So, you're seriously thinking about choosing a graduate school?
Are you also worrying about financing graduate school?
If you're like millions of other aspiring graduate students in America, you're probably considering borrowing money to pay for your degree. If that's the case, we're here to help you figure out how to find funding for graduate school!
1. Analyze the ROI of graduate school.
Making the decision to start a graduate level academic journey is the first step in achieving success for your preferred future, but the next major hurdle to jump through is to comprehend and plan for a financial commitment.
According to the Bureau of Labor Statistics, the median weekly earnings of bachelor’s degree holders in 2020 was $1,305 — while master’s degree holders earned $1,545 per week (nearly $13,000 more per year for master's degree holders!).
Perceiving graduate school as an investment for you, gives you a perspective that will guide you through the subsequent costs and commitments, both financial and personal.
2. Calculate the current costs of higher education.
It’s easy to forget that the price of education continues to rise — so it may be more cost efficient for you to go to graduate school now rather than later.
Why is that? Data shows that higher education costs are rising faster than any other household expense in recent decades.
In short, it will never be more affordable to go to graduate school than it is now.
3. Ask for employer assistance.
As you plan the course for financing graduate school, use innovative resources that may be at your fingertips. Start by simply searching your company’s handbook or talking to your company or institution’s human resource department to find out additional information on advanced degree support.
Employee tuition reimbursement programs are increasing in popularity, especially for adults who desire to pursue graduate school. Many employers, looking to boost their collective skill set without hiring additional people, will sponsor all or part of an employee’s graduate school program through tuition reimbursement.
Last year, 58 percent of the 550 employers responding to a survey by the Society for Human Resource Management offered some form of financial assistance for grad school. For more tips on paying for graduate school visit U.S. News & World Report.
4. Be creative about finding funding for graduate school.
Employee tuition reimbursement programs are increasing in popularity, especially for adults who desire to pursue graduate school. Many employers, looking to boost their collective skill set without hiring additional people, will sponsor all or part of an employee's graduate school program through tuition reimbursement.
By doing an innovative online search for additional funding resources, you will come across many corporations who have extensive tuition reimbursement opportunities.
Here are the top 15 top companies who provide graduate school funding:
5. You can apply for the FAFSA in graduate school.
The fastest way to apply for aid is to visit the FAFSA.GOV website, which provides detailed information and step by-step instructions on how to begin the application process.
Make sure you have all the necessary documents and information you may need to fill out the FAFSA form. For example, you will need your social security number, your permanent resident card if you have one, any W-2 forms or records of money you earned for the previous year, and your tax records.
6. Understand student loan programs.
As explained on studentaid.ed.gov, the William D. Ford Federal Direct Loan is the largest federal student loan program. The loans are divided between direct unsubsidized loans and direct PLUS Loans:
Direct Unsubsidized Loans
Eligible students may borrow up to $20,500 per school year. Graduate and professional students enrolled in certain health profession programs may receive additional direct unsubsidized loan amounts each academic year.
Direct PLUS Loans
Eligible graduate and professional degree students who need to borrow more than the maximum unsubsidized loan amounts to meet their education costs may apply for a PLUS loan.
Pro Tip: It’s important to understand the difference between subsidized and unsubsidized loans — “direct subsidized loans are awarded based on need — and do not accrue interest while the student is in school or when loans are deferred after graduation. Unsubsidized loans, on the other hand, immediately and continuously accrue interest, so you’ll face a larger balance than what you borrowed if you skip in-school payments.”
7. Think about tax credit benefits.
There may be additional aid from other Federal Agencies. Search StudentAid.gov/types for additional tips.
Also, you may find that there are tax credit benefits for students enrolled in higher education. For information regarding education tax credits go to irs.gov.
Finding financial aid for graduate school does not have to break the bank — connect with us today!
Too many people lose out on securing financial aid because they don’t know where to search for resources or because they don’t think a financial-aid plan fits their unique needs, but you don’t have to be that person.
No matter your position, the potential for you to utilize the financial resources out there exists. Take the time to do the necessary research, put in the effort, and successfully finance the school of your dreams.
Here at West Virginia University, we are dedicated to helping you be exceptional. Whether you're considering graduate school online, stressing about GRE test prep, or getting excited about a career change, the WVU Admissions team is here to help you succeed.
We invite you to request more info today!
Need additional help financing your graduate degree? Check out our digital resource — A Guide to Financing Graduate School — and let us help you figure out how to fund your graduate education!
