One of the biggest hurdles students come across when pursuing graduate degrees is the cost. Funding for the average master’s degree ranges $56,000-$75,000–an expense many cannot afford without financial assistance.
Are you still wanting to add the extra degree under your belt despite this? Here are some tips for funding graduate school:
Free Application for Federal Student Aid
FAFSA is a great start to funding a graduate degree. The application takes a look at the student’s expected family contribution, cost of attendance, income and enrollment status to determine how much financial aid to award.
There is the Teacher Education Assistance for College and Higher Education Grant that provides up to $4,000 for future teachers. After graduating, recipients would have to enter a contract to teach for four years.
The Pell Grant is available to all eligible applicants and can provide up to $7,395 a year. The Pell Grant can be given for 12 terms if you are a full-time student. As a note, if you received one during your undergraduate studies, you might only have four terms left.
FAFSA can also award up to $20,500 per year in direct unsubsidized loans and up to the school’s reported cost of attendance with a Grad PLUS loan.
Scholarships, Grants and Fellowships
Aside from FAFSA, universities have internal scholarships and grants available depending on the program. For example, the University of Houston has several graduate school scholarships listed on its website for students to apply individually.
When looking at different colleges, a simple Google search on graduate grants from the college can highlight scholarships funded by donors.
Fellowships are also another way to fund a graduate degree. These are mostly merit-based and tend to not have work requirements, unlike graduate assistantships.
Graduate assistantships and work-study programs
Graduate assistantships and work-study programs are both part-time jobs provided by either the federal government or the college. Unlike a fellowship and grant, these programs require graduate students to work in exchange for stipends.
Most of the work-study programs and assistantships are usually related to the field of study students are pursuing, so it’s also a great way to gain experience while paying for your education.
More often than not, these jobs can be found through the University’s job portal–UH students can visit Career Pathway via AccessUH or seek out an adviser who can help them find a job that fits.
Employer
Many students don’t know employers can fund their graduate school through tuition reimbursement; It just depends on whether the company offers it or not.
For students who want to work and study at the same time, researching companies willing to invest in education is vital.
When bringing it up to an employer, explain the return on investment and highlight your skills as a current employee. This can open doors to graduate funding opportunities.
Takeaways
Around 14% of Americans hold a master’s degree with 61.7% being white, 18.9% of them being Hispanic or Latino, 9.5% being Black and 4.9% being Asian.
The socio-economic disparities between those who hold a master’s degree could be remedied if more students were aware of the financial resources available to them.
It is okay to not understand the graduate school application process or how to pay for it, but know there is nothing embarrassing about reaching out for help!
If you have a professor or someone in your desired career field whom you look up to, reach out to them and ask for guidance. Often, these conversations can lead you to more opportunities you did not come across in your own research.
Remember, graduate school can also offer new connections and skills to bolster your career; therefore, make sure to start navigating its funding as soon as possible!
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