Many graduate programs face funding cuts, enrollment declines and uncertain futures, but a new report describes cost of attendance as the “ultimate gatekeeper” to enrollment.
Between Aug. 20 and Sept. 8, 2025, the enrollment management consulting firm EAB surveyed 8,106 current and prospective graduate and adult learners about their motivations, financial concerns, program search methods and program preferences.
The findings, published Thursday in EAB’s 2025 Adult Learner Survey, show that cost ranked as the most important factor in enrollment decisions, surpassing program accreditation, which was last year’s top factor.
The majority of prospective students (60 percent) said they would eliminate a program from consideration if they perceived it to be “too expensive.” Although data from the National Center for Education Statistics shows that the average annual cost of graduate school is more than $20,000, EAB’s survey found that 39 percent of learners believe anything more than $10,000 is too expensive; 62 percent said they wouldn’t be willing to pay more than $20,000 a year for graduate school.
“The hopes and expectations of today’s adult learners are colliding with a financial aid system in a period of significant transition,” Val Fox, a senior director and principal in EAB’s adult learner recruitment division, said in a news release. “Federal aid sources are shrinking, and students with low credit scores may not qualify for private loans. This mismatch will make it even harder to sustain enrollment at a time when institutions need domestic adult learners more than ever.”
Learners’ heightened concerns about cost come as graduate programs also grapple with new federal policies—including caps on graduate student loans, cuts to research funding and visa restrictions for international students—that are making it even harder for institutions to balance their budgets and attract new students.
At the same time, however, graduate students and adult learners increasingly rely on outside funding. Scholarships were the most commonly cited funding source (52 percent), followed by financial aid, loans or grants, though both categories fell several percentage points compared to last year. Meanwhile, the report found that 25 percent of respondents cited personal or household income as one of their top five funding sources this year, compared to more than 40 percent last year.
“Success for U.S. graduate schools in 2026 will depend heavily on their ability to adapt recruiting strategies to accommodate policy shifts and evolving student priorities,” Fox said. “Schools need to communicate costs clearly, especially on digital channels, and align their value propositions to individual student interests through hyperpersonalized marketing.”