How to Finance Graduate School Without Going Broke

How to Finance Graduate School Without Going Broke provides advice for students who want to finance their graduate school education without going broke in the process. The blog discusses various financing options and how to make the most of them.

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Graduate school is an expensive proposition, and one that often requires taking on significant levels of debt. But it doesn’t have to be that way. There are a number of ways to finance graduate school without going broke.

One way to do this is to apply for scholarships and grants. These types of financial aid don’t have to be repaid, so they can help you reduce the overall cost of attending graduate school.

Another way to reduce the cost of graduate school is to attend an in-state school. In-state tuition rates are typically much lower than out-of-state rates, so this can save you a significant amount of money over the course of your degree program.

Finally, you may also want to consider working part-time or full-time while you’re in school. This can help you offset some of the costs associated with attending graduate school and make it easier to manage your overall debt load.

Why You Should Consider Graduate School

You’ve decided you want to go to graduate school, but the cost can be daunting. Tuition, fees, and living expenses can add up quickly, and many students take out loans to finance their education.

federal student aid programs available to graduate and professional students, as well as private lenders. You can also look into employer tuition reimbursement programs, fellowships and assistantships, and alternative financing options such as crowdfunding.

Graduate school can be a major investment, but it can also lead to better career opportunities and earnings potential. According to the U.S. Bureau of Labor Statistics, workers with a master’s degree earned a median weekly salary of $1,434 in 2019, compared to $1,248 for those with a bachelor’s degree and $749 for those with only a high school diploma.

In addition to increased earnings potential, graduate school can give you the opportunity to specialize in your field of interest, pursue research opportunities, and develop your critical thinking and communication skills. If you’re considering graduate school, there are a number of ways to finance your education without going broke.

How to Finance Graduate School

There are a variety of ways to finance graduate school, and each has its own benefits and drawbacks. Here are a few of the most common options:

-Scholarships: Scholarships are a great way to finance your education, as they don’t need to be repaid. However, they can be difficult to obtain, and may not cover the full cost of your education.

-Loans: Loans are another option for financing your education, but they will need to be repaid with interest. Federal student loans usually have lower interest rates than private loans, so they may be a better option if you’re able to qualify.

-Workstudy: Workstudy programs can help you earn money to put towards your educational expenses. However, they usually only cover a portion of the cost, and you may need to sacrifice some of your study time in order to work.

-Personal Savings: Personal savings can be used to finance your education, but it can be difficult to save up enough money to cover the full cost of tuition and other expenses.

-Family Assistance: Family members may be able to help you finance your education, but this is not always an option for everyone. Additionally, you may need to repay them if you are able to do so after graduation.

Types of Financial Aid

There are several types of financial aid available to graduate students, including grants, fellowships, assistantships, and loans. Grants and fellowships are usually awarded based on merit, while assistantships are typically given to students in exchange for teaching or research duties. Loans must be repaid with interest, but they may be subsidized (meaning the government pays the interest while you’re in school) or unsubsidized (meaning you’re responsible for the interest from the time the loan is disbursed).

Private scholarships and employer tuition assistance programs are also great sources of funding for grad school. Be sure to research all your options and speak with a financial aid counselor at your school to determine what type of aid you’re eligible for.


There are a number of scholarships available to graduate students, and many schools offer aid specifically to their own students. To find out what might be available to you, start by talking to your school’s financial aid office.

Outside sources of scholarships include professional organizations, foundations, and private companies. These organizations often have their own eligibility requirements and deadlines, so it’s important to do your research in advance.

You can also look into student loans, both federal and private. Federal loans tend to have lower interest rates and more flexible repayment options, so they should be your first choice. Private loans should be a last resort, as they typically have higher interest rates and less favorable terms.


There are a number of grants available to help finance graduate school. The most common type of grant is the federal government grant, which is given to students who demonstrate financial need. Other types of grants include state and private grants. Some grants are specifically for graduate students, while others are for undergraduates who plan to continue their education at the graduate level.

Grants can be used to pay for tuition, books, fees, and other educational expenses. Grants are typically awarded based on financial need, but some may also be based on merit or other factors.

If you are interested in applying for a grant, you should contact the financial aid office at the school you plan to attend. The staff there can provide you with information about grants that may be available to you. You can also search online or check with organizations that give out scholarships and other types of financial aid.


There are several ways to finance your graduate school education without going broke. One way is to take out loans. Loans can be a great way to finance your education, but they can also be a burden if not used wisely. It is important to understand the different types of loans available and the pros and cons of each before taking out any loans.

federal student loans, such as the Stafford Loan and the PLUS Loan, are available to graduate students. These loans have fixed interest rates and offer deferment options, which can make them more affordable than private loans. However, federal student loans may not cover the full cost of your education, so you may need to supplement them with private loans.

Private loans are another option for financing your graduate school education. Private loans typically have variable interest rates and may not offer deferment options, which can make them more expensive than federal student loans. However, private loans may be able to cover the full cost of your education if federal student loans fall short.

You should also consider alternative ways to finance your graduate school education, such as scholarships, grants, and fellowships. These forms of financial aid do not need to be repaid and can help you offset the cost of your education. You can search for scholarships, grants, and fellowships by using resources like the Free Application for Federal Student Aid (FAFSA),,and FastWeb.


One way to finance your education is through work-study. Work-study is a form of financial aid that allows you to earn money to help pay for your education. The money you earn through work-study is not considered income, so it will not affect your student loan eligibility.

You can find out if you are eligible for work-study by filling out the Free Application for Federal Student Aid (FAFSA). If you are eligible, the financial aid office at your school will award you a work-study grant based on your need and the availability of funds.

You can use your work-study grant at any job on campus, including working in the library, cafeteria, or even as a research assistant for a professor. The money you earn will be paid directly to you, and you can use it to help pay for your education expenses.

Military Benefits

The G.I. Bill is a government-sponsored program that provides educational benefits for military service members, veterans and their families. The Post-9/11 G.I. Bill is the most recent version of the bill, and it offers financial support for education, housing and other living expenses. If you’re considering going to graduate school, you may be eligible for G.I. Bill benefits. Here’s what you need to know about using the G.I. Bill to finance your graduate education.

Eligibility Requirements

To be eligible for G.I. Bill benefits, you must have served at least 90 days of active duty service after September 10, 2001. If you were discharged due to a service-related disability, you must have served at least 30 days of active duty service after September 10, 2001. You must also have a “good” discharge from the military in order to receive benefits (this generally means an honorable discharge).

If you meet these eligibility requirements, you may be eligible for up to 36 months of benefits, which can be used for tuition and other educational expenses as well as housing and living expenses while you’re in school. The amount of benefits you receive will depend on the length of your military service and whether or not you served in a combat zone.

Applying for Benefits

If you’re interested in using G.I. Bill benefits to finance your graduate education, the first step is to fill out an application form available on the Department of Veterans Affairs website. You’ll need to provide information about your military service as well as your proposed plan of study in order to apply for benefits. Once your application has been processed, you’ll receive a Certificate of Eligibility from the Department of Veterans Affairs that will specify the amount of benefits you’re entitled to receive.

Financing Options for International Students

There are a number of ways to finance your education as an international student. Here are some options to consider:

-Scholarships and fellowships: These are typically merit-based and can come from your school, the government, or private organizations.
-Teaching assistantships: Many schools offer these positions to graduate students. In exchange for working as a teaching assistant, you typically receive a tuition waiver and a stipend.
-Research assistantships: Similar to teaching assistantships, these positions are offered by schools in exchange for research work. Again, you usually receive a tuition waiver and stipend in addition to the research experience.
-Loans: There are federal and private loan options available to international students. Be sure to research the terms and conditions carefully before taking out a loan.
-Personal savings: If you have the ability to save up money before starting school, this can be a good option for financing your education.
-Sponsorship: If you have family or friends who are able to help support you financially, this can be a great option for financing your graduate education.

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