There are many great reasons to continue studying to a higher level, such as better income opportunities, a greater choice of career options, and the option to continue learning in your field of choice. However, the problem that many students face when deciding to take on a master’s degree is the cost.
If you are already worried about paying back your student loans from your undergraduate degree, then you may be concerned about footing the bill for further study. We’ve put together some top tips to help you save money on the cost of a master’s degree.
Tip #1. Study Online
When it comes to saving money on your university education, studying online has become a very popular option recently. Online study has been around for about a decade or so, but only recently has it become a more viable alternative to studying on-campus, mainly due to the fact that more program options have been added.
For example, you can study an online masters in gerontology from the University of Southern California for around one third cheaper than the same program on campus. Along with that, the extra flexibility provided by online study programs gives students the time to work more, which can help with the financial side of things.
Tip #2. Ask Your Employer
If you have graduated from college with your bachelor’s degree and have started your career in your chosen field, there are still many great reasons to consider continuing your study to the master’s level. Even if you are already working in a great graduate job, a master’s degree, such as an online MAGMASM program, can make you a better candidate for promotions and give you more industry-related knowledge, which will be useful for both you and your employer. In many cases, employers are even willing to help pay for, or completely fund, a master’s degree if your qualification will also benefit them. Why not ask?
Tip #3. Crowdfunding
Today, more and more students are turning to crowdfunding as an option for paying for their master’s degree. If you’re already saddled with thousands of dollars’ worth of student debt after graduating from college, asking others to donate to the cause of furthering your education can be a good alternative option.
In some cases, crowdfunding allows you to ask members of the public to invest in your education, with a promise of a return on their investment once you have begun earning a certain salary. Known as a human capital contract, the idea of paying your donors back plus a bit extra may be off-putting at first, but it can certainly be much cheaper than repaying a student loan plus interest, which is why an increasing number of students are choosing this option.
Today, graduate school is often essential if you want the best career opportunities. But, there’s no reason to add significantly more to your student debt in the process.
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