How To Get A Graduate Degree Without Financial Insecurity

 

Coming from a working-class, single-parent family, Christopher Gray needed financial assistance to afford his Drexel University business degree. So he dedicated 12 hours a day for seven months to scouring scholarships, eventually filling his college fund with a bounty of $1.3 million. A few years later, he decided it was time to put his experience toward the common good, cofounding Scholly, an app that makes custom recommendations for postsecondary scholarships. With one million users, the project landed Gray on Forbes’ 2016 30 Under 30 list of social entrepreneurs.

Gray took advantage of a chance many overlook. U.S. student debt is nearly $2 trillion, and class of 2016 graduates owed an average $37,172. Yet, research shows education is still a good investment. Over a lifetime, the average worker will earn $1.7 million, a figure that grows with education, up to $3.6 million for professional-degree holders.

Given that, it’s no wonder why continuing education is so attractive to young professionals. But despite long-term promise, short-term financial burden weighs heavily.

“The debt load that students of recent vintage are carrying is so much greater than people in generations before them, that it can’t help but color your viewpoints and your ambitions,” says Martin Van Der Werf, associate director of editorial and postsecondary policy at Georgetown University’s Center on Education and the Workforce.

Before going back to school, ensure your ambition is a good decision.

How To Decide If You Should Go Back To School

1. Know your target position and earning potential. The impetus behind graduate school deliberation should be a step forward in your career. The first factor to determine: in what position and pay-scale a higher degree will put you. Use tools like Gradsense’s salary-to-debt calculator and O*Net Online to gauge what you make now versus the average salary of your target position and projected availability of such positions. Compare your lifetime earnings at your current salary versus projected salary.

2. Consider non-degree options. Before chasing another diploma, explore other ways of learning the skills you need to achieve your target position. Seek training or mentorship from your employer. If on-the-job training isn't an option, certifications, apprenticeships and self-teaching may supersede the need for a degree. For example, Payscale shows health information technicians seeing a median salary rise from $34,374 to $41,354 after a certification exam costing less than $300.

3. Determine degree, institution and cost. Having considered your target position and non-degree options, it’s time to look at graduate programs and how to pay. Some routes are fully-funded, like a literature Ph.D. from Johns Hopkins University that offers five years of tuition remission for three years of teaching and an annual stipend for living expenses. Julia Kent chose this route and taught at the American University of Beirut. Today, she is vice president for best practices and strategic initiatives at the Council for Graduate Schools.

When you've identified programs of interest, Kent recommends speaking with the staff and alumni. Ask, “How do you support the professional development of your students while they’re in school? How do you support their transitions to careers? Are there internships available? Are there opportunities to connect with alumni?’”

How To Pay For Graduate Education

1. Check with your employer. According to Deloitte, 71% of employers assist with employees’ tuition. BP, for example, offers up to 90% coverage for educational expenses. Find out what your options are, and take advantage of the perks. Workplace benefits may not cover the total, but they help and reflect your ambition to get ahead. Van Der Werf cautions that many companies don’t offer money until completion, so you’ll have to make the upfront payments yourself.

2. Don’t immediately look to loans. “Start seeking scholarships early,” Gray says. “A lot of applications and essays don’t change throughout the years. When more students apply for the money, that incentivizes organizations to put out more.” Fastweb has compiled a list of scholarships specifically available to graduate-level seekers. Also consider joining professional organizations, as they tend to offer scholarships, resources and advice to members. The American Bar Association, for example, annually offers 20 students beginning law school $15,000 toward their three years.