Graduate School Savings Calculator: Monthly Amount to Save
Work out how much to set aside each month to fund graduate school with cash — and avoid stacking grad-school loans on top of any undergraduate debt as you enter your highest-earning years.
Adjust the inputs and select Calculate for a full breakdown.
Compare Common Scenarios
How the numbers shift across typical situations for this calculator:
| Scenario | Monthly contribution | Total contributed | Growth toward goal |
|---|---|---|---|
| $80k · 3% · 4yr | $1,570.75 | $75,395.82 | $4,604.18 |
| $30k · 2% · 2yr | $1,226.21 | $29,428.99 | $571.01 |
| $150k · 4% · 6yr | $1,846.78 | $132,967.98 | $17,032.02 |
| $15k · 3% · 1yr | $1,232.91 | $14,794.87 | $205.13 |
How This Calculator Works
Enter the all-in cost target (tuition + fees + books, net of any employer reimbursement or assistantship), the rate a savings account pays, and the years until enrollment. The calculator solves for the monthly contribution that reaches the target.
The Formula
Required Monthly Saving (Sinking Fund)
FV = goal amount, r = monthly rate (annual ÷ 12), n = number of months
Worked Example
Saving $80,000 over 4 years at a 3% rate needs about $1,571 a month. Deposits cover roughly $75,396; interest adds the remaining $4,604. Versus financing $80,000 in federal grad PLUS loans at 8%+ across 10 years (~$971/month for 120 months), the savings approach avoids about $36,000 of interest and frees up the post-graduation monthly cash for compound investing.
Key Insight
Graduate school ROI varies enormously by degree and school. Funded PhDs and many top MBAs pay back even when financed. Self-funded master's degrees in fields without clear salary uplift — humanities, education without district reimbursement, social work — often struggle to clear the cost. The savings approach makes the decision easier because there's no debt overhang if the post-graduation salary uplift turns out to be smaller than projected.
Graduate program cost benchmarks 2024
MBA programs.
Top-20 private. $150K-$170K+ (Harvard, Stanford, Wharton).
Substantial — substantial substantial tuition + living.
Public flagship in-state. $30K-$70K.
Online MBA. $20K-$120K.
Substantial — substantial Wharton, MIT, Kellogg online.
Executive MBA. $100K-$200K.
Substantial — substantial substantial substantial substantial.
LAW SCHOOL.
Top-14 private. $200K-$260K total (3 yrs tuition + living).
Public flagship in-state. $90K-$150K.
Lower-tier substantial discounted often.
Substantial — substantial substantial substantial substantial.
MEDICAL SCHOOL.
Private. $250K-$400K total (4 yrs).
Public in-state. $150K-$280K.
Substantial — substantial substantial substantial substantial substantial.
Substantial — substantial residency $50K-$70K salary 3-7 yrs.
Substantial — substantial substantial substantial substantial.
DENTAL SCHOOL.
Substantial — substantial $150K-$400K typical 4 yrs.
Substantial — substantial substantial substantial substantial.
VETERINARY.
Substantial — substantial $150K-$300K 4 yrs.
Substantial — substantial substantial substantial substantial substantial.
PHARMACY (PharmD).
Substantial — substantial $80K-$200K 3-4 yrs.
MASTERS (Engineering, CS, Education).
Substantial — substantial $20K-$80K 1-2 yrs.
Substantial — substantial substantial substantial.
PHD.
Substantial — substantial often FUNDED.
Substantial — substantial tuition waiver + $25K-$45K stipend.
Substantial — substantial 5-7 year typical.
Substantial — substantial substantial opportunity cost substantial.
Substantial — substantial substantial substantial substantial.
MFA / arts.
Substantial — substantial $40K-$100K typical.
Substantial — substantial substantial substantial low ROI substantial.
Financial aid + ROI + tax
FUNDING sources.
Federal Grad PLUS loans 2024. 9.05% rate.
Substantial — substantial up to cost of attendance.
Substantial — substantial substantial substantial substantial.
Federal Direct Unsubsidized. 8.05% rate. $20.5K/yr limit.
Substantial — substantial all grad students eligible.
Scholarships.
Merit-based (top programs only typically).
Need-based limited grad.
Diversity scholarships.
Field-specific (STEM, military).
Substantial — substantial $5K-$80K typical.
Substantial — substantial $5,250/yr employer reimbursement tax-free.
Substantial — substantial $5,250 × 2 years = $10,500 substantial.
TEACHING / RESEARCH ASSISTANTSHIPS.
Substantial — substantial PhD + many masters programs.
Substantial — substantial tuition waiver + stipend.
Substantial — substantial substantial substantial substantial.
SCHOOL fellowships.
Substantial — substantial top programs substantial.
Substantial — substantial $20K-$60K typical.
ROI by program.
MBA Top-20. Substantial — substantial $150K+ starting → 10-20% IRR.
Substantial — substantial substantial substantial substantial.
MBA mid-tier. Substantial — substantial 5-10% IRR.
Substantial — substantial substantial substantial.
MBA unranked. Substantial — substantial often negative ROI.
Substantial — substantial substantial substantial substantial.
Law Top-14. Substantial — substantial $200K starting Big Law.
Substantial — substantial substantial 10-15% IRR.
Substantial — substantial substantial substantial.
Law T2-T4. Substantial — substantial $60K-$80K typical → often negative.
MD. Substantial — substantial $200K-$400K specialist.
Substantial — substantial $150K-$250K primary.
Substantial — substantial substantial substantial substantial.
Substantial — substantial 4 yrs school + 3-7 yrs residency substantial.
MS Engineering / CS. Substantial — substantial $90K-$150K starting tech.
Substantial — substantial substantial 12-25% IRR.
OPPORTUNITY COST substantial.
Substantial — substantial 2 years foregone salary.
Substantial — substantial $70K-$120K × 2 = $140K-$240K.
Substantial — substantial substantial substantial.
Substantial — substantial substantial substantial substantial substantial.
TAX TREATMENT.
Substantial — substantial Section 127 employer education $5,250/yr.
Substantial — substantial Lifetime Learning Credit 20% × $10K = $2,000 max.
Substantial — substantial Student loan interest deduction $2,500.
Substantial — substantial substantial substantial substantial substantial.
PUBLIC SERVICE LOAN FORGIVENESS (PSLF).
Substantial — substantial 10 yrs nonprofit / govt + 120 payments.
Substantial — substantial loans forgiven tax-free.
Substantial — substantial substantial substantial substantial substantial.
Substantial — substantial substantial substantial restored 2024.
INCOME-DRIVEN REPAYMENT (IDR).
Substantial — substantial 10-25% discretionary income.
Substantial — substantial 20-25 yr forgiveness.
Substantial — substantial SAVE plan substantial 2024 (litigation).
Substantial — substantial substantial substantial substantial.
U.S. graduate school cost benchmarks (2024)
Reference grad program costs.
| Program | Total cost |
|---|---|
| MBA Top-20 private | $150K-$170K+ |
| MBA public in-state | $30K-$70K |
| Online MBA | $20K-$120K |
| Law Top-14 private | $200K-$260K |
| Law public in-state | $90K-$150K |
| Medical school private | $250K-$400K |
| Dental school | $150K-$400K |
| MS Engineering / CS | $20K-$80K |
| PhD typically funded | Stipend + tuition waiver |
| Grad PLUS loan rate 2024 | 9.05% |
| Employer tax-free reimbursement | $5,250/yr |
| Lifetime Learning Credit max | $2,000 |
ROI varies dramatically — MBA Top-20 substantial vs MBA unranked often negative. Opportunity cost 2 yrs salary substantial ($140K-$240K). PSLF restored 2024 — 10 yrs nonprofit/govt + 120 payments = forgiven tax-free. PhD substantial funded. Employer tuition $5,250/yr tax-free Section 127. DoEd + USN + GMAC data.
Frequently Asked Questions
What should the cost target include?
Tuition, fees, books, and any required equipment. Don't include living expenses unless you would otherwise be paying them anyway. Subtract expected employer tuition reimbursement and any guaranteed assistantship or fellowship support.
Save or borrow for graduate school?
Funded PhDs and high-ROI degrees (top MBA, medicine, top law) often justify borrowing because the salary uplift is large and reliable. Lower-ROI self-funded master's degrees almost always favor saving where the timeline allows.
What about employer tuition assistance?
Many large employers offer $5,000 to $25,000+ in annual tuition reimbursement. If you have access, reduce the savings target by the expected reimbursement total over the years of study.
What return should I assume?
For a 1-to-3 year horizon, use a high-yield savings rate (currently 4% to 5%). Longer horizons can support a conservative bond mix; full-stock allocation is risky for money you must have in 4 years.
What if the graduate school cost changes?
Tuition rises roughly 3% to 5% a year on average. Build a 15% to 20% margin into the target, or revisit the figure annually and adjust the monthly contribution.
When is this calculator unreliable?
Less reliable when financial aid + scholarships substantial vary by program/income, when ROI varies dramatically (MBA top-20 $200K+ vs unranked negative), when federal Grad PLUS loans 9.05% 2024, when employer tuition reimbursement ($5,250 tax-free annually) substantial, when opportunity cost of foregone salary substantial ($140K-$240K 2 yrs), when PhD funding (stipend + tuition waiver) changes economics, or when program length variance impacts total cost. PSLF restored 2024 substantial.
References & Authoritative Sources
- U.S. Department of Education — Federal Student Aid + Grad PLUS Loans · consulted June 1, 2026 · Federal financial aid
- U.S. News & World Report — Graduate School Rankings + Cost Data · consulted June 1, 2026 · Industry rankings
- Graduate Management Admission Council (GMAC) — MBA Reports + Compensation Surveys · consulted June 1, 2026 · Industry association
Related Calculators
Data Sources & Benchmarks
This calculator draws on 1 independent, dated source. The starting values for savings rate are taken from the benchmarks below and refresh whenever the snapshots are updated.
Methodology & Review
Graduate school savings = total program cost - financial aid / horizon. U.S. graduate program 2024: MBA $30K-$160K+ public/private 2-yr; JD $30K-$210K 3-yr; MD $40K-$300K 4-yr (excluding undergrad); MS engineering $20K-$80K 1-2 yr; PhD often funded. Substantial loan + ROI consideration. RELIABILITY: Reliable for documented program costs. Less reliable when (a) financial aid + scholarships substantial vary by program/income, (b) ROI varies dramatically (MBA top-20 $200K+ vs unranked negative), (c) federal Grad PLUS loans 8-9% 2024, (d) employer tuition reimbursement ($5,250 tax-free annually), (e) opportunity cost of foregone salary, (f) PhD funding (stipend + tuition waiver), (g) program length variance.
Updated