Expensive Journalism Degree Doesn’t Promise Expensive Payoff
A degree from Columbia Journalism School comes with high tuition fees, yet the average annual salary for journalists in the U.S. is significantly lower than that of other MS schools with similar or even lower educational costs.
The conversation around student debt is back in the spotlight after a U.S. appeals court blocked President Biden’s Saving on a Valuable Education, or SAVE, plan on Feb. 18. The program aimed to ease the burden on borrowers by reducing monthly payments.
With student loan relief uncertain, it's worth examining one of the expensive master’s programs —Columbia’s MS in Journalism—and the financial realities its graduates face. As tuition costs soar, questions remain about whether journalism students can see a worthwhile return on their investment and manage their loan repayments effectively.
The thrill of acceptance to Columbia Journalism School's prestigious MS program quickly gives way to financial anxiety for many aspiring journalists. As digital confetti falls on acceptance portals, students face the sobering reality of a $78,300 tuition bill and an estimated $120,000 in total costs.
For Stephanie, a 2024 admit, the decision to pursue her dream came with a hefty price tag. "I always knew that going to this university is expensive because of its name in New York," she explains. "I couldn't afford it but still decided to come here because of its brand." Like many of her peers, Stephanie took out a $120,000 federal loan to finance her education.
The financial strain isn’t limited to journalism students. Jesse, a Columbia Law School admit, faces similar expenses for his LLM degree, with tuition at $81,000 and total costs reaching $120,000. However, the long-term financial impact varies widely between the two fields.
Law graduates generally pay off their loans much faster than journalists, as median salaries for law are way higher. This gap raises concerns about whether expensive journalism degrees offer a strong return on investment.
Columbia’s MS in Journalism is among the university’s priciest programs, costing nearly as much as STEM degrees. In fact, a Computer Science master’s from Columbia’s School of Engineering costs about $20,000 less than the journalism program.
For students like Stephanie, the hope is that Columbia’s prestigious name will help them break into New York’s competitive media industry. But the big question remains: Does the degree justify the steep cost in a field known for its challenging job market and modest starting salaries?
Journalism graduates often face a long road to financial stability. According to the U.S. Bureau of Labor Statistics, the median annual salary for reporters and journalists is $68,160—making it difficult to quickly repay hefty student loans. For many, the financial return on investment may take years to materialize.
An analysis shows a harsh reality for journalism graduates with $120,000 in student debt. If they dedicate 20% of their salary to loan payments, it could take nearly 18 years to pay off their debt. In contrast, law graduates earning around $120,000 annually could be debt-free in under seven years with the same repayment strategy.
However, even these projections may be optimistic. Research from The The Pew Research Center highlights the struggles of student loan borrowers in the U.S. While standard repayment plans aim for a 10-year payoff, many borrowers face setbacks. A study of students who started college in 2003-04 found that 21 percent had sought economic hardship deferments 12 years later, while 28 percent of them had defaulted on their loans.
While it's unclear why the cost of Columbia’s journalism degree is so out of proportion to the field’s median income, graduates continue to hold onto hope.
“To be fair, I like my program,” says Stephanie. “I think the degree is worth it because the school is internationally recognized. Other schools don’t have it.”
