Embarking on the journey to obtain a graduate degree is a forever-changing life experience. With the pursuit of higher education becoming increasingly vital in today’s job market, many aspiring scholars are considering graduate school to further their career goals and academic pursuits. A master’s degree, doctorate degree, or endorsement and certification opens the door to new knowledge, exciting career opportunities, and personal growth.
However, the financial burden associated with a graduate education can often deter potential students from pursuing their academic dreams. The thought of financing a graduate education can seem daunting and overwhelming, and because of such it is common for individuals to assume that paying out of pocket is the only way to finance their advanced education.
With that stated, for many aspiring students, the reality is far more promising than they may think. From scholarships, graduate assistantships, federal aid, and loan assistant programs to employee tuition reimbursement programs and more, there is a vast array of financial opportunities that exist and are waiting to be explored.
This article aims to help demystify the idea that a graduate education program is financially impossible by providing students with options to consider that may lead to financing their graduate academic dreams.
Scholarships and Fellowships
Scholarships and fellowships are two of the most sought-after forms of financial aid for graduate school. These awards are typically merit-based and can cover tuition, books, and living expenses. Awards may range from national scholarships to institution-specific awards. Students will want to research numerous award opportunities across academic disciplines.
Graduate Assistantships
Graduate assistantships offer students the opportunity to gain a wealth of professional experience while receiving financial support for their education. The role of a graduate assistant is typically a part-time position that may include working as a teaching, or research assistant, at the university in exchange for credit towards their tuition and program fees. It would be up to the student to do research to see if the university offers this opportunity.
Loans and Loan Repayment Options
If a student decides to pursue the loan route such as Federal Direct Loans, Graduate PLUS Loans, or private loans, they would want to research the various interest rates and repayment terms. It is essential for students to carefully consider their borrowing options and explore repayment plans such as income-driven repayment and loan forgiveness programs. Students may want to visit https://studentaid.gov/ to see what possibilities exists to assist in fulfilling their academic dream.
Employee Tuition Reimbursement & Employer Sponsorship
If a grad student is employed there may be opportunities in which their employer may offer tuition assistance or reimbursement programs to support them in advancing their education. By taking advantage of these benefits, graduate students can pursue their academic goals while continuing to work in their field. Additionally, students may want to see if a partnership exists between their employer and an academic institution to secure funding towards their education.
Personal Pursuits
A student may consider utilizing their personal savings to help finance their graduate education expenses. Developing a comprehensive financial plan and budgeting effectively, may allow students to maximize their resources resulting in minimal dependency on student loans.
Additional, Creative Funding Sources
Besides traditional forms of financial aid, students may explore alternative funding sources that they believe may be best suited for them, such as community-based scholarships and research grants. Thinking creatively and actively seeking out supplemental funding resources may help supplement existing financial aid opportunities.
What to Consider When Thinking Through Financing Graduate School
Financial planning is critical when considering graduate school. Students should research as many funding options and opportunities as possible, calculate anticipated and potentially unanticipated costs, and create a budget to manage their graduate program expenses. Students may also want to schedule an appointment with the financial aid department at the university for financial aid counseling to receive information that may assist them through the financial aid process.
When considering ways to finance one’s graduate education it will require careful consideration and strategic planning. Through exploring a variety of funding options, students can begin their graduate academic journey boldly in pursuit of their passion. Whether through scholarships, assistantships, loans, or personal savings, there are numerous pathways to make graduate school possible for aspiring scholars such as yourself.
About Concordia University Chicago
Concordia University Chicago prepares students academically, intellectually, practically and ethically for a meaningful career and life. Graduates are equipped to lead with integrity, creativity, competence and compassion.
U.S. News & World Report (2024) recognized Concordia University Chicago as a Best Regional University – Midwest, as well as a Top Performer on Social Mobility – Regional Universities Midwest.
Interested in continuing your education? Check out Concordia University Chicago’s master’s programs and doctoral programs and take your next step today!