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2022 Best Value Economics Schools for a Master’s in Illinois

10 Ranked Colleges
256 Degrees Awarded
$28,300 Avg Grad Tuition & Fees*
Best Value Economics Schools for a Master's in Illinois

It’s not easy to decide which college to attend when there so many options available for students. At College Factual, we’re committed to helping you make that decision by providing information such as that found in our “Best Value Economics Schools for a Master’s in Illinois” ranking.

In 2019-2020, 48,831 people earned their degree in economics, making the major the 18th most popular in the United States. In 2017-2018, economics graduates who were awarded their degree in 2015-2017, earned an average of $47,295 and had an average of $21,978 in loans still to pay off.

Across Illinois, there were 2,106 economics graduates with average earnings and debt of $49,350 and $22,044 respectively. At the master’s degree level specifically, there were 256 economics graduates with average earnings and debt of $57,267 and $46,814 respectively.

This year’s “Best Value Economics Schools for a Master’s in Illinois” ranking looked at 10 colleges that offer degrees in a bachelor’s in economics. This ranking identifies schools with high-quality economics programs that also have a lower cost than schools of similar quality.

When determining these rankings, we looked at things such as overall quality of the economics program at the school and the cost to attend the school once aid has been awarded. See our ranking methodology to learn more.

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Since picking the right college can be one of the most important decisions of your life, we’ve developed the “Best Value Economics Schools for a Master’s in Illinois” ranking, along with many other major-related rankings, to help you make that decision.

To further help you make the college decision, we’ve developed a unique tool called College Combat that allows you to compare schools based on the factors that matter the most to you. Test it out when you get a chance! You may also want to bookmark the link and share it with others who are trying to make the college decision.

Best Value Economics Schools for a Master’s in Illinois

The following schools top our list of the Best Best Value Economics Schools for a Master’s in Illinois.

Top 10 Best Value Master’s Degree Colleges for Economics in Illinois

#1

University of Illinois at Urbana-Champaign

Champaign, Illinois
#3 in overall quality
$30,083 Avg Grad Tuition & Fees

Out of the 10 schools in the Best Value Economics Schools for a Master’s in Illinois that were part of this year’s ranking, University of Illinois at Urbana-Champaign landed the #1 spot on the list. UIUC is located in Champaign, Illinois and, has a large student population. In 2019-2020, this school awarded 76 masters’s economics degrees to qualified students.

As a testament to the quality of education offered at UIUC, the school also landed the #3 spot in our “Best Economics Master’s Degree Schools in Illinois” ranking. Although you might pay more or less depending on your area of study, average graduate tuition and fees at UIUC are $30,083.

Read more about Economics at UIUC

#2

Illinois State University

Normal, Illinois
#6 in overall quality
$11,069 Avg Grad Tuition & Fees

You’ll join some of the best and brightest minds around if you attend Illinois State University. The school came in at #2 for the Best Value Economics Schools for a Master’s in Illinois. Normal, Illinois is the setting for this large institution of higher learning. The public school handed out masters’s economics degrees to 14 students in 2019-2020.

Illinois State also made our “Best Economics Master’s Degree Schools in Illinois” list, coming in at #6. Average graduate tuition and fees at Illinois State University are $11,069, but some majors have different tuition rates.

Full Illinois State University Economics Report

#3

University of Illinois at Chicago

Chicago, Illinois
#4 in overall quality
$27,036 Avg Grad Tuition & Fees

Out of the 10 schools in the Best Value Economics Schools for a Master’s in Illinois that were part of this year’s ranking, University of Illinois at Chicago landed the #3 spot on the list. University of Illinois at Chicago is a large school located in Chicago, Illinois that handed out 14 masters’s economics degrees in 2019-2020.

As a testament to the quality of education offered at UIC, the school also landed the #4 spot in our “Best Economics Master’s Degree Schools in Illinois” ranking. Average graduate tuition and fees at UIC are $27,036, but some majors have different tuition rates.

Read full report on Economics at University of Illinois at Chicago

#4

Eastern Illinois University

Charleston, Illinois
#8 in overall quality
$20,761 Avg Grad Tuition & Fees

You’ll join some of the best and brightest minds around if you attend Eastern Illinois University. The school came in at #4 for the Best Value Economics Schools for a Master’s in Illinois. Charleston, Illinois is the setting for this medium-sized institution of higher learning. The public school handed out masters’s economics degrees to 11 students in 2019-2020.

EIU also took the #8 spot in our “Best Economics Master’s Degree Schools in Illinois” ranking. Average graduate tuition and fees at EIU are $20,761, but some majors have different tuition rates.

Read more about Economics at Eastern Illinois University

#5

Western Illinois University

Macomb, Illinois
#9 in overall quality
$11,996 Avg Grad Tuition & Fees

You’ll join some of the best and brightest minds around if you attend Western Illinois University. The school came in at #5 for the Best Value Economics Schools for a Master’s in Illinois. WIU is a medium-sized school located in Macomb, Illinois that handed out 10 masters’s economics degrees in 2019-2020.

WIU not only placed well in this ranking. It is also #9 on our “Best Economics Master’s Degree Schools in Illinois” list. Although you might pay more or less depending on your area of study, average graduate tuition and fees at WIU are $11,996.

Read more about Economics at Western Illinois University

#6

Northern Illinois University

Dekalb, Illinois
#10 in overall quality
$11,086 Avg Grad Tuition & Fees

Northern Illinois University did quite well in the 2022 Best Value Economics Schools for a Master’s in Illinois ranking, coming in at #6. NIU is a fairly large school located in Dekalb, Illinois that handed out 4 masters’s economics degrees in 2019-2020.

As a testament to the quality of education offered at NIU, the school also landed the #10 spot in our “Best Economics Master’s Degree Schools in Illinois” ranking. Average graduate tuition and fees at Northern Illinois University are $11,086, but some majors have different tuition rates.

Full Northern Illinois University Economics Report

#7

Southern Illinois University Carbondale

Carbondale, Illinois
#7 in overall quality
$32,928 Avg Grad Tuition & Fees

With a ranking of #7, Southern Illinois University Carbondale did quite well on the 2022 Best Value Economics Schools for a Master’s in Illinois list. Carbondale, Illinois is the setting for this fairly large institution of higher learning. The public school handed out masters’s economics degrees to 4 students in 2019-2020.

SIUC also made our “Best Economics Master’s Degree Schools in Illinois” list, coming in at #7. Average graduate tuition and fees at Southern Illinois University Carbondale are $32,928, but you may pay more or less depending on your major.

Read more about Economics at SIUC

#8

DePaul University

Chicago, Illinois
#5 in overall quality
$19,760 Avg Grad Tuition & Fees
$64,990 Average Early-Career Earnings

DePaul University did quite well in the 2022 Best Value Economics Schools for a Master’s in Illinois ranking, coming in at #8. Located in Chicago, Illinois, this large private not-for-profit school handed out 29 diplomas to qualified masters’s economics students in 2019-2020.

DePaul also took the #5 spot in our “Best Economics Master’s Degree Schools in Illinois” ranking. Average graduate tuition and fees at DePaul are $19,760, but you may pay more or less depending on your major.

Full DePaul Economics Report

#9

Northwestern University

Evanston, Illinois
#2 in overall quality
$56,567 Avg Grad Tuition & Fees

Northwestern University did quite well in the 2022 Best Value Economics Schools for a Master’s in Illinois ranking, coming in at #9. Northwestern is a private not-for-profit institution located in Evanston, Illinois. The school has a large population, and it awarded 34 masters’s degrees in 2019-2020.

Northwestern also took the #2 spot in our “Best Economics Master’s Degree Schools in Illinois” ranking. Although you might pay more or less depending on your area of study, average graduate tuition and fees at Northwestern University are $56,567.

Full Northwestern University Economics Report

#10

University of Chicago

Chicago, Illinois
#1 in overall quality
$61,548 Avg Grad Tuition & Fees

With a ranking of #10, University of Chicago did quite well on the 2022 Best Value Economics Schools for a Master’s in Illinois list. UChicago is located in Chicago, Illinois and, has a fairly large student population. In 2019-2020, this school awarded 59 masters’s economics degrees to qualified students.

UChicago also took the #1 spot in our “Best Economics Master’s Degree Schools in Illinois” ranking. Average graduate tuition and fees at University of Chicago are $61,548, but some majors have different tuition rates.

Read full report on Economics at UChicago

Notes and References

References

  • The Integrated Postsecondary Education Data System (IPEDS) from the National Center for Education Statistics (NCES), a branch of the U.S. Department of Education (DOE) serves as the core of our data about colleges.
  • Some other college data, including much of the graduate earnings data, comes from the U.S. Department of Education’s (College Scorecard).
  • Information about the national average student loan default rate is from the U.S. Department of Education and refers to data about the 2016 borrower cohort tracking period for which the cohort default rate (CDR) was 10.1%.

Read more about our data sources and methodologies

Footnotes

  • *Average salary, average net price, and average tuition and fees are for the top schools only.
  • Some schools otherwise deserving of recognition may have been removed from this ranking in the event that new data identified post-publication warranted it, or at the request of the school.

Credits

  • Credit for the banner image above goes to pixabay.

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