States with the Best (and Worst) ROI for Master’s Degree Grads

The following professionals lent their expertise to this article:

Author: Michael Hoffman, JD, MA

Michael Hoffman, JD, MA

Author

Michael Hoffman has authored close to 300 articles for higher education publications, including dozens for OMD across criminal justice, legal studies, public administration, and more. He's interviewed and collaborated with hundreds of college and career professionals and students. Michael holds degrees from the University of California, Santa Barbara, and the Santa Barbara College of Law. Before his writing career, he practiced as a civil litigator in Los Angeles and worked as a development executive for a major film producer in Santa Monica, California.

Expertise: Graduate EducationOnline LearningStudent Success

Graduate EducationOnline LearningStudent Success

Editor: Kristin Marino

Kristin Marino

Editor

EditorialGraduate EducationOnline Learning

Updated: 03/12/2026

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Updated: 03/12/2026

If you’re ready to earn your graduate degree, one practical question is likely top of mind: Will my investment of time and money pay off?

Essentially, you’re considering one of the most important but often overlooked factors when making the decision to earn a master’s degree — return on investment, or ROI. For this guide, ROI refers to the average earnings you can expect to make when compared against the cost of your educational investment.

This guide examines ROI for master’s students on a state-by-state basis to help you decide where you may want to study, as well what you want to study. We’ve factored into our calculations data on student debt, graduate salaries, and top fields of study for master’s students.

Ready to get started? Learn some of the best places to earn a degree and begin your lucrative career by reviewing the data below.

You’ll find data below on ROI for graduate students by state, starting with this interactive U.S. map. Simply hover over the state you’re interested in, and you’ll see key details on average master’s student debt, average salary after graduation, our calculated ROI, and top three fields of study in the state.

States with the Best Master’s Degree ROI

States with an Average Master’s Degree ROI

States with a Lower Master’s Degree ROI

Why Didn’t My State Make the List?

The following states were not included in this ranking, as there was not enough available data to accurately gauge the master’s degree ROI. We encourage you to research schools, tuition, salaries, and student loan debt on the U.S. Department of Education’s College Scorecard if you are interested in earning your master’s degree in one of these states.

1. Alaska
2. Idaho
3. Montana
4. North Dakota
5. Oklahoma
6. Oregon
7. Rhode Island
8. South Dakota
9. Vermont
10. West Virginia
11. Wyoming