Student Debt 2024: 15 States Where a Grad Degree Barely Boosts Your Salary

Want to earn more money? Many professionals are often advised to go back to school and pursue their graduate degree. Those that decide to obtain a grad degree ideally want to graduate having learned new concepts and getting the necessary hands-on training that allows them to work in a higher-paying job. However, depending on your state of residence, having a graduate degree might not go as far as you’d hope in boosting your annual salary.

Which states have the smallest difference in median income between a bachelor’s degree and graduate degree? To find out, GOBankingRates found each state’s total population, total households, population ages 65 and over and household median income. The median income amounts were sourced for those 1) ages 25 and over with less than a high school degree, 2) ages 25 and over with a high school degree or equivalent, 3) ages 25 and over with some college or an associate’s degree, 4) ages 25 and over with a bachelor’s degree and 5) ages 25 and over with a graduate or professional degree. After calculating the percentage of the population ages 65 and over, the difference in median income from high school graduate to graduate or professional degree was calculated. 

In descending order of states with the largest to smallest median income difference, here are the 15 states where having a graduate degree provides the smallest pay bump.

• Median income with less than high school graduate: $28,406
• Median income with high school graduate: $37,396
• Median income with some college or associate’s degree: $44,020
• Median income with bachelor’s degree: $54,129
• Median income with graduate or professional degree: $68,506
• Difference between high school graduate and professional degree: $40,100

• Median income with less than high school graduate: $27,314
• Median income with high school graduate: $35,301
• Median income with some college or associate’s degree: $40,667
• Median income with bachelor’s degree: $55,682
• Median income with graduate or professional degree: $67,351
• Difference between high school graduate and professional degree: $40,037

• Median income with less than high school graduate: $27,141
• Median income with high school graduate: $34,785
• Median income with some college or associate’s degree: $40,386
• Median income with bachelor’s degree: $57,407
• Median income with graduate or professional degree: $67,170
• Difference between high school graduate and professional degree: $40,029

• Median income with less than high school graduate: $25,977
• Median income with high school graduate: $33,568
• Median income with some college or associate’s degree: $40,916
• Median income with bachelor’s degree: $55,685
• Median income with graduate or professional degree: $65,857
• Difference between high school graduate and professional degree: $39,880

• Median income with less than high school graduate: $30,354
• Median income with high school graduate: $35,332
• Median income with some college or associate’s degree: $40,237
• Median income with bachelor’s degree: $53,732
• Median income with graduate or professional degree: $70,191
• Difference between high school graduate and professional degree: $39,837

• Median income with less than high school graduate: $31,011
• Median income with high school graduate: $36,375
• Median income with some college or associate’s degree: $43,898
• Median income with bachelor’s degree: $53,866
• Median income with graduate or professional degree: $69,390
• Difference between high school graduate and professional degree: $38,379

• Median income with less than high school graduate: $30,133
• Median income with high school graduate: $35,674
• Median income with some college or associate’s degree: $39,948
• Median income with bachelor’s degree: $50,894
• Median income with graduate or professional degree: $68,235
• Difference between high school graduate and professional degree: $38,102

• Median income with less than high school graduate: $30,770
• Median income with high school graduate: $34,517
• Median income with some college or associate’s degree: $38,814
• Median income with bachelor’s degree: $53,117
• Median income with graduate or professional degree: $68,769
• Difference between high school graduate and professional degree: $37,999

• Median income with less than high school graduate: $35,192
• Median income with high school graduate: $37,406
• Median income with some college or associate’s degree: $40,546
• Median income with bachelor’s degree: $54,796
• Median income with graduate or professional degree: $72,869
• Difference between high school graduate and professional degree: $37,677

• Median income with less than high school graduate: $30,523
• Median income with high school graduate: $38,669
• Median income with some college or associate’s degree: $45,237
• Median income with bachelor’s degree: $52,325
• Median income with graduate or professional degree: $67,981
• Difference between high school graduate and professional degree: $37,458

• Median income with less than high school graduate: $32,838
• Median income with high school graduate: $36,659
• Median income with some college or associate’s degree: $42,026
• Median income with bachelor’s degree: $58,583
• Median income with graduate or professional degree: $70,216
• Difference between high school graduate and professional degree: $37,378

• Median income with less than high school graduate: $26,692
• Median income with high school graduate: $35,052
• Median income with some college or associate’s degree: $40,791
• Median income with bachelor’s degree: $52,887
• Median income with graduate or professional degree: $63,974
• Difference between high school graduate and professional degree: $37,282

• Median income with less than high school graduate: $34,612
• Median income with high school graduate: $41,388
• Median income with some college or associate’s degree: $44,003
• Median income with bachelor’s degree: $54,163
• Median income with graduate or professional degree: $68,409
• Difference between high school graduate and professional degree: $33,797

• Median income with less than high school graduate: $26,775
• Median income with high school graduate: $32,789
• Median income with some college or associate’s degree: $37,485
• Median income with bachelor’s degree: $50,731
• Median income with graduate or professional degree: $57,266
• Difference between high school graduate and professional degree: $30,491

• Median income with less than high school graduate: $41,762
• Median income with high school graduate: $39,250
• Median income with some college or associate’s degree: $47,258
• Median income with bachelor’s degree: $56,830
• Median income with graduate or professional degree: $71,211
• Difference between high school graduate and professional degree: $29,449

Methodology: For this study, GOBankingRates analyzed each U.S. state to find the median income for different education levels. First GOBankingRates found information for each state including; total population, total households, population ages 65 and over, household median income, median income for ages 25 and over, median income for ages 25 and over with less than high school degree, median income for ages 25 and over with a high school degree or equivalent, median income for ages 25 and over with some college or associate’s degree, median income for ages 25 and over with bachelor’s degree, median income for ages 25 and over with graduate or professional degree. The percentage of the population ages 65 and higher was calculated. The difference in median income from high school graduate to graduate or professional degree can be calculated. The states are sorted to show the smallest difference first showcasing the states where a grad degree barely boosts your salary. All data was collected on and is up to date as of Aug. 6, 2024.