A cost-effective method for the quantitative characterization of the magnetostrictive effect in thin films is presented. In this method, a sample's magnetostriction is extrapolated from the tip displacement of a thin-film magnetostrictive cantilever. The tip displacement is measured by monitoring the position of a reflected laser beam using two differentially coupled photodiode positioning sensors. In contrast with alternative optical deflection-angle devices designed for educational purposes, the detection limit of our setup resolves submicron-level displacements from nanoscale thin films. The efficacy of the system is demonstrated through measurements using amorphous 200-nm thick Terfenol-D/Si (100) bimorph cantilevers. In these measurements, magnetostriction values of 106 ± 3.5 ppm at ±4300 Oe applied field were attained, where the voltage noise floor was ±0.05 V (a cantilever displacement uncertainty of ±70 nm). In-plane (IP) and out-of-plane (OOP) magnetization curves and crystallographic x-ray diffraction (XRD) were performed to determine the magnetic behavior and confirm the amorphous nature of the films, respectively. The experimental methods and material characterization systems demonstrated here enhance the understanding of complex magnetic phenomena and introduce common measurement techniques to better equip students with the skills for insightful analysis of fundamental magnetic physics.