By Will Kanter, Marketing Associate 

When you consider pursuing a graduate degree or certificate, one of the first things that comes to mind should be how to pay for it. According to the Edcation Data Initiative, the average cost of a master’s degree can range between $30,000 and $120,000. Tuition rates vary depending on the school and program you choose, but one thing is certain; the earlier you start thinking about payment options, the more time you get to review them. Remember, you can benefit from more than one of the following funding resources.

1. Savings 

Paying tuition with money you have saved up over the years means not incurring debt, which can make it an appealing option. Of course, the practicality of this depends on how much you have saved. Make a budget to see how much of your expenses you can cover independently, taking into account your current income, savings, living expenses, and tuition rates. Remember, money that you do not have to pay back later should be taken full advantage.

2. Apply for grants, scholarships, and federal work-study 

Grants and scholarships are other means of providing you with financial assistance and lessening the amount you’ll have to borrow. They are a way for universities to honor excellence in academic endeavors, extracurricular activities, and/or personal accomplishments. Consult your academic program to narrow down your options by demographic, field of study, location, year, and more. Another option to consider is federal work-study (FWS), which allows you to work and earn money through your university. To be considered for FWS, you must complete a FAFSA form each academic year. Applying for need-based financial aid awards like these might pay off sooner than you think.

3. Assistantships and fellowships 

Another way to pay for a graduate program without taking on more debt than you have to is through an assistantship or fellowship. A research or teaching-based assistantship position will cover part of your tuition, possibly all of it, with the bonus of a stipend. Fellowships are similar to assistantships, but do not require you to work on-campus for a certain number of hours. Appointments like these are based on merit, so if you completed your undergraduate degree with a high GPA, you should check out available assistantships and fellowships.

4. Assistance from an employer 

Some companies are willing to help pay for your graduate program, and larger corporations may even cover your tuition entirely. This can prove mutually advantageous, as your employer stands to reap the benefits of your continued education. Your employer can get a tax benefit for financially assisting you, so reach out to your HR department to learn more about the details of this. The specialized knowledge and skills you pick up while studying for your degree will allow you to take on a greater amount of responsibility at work and make you a good candidate for promotion. Your company may also be willing to reimburse part of your tuition after the fact, so this option is worth checking out even if you have already begun payment using your savings, grants, or other financial aid awards.

5. Federal loans 

Federal aid is a reliable way of paying for undergraduate and graduate programs alike. More often than not, a good credit score is necessary to qualify for this kind of aid. There are two kinds of federal loans for graduate students: the first are Stafford loans, which are unsubsidized and pay up to $20,500 annually. Stafford loans usually require that you begin paying them back within six months of graduation. The second kind are Grad PLUS loans, which cover the cost of attendance at your school and are paid back with interest. If you decide to fill out a FAFSA form, you can read more about federal loans here.

6. Private student loans and income share agreements