How Much Does Economics School Cost?

A bachelor’s degree in economics is the entry point towards a career as an economist. However, it is enough only for entry level positions. You have to obtain a master’s degree at the least and preferably, a doctoral degree before you can call yourself a full-fledged economist. These educational requirements make going to economics school quite expensive.

With around 11 years of schooling from bachelor’s to master’s to a doctoral degree before you can practice the profession, economics school can be quite expensive. The cost of tuition, fees, books, supplies, housing and food, among others, is no laughing matter. These increase each year and if you don’t prepare aptly for the finances that you are expected to spend money on, your dream of becoming an economist may not become a reality.

How much you pay for economics school from the time you start with your undergraduate studies to the moment you finish your postgraduate degrees depend largely on whether you go to a public school or a private school. There is a very big difference in cost especially in tuition when you go to a public school in the state where you live in. In public schools, in-state students receive hefty discounts. This is not given in private schools.

The range of the annual cost of obtaining a degree in economics can also vary greatly. In some schools, the degree can be had for as low as $8,000 a year while in others, it can be more than $60,000 annually. At the University of California, for example, the per semester estimate for tuition and other fees for residents is $7,755.75. For out-of-state students, meanwhile, the cost is $19,194.75.The tuition cost for private schools, meanwhile, is the same for all students. At Yale University, for example, the annual tuition cost is around $37,600 which applies to all students regardless of their state they come from. It is also possible to get an online degree in economics. At Penn State World Campus, for example, the tuition cost for bachelor of arts in economics is $6,506 per semester.

Tuition and fees aren’t the only costs that must be considered. You should also factor in the cost of books and supplies as well your living expenses for housing, food and others. This can range anywhere from $15,000 to $25,000 a year depending on where you live. On-campus housing may be cheaper but it’s usually limited. If you live in an apartment far from school then you’ll have to factor in your transportation expenses as well. The good thing with obtaining a degree online is that you’ll be able to work while obtaining your degree. This allows you to finance your education while getting valuable work experience.

There are many ways to lower your overall tuition costs. Make sure that you talk with the financial aid officer of your school and explore options for scholarships and grants. You can also apply for student loans but do keep in mind that you will have to pay for these later on.

It’s important to plan any student loan application you make carefully. Also, try looking for a school that offers full tuition waivers and stipend in the form of fellowships for your postgraduate degrees. This will greatly bring down your expenses and help you in attaining your dream of becoming a full-fledged economist.

Career Spotlight: Economist

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