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Policy master’s: Cost and funding (Part 4)

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This is the final article in our four-part policy master’s guide (Part 1, Part 2, Part 3). See also our general policy graduate school advice, policy master’s database, and law school guide.

Summary

  • What do policy master’s degrees cost? The price of a graduate degree includes both the direct costs (tuition, living costs, health insurance, etc.) and the foregone income from (partially) leaving the workforce. The sticker price for the top policy master’s degrees ranges from about $31,000-66,000 per year in tuition fees.
  • Can I get financial aid? Most graduate schools offer substantial merit-based or need-based financial aid, so many students pay less than the sticker price (though schools vary drastically in whether they offer aid and how much). A few select schools offer all policy master’s students full tuition scholarships, including Princeton and Yale. Since most financial aid is offered to the strongest applicants, having good college grades, work experience, etc. helps not only with admissions but also with making graduate school affordable.
  • How else can I fund my degree? Beyond merit-based or need-based financial aid offered by many schools, the main funding options include (1) federal financial aid, (2) loans, including loan forgiveness programs, (3) working alongside your degree, (4) government scholarship-for-service programs, (5) employer funding, and (6) philanthropic scholarships.

Tuition and other costs of policy master’s programs

US policy master’s programs are often expensive and serve as cash cows for many schools. But tuition and fees for master’s programs vary widely. The sticker price for the highly-ranked policy master’s degrees ranges from about $31,000-66,000 per year in tuition fees (see table below). Most graduate schools offer substantial merit-based or need-based financial aid, so many students pay less than the sticker price (though schools vary drastically in whether they offer aid and how much). 

A cheaper option is state universities, many of which offer reduced in-state tuition. Some state universities are promising options: For example, George Mason University’s Schar School charges only ~$16,500 for in-state students (from Virginia) in 2022-2023 (while out-of-state students pay ~$31,000).

Since many universities charge tuition per credit, master’s programs that involve more credits for program completion are correspondingly more expensive at these schools. For instance, compare the following policy master’s degrees at Georgetown University: the 2-year MA Security Studies involves 36 credits, costing a total of ~$88,300; the 2-year Master of Public Policy involves 48 credits, costing ~$113,000; and the 1-year MS Biohazardous Threat Agents involves 30 credits, costing ~$71,000.

This table includes tuition information on some example policy master’s degrees for the academic year 2023-2024 (see the policy master’s database for more details):

UniversityDegree TitleTuition per year Total tuition
(for all years)
RAND Pardee Graduate SchoolMaster of National Security Policy$50,000$50,000
Georgetown UniversityMA Security Studies~$44,150~$88,300
Johns Hopkins SAISMA International Relations$59,950$119,900
Harvard Kennedy SchoolMaster in Public Policy$57,660$115,320
Princeton UniversityMaster in Public Affairs$0
(full scholarship for all students)
Yale UniversityMPP in Global Affairs$0
(full scholarship for all students)
Stanford UniversityMA International Policy~$58,750~$117,500
Columbia UniversityMA International Affairs~$65,550~$131,100
George Washington UniversityMA Security Policy Studies$39,900 $79,800
American UniversityMaster of Public Administration~$37,500~$75,000
George Mason UniversityMS Biodefense1~$16,375 (in-state)
~$31,050 (out-of-state)		~$32,750 (in-state)
~$62,100 (out-of-state)

Graduate schools often also charge other fees in addition to tuition. While less significant than tuition, these fees add to the cost. For example, many graduate schools require students to buy health insurance which typically costs around $3,000-$4,000/year. Finally, consider also the living cost (e.g. housing, transportation, groceries) in the school’s city.

The cost of graduate school is significant, and for most applicants, the sticker price will be an important variable, especially if you do not receive a large financial aid package. But the differences in the value of attending different schools can be substantial, so we recommend not just looking at the price but also seriously weighing the other factors discussed in Part 2.2

The price of a graduate degree includes both the direct costs (tuition, living costs, health care, books, etc.) and the foregone income from (partially) leaving the workforce. The following section focuses primarily on defraying tuition costs. Some policy degrees make it possible to work and earn an income alongside graduate school, which substantially reduces the foregone income cost and helps cover your expenses.

How to fund graduate school

Despite the high costs of these degrees, there are often ways through careful planning and research to make the costs more manageable. This section discusses options to fund graduate school, including

  1. University financial aid
  2. Federal financial aid
  3. Loans and loan forgiveness programs
  4. Government scholarship-for-service programs
  5. Employer funding
  6. Philanthropic scholarships
  7. Go abroad for graduate school
  8. Do a PhD instead of a master’s

University financial aid

Most policy schools offer merit- and need-based financial aid that can significantly reduce the cost of attendance below the “sticker price.” But some schools and programs are much more generous with financial aid than others.3 We recommend speaking with current students or alumni, and carefully reviewing the “financial aid” webpages of the schools and programs you’re considering.4

When deciding where to apply, the variability and partial randomness in the allocation of financial aid is one reason to apply to multiple schools, even if you’re confident you’d be accepted by your top program. Having multiple offers can also help you negotiate (additional) financial aid. Merit-based financial aid often goes to the strongest candidates, including those with particularly high GPAs, GRE scores, professional experience, and other quality markers—another key reason to invest in your application (e.g. by preparing well for the GRE).

A few select schools offer all policy master’s students generous 100% tuition support, including Princeton and Yale. While a great perk, these programs are correspondingly small and highly competitive.

Some schools offer additional standalone scholarships—separate from merit-based aid that can be offered to any applicant—that you have to apply for separately. These can be extremely valuable (often covering the full costs of tuition) but are consequently often highly competitive (examples in the footnote5).

Sometimes financial aid takes the form of a research or teaching assistantship, so you’d have to work with a professor for a certain number of hours per week to qualify for the aid package. Before accepting such an offer, consider your opportunity cost and whether the assistantship would be beneficial work experience compared to your alternatives.

Many schools also offer some additional scholarships or merit aid for current students. For instance, Georgetown’s MA Security Studies offers many graduate students a stipend for unpaid internships, and each semester it also grants a merit aid award (of ~$3,000) to the top ~10 students with the best GPA.

Financial aid bargaining

Most schools have some flexibility in how much financial aid they offer to candidates. As such, we recommend bargaining for additional aid from your top program(s) once admitted. You have nothing to lose doing this; the school won’t rescind your offer just because you politely asked for increased aid.

If you get several competitive offers from graduate programs, you can potentially leverage one offer against another. Programs like to keep the rate of offer acceptance high, so they are incentivized to get you to enroll, even at a lower price, once they’ve made an offer of admission.

For tactical advice on financial aid bargaining, see this footnote6. For several anonymized examples of students successfully negotiating for higher merit aid in Georgetown’s MA Security Studies, see this footnote7. 

Federal financial aid

If you’re a US citizen or permanent resident you may be eligible for some federal need-based grants and reduced-rate loans. Some of them don’t require payment until six months after graduation and will lend you spending money on top of tuition money.

Students have to apply each year using the Free Application for Federal Student Aid (FAFSA). You can apply here by your state’s deadline. This is one helpful FAFSA guide, including an FAQ and eligibility requirements. 

Loans and loan forgiveness programs

Most graduate students take out loans to finance the cost of tuition. According to this article, “master’s degree graduates leave school owing $64,800 on average” (not specific to policy).

Before looking into private loan options, consider the Federal Direct and Grad PLUS loan options available from the US Department of Education. These are the first stop for many graduate school borrowers, and even if you end up choosing another option, it can help to understand the terms of the federal loans as a baseline.

Because the amount being financed is so large, small differences in loan interest rates can make a substantial difference in the total cost of graduate school for someone taking out loans. If you are considering private loan options, be sure to compare interest rates available from different lenders. (However, note that some private loan options with attractive interest rates may not be eligible for Public Service Loan Forgiveness, as discussed below.)

Candidates interested in government or nonprofit work should study the requirements for Public Service Loan Forgiveness (PSLF), a program through which the federal government will pay off any remaining loan balances after the borrower has made 10 years of payments (details in footnote8).

Government scholarship-for-service programs

There are several competitive graduate scholarships offered by US federal agencies. These typically cover most or all of the graduate school tuition costs, are a well-regarded credential, and also offer employment opportunities, such as internships and jobs. But there is a big catch: these programs often involve a multiple-year service requirement, during which you have to continue working at the agency; if you leave early, you will have to pay back some or all of the scholarship money you have received. Before accepting such a scholarship, consider carefully the commitment this entails. 

The scholarship-for-service programs we’re aware of include (program details in footnotes):

There’s a list of scholarships with links here, which are omitted from this narration.

If you serve with AmeriCorps or Peace Corps, you may also benefit from partial graduate school scholarships. Unfortunately, the scholarships only apply to a limited selection of relevant policy schools.

Employer funding

Some employers agree to cover (parts of) the cost of attending graduate school for their employees or to assist with loan repayment.

Government loan repayment programs: By working for Congress or certain federal agencies, you can have up to $10,000 per year (less after taxes) of your loans paid off. Since the requirements are complex, it is important to understand each program’s details as fully as possible before enrolling in graduate school. For Congress, if you take on federal loans for graduate school and work for Congress after you have graduated, your office can pay off up to $6,000 (Senate) or $10,000 (House) per year of your loans, although it’s often less in practice (see this and this for details). Federal agencies are also permitted to repay federally-insured student loans as a recruitment or retention incentive for candidates or current employees.16

Universities: About 90% of universities will cover (parts of) their employee’s graduate degree tuition.17 This option is most attractive if you work for a university (1) where you can study part-time and in the evening (like Georgetown’s MA Security Studies), so that it’s actually sustainable to work and study at the same time; and (2) with relevant academic centers, such as Georgetown’s Center for Security and Emerging Technology, where you can be an employee working on relevant topics while receiving your tuition benefit. You should look into your preferred university’s tuition assistance policy and available work opportunities.

Private companies: Some firms also offer their employees tuition assistance. To gain policy-relevant experience, consider working for a defense contractor like Booz Allen Hamilton and Lockheed Martin or the public sector arm of a consulting firm. While amounts depend on the company, location, and job, regular figures are around $5,000-$10,000 per year, sometimes with a cap of around $40,000 to $50,000 total. They can also offer industry-level salaries (which are typically higher than for federal government employees), making them a good option if you think the professional development is relevant and want to make enough to pay off your loans quickly. One downside is that these programs—especially the most generous ones—often come with strings attached, usually a multiple-year work requirement.

US military: Current or former military service members (and their children or spouse) also might be eligible for graduate school funding via the Post-9/11 GI Bill or the DOD’s Tuition Assistance program.

Philanthropic scholarships

Some private foundations also provide scholarships for people pursuing master’s degrees to work in policy. While these scholarships have a high bar, many people underestimate their odds of success; if you are in doubt about applying, we encourage you to do so.

Some philanthropic scholarships we’re aware of—typically supporting specific demographic or affinity groups—include (program details in footnotes):

There’s a list of scholarships with links here, which are omitted from this narration.

For additional scholarships, we recommend checking out databases like APSIA’s, IEFA’s, and the University of Illinois’.

Go abroad for graduate school

If you seek to pursue a career in US policy, we generally recommend completing a US-based (ideally, DC-based) graduate degree.25 But studying abroad might be significantly cheaper, and there are some great policy schools outside the US. Studying abroad may also be beneficial if you’re interested in becoming a regional policy specialist, like studying in Europe for transatlantic policy.26 This list highlights many of the top policy degrees internationally. 

The UK has some very well-regarded universities offering policy degrees, including Oxford, Cambridge, the London School of Economics, and King’s College London (example degrees in footnote27). Many of these universities offer 1-year (i.e. 9-month) policy master’s degrees, which can make them cheaper than the 2-year US policy degrees both financially and in terms of time (though note that we don’t always recommend 1-year master’s over 2-year master’s for the reasons explained here). For instance, the total tuition cost in 2023-24 of KCL’s 1-year MA War Studies is ~$38,200; for Cambridge’s 1-year MPhil Technology Policy it’s ~$43,000; and for Oxford’s 1-year MPP it’s ~$60,300.28 This compares to total sticker prices of around $100,000 for many of the US-based programs listed above. 

Continental Europe has much fewer leading universities than the US or UK (especially ones recognized in US policy) but there are some exceptions like Sciences Po (~$42,500 total tuition for a 2-year degree29) and ETH Zurich (~$3,200 total tuition for a 2-year degree30). As this demonstrates, depending on the country and university, policy master’s degrees in Europe can be much cheaper than in the US or even effectively free (as with public universities in Germany, even for non-EU citizens).

China offers a few fully-funded, internationally recognized policy master’s degrees in Beijing through the 1-year Schwarzman Scholars program at Tsinghua University and the 2-year Yenching Academy at Peking University. We recommend most people against the programs: they aren’t great options to learn about US policy processes or network for US policy circles, and they could damage your ability (or cause significant delays) to receive a security clearance in the future. Consider these programs mainly if you aren’t interested in paths requiring a security clearance and are very interested in learning about China’s culture, political system, and language.

Do a PhD instead of a master’s

While we generally recommend policy master’s programs over PhDs, there are financial benefits to PhDs. Most US PhDs are fully funded, meaning that they not only pay for your tuition but also provide a fellowship (to cover living costs) and/or an assistantship (to pay you for working as a teaching assistant). The first two years of most US PhD programs focus on classes, the successful completion of which gives you a master’s degree as part of the PhD program.

In principle, you could get a fully-funded master’s degree by enrolling in a PhD program and dropping out after two years. But there are several downsides to this path. Pursuing this as a strategy may be unethical as it involves applying for PhDs under false pretenses. You’re also much less likely to be admitted to the PhD program or find an academic advisor if they suspect you’re only interested in a master’s degree. Finally, while completing the initial 2-year course phase of most PhD programs counts as equivalent to completing a master’s degree, the course structure and content can differ greatly. In particular, the PhD course phase typically focuses on teaching research methods, which could be much less relevant if you aim to become a policy practitioner.

We generally recommend this path only to people who are seriously considering actually completing a PhD, or who already enrolled but changed their minds about their preferred career path.

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Footnotes
  1. Tuition numbers are for the 2022-2023 academic year. ↩︎
  2. For a slightly different opinion, see Chris Blattman, who writes that “this funding question is important, because with a few exceptions, I would probably recommend going where you get the most funding, since the quality difference across these elite schools is not all that great. If your choice is between Harvard, Harris, SIPA, and SAIS then I would go where you get funding, because the difference in quality is not that different, and in my opinion even the Harvard brand is not worth $50-100k in debt.” ↩︎
  3. Besides the generous 100% tuition coverage at Princeton and Yale, the more generous top schools (anecdotally) include Harvard Kennedy School, Georgetown University, and Tufts University. On the other hand, Columbia SIPA is known to be very stingy. ↩︎
  4. Make sure to review any financial aid offers very carefully before accepting any program offers or aid, as the schools often mix loans in with grants/scholarships as part of the aid package to bring the sticker price down. ↩︎
  5. (1) Georgetown University, School of Foreign Service: The Donald F. McHenry Global Public Service Fellows Program covers the full tuition cost of graduate degrees. 
    (2) Johns Hopkins SAIS: The Public Service Fellows Scholarship Program provides a 100% tuition scholarship for graduate students pursuing the MA International Relations. 
    (3) Stanford University: The Knight-Hennessy Scholars program covers up to three years of graduate degree tuition at Stanford, plus a stipend, for a total value upwards of $150,000. 
    (4) Tufts University, Fletcher School of Law and Diplomacy: The school offers various named scholarships (largely automatically) to outstanding applicants. ↩︎
  6. You can bargain down your tuition by responding to your admission letter with an email including admission letters and financial aid offers from other (ideally similarly ranked) programs. There’s no single best recipe for this, but you could mention (1) what makes the other schools compelling (e.g. price, location, faculty, specializations) but (2) that this school is ultimately your top choice if (3) the tuition were to become price-competitive at $X (some amount you specify). It is probably reasonable to ask for a price equal to the lowest of the ones offered by similarly ranked programs. 

    If relevant, you may also emphasize your qualities as a candidate and include information on your or your family’s financial background, especially if you can truthfully say that you would struggle to finance the degree without additional aid. 

    The tone of your communication matters almost as much as your arguments: express appreciation for the admission and the school in meaningful, substantive ways and be generally thoughtful and kind.

    Many schools also offer zoom (or in-person) meetings with admissions directors once they have sent out offers. If you are socially confident, this is a very good venue to engage in bargaining over your tuition and demonstrate your interpersonal skills.

    If you’re very strategic you can ask several programs for increased merit aid and if one moves first write the other program that you got an increased offer and ask it to match again. ↩︎
  7. We know of at least 6 students in this program who successfully negotiated an aid increase (the increase always being in the 12.5 to 15% range). Here are two examples:

    Student 1: Was offered no aid when admitted to the program, but then negotiated a 12.5% (~$9,200) tuition reduction. To do this, they shared their MPP admissions letters for Oxford and UC Berkeley, programs which would have cost ~$20,000 less and had staff relevant to their interests. They also shared their Tufts, GMU, and JHU financial award letters, which, while still more expensive even with the aid offered, demonstrated desirability and competitiveness. In doing so, they were able to arrange a call with the MA Security Studies’ Director of Admissions and then had in-person meetings with them and the Program Director during admitted students’ week.

    Student 2: Was initially offered aid equal to 25% of the program tuition, but then negotiated an increase to 40%. To this end, they shared their admissions letters for JHU, Columbia SIPA, GWU, and several highly-ranked European programs. ↩︎
  8. Here is a summary of requirements from the program website: “To qualify for PSLF, you must
    1. be employed by a U.S. federal, state, local, or tribal government or not-for-profit organization (federal service includes U.S. military service);
    2. work full-time for that agency or organization;
    3. have Direct Loans (or consolidate other federal student loans into a Direct Loan);
    4. repay your loans under an income-driven repayment plan; and
    5. make 120 qualifying payments.”
    It is essential to understand the program completely before relying on this option since the combination of requirements is more difficult to meet than it might seem at first. In practice, less than 3% of applicants actually get it: “227,382 borrowers submitted PSLF applications, yet only 6,493 of those applications were deemed eligible by the loan servicer. The other PSLF applications were deemed ineligible for various reasons, including: (1) Qualifying payments (59 percent), (2) Missing information (26 percent), and (3) No eligible loans (11 percent).”
    As such, it may be worth attempting to get PSLF but you should not accept a graduate program assuming you will get this, even if you think you will spend the majority of your career in public service. ↩︎
  9. A scholarship for graduate students pursuing careers in public service, including funding of up to $30,000 and preferred hiring with the federal government. Involves a service requirement: “Scholars are required to work in public service for three of the seven years following completion of a Foundation-funded graduate degree program.” To apply, candidates must secure the nomination of their undergraduate institution. The scholarship is highly competitive: each year, 55 to 65 scholarships are granted out of over 800 applications, not accounting for the students competing on their own campuses for one of their school’s four nominations. ↩︎
  10. Scholarships for a two-year policy master’s degree and two summer internships (one with Congress/State Department in DC, one with a US embassy abroad). Involves a five-year service requirement to work as a Foreign Service Officer for the State Department. (The difference between Rangel and Pickering is only the internship). The Foreign Affairs IT Fellowship only funds IT-related degrees but is otherwise similar. ↩︎
  11. A scholarship for a two-year policy master’s degree and two 10-week summer internships (one in DC, and one with a USAID Mission overseas). Involves a 5-year service requirement to work as a USAID Foreign Service Officer. ↩︎
  12. Offers up to $18,000 per year of tuition assistance and many other benefits. Involves a service requirement in the summer between academic years, and after graduation for 1.5x the duration of your program (e.g. three years after you graduate if you do a two-year master’s program). There are many application requirements, so read them carefully. ↩︎
  13. A scholarship for STEM undergraduates and graduate students providing full tuition and education related expenses, a stipend of between $25,000 to $38,000 per year depending on degree level, an annual health insurance allowance of up to $1,200, and more (eligibility requirements here). Involves a service requirement as a DOD summer intern and post-graduation service equal to your program’s duration. In 2022, DOD accepted 482 SMART scholars—with a 19% acceptance rate and average GPA of 3.75—of which 14% are pursuing master’s degrees. ↩︎
  14. A scholarship for up to 3 years for cybersecurity undergraduate and graduate (MS or PhD) education, providing tuition and education related fees, an annual stipend of $34,000 for graduate students, and a professional allowance of $6,000 for SFS Job Fair and other travel, professional certification, etc. Involves a post-graduation service requirement equal to the scholarship’s duration in the US government, in a cybersecurity-related position. ↩︎
  15. A prestigious 2-12 month language scholarship for US undergraduates and graduate students facilitating post-fellowship employment with the US government. ↩︎
  16. The Office of Personnel Management explains that “The program…authorizes agencies to set up their own student loan repayment programs to attract or retain highly qualified employees…agencies may make payments to the loan holder of up to a maximum of $10,000 for an employee in a calendar year and a total of not more than $60,000 for any one employee.” ↩︎
  17. Graduate school tuition remission in excess of $5,250 is considered taxable income, reducing the benefit to you. Some universities cover these taxes as part of their remission packages. ↩︎
  18. Funds “master’s degrees in international affairs, policy, public administration and related fields”. The benefits include tuition coverage, an annual stipend for living expenses, and a $5,000 stipend for a summer internship with the federal government. Unfortunately, the scholarship only applies master’s degrees at four specific partner universities.
    1. Syracuse University, Maxwell School of Citizenship and Public Affairs
    2. Texas A&M University, Bush School of Government & Public Service
    3. University of California, San Diego, School of Global Policy and Strategy
    4. University of Maryland, School of Public Policy ↩︎
  19. AAUW offers several fellowships to fund graduate school for eligible women:
    1. The International Fellowship for women who are not US citizens or permanent residents for full-time graduate and postgraduate studies at US institutions.
    2. The Selected Professions Fellowships for women pursuing master’s programs in underrepresented fields like STEM and (restricted to women of color) law, business, and medicine.  ↩︎
  20. The CBC Spouses Education Scholarship funds African-American or Black students pursuing an undergraduate, graduate, or doctoral degree in a variety of fields. ↩︎
  21. “Graduate fellowships are monetary awards made to American Indian and Alaska Native graduate or professional full-time, degree-seeking students, who meet all eligibility criteria. The fellowship amount is typically between $1000 and $5000 per academic year” (source) ↩︎
  22. According to the website “there will be no scholarships granted in 2023…please check back in early 2024 for updated information on future scholarship opportunities subject to better stock market conditions and returns on investments.” ↩︎
  23. “provide[s] support – in the form of funding for graduate study, unpaid internships, self-study, career transition and exploration periods, and other activities relevant to building career capital – for individuals at any career stage” ↩︎
  24. Graduate school scholarship for US citizens in the humanities, social sciences, or natural sciences. ↩︎
  25. US-based degrees generally prepare you better for US policy work through more relevant networking opportunities, classes, career services, etc. US degrees are typically also more reputable among US policy practitioners. For foreign nationals, US policy master’s degrees are typically the best (and often the only) way to start a policy career in the US. ↩︎
  26. There are also some good international dual degrees, such as the Sciences Po Paris–Columbia University master’s or the Johns Hopkins SAIS–Tsinghua University master’s. These may save you some money: the Sciences Po–Columbia program charges the low Sciences Po fees in the first year and the high Columbia fees in the second year. ↩︎
  27. 1. University of Oxford (Master of Public Policy, MPhil International Relations)
    2. University of Cambridge (MPhil Technology Policy, Master of Public Policy)
    3. London School of Economics (Master of Public Policy)
    4. King’s College London (MA War Studies) ↩︎
  28. There are some highly competitive full-tuition scholarships available for US citizens studying in the UK, such as the Marshall Scholarship and the Rhodes Scholarship. The Marshall Scholarship is applicable to all UK universities while the Rhodes Scholarship is restricted to Oxford University. ↩︎
  29. For example, Sciences Po offers the Paris-based 2-year Master in Public Policy and the Master in International Security, both of which cost ~$42,500 in total tuition. ↩︎
  30. ETH Zurich offers the Zurich-based 2-year MSc in Science, Technology and Policy and the MA in Comparative and International Studies, which are effectively free costing only ~$3,200 in total. ↩︎