Now that you have been admitted into a graduate program of your choice, you have to now take the next big step. You have to come up with grad school funding options. With average program costs as high as $30,000 in some cases, you need to make sure that you do not have too much debt after your program. Moreover, you have to handle your social life along with other miscellaneous costs. For most of the students, it can be a daunting proposition.
So how to pay for graduate school? Thankfully, there are tons of options available. We take a look at some of them:
- Scholarships – Available in a wide variety of forms, scholarships are a great way to cover part or the whole tuition fees. Some even offer a stipend for the entire duration of the program. Apart from the institute itself, many public and private sector organizations also offer scholarships. If you are open to other schools, see which school is offering the best financial assistance program. Apply early and explore your scholarship options.
- Work for the school itself – Many schools offer teaching and research assistantships to students. It is a great way to earn some extra dollars as well as gather some valuable work experience. You can also explore teaching opportunities outside the school.
- Take up a job – You can take up part-time jobs outside the academic scope to supplement your expenses. However, they are subject to terms and conditions. Make sure you know them well before signing up to serve burgers at MacDonald’s!
- Talk to your employers – If you are a working professional, your company may be ready to fund your program partly. Of course, these reimbursements are subject to terms and conditions. For instance, your company may demand that you work at the organization for a certain period of time after the program.
- Student loans – These aren’t as good as the other options but work out great if other options are not available. The key thing is to make sure that you borrow smartly. Many federal and state loans come at lower interest rates compared to private loans.
Do not get stressed at the thought of spending a lot of money at a graduate program. These degrees will deliver financial benefits and rewarding opportunities in the future.
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