5 Great Ways to Fund Your Master’s Degree

Posted by Kaylie Phelps on July 25th, 2017

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For many jobs, an undergraduate degree simply isn’t enough. In some fields, an employer will not even consider your application without further education. But, while a master’s degree is clearly worth it in terms of employability and future earning potential, there’s no denying that it’s expensive. If you’ve just finished college and you are in huge amounts of debt, you might find the idea of further education terrifying. However, if you are sensible, you can fund your master’s degree without any further debt. Here are five ways to do so.

Study Abroad

In the USA and UK, a graduate degree can cost thousands. However, in many countries, studying for further education is either free or very low cost, even for international students. Scandinavian countries, Germany, France, Spain, Singapore, Brazil, and Mexico are great places to look. Many of these countries also have much lower costs of living and some even have a considerably higher minimum wage. In many cases, host countries are keen to keep talented young professionals and may even offer you a great job opportunity once you have graduated.

Study Online

There are many advantages to studying an online master’s degree, such as a masters in social work online. One of them is definitely the cost. Online programs of study can be much cheaper and have more payment options. Studying your MSW online also means you will be able to study around work without needing to take time off or reduce your hours.

Scholarships

Many people incorrectly assume that scholarships and other forms of financial aid, such as bursaries and grants, are only available to undergraduate students. This isn’t the case. Many companies, corporations, and institutions are willing to sponsor the education of post graduate applicants. Check with your college and look online to find out what is available to you.

Research Grants or Assistants

Another option for post graduate students is applying for a research grant. This would mainly apply for those looking to go into an academic or research career. The first thing you should do is check with the institution that you are applying for to see if there are any research or project grants available. You should also ask professors to see if they have positions available for research assistants. This option has the added benefit of helping you to gain some valuable work experience while you study.

Work

If you study part-time or online you may be able to study around a full-time job. This could be even more beneficial if you manage to find work related to your field of study, which could eventually lead to a well-paid position. However, any job would provide a valuable income. If you do choose to study around work, try to take time off during exam times or when you have assignments due and remember, for your master’s degree to be a worthwhile investment, you need to be committed to it. Even with these funding options, it’s important to be frugal while you are studying. Make a budget and find ways to save money or earn extra to make sure you can pay for your tuition while also enjoying yourself and having some fun.

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    Welcome! I'm Mrs. Money and I lead a frugal, simple, and debt free life on a modest income. I make money online to help support our family. I believe in saving money, living green, and enjoying life!

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