Four Ways to Pay for a Master’s Degree
Posted: September 14, 2020 | Author: Morgan Johnston | Read Time: 2 minutes
A master’s degree can help you gain knowledge, experience, credibility, and help advance your career. While obtaining a master’s degree is a big step forward toward professional and personal goals, it can be daunting to take on the extra financial burden. Once you determine that you would like to attend graduate school, below are a few steps to take to help decide how to pay for your master’s degree.
Determine the Cost & Start Saving
Start by researching the program you are interested in and determine how much the tuition is. Be sure to also consider additional costs such as textbooks, fees, etc. to have a total cost. Once you know how much money you need, start saving. Evaluating spending habits, creating a budget and making smarter money choices can all help save the money required for tuition and other costs.
Research Financial Aid, Scholarships & Student Loans
Specific graduate programs may have department aid or scholarships available for students. Contacting the graduate admissions team is a great way to learn more about institutional or program financial aid options.
Students also have the option of private loans or federal loans such as Federal Direct Student Loans and Federal Grad PLUS Student Loans. Many student loans allow students to wait to pay until after graduation. However, if you choose to get a loan, we recommend creating a plan to repay the borrowed money.
Check with Your Employer for Tuition Reimbursement
Employers want to help employees to gain new skills and continue their education and many offer tuition reimbursement. Depending on the company, they may pay for part or all of an employee’s graduate school. Some companies require employees to work while going to school and after graduation. As a bonus, working at a related firm or company while going to school helps students gain experience and start their careers.
Consider Attending School Part-Time
Another option is to take fewer credits and only attend school part-time. This allows students to work more hours and earn more money while still working toward a degree. Online graduate school is a helpful option for students looking for a more flexible work schedule while attending graduate school.
Southern Utah University’s Graduate School offers 100% online programs that are designed to help students on their path to professional achievement with flexible and affordable options.
Produced by SUU Graduate Studies
SUU's Graduate School draws from a prestigious heritage and allows students to pursue a quality education. The master's degree programs offer students the chance to further their professional and educational careers on campus or online. Contact Graduate Studies at (435) 865-8665.
Tags: Graduate Programs
