I remember telling my wife I wanted to pursue a graduate degree. My biggest worry was how I would fit college coursework and classes into my busy schedule with two young children at home and a full-time job. I had not considered how I would pay for the program. My wife laughed at the idea and said, “How would we ever pay for it?”
That question hit me like a ton of bricks and started me down the path of figuring out that exact answer. The good news is that a graduate degree can be affordable, and Thomas University has multiple opportunities and avenues students can utilize to pay for an advanced degree.
Pay-As-You-Go Method
One of the excellent opportunities Thomas University offers its students is to make payments during the semester rather than paying the total sum for tuition and fees upfront. This allows students to break up the big chunk into smaller payments over the length of the semester; students that want to avoid debt while earning their degree may want to utilize this opportunity.
This method is not for everyone, as the monthly payments are still substantial. One way to lower your monthly payments would be to stretch out the length of your degree and take fewer classes each semester. If you have wiggle room in your budget and can utilize this opportunity, it is a good way to avoid loans and obtain your degree.
Scholarships and Grants Are Available for Graduate Students
While more difficult to find than undergraduate scholarships, graduate students do have some options for scholarships, especially if you are earning a degree in a high-need field. Even if you are not seeking a graduate degree in a high-need field, you can still find scholarship opportunities for teachers at all levels of education, from kindergarten to high school.
Grants like the TEACH grant offer thousands of dollars to teachers willing to get graduate degrees in high-needs fields and willing to teach in title one schools upon completing their degrees. A quick google search for scholarships and grants available to teachers seeking graduate degrees will populate many sites you can peruse.
Student Loans Are an Option
While I’m not too fond of debt, I understand that some uses of credit can benefit individuals in the long run. I utilized student loans when getting my graduate degree from Thomas University; the financial aid department at Thomas University is exceptionally patient and helpful in assisting students with deciding what loans are best. Federal student loans offer low-interest rates that are fixed, and repayment doesn’t start until you finish your degree.
Waiting to start repaying the loan until you finish your degree means your raise will likely kick in before your first payments are due. The raise you get will more than cover your payment for your student loan. In three years, your raise will cover the cost of the degree and will increase your retirement income drastically under the pension plan for teachers in Georgia.
In this case, debt in the short term can pay off greatly in the long run. Filing a FAFSA application each year while working on your degree will show you what types of loans you are eligible to receive. Research the benefits of the differing federal loans to determine what type of loan is best for you.
Student Loans Can Be Forgiven
Another way the federal government tries to help teachers achieve graduate degrees is by offering loan forgiveness to teachers. Teacher loan forgiveness is a wonderful way to help repay student loans on the back end of earning your degree. I utilized this opportunity after earning my master’s degree from Thomas University.
A teacher can have up to $17,500 forgiven if you teach in a Title I school for five years and earn your degree in a high-needs field. Regardless of certification earned, all teachers can have $5,000 forgiven after teaching in a high-needs school for at least five years. This is a great option and is fairly easy to obtain upon completing the loan forgiveness requirements.
Veterans can Use Leftover GI Bill Benefits
I used the GI Bill to get my bachelor’s degree. Thankfully, I didn’t use all of my benefits and could pay for half of my master’s degree with it also. Veterans, please check to see if you have any benefits left when you finish your undergraduate degree and consider pursuing further education to avoid losing the benefit. Thomas University also offers a discount for veterans obtaining a graduate degree at Thomas University.
Veterans receive a $250 discount per course taken when seeking a degree at Thomas University. This benefit was valuable to me, as I saved $2000 off my total degree cost. If you are a veteran of the United States Armed Forces, Thomas University offers many added benefits to those that have served.
Paying for college has never been easy, but Thomas University offers many different ways to pay for your graduate degree. While attempting to decide where you will obtain your advanced degree, check out the options Thomas University offers, and I think you will be pleasantly surprised at the possibilities.