Your education is the biggest investment you’ll make for yourself aside from purchasing a home. Two factors weigh heavily when deciding to go to grad school: time and money. Time is something you need to determine yourself based on your work-life situation. Money is a whole different story. In this article we discuss ways of easing your financial burden.
College tuitions have increased1 at a rate of about 16–18% over the past decade for public and private universities, and 32% (private four-year universities) and 72% (public four-year universities) the previous decade. The current average cost of tuition for a public university is $10,560. For a private university, it’s $37,650.
Part of the reason that tuition rates have risen so much is because higher education funding has been cut in many states. This is unfortunately putting higher ed attendance out of reach for some students, especially those in the low-income bracket.
One thing to consider when examining the cost of grad school is what kind of debt you can afford to take on, as well as what kind of salary you can expect with a completed graduate degree. Accruing a six-figure school loan for a less than a six-figure salary isn’t necessarily a wise financial decision. Financial aid, grants and scholarships must also be taken into consideration when calculating what you’ll actually spend on your advanced degree.
So, what can you do?
Here are some ways that you can realistically manage the high price of graduate school:
There are many ways to reduce the bottom-line amount of tuition for grad school that you’ll ultimately be responsible for. As part of your research and decision-making process, it’s important communicate directly with admissions advisors to see what options that program offers in the way of financial relief.
1 Trends in College Pricing and Student Aid 2020: https://research.collegeboard.org/pdf/trends-college-pricing-student-aid-2020.pdf
2 National Center for Education Statistics: https://nces.ed.gov/programs/digest/d19/tables/dt19_330.50.asp