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How to Pay for Grad School

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Going to graduate school, either to get a Master’s Degree or a PhD can significantly advance your career and can be an exciting academic challenge. Unfortunately, many prospective graduate students take one look at the huge cost associated with graduate school and lose hope. The good news is that while the cost is high, there are a few different ways to either reduce this cost or pay for it entirely.

Scholarships.

Much like undergraduate studies, many scholarships are available through many different sources for graduate studies. It is worth noting (if you are searching for scholarships) that graduate level scholarships are often called fellowships. One of the most common places to find scholarships and fellowships is directly through the school that you would like to attend. Many educations institutions have large alumni associations that contribute to scholarship funds by organizing fundraising events as well as contributing a portion of membership dues to different scholarship opportunities. Private donors or corporations that partner with universities to help provide greater access to graduate level education support many scholarships and fellowships.

Information on scholarships and fellowships is typically available at a school’s financial aid office. Before making any decisions on whether or not to go to graduate school, it would be beneficial to make an appointment with a financial aid counselor at your prospective school and seeing which financial aid options you would qualify for. Further, talking to financial aid counselors at different schools in order to see how much financial aid you can get is a good way to create a list of schools to apply to.

Professional organizations are another source of graduate degree funding and are worth looking into. While scholarships available through professional organizations are usually restricted to members of the organization, membership dues are typically minimal making professional organizations a good investment. It is a good sign when scholarships are only available to members of the organization – this means that there is less competition for the scholarship you are competing for!

Teaching

Another great way to fund your graduate studies is by teaching. Most schools that offer graduate degrees give graduate students the opportunity to teach; in fact many schools make teaching a requirement for students pursuing PhD’s as well as Master’s Degrees. In return, most schools will pay for a significant portion of your tuition, if not all of it. Many schools will even give you an allowance on top of covering tuition which will contribute or cover your rent and groceries.

 

The amount of your expenses covered varies based upon the educational institution as well as between the different colleges or degree programs within the school. This in mind, it would be well worth meeting with a professor or knowledgable administrator within the department that you will be applying to as they will often have the most intimate knowledge of the programs available to you.

If you are considering applying to graduate school but are overwhelmed due the huge costs associated with getting an advanced degree, start by researching programs that you are interested in. Then help narrow down your list by talking to people at the school that are knowledgeable about different financial aid options for your intended program of study. Once you have figured out which schools will help you out the most (or hopefully end up paying you), apply away.

 

This is a guest post written by Mark from Postgrad.com. Postgrad.com offers information on master’s degrees and funding for master’s degrees.


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