How Can You Fund Your Graduate Education?

While I dream of living in a world where I could take any class for free, just for fun, I understand that is unrealistic. Pell grants, private scholarships, and university grants covered my entire undergraduate cost. During my master's, I worked full-time and used my income to cover tuition. For my doctorate, my employer had an employee benefit for continued education. All three payment processes were different, but I have three degrees and I have never taken out a loan for school.

Paying out of pocket

It is always an option to cashflow your degree. Perhaps you have savings, a college fund, or income that you can put towards your tuition charges. Tuition charges usually post at the beginning of each term. If you have the funds available, it is always an option to pay those charges. Universities also usually have the option for you to set up a payment plan. This would allow you to break up the large expense into smaller payments without needing to pay interest. This is a great option if you are relying on continued income to cover this expense.  

Loans

I know some people are debt-averse, but loans are an option that can make continued education a possibility for some people. Will this educational advancement result in more significant income? That may be enough to justify taking out loans to complete a grad degree. Look into loans offered through your university, and ensure that the loans available would cover the number of years you will need to rely on this funding.

Funded Programs

Some programs are fully funded. A quick Google search is a great place to start. Fully funded PhD programs are VERY realistic to find. It is less common to find a master’s program that is fully funded. Some doctoral programs cover tuition and fees; others may include funding for research, health insurance, and perhaps even a living stipend. In most of these circumstances, there may be an agreement that the student will spend time as a Graduate Assistant (GA) - across university departments, a Research Assistant (GRA) - involved with research, or a Teaching Assistant (TA) - teaching sections of undergraduate courses. These terms are often negotiable; someone might ask to begin their assistantship during their second year, giving themselves a year to adjust.

There are several fully funded PhDs in various fields across the country. If moving to complete a PhD is an option, it is worth a cursory search.

University Employee

In most cases, university employees have a tuition remission benefit. There are tax implications, but it can be a realistic way to continue your education. Full-time employees often pay minimally out of pocket and can continue their education as a benefit of their employment. Many people seek out positions at a university for this benefit. Be sure to look at the job posting or the university policies to ensure the university and position provide the benefit.

Employee Benefit

Universities are not the only employers that pay for graduate programs. Many employers across the country have similar benefits. While juggling graduate school and full-time work brings challenges (a topic for another post!), this is an affordable way for mid-career professionals to continue learning.