The following post is by MPFJ staff writer, Chonce. You can read more articles by Chonce over at her personal blog, My Debt Epiphany. Enjoy!
Have you wanted to go to graduate school but put the idea off due to the cost? According to FinAid.org, the average cost of a master’s degree for students can cost anywhere between $30,000 to $120,000. With the average student loan debt balance from undergrad being $30,000 (sometimes more), it’s no wonder graduates don’t want to add to their burden even if more education could help their job prospects.
If you’re serious about pursuing a graduate degree and have a specific program and career path in mind, there are a few ways you can pay for your education without having to take out student loans.
Start Saving Up Ahead of Time
This method is simple. If you have a specific idea of which program you’d like to study and at which institution, you can estimate how much it will cost per semester and start saving up and preparing to pay for your education in cash.
It may take longer going this route but you won’t accumulate extra debt and you can go at your own pace. For example, if three classes cost $900 each, you can set aside $350 per month or whichever amount you feel comfortable with and enroll when you feel ready if you’re not in any rush.
You can also pick up an additional job to increase your savings so you can take courses at a faster rate.
See if Your Employer Offers Tuition Reimbursement
Some employers will actually pay for you to go back to school. This is common for MBA candidates and students who can earn their degree for little to no out of pocket expenses. There are a variety of programs your employer may help you pay for so your first step is to ask.
In order to receive the aid, you may need to meet certain requirements like having a high GPA, maintaining your status as a full-time employee, and agreeing to stay with the company for a certain amount of time after you complete your program.
While you’re more likely to receive assistance from your employer if your program of study directly relates to your job, up to $5,250 of funding they supply qualifies as a tax-free benefit.
Apply for an Assistantship or Work at the School
If you don’t have an employer who offers tuition reimbursement or assistance, you can try applying for a graduate assistantship or apply to any openings at the school if you are fine with working there. The typical GA works in a specific department of the school often doing work related to their program of study and they receive free tuition for the most part.
At my particular university, the GAs received free tuition as long as they were attending school at the main campus. If they decided to take a class at a different campus, they would have to pay an extra delivery fee that would not be covered by their tuition wavier. GAs also don’t earn much since the role is sort of a step up from an internship, but most do receive a stipend along with the tuition wavier so if you aren’t employed or are willing to try the position out in order to save money on your education costs it may be worth it.
If there aren’t any GA positions available, see if you can work in another department of the school as a regular employee. Employees often receive a tuition discount at minimum which can significantly cut the amount of money you’ll have to spend on classes.
Apply for Scholarships
Finally, you can apply for scholarships. This is something I wish I would have done more of in undergrad. If you want to avoid student loans and the negative affect they can have on your finances, it’s worth it to go the extra mile and submit a few essays and applications in order to get some scholarships. You just need to know where to look.
There are many scholarships available just for graduate students and you can start your search by looking on your college’s website or seeing if they have a scholarship office. There may be a few opportunities you qualify for based on your grades or program of study. You can also search for private scholarships online on sites like Scholarships.com, Petersons.com, DoSomething.org, FastWeb, and CollegeBoard.
If you’d like to take your search a step further, reach out to your employer or private organizations in your area to see if they offer any scholarships for graduate students. If your employer doesn’t offer tuition reimbursement, they may be willing to offer you a scholarship instead. The more scholarships you apply for, the better the outcome will be.
Explore All your Options
Student loan debt can be a hassle to pay back. Therefore, your best option is to avoid it at all costs. If you are eager to go back to school, set a timeline detailing when you’d like to enroll in classes, explore all your options to save money on tuition, and start setting aside money now.
How about you all? Have you gone to graduate school? How did you pay for it?
Share your experiences by commenting below!
***Photo courtesy https://www.flickr.com/photos/donkeyhotey/6304808136/
