Broke-Free Grad School | 6 Options for Paying for Graduate School

Paying for Graduate School Without Going Broke With These Options

FINANCING | PREPARING

6/24/2019 by HIGHERGRAD

Very few people can say that they graduated from grad school completely debt-free. The vast majority of folks simply try to figure out how to pay for graduate school without going broke.

Graduate school is not for everyone. For those where it makes sense for your career, it can lead to tremendous opportunities. Where people get into trouble is when they start to decide how to pay for grad school. Paying for graduate school has similar challenges like you may have faced when deciding how to pay for your undergraduate degree program. Yet there are also many more creative ways to pay for graduate school that were not available to you for your undergraduate degree.

Broke-Free Options for Paying for Graduate School

There are a few ways to get through graduate school entirely debt-free. However, debt-free grad school is more the exception rather than the rule. Many who pursue graduate studies are only looking to keep their head above water by not going broke while paying for graduate school.

Here are six ways how to pay for grad school that minimizes additional college debt and enables you to keep some money in your pocket. None alone are going to keep you broke-free but a combination of options can drastically reduce your financial hardships in graduate school.

Consider shorter graduate school programs - The longer you are in graduate school the more you have to pay. Also, it means fewer years of earning an income in your profession in most cases. The same program (i.e. MBA, masters, etc.) in a particular field can vary in length from school to school. Exhaust your search and use length of the program as one criterion when deciding where to attend graduate school.
Search for graduate assistantships - Landing a graduate assistantship can be one of the best creative ways to pay for graduate school. Most graduate assistantships come with a tuition stipend and some even provide a modest salary on top of that for research work or teaching responsibilities. Masters programs that pay you help you minimize additional college debt and keeps some money in your pocket.
Find a job then go back to grad school - This has a two-fold benefit to keep you from going broke. First, you are working so income is coming it. Second, many employers offer tuition assistance programs that allow you to continue working, go to graduate school, and get a percentage of money to cover the costs. Paying for graduate school this way is a win-win, although, it can be taxing as a student and professional trying to juggle both responsibilities. When applying for jobs after college, consider companies that pay for grad school as a huge benefit.
Apply for scholarships and grants for graduate school - There are far fewer scholarships and grants for graduate school but they are available if you search hard. The ones you can find are highly competitive although still worth applying for. Any kind of free money you can get no matter how much is worth you filling out the application.
Get a part-time job in your field - Since you already have a bachelors degree, you have the skills required to apply for many jobs in your field. Most large universities have part-time research positions or other part-time jobs that you would qualify for. Getting one boosts your resume while also putting money in your pocket. Working while in school, even part-time, is not easy but its how to pay for graduate school and living expenses without going completely broke.
Online graduate school programs - Nowadays most employers do not care if your grad program was completed online entirely or not. In fact, almost every major college and university have fully online graduate programs. Don't think just because a program is online means it is easier. Often times these programs are more difficult because of the amount of self-study one has to be able to do. The positive here is many of these online programs take less time to complete, which saves you money.

BONUS Tip - Once you are in graduate school, consider saving money by buying used textbooks or renting them for the semester. Many times you can also sell back textbooks you have purchased via online retailers like eCampus Textbooks. A great way to save money and even get a little back after each semester.

How to Pay for Graduate School Without Going Broke?

It is not impossible to get a graduate degree and to not go broke at the same time. There is no single golden-goose when it comes to paying for graduate school. It takes many creative ways to pay for graduate school.

Combining more than one of the six options above will get you your grad degree without making that whole in your wallet any more larger. Search for assistantships, scholarships and grants, programs with shorter completion time, and even work a part-time job are all great ways to reduce your financial burden. These ways on how to pay for grad school are not the only ones to consider. They are the most commonly used but the bigger tip for graduate school success is to think outside the box. Be sure to look at all options for paying for graduate school and get yourself that advanced degree.