Monday, October 2, 2017
Category: Topical
A graduate degree is a good investment in your career and future earnings. Currently, more than 20 percent of jobs in the United States either require a graduate degree or strongly prefer one. People who have a master's degree earn, on average, roughly $12,000 more per year than those who have only a bachelor's degree.
If you’re thinking of obtaining a graduate degree, you might be concerned about how to pay for graduate school. Yes, a master’s degree will open job opportunities and may result in higher earnings — but until then, how do you plan on paying for grad school?
There are multiple ways you can pay for a graduate degree — here are a few options.
1. Employer reimbursement
Companies that pay for grad school offer competitive rates of partial or full reimbursement for tuition, especially if the degree is related to your current job. Messiah College offers a payment deferment program for students in cooperation with their employer.
2. Student loans
Student loans can be a helpful way of financing a graduate degree. Both the federal government and banks offer student loans. The interest rate and length of time borrowers have to pay their loans back vary. Most loans offer a grace period between graduation and the start of repayment to allow students time to obtain a job.
3. Fellowships
Fellowships are usually merit-based awards for dedicated scholars that are typically awarded by the college and external funders. Many are very competitive. Fellowships, unlike loans, do not have to be paid back.
4. Scholarships
Many organizations offer private scholarships for various fields of study. Be aware that private scholarship applications can be time consuming; however, the financial rewards of obtaining private scholarships for graduate school can be significant, so it is well worth your time.
5. Veteran’s benefits
Qualified military veterans are eligible for educational expense benefits under the G.I. Bill. In some cases, spouses and other family members may be eligible for benefits. Messiah College welcomes veterans and their families. We’re happy to help those who need assistance with the process.
6. Student employment
Based on availability, Messiah College offers work-study opportunities for full-time, degree-seeking graduate students.
For full-time students pursuing graduate degrees in higher education, there are also graduate assistantships available. Graduate assistantships offer additional benefits beyond the financial advantages. They provide valuable opportunities for hands-on experience in your field and offer a chance to put the theories from the classroom to work in the real world.
Additional ways to save on grad school at Messiah College
Messiah College offers discounts for students in multiple programs, including Campus Crusade for Christ, Harrisburg Regional Chamber and the Fellowship of Christian Athletes. The discounts range from 10 percent to 25 percent.
Still have questions? Our graduate admissions team can help you explore options and provide personalized advice on how to afford grad school.