Should I go to grad school?
A grad-school ROI calculator that weighs tuition, lost wages, and student-loan interest against the after-tax salary uplift you'd actually earn over your career — in today's dollars.
The real ROI question
"Will I make more money?" is the wrong question. After grad school, almost everyone makes more money — that's what the degree is for. The right question is whether the extra money exceeds the cost, where cost includes the tuition you paid, the wages you didn't earn, and the interest on whatever you borrowed. And because a dollar in year 20 is worth less than a dollar today, the verdict uses the present value of the difference.
The numbers that matter
- Out-of-pocket cost — tuition + fees − scholarships, plus extra living costs and all loan interest. Paid with after-tax money.
- Lost wages — the salary you give up while in school. It's already inside the with-grad-school income path, so it's shown for context but not subtracted a second time.
- Lifetime delta — after-tax take-home with grad school minus without, over the program plus your remaining career, both salaries growing annually. Shown in raw dollars and in today's dollars (present value).
- Break-even year — how many years after starting the program your cumulative after-tax cash on the grad path catches up. If that's well before retirement, the degree pays for itself.
What this can't tell you
Networking, signaling, lifestyle, and career optionality aren't in this model. A $200k MBA might math out poorly while still being correct (gateway to PE/VC roles you can't otherwise reach). A $25k MA in English might math out fine while still being wrong (no specific career it unlocks). Use this as a floor: if the number is bad, the non-financial reasons need to be very strong.
If grad school means new student loans, the student loan calculator compares payoff strategies including RAP forgiveness and PSLF. Note that Grad PLUS loans end for new borrowers from July 1, 2026, and new federal graduate borrowing is capped (about $20,500 a year and $100,000 total for most programs), so an expensive program may need private loans. And if the degree is for a career pivot, the job comparison calculator can help you evaluate the first post-grad offer.
Common questions
Is grad school worth it financially?
It depends on the salary delta and the program cost. A program that bumps you from $70k to $120k can pay for itself within a decade of starting, even after tuition and taxes. A $200k law degree that lands you a $55k public-interest salary may never break even financially.
How do I calculate the ROI of a graduate degree?
Compare after-tax earnings with vs. without the degree, year by year. The grad path earns less (or nothing) during the program — that's the lost-wages cost, counted once — and pays tuition, extra living costs and loan interest. Discount future dollars to today's value, and look at the break-even year: how many years after starting the program your cumulative cash catches up.
Can I still borrow the full cost of grad school with federal loans?
Not for new borrowers. Grad PLUS loans end for new borrowers from July 1, 2026, and federal unsubsidized graduate loans are capped at about $20,500 a year and $100,000 total ($50,000/yr and $200,000 for professional degrees like law and medicine) — verify current limits at studentaid.gov. Tuition above that may need private loans, which usually cost more and lack income-driven repayment.
Should I work while in grad school?
Working part-time (50-80% of current salary) dramatically improves the ROI by reducing lost wages — often the single largest cost. This calculator lets you model full-time, half-time, and mostly-working scenarios.