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Paying for Grad School without Going Into Debt

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Once you have gotten that acceptance letter into the graduate school of your choice, it is now time to think about how to pay for it. You can either continue your education and increase your annual earnings, or you can get yourself further into debt by racking up school loans. On average, the cost of attending a public graduate school is around $30,000 a year, while the cost of attending a private graduate school is about $40,000 a year. It is important to decide if getting more education will be worth it financially in the long run. If you still believe it is wise to do, then you will need to decide how to pay for it. Here are some ways to go about doing this. 

Tuition Assistance

After receiving your undergraduate degree, you have the option of working for a company and going to school part time or immersing yourself fully into graduate school. While you will finish quicker if you attend full time, you also have to go longer without a steady income. Many companies now offer tuition assistance as long as you commit to working with the company for a certain amount of time. This is a great way to get some or all of your schooling paid for. You will not only be earning a steady paycheck, but some of your tuition will be handled by the company. This can also be a way to obtain job security. If a company is paying for you to attend school, they will be more likely to keep you around. 

Grad School Loans

The most common way to pay for graduate school is to take out loans. You have several options when it comes to getting loans for school. The two most common are government loans and private loans. You can choose government loans that offer more flexibility than private loans. Additionally, private loans typically have a higher interest rate than government loans, but there are more private loans available to you. Both of the loan programs provide payment flexibility, allowing you to pay based on what you are earning. In most cases, you don't have to start paying them back until you graduate. 

Borrow Only What You Need

Just because you get approved for a certain amount of money to borrow, it does not mean you have to take it all. You should only take what you will need for school. On average, someone with a master's degree is likely to make about $11,492 more a year than someone with a bachelor's degree. Knowing this, you can decide if the additional tuition costs will be worth it in the long run. This should be considered when borrowing money so you know how much you are likely to make with a master's degree over a bachelor's degree.

If you'd like further information and help, contact a financial guidance center near you.