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
- Assistantships. Many programs offer teaching or research jobs that cover some or all tuition and pay a stipend. Ask each department.
- Employer tuition help. In 2026, your employer can pay up to $5,250 tax-free through a written educational assistance plan.
- Fellowships and scholarships. Search by field. See How to Find Scholarships.
- Choose a lower-cost program. Public universities and some online programs cost much less.
- Federal Direct Unsubsidized Loans up to your limit. The rate for 2026–27 is 8.07% fixed.
- 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
- U.S. Bureau of Labor Statistics: Education pays, 2025
- Congressional Research Service: Direct Loan Program Student Loans: Terms and Conditions
- States Newsroom: What’s a professional graduate degree? (court order and interim list, July 2026)
- America’s Essential Hospitals: Federal court strikes down “professional degree” definition
- Federal Student Aid: 2026–27 interest rates
- IRS: Educational assistance programs FAQ
Last checked: November 6, 2026.
