Go for It: 5 Hacks to Afford a Graduate Degree More Easily

Congratulations! You’ve decided on, or are at least considering, a Graduate degree. Is it the lure of academia you find irresistible? Is it the chance to be a student for just a little while longer, that appeals to you? Or, are you laser-focused on the higher pay you’re going to command with that Master’s under your belt?

Whatever got you here, we’re on board. Studies consistently show that inexperienced Graduates earn more than inexperienced Undergraduates, and that Grad School serves as prime ground for networking. What’s more, some of the most secure jobs in the US economy, including most medical and engineering professions, often require advanced degrees.

So why even think twice about getting a Master’s degree? The main detractors are cost (typically upwards of $40,000) and the time required (between 1 and 2 years). Assuming you can figure out when to do it, you’re still left with the question of how to fund this ordeal. Well, here are a few ways to make the burden a little lighter:

Assist a Professor

You’ve been accepted to Grad school, which means you probably have a good grasp of Undergraduate course materials. Why not leverage that and work on your presentation skills at the same time, by becoming a PA? Partner with your favorite professor and offer to become his or her assistant, whether by instructing students in their practice courses, grading papers, or lending a hand in research. You’ll be close to the action any way you slice it, and get the opportunity to enhance your learning immeasurably. Plus, you should earn up to $10,000/year and possible tuition entitlements.

Apply for as many scholarships as you can find

While getting Bachelor’s degree scholarships is often equal parts need-based and merit-based, you’ll find that Master’s degree scholarships typically fall under the latter category. When applying for Undergraduate financial aid, your parents’ income likely played a big part — and that’s completely out the window when dealing with an advanced degree. You’ll be expected to have money already saved, or be able to save money on your own behalf moving forward. Competition for merit-based scholarships is cut-throat, so pay attention to deadlines and requirements to ensure you give yourself the best chance of landing some assistance

Get a Federal loan

If you can’t obtain a scholarship, or if you’ve obtained insufficient scholarship funding, you may want to consider a loan. The lowest interest loan you can secure is a Federal loan, which you obtain by filling out a FAFSA application. Your absolute last resort should be to seek out a private loan, which will typically be based solely on your financial situation and carry higher interest.

Get work to foot the bill

Large, medium and small companies are looking to enhance the skills of their employees by sponsoring their tuition either in full or in part. This saves the company having to hire new (and likely more expensive) talent, while fostering loyalty and satisfaction among existing employees. For you, it saves you thousands of dollars that could be spent elsewhere — may we suggest putting them aside for a rainy day? Inquire with your company’s HR department about whether they’d be willing to sponsor your academic pursuits, but be advised that this will typically involve a few conditions. The first, is that you study something that directly pertains to your role. The second commonly cited requirement is that you continue working for the company for a pre-specified period of time, typically between 1 and 3 years. If you don’t like your current role or company that much, it may not be worth it to step into such a deal, and rather attempt to finance your own way and then find a new job with another employer and a better salary.

Don’t forget to take advantage of your tax credit

If you’re going to be spending money on tuition, you’ll need to ensure you’re not paying excess taxes. You could take off up to $2,000 annually from your taxes if you qualify for the Lifetime Learning tax credit, available to singles earning under $62,000/year, or couples earning under $124,000. The credit applies to 20% of your tuition as well as $10,000’s worth of other expenses associated with your studies (books, tech, commuting costs, and more).

While you’re mulling over the decision to continue your higher education, consult friends, family, colleagues and former students of the institution you’re interested in attending. The financial aspect may seem daunting, and rightfully so. For your experience level and chosen profession, the ROI of a Master’s degree may not add up. Then again, the sheer joy of learning could seal the deal for you. Consider this the first academic hypothesis you’ll need to make, and put some real thought behind it.

Originally published at gochange.co on August 8, 2017.