How to Make Graduate School Affordable
BIG Ideas:
- Before you move forward with your graduate school plans, make sure you understand all the expenses, create a budget, and compare costs for programs and schools.
- Completing the FAFSA can help you qualify for grants, scholarships, and loans that can make graduate school more affordable.
- Shop around when comparing private lenders and borrow only what you need.
The independence and sweatshirts are great, but those aren’t the real reasons you decided to attend college. You wanted to give yourself a brighter future – one that college can help make possible.
And to make that future even brighter, you may be considering graduate school. Not a bad idea. Grad school can help you gain specialized knowledge that can give you a competitive advantage over other job candidates and increase your earning potential.
But before you take any steps toward graduate school, there’s one very important factor you must consider – the cost.
Graduate school is a big investment. And if you’re carrying student loan debt from your undergraduate degree, paying for graduate school can seem even more overwhelming. But just because graduate school comes with a big price tag doesn’t mean you can’t make it affordable. There are actually some smart moves you can make that can help you. Here are 10 of them:
- Apply for financial aid. Do you remember your old friend, the FAFSA (Free Application for Federal Student Aid), which may have helped make your undergrad degree more affordable? Well, it can help with graduate school, too. That help may come in the form of grants, loans, or work-study. Some schools may use the data from your FAFSA to offer you scholarships, too. You could also get federal student loans for graduate school, including Unsubsidized Direct Loans, which aren’t based on financial need.
- Know the costs involved – and what you can afford. As you’ve probably learned from your undergrad schooling, you have a lot of college choices. The key to choosing the right graduate program is understanding what you can realistically afford and the total costs involved with each school. In addition to tuition, the costs may include housing and room and board (if you plan to live away), books, materials, and course supplies, as well as fees.
- Look at the Return on Investment (ROI). You don’t have to master finance to consider a very important financial factor: Return on Investment. Yes, graduate school is an investment in your future. A BIG one. So, before you make any decisions to enroll, consider if it makes sense for you and your career goals and aspirations. Will a graduate degree help you achieve them? Will the increased earning potential justify the cost of graduate school? If the answer to these questions is “No,” you may want to reconsider graduate school.
- Apply for other scholarships. Many companies, trade associations, and non-profit organizations offer scholarships that are available for graduate students. Remember, every little bit you can get can help make a dent in the high costs of graduate school, so take the time to explore opportunities and apply for them as early as possible. Check out these tips for finding scholarships and grants.
- Explore fellowships. Another option that can help make college more affordable is a fellowship. Offered by academic departments at schools, professional organizations, and government and non-profit organizations, fellowships provide money for research, projects, and teaching opportunities. Talk to your school’s academic department and financial aid office about fellowships that may be available. You can also contact trade associations and professional organizations in your field, which may offer funding opportunities for research or career development.
- See if your company will help. If you’re employed, your company may offer tuition reimbursement that can pay for all or a portion of your degree if it’s in line with the work you do. Talk to your Human Resources Department to see what assistance may be available to you.
- Look into going part-time or attending online schools. A smart way to manage graduate school costs is to continue working while earning your degree, helping reduce the amount you need to borrow. You could attend an online school, which would help you lower your living expenses. You may also be able to reduce housing costs by living with family or finding lower-cost housing options.
- Borrow only what you need. If you apply for loans, there’s a good chance lenders will offer you more money than you actually need. While it can be tempting to accept the full amount offered, remember that what you borrow today will impact your financial future long after college ends. So, before borrowing, create a realistic budget and determine how much you actually need.
- Compare loans for graduate school with private lenders. If you do move forward with grad school, you may need graduate school loans from private lenders to help cover the costs where federal loans, scholarships, and other aid leave off. Be sure to compare loans for graduate school carefully, since rates, fees, and terms can vary significantly from lender to lender. Also consider looking at non-profit private lenders like Brazos that may be able to offer you lower rates that can save you money.
- Work on your credit. Another factor that can help make borrowing for graduate school more affordable is your credit. Having a good credit score will not only help you qualify for graduate school student loans from private lenders but also may help you get a better rate.
Brazos Has Private Loans to Make Graduate School Affordable
For more than 40 years, Brazos Higher Education has helped students and parents finance the cost of college. As a Texas nonprofit, we offer competitive graduate school loans that can help you save money. Contact us today to learn more.
