Funding is one of the prevailing issues for prospective students internationally. In addition to cuts to government-funded financial assistance, securing adequate funds and handling debt are also the greatest challenges facing students who choose to seek higher education, with many countries also having rising tuition fees.
To begin with, it can be daunting to actually figure out the expense of graduate studies. You will need to pay for any or more of the following, depending on the venue and the circumstances: tuition fees, semester fees, student support fees, course content expenses, meals, lodging, housing, immigration, and health insurance charges, childcare, and personal expenses. There is also the “opportunity cost” for those to quantify, which indicates the cost of time spent on a career break.
Well, the good news? Although prices are greater than ever in many situations, leading universities and national governments work on ways to improve funding opportunities and their accessibility.
10 Unique ways to Fund your Master’s Program
As more graduates flooding the workforce, for those who aim to boost their job chances or change the course of their lives, the appeal of a postgraduate degree grows.
While obtaining a Master’s or PhD is a big financial commitment, particularly for international students, it shouldn’t really be the primary reason to stop you from achieving your target.
If you know where to look, there are many financing options.
1. Scholarships for Masters Program
Think again if you assumed the scholarships and grants were for undergraduates only. There are several grants to fund post-graduate education, and you just need to know where to look. Visit the financial assistance section at your school if you are already enrolled in a program to inquire for updates about scholarships related to your course or department. It seems to go without saying, but when it comes to graduate financing, the internet is your mate.
2. Federal Loans for Masters Program
Federal loans are borrowed money that has to be repaid. Unlike private loans, federal student loans often offer lower interest rates and more repayment opportunities. In addition, before graduation, they may not need to be repaid and certain loans may apply for some tax deductions.
3. Consider a Private Graduate School Loan
Graduate school private student loans are available from banks and credit unions. These loans are credit-based, so the higher the credit is, the more likely you are to be accepted. Both fixed and flexible interest rates are available on several private loans.
You will have to pay back the amount you borrowed, plus interest, as in federal student loans. A few choices on how repayment will work are offered by graduate student loans. The Sallie Mae® Graduate Student Loan, for instance, gives you the option of making payments in school or deferring until after you leave school. By choosing the interest repayment option instead of the deferred repayment option, borrowers can save 17 percent on their overall loan rate.
4. Charities, Trusts, Learned Societies, and Special Interest Groups
In order to finance graduate studies, foundations, trusts, learned societies, and special interest groups frequently invest a portion of their budget. Although particular and niche groups are targeted by some organizations, more concentrate on students from low-income families, those with specific financial challenges, and/or those with demonstrable academic excellence. Awards are typically made for a year at a time, with extension achievable, and students may secure funding from many organizations.
Focus on whatever makes you particularly distinctive when applying for funding. Points to be highlighted include your research’s significance and possible future applications; any aspects in which your goals and/or context fit with those of the funding organization; any drawbacks or obstacles you have encountered, along with your desire to excel and the opportunity to do so.
5. Employer Contributions for Masters Program
If, after a period of employment, you begin your postgraduate studies, you will be able to convince your employer to fund your education. Most businesses are respectful of workforce preparation and growth and may also have a budget set aside for the personal and professional development (PPD) of their employees. Accountants, architects, mechanics, social services, attorneys, and teachers provide professionals seeking further education to become professionally trained.
If you demonstrate your objective is to enhance your ability in the workplace, progress your job chances, and/or support your long-term development within the business, employers will be more open to your proposal, rather than only indulging your own academic or personal desires. You will need to sign an agreement that will tie you to the business for a defined time after graduation if you use this route (usually one to two years).
6. Crowdfunding
Crowdfunding for a degree has divided views for a long time. Critics claim that rather than make the effort to work one’s way through it, it acts as an “easy” way of relying on others to pay one’s way through university.
Nonetheless, crowdfunding may be helpful for students from the lower rungs of the socioeconomic ladder to finance their way through college without adding debt, especially if all other financing opportunities have been exhausted.
Although the process includes calling out for donations to the public, crowdfunding involves a great deal of constant work to advertise itself to ensure that the initiative is a success.
Not all succeed and multiple variables lead to the effectiveness of a campaign, so if you intend to go down this road, make sure you are prepared to channel time and resources to make it work.
7. Research Grants for Masters Program
Grants are a little more specialized and can require a little more initiative than scholarships, but they have the added advantage of counting on career growth, especially if you intend to move into an academic or research career. Again, start with your institution and aim for degree-oriented research or project grants. Many departments offer support for graduate students to complete advanced training, to fly for study, or to buy the materials or equipment required. Tell the teachers or consultants if they might already have funds (or maybe applying) and may be searching for research assistants. Use the internet to locate subject-based grants: graduates in health sciences can access the funding platform of the National Institute of Health, and those with masters in humanities or social sciences should use h-net.org.
8. Work and Study for Masters Program
If you’re uncertain if grad school is the right course of action and are worried about the cost, consider waiting a while. You’ll have a clearer sense of the importance of a graduate degree and the course of study that would be more relevant to your future after you have served in your profession for a period of time. As a perk, for workers who choose to receive a post-graduate certificate or degree, many firms and employers provide professional advancement subsidies. For business students, early career educators, and other areas where graduate degrees increase the income prospects, this is an ideal course of action but can be perceived as over-qualification for an entry-level job.
9. Sponsorships for Masters Program
- Personal Sponsorship: If anyone will fund your studies on a personal basis, so your college life is likely to go well. But, if not, then, according to the Society for HR Management, almost 52 percent of businesses (based in the US) provide tuition assistance for job-related courses in terms of official funding or private sponsorship-the situation in the US adheres to-. Generally, corporate sponsorship lets approximately 15 percent of graduate students pay for their school in more traditional sectors such as industry and education. So, as a realistic choice, you should certainly search for sponsorship.
- Sponsorship from Employer: If, after a period of service, you begin your postgraduate studies, you may ask your employer to fund your education. Many businesses are respectful of the growth and advancement of workers and may also have a budget set aside for their employees’ personal and professional development (PPD). Accountants, architects, mechanics, social services, attorneys, and teachers provide professionals seeking further education to become professionally trained.
10. Assistantships and Fellowships for Masters Program
An assistantship or internship is one often-overlooked means of supporting your graduate studies. Grad students who plan to conduct study or teaching assistant duties during their studies are given discounted or free tuition by certain universities. Although this will expand your duties during your study, after you’ve finished your degree, teaching or helping with research will be immensely useful. Take the time to review the assistant openings at your top alternatives before applying for graduate school, and don’t forget to explore some smaller, less well-known programs where competition for positions might be less rigorous, but the standard of scholarship is just as prestigious.