one of our staff departments.” (06:23)

The average exit salary of a Fordham University master’s graduate

Based on Fordham’s Class of 2021, the average exit salary of a master’s graduate from the Gabelli School of Business is US$63,987. With most students having secured a job shortly after graduation – and some of them even before – the return on investment (ROI) of Fordham University master’s programs remains high.

Zoya adds, “We have a great networking system. We have a wonderful Career Center that’s going to do all they can to make sure that our students graduate with a job by the time they graduate. But really, the community that you can find at Gabelli is going to be hard to find anywhere else, and networking is so important, especially when it comes to the business world. The connections that you’ll make at Gabelli [are] lifelong connections. It’s not just transactional. It’s a very, very supportive community.” (09:18)

Financing & application tips when applying to Fordham University master’s programs

The application process and requirements also vary for Fordham master’s programs. Application requirements can include standardized exam scores, your resume, essays, letters of recommendation, and/or an admissions interview.

Zoya suggests, “Definitely speak more to your merits because we want to know where you’re coming from and where we can take your strengths and grow them even more so. Also, don’t be afraid to speak to your flaws because we want to be there to make you the best version of you. So, definitely be open and honest. Take the opportunity on the essay to really let us know who you are.” (10:11)

When it comes to financing, Zoya advises, “Be very [realistic] about your own spending habits. These loans are going to be something that you have to pay back. It’s not free money. It’s going to collect with interest. So, try your best to be honest about how you’re spending and then only borrow as much as you need.” (10:40)

In conclusion, with excellent faculty, a dedicated community, and one of the best study locations on the globe, a master’s degree from the Gabelli School of Business could definitely be worth your while.

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