How to Afford Graduate School: Best Practices
Exploring your options for graduate school is an exciting process. You are thinking about which programs are the best fit for you, preparing to get back into the classroom and imagining what your graduate degree will mean for your personal and professional life.
But eventually, everyone considering graduate school comes to the question: “How am I going to pay for this?”
If you have questions about how to afford graduate school, we have some best practices for ensuring you are ready to take on the financial changes of graduate school.
Best Practice #1: Understand Your “Why”
Going to graduate school is a commitment, not only financially but also in terms of time and energy. Sometimes, that commitment might mean studying on nights and weekends while you balance your studies, career and personal life.
Fortunately, you do not have to make this adjustment alone. Our programs at Southern Adventist University are designed to help working adults earn their graduate degrees without putting the rest of their lives on hold.
But when things get tough and the work feels challenging, you need to make sure you really understand your “why.” Why are you going to graduate school? It could be something tangible, like a pay raise or a promotion, or something more personal, like a sense of accomplishment and fulfillment.
Understanding why you want this degree is essential so that when you take the leap, it will all feel worth it.
Best Practice #2: Consider ROI as You Weigh Costs
You should have a very strong understanding of your tuition, fees, and other expenses before making any decisions about your future. You should know exactly how much you are paying for graduate school and what you are paying for.
Beyond standard tuition costs, however, it is important to think about both the short- and long-term return on investment (ROI) of grad school. As previously mentioned, this could be something tangible or more personal and subjective. Whether you want to explore a new career, seek a promotion, earn a salary increase or take on new responsibilities, determining the personal benefits of earning your graduate degree is essential to calculating the overall ROI of this investment.
Best Practice #3: Explore Every Opportunity to Reduce Your Tuition
The “sticker price” for graduate school can sometimes seem out of your budget, but there are lots of ways to help pay for graduate school tuition and expenses.
To reduce your financial burden, you should explore financial aid options like grants, loans, tax credits, graduate assistantships and employer reimbursement. Each of these options has different eligibility requirements and payment structures, but they are all great ways to offset the costs of graduate education.
How to Pay for Grad School: 5 ways to Reduce Tuition.
Best Practice #4: Don't Pay More Than You Can Afford
Yes, there is a tremendous ROI associated with earning a graduate degree.
However, that does not mean you should not do your due diligence and have a firm handle on your financial situation and grad school costs.
When you commit to starting graduate school, you want to be sure that it is something you feel confident you can afford and that it is the right time to take this on. If you are not sure where to start, you can speak with an speak with an adviser who can help you work through this to see if your budget is the right time for you.
Best Practice #5: Research the Program’s Specific Costs
Every school is different and has different costs and payment structures. Once you have narrowed down your list of programs, ensure you understand the costs associated with each. Listing this in a table or spreadsheet to compare costs directly can be helpful.
Not only do different schools have different tuition rates, but they also offer different forms of financial aid and tuition assistance. For example, some schools may offer graduate assistantships whereas others may not.
Make sure you are taking the time to research and understand the costs and payments expected for each program you consider to make an informed decision when it comes time to choose.
Best Practice #6: Rely on the Experts
You are not in this alone!
It can sometimes feel overwhelming when you are looking at the costs, financial aid and eligibility requirements, then trying to figure out which is the best path forward for you.
One of the best things you can do in this process is to enlist the help of an experienced admissions adviser. They can walk you through the process step-by-step and answer your questions.
Remember, knowing how to afford graduate school is part of the process of launching your future. You are not expected to be an expert, so we are here to be a helping hand.
If you are considering Southern Adventist University’s flexible and affordable graduate programs, we invite you to meet with Rosa Mayr, Director of Graduate Marketing and Enrollment Management. You can schedule some time on her calendar below!
