Paying for grad school can be a challenge for many individuals who seek out higher education. The cost of tuition alone continues to rise year over year. KXAN reported that the higher education price index rose 5.2% from last year. This is the highest increase since 2001. Many people who seek out grad school work full-time. They may also have existing student loan debt from their undergraduate studies. With this in mind, knowing how to pay for grad school without loans can be an enormous help. Understanding federal student aid options, including federal student loans, is crucial as part of the overall strategy to manage grad school expenses.
What Is the Average Cost of Graduate School Tuition?
According to Education Data, the total average cost of grad school in the U.S. is $65,134, which includes graduate school tuition, housing, food, books, and other associated fees. The price varies based on the type of master’s degree and the location you get it. For example, a master’s in accounting is cheaper than an MBA.
There are also other financial factors to consider. Higher education students must pay for housing, food, books, and other associated fees. While the average time it takes to pay off a graduate degree is less than an undergraduate degree, it can still take years. On average, it takes men 4.25 years and women 6.45 to repay their loans, as per Best Colleges.
In this article, we will cover financial assistance options for grad school. Whether you learn how to start a fundraiser or receive a grant, grad school should be accessible for you or your loved ones.
Grants for Grad School
There are pros and cons associated with grants for grad school. They offer financial relief to grad students and can reduce financial stress. They can also advance your career by listing them on your resume. Unlike loans, they offer students free money. On the flip side, they can be competitive and only offer limited coverage. The application process can also be long and have eligibility requirements. Here is a list of grad school grant options to look into.
1. Federal Student Loans
There are a few federal government grants to explore. This includes a TEACH, Fulbright, and Iraq and Afghanistan Service Grants. You must apply for the free FAFSA application. You can submit your reviewed application and wait for approval if you qualify.
While federal grants are a great option, graduate student loans are also available for those who need additional funding.
2. State
This process is similar to a federal grant. The state you live in may offer grants for various master’s degree programs up to a certain amount. For example, you can apply to The California State University Grant Program. Apply through FAFSA to see if your state offers any grants. If not, crowdfunding student loans could be another useful avenue.
3. School Specific
Your school may offer grants for their master’s programs. This helps them attract the best students to graduate from their school. Unlike scholarships, grants are awarded to students based on their financial situation. If your school accepts your grant application, you must remain a full-time student to qualify for the grant. Unlike grants, graduate scholarships are often merit-based and do not require repayment.
Companies that Pay for Grad School
There are certain companies that pay for grad school. Some companies offer tuition reimbursement programs to help employees pay for grad school, which can be a good option for you. However, there are also some setbacks to think about. The industry you work in may not offer grad school grants. If you accept a grant from your job, then you may have to commit to working there for a longer period of time. They could also enforce that you maintain a minimum GPA. It’s important to know how to pay for grad school without loans. These companies can help you with that.
Grad School Scholarships
You can also apply for a grad school scholarship. A scholarship helps support the financial burden that grad school can cause a graduate student. Scholarships allow you to minimize your potential loan debt, which takes some of the pressure off. Applying for a scholarship is typically a long process. Some people are more eligible than others, which increases the competitive nature. If you choose a different route, some of the best school fundraising platforms can help. Otherwise, here are a few scholarship programs in different fields of study to look into.
- Johnson & Johnson Nursing helps fund higher education degrees for those pursuing a career in nursing.
- SHRM Foundation Scholarships give financial relief to HR-related degrees. This can include business, psychology, or org development.
- Beyond the C.L.O.U.D. Scholarship offers financial assistance and mentorship to women pursuing a career in STEM. They aim to break barriers and bridge the gender gap in STEM.
How to Raise Money to Pay for Grad School with Crowdfunding
Starting a fundraiser for grad school is a great way to offset the high costs. The success of your fundraiser can depend on factors like your marketing efforts or the appeal of your cause. Ultimately, you should get creative with it. With that said, it’s essential to know how to promote a fundraiser. You should also feel confident about how to write a fundraising story. Check out these step-by-step instructions on how to start a fundraiser to pay for grad school. Crowdfunding can also help cover living expenses such as housing, food, and transportation.
Choose an Online Fundraising Platform
It’s important to choose a fundraising platform that is reliable and easy to use. You can easily get started with!
Create your Fundraiser Page
Once you activate your fundraiser page, be sure to add a title and tell your story. Also, highlight what your fundraiser goal is. You can create a captivating title with fundraiser title tips. Explain your field of study and why you’re passionate about going to grad school. Tell your audience why their donations matter and how they will be distributed. Add photos and videos to be more compelling. If you know how to make a fundraising video, even better!
Share on Social Media
Share your fundraiser on Facebook, Instagram, Twitter, and LinkedIn. This will spread the word fast to many individuals. Write a short but impactful caption to grab your audience’s attention. Attach the fundraiser link so people can easily access your fundraiser page. Use your immediate network and ask your friends and family to share the post. You can also look into how to come up with a fundraiser hashtag so that your post performs well.
Update and Thank your Donors
It’s crucial that you update and thank your donors for their love and support. Once they invest in your cause, they want to see the progress you have made. Post captions and photos to update your audience so they can follow along. Find some fundraiser image tips to know which types of photos are best to post. After your fundraiser wraps up, express your gratitude to everyone who contributed. Whether their donation was big or small, they want to feel appreciated.
Fund Your Grad School Dreams
Knowing how to pay for grad school without loans can serve you or your loved ones well. Grad school expenses are high and can be difficult for many students to afford. Individuals who seek out a graduate degree may also already have student loan debt. You can apply for grants, scholarships, and tuition assistance to help pay for grad school, but the process can be long and overly competitive. An online fundraiser can be a valuable tool for paying for grad school. AngeLink’s crowdfunding platform allows you to build a fundraiser fast and efficiently. Make your dream career possible, and start your online grad school fundraiser today!