Going to graduate school to get a Masters degree can greatly improve your job prospects and make it easier to earn a higher salary. But graduate school is expensive, which can put it out of reach for many students. If your budget is shoestring thin, don’t give up on the idea of graduate school—there are tons of options out there to help you make ends meet. Take a look at all the helpful information we’ve collected here, so you can finance your education without going bankrupt before you can reap the benefits.
Scholarships
The ideal financial aid program includes a scholarship—that is, money that you don’t have to pay back. There are thousands of scholarships available for students across the nation, ranging in amounts from as little as a couple hundred dollars to as many as a full-ride. Types of scholarships are just as varied, with some requiring that you demonstrate a financial need (you don’t have the means to pay for school yourself), others looking for some sort of merit (you have a certain grade point, you’re really good at a sport, or you’re a particularly talented writer, etc.), and still others aimed at promoting education among a certain sub-section of people (African Americans, Hispanic students, women, homosexual students, etc.) or encouraging a specific degree track (engineers, nurses, etc.).
You could qualify for any number of different scholarships, but you have to track them down and apply in order to be eligible. That’s why finding them is the biggest challenge. Fortunately, sites like the Online Education Database and FinAid have large databases of scholarships, which you can sift through while screening for traits you possess. This makes the search process much easier and faster, and can save you quite a headache.
Definitely look in to scholarships sponsored by big organizations like the Bill & Melinda Gates Foundation. These programs tend to give out quite large sums of money, and they target students who work hard and want to be something big some day. If you can impress a program like this, they may pay for your entire period of study in one go, so you won’t have to worry about making ends meet later.
Loans
Sometimes winning scholarships isn’t enough, though, and students have to take out loans. Loans are actually pretty common among students, but it’s important to be careful about which one you pick. Lots of banks aim to trick young students, who may not understand how interest rates work, or know what a good deal is. Before even considering taking out a loan, make sure you do plenty of research about the dangers involved and are prepared to spend several years after graduation paying it back.
If you’re in need of a student loan, the first place you should look is the federal government. Government loans are designed to help encourage low-income students get an education, and while they’re called “loans,” many of them don’t need to be paid back. Make sure you look here first, before applying for any other loans, to reduce the amount of debt you’ll go into while studying.
If you don’t qualify for a government loan, or it isn’t enough, that’s when you should start looking into loans from banks like the Sallie Mae Student Loan Finance Association. Just be sure to read all of the fine print before signing anything, because it’s your future on the line.
Work-study
For those attending traditional schools, the last option is a good alternative if you have the time for it. Work-study means that you can work for the university you’re attending, and they’ll reduce or even eliminate your tuition rates. Lots of TAs are actually graduate students participating in this sort of program. Sometimes the university will even offer housing and food services in exchange for your labor, so this is definitely something to look into if you’re trying to save money.
There are lots of different options for students who don’t have money to throw around. Don’t count out going to graduate school just because you’re under-financed. Just take a look around and you’ll find the option that’s right for you.