DegreeWorx Team

Graduate Degree Options (and How to Pay After Grad PLUS)

Published April 20, 2017

Updated November 6, 2026

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Quick answer: A master’s degree usually takes 1 to 2 years. Professional degrees (like medicine or law) and doctoral degrees take longer. Grad PLUS loans ended for new borrowers on July 1, 2026. Most grad students can now borrow up to $20,500 a year in federal loans. Students in programs on the federal “professional” list can borrow up to $50,000 a year. Look for assistantships, employer help and scholarships before private loans.

Types of graduate degrees

Degree Examples Usual time (full-time)
Master’s MBA, MS, MA, MEd, MSN 1 to 2 years
Professional MD, DO, JD, DDS, PharmD 3 to 4 years, plus residency for doctors
Doctoral PhD (research), EdD (applied) Often 3 to 7 years
Graduate certificate Short programs in one skill A few months to 1 year

What graduates earn (2025)

Highest education Median weekly earnings Unemployment rate
Doctoral degree $2,307 1.8%
Professional degree $2,294 1.9%
Master’s degree $1,876 2.6%
Bachelor’s degree $1,578 2.8%

A master’s degree pays off most when your field rewards it with higher pay or a promotion. Check pay in your field before you enroll.

Federal loan limits for grad school (from July 1, 2026)

Student type Yearly limit Total limit (grad school)
Graduate (most master’s and doctoral) $20,500 $100,000
Professional (programs on the federal list) $50,000 $200,000

Which programs count as “professional” is being decided in court. After a June 2026 court order, the Department of Education’s interim list has 29 program types. It includes medicine, law, dentistry and pharmacy, and for now also physician assistant, physical therapy, occupational therapy and many nursing programs (such as MSN and DNP). The list may change. Ask your school how your program is classified.

There is also a $257,500 lifetime limit on all federal student loans (not counting Parent PLUS).

Grad PLUS loans, which used to cover the full cost of school, ended for new borrowers on July 1, 2026. If you study less than full-time, your yearly limit is lower. If you were enrolled on June 30, 2026 and already had a federal Direct Loan for your program, the old rules may still apply while you stay in the same program at the same school, for up to 3 academic years or until you finish, whichever is shorter. See the 2026 loan limits.

How to pay for grad school now

  1. Assistantships. Many programs offer teaching or research jobs that cover some or all tuition and pay a stipend. Ask each department.
  2. Employer tuition help. In 2026, your employer can pay up to $5,250 tax-free through a written educational assistance plan.
  3. Fellowships and scholarships. Search by field. See How to Find Scholarships.
  4. Choose a lower-cost program. Public universities and some online programs cost much less.
  5. Federal Direct Unsubsidized Loans up to your limit. The rate for 2026–27 is 8.07% fixed.
  6. Private student loans last, only for the gap that is left. Compare several lenders.

Questions to ask before you apply

  • Do people in my target job need this degree, or is experience enough?
  • What is the total cost, and how much aid does the program give?
  • Can I study part-time while I work?
  • Is the program accredited, and does it lead to the license I need?

More: College Degree Types Explained · Student Loans in 2026

Sources

Last checked: November 6, 2026.

Article by DegreeWorx Team

Our guides explain college costs, financial aid and student loans in plain English. Every article is checked against official sources such as studentaid.gov. How we research