Many students have to self-fund their master’s degree after completing their bachelor’s, but how will they do that? Unfortunately, the cost of a master’s degree can be pretty high. Some may find themselves lucky enough to have strong financial or family support, allowing them to manage their study and living costs simultaneously. But others have to work day and night to turn their postgrad dream into a reality.
So, if you want to continue your education, you can do a few things to self-fund your master’s degree. Read on to learn more.
Table of Contents
1. Explore Academic Scholarships
Academic scholarships are one of the best first-hand options to fund your postgrad degree. There are many options available for acquiring it. Some may include easy ways through a direct application that comes every month. Others require many applications and essays to submit before you are granted the scholarship.
Given many students are applying for these scholarships, the competition can be challenging. So you should better understand the requirements of the scholarships before opting for them. Aside from academic achievement, there are many specialized scholarships for students with certain hobbies, abilities, or objectives in mind.
2. Part-Time Work:
Wait a few years if you’re unsure if grad school is suitable for you and are concerned about the cost. The value of a graduate degree and the kind of study that will be most advantageous to your career will become more apparent after you have worked in your area for some time. In addition, considering you are opting for a specialization that can help your job, you need to be financially stable to invest. For example, if your major is counseling, you might wonder, “how long does it take to be a counselor with the specialization?” Well, it takes a while. And you need to make sure your financial plan is set.
3. Run Your Small Business With Custom Stickers
Have you ever thought about using your vacation time to run your small business to raise funds for your postgraduate degree? Many will recommend running your small business with custom personalized stickers. Personalized stickers are one of those little things that are very popular but affordable, and schools are a big group that can create many opportunities for your cause. You should first learn what kind of stickers are the most popular among students, then bring those results to Customsticker.com to customize. Of course, they offer you free designs and free shipping, so you don’t need to worry about incurring extra charges. You can sell the stickers to students after you receive the stickers, and not only will these stickers help you raise money for the postgraduate degree but also create fun for the students who buy from you and release their stress in their studies.
4. Postgraduate Loan:
There are several postgraduate loans available to finance your master’s degree. Most of them cover tuition fees, living costs, books, and various other expenses. Before opting for a postgraduate loan, you should first know that these loans are sometimes available at reasonable payback rates. Still, other times they mostly come with exorbitant interests, which could cost great.
Some leasing institutes allow you a period of a specific time after you complete your degree and get a job to pay back the loans.
5. Employee sponsorship
You may be able to persuade your company to support your postgraduate courses if you begin them after a term of employment. Most firms encourage their employees’ professional and personal growth, and some even put aside money for this purpose. The more you can demonstrate that you are interested in the company’s long-term success, the more likely they will grant support to pursue your education.
6. Assistantships
An assistantship or fellowship can be a great funding option for graduate school. Many colleges offer reduced or free tuition to graduate students who agree to work as research or teaching assistants while they are enrolled in their degree programs. Teaching or aiding with research can be extremely beneficial once you’ve finished school despite the increased workload. Do your homework on assistantships at your top selections before applying. Also, don’t forget to look into some smaller, lesser-known universities where job competition may be less fierce, but scholarship quality is just as high.
7. District Funds
To self-finance your master’s degree, professional development district funds are available in most states, especially in the USA. In this case, some state schools pay directly to the concerned authorities for your postgraduate degree. Some reimburse it upon completion of the course. Criteria of every district fund vary. Few funds cover all your degree expenses, including living, books, health, and other essential costs, and others cover the tuition fees.
8. Crowdfunding Your Degree
Crowdfunding is a way to raise money for your master’s degree by soliciting small donations from many people. To pull this off, you’ll need to be well-organized. You’ll also need to provide a convincing argument for folks to back you up. Crowdfunding means asking for help from family, friends, or your social circle to fund your degree by donating.
There are plenty of students enrolled in universities who have crowdfunded their degrees through successful internet campaigns. You can set up an online page for crowdfunding and explain to the audience why you need their assistance to complete your degree. Set a target amount on the page which will cover your degree expenses. Be honest while establishing your expense target because people can also search your course cost through the internet and feel deceived. If you need some extra amount, explain the genuine reason for it to the audience.
9. Research Grants
When applying for grants, you’ll have to put in a little more effort, but they offer the extra benefit of helping you get ahead in your career, especially if you’re planning to work in academia or research. First, start with your university and search for grants related to your field of study. Graduate students in many areas are eligible for grant assistance to cover the costs of specialized training, travel for research, or equipment and supplies. Next, find out whether your professors or advisers are looking for research assistants. They may already have money or be in the process of applying for it.
To Sum Up
Simply figuring out the cost of graduate school can be a daunting task for many. There are a lot of additional costs you have to worry about during your master’s that you never had to before, so making it work can be a lot more mentally and physically taxing. Although there are a lot of graduate funding sources, as mentioned above, the number of applicants seeking these funds is enormous. Additionally, these typical funding options do not often pay the entire cost of graduate studies due to the intense competition involved. So, whichever option you decide to go for, make sure it is the best-suited option for you, and you can make it work. Good luck!
