Add up the cost of the degree. Visit the graduate school or financial aid section of the website for the university you plan to attend. Review the price of tuition and fees per credit hour, and multiply it by the number of credit hours needed to receive your master's degree. Add to this number the price of books, as well as transportation and other costs you'll incur attending graduate school. As an example, let's estimate the cost of a master's degree is $20,000.
Examine wages based on a degree. Learn what advancement positions are available with a master's degree in your career field. Review the wages and salaries offered by these positions by accessing the Occupational Outlook Handbook published by the U.S. Bureau of Labor Statistics on its website. Multiply the average wage or salary by the number of years that remain until you retire. This is the earning potential that exists if you earn a master's degree. As an example, let's estimate a yearly salary of $50,000 with a master's degree and 30 years remaining until you retire. Your earning potential in this example is $1.5 million.
Figure out your current earning potential. Take your current salary without a master's degree and multiply it by the number of years until you retire. This is your current earning potential. Let's use $30,000 as your current salary, which makes your earning potential without a master's degree $900,000. Compare it to the earning potential that exists with a master's degree, and the advanced degree is worth $600,000.
Subtract the cost of your degree. Take away the cost of getting your master's degree from the earning potential that exists with the degree. In the example, this is $1.5 million minus $20,000. This results in $1.48 million, which is the overall economic value of a master's degree.
Consider financial aid. Reduce the cost of graduate school and increase a degree's economic value by applying for and using financial aid. Complete any scholarship applications for institution-specific scholarships, as well as private foundations and organization scholarships. Fill out the Free Application for Federal Student Aid (FAFSA) to determine if you qualify for any grants or student loans. Seek out department graduate assistantships which pay your tuition, and may also offer a monthly stipend for approximately 20 hours of work each week during a semester.