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Can You Really Afford to Do a Masters Degree?

  • September 16, 2016
  • By Grace
Can You Really Afford to Do a Masters Degree?

If you are thinking about going back to school for your master’s degree, you may be concerned about how you will be able to pay for it all. After all, master’s programs tend to be very expensive, whether you are going to a traditional brick and mortar university or you are opting instead to get your degree from remote. Keep reading to learn about a few of the ways to determine if you can really afford to pursue a master’s degree.


Your Employer Will Cover at Least Some of the Cost

Many employers are more than willing to help cover the cost of going back to school for their employees who wish to better themselves. After all, the skills that you will acquire through a master’s degree program will allow you to become an even better employee, as well as a more valuable player in your industry.

Don’t be afraid to ask your employer about their tuition-reimbursement policy. You may find that your employer will be happy to cover at least some of the cost of the tuition, especially if you are going to be attending school to acquire skills that are relevant to your workplace. By undertaking an MBA program online that will allow you to work towards a masters in business administration online and on your own time, you can also continue working as normal.

You Can Qualify for Financial Aid

Also make sure that you fill out the FAFSA (Free Application for Federal Student Aid) form every year to find out if you quality for any financial aid in the form of student loans that you would have to pay back with interest, or for grants from the government that you do not have to pay back. These funds can definitely make it easier to afford your master’s degree, so don’t ignore this important step.


You Have Enough Money Saved, or You Earn Enough

If you have been working for many years and saving up your money responsibly, you may have a fund available that will readily pay for your tuition every semester of graduate school. This is a great way to self-fund your own education, particularly if you do not qualify for any financial aid and/or your employer does not provide tuition assistance.

You can also self-fund your advanced education by taking money out of each pay check to pay for your tuition as the bills come in. This is, of course, only possible if you are making a high enough income. But if you have to do without other luxuries in order to pay for your tuition, you can allocate your income responsibly and pay for college in order to get the education you need.

Even though there are a lot of great reasons to attend grad school, you do need to consider what it will cost you. If you can afford it, you should take advantage of your chance to get a higher level of education. However, if you can’t afford a master’s degree right now, it may be best to wait until you can.

By Grace, September 16, 2016
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