How to fund Graduate School?
Education should be a right not a privilege. We need a revolution in the way the United States funds higher education
Senator Bernie Sanders
Samantha Litten
Outreach Coordinator
Education Loan Finance (ELFI)
The average student loan debt for graduate school in 2015-16 was $71,000, according to the most recent data available from the National Center for Education Statistics. Including undergraduate loans increases the average debt for graduate students to $82,800.
With this in mind, we've published a comprehensive guide that discusses several options to help students pay off their student loans more quickly. Please take a look:
Education IRA
An Education IRA is a tax-advantaged savings account used to pay for children's or your' educational expenses.
Qualified educational expenses now include:: tuition, academic tutoring, special needs services, books, supplies, room and board, uniforms, transportation, and much more.
Graduate Scholarships
There are hundreds of scholarships for graduate students. Click theicon to view available scholarships.
Tuition Reimbursement
Tuition reimbursement (also known as tuition assistance) is an employee benefit through which an employer pays for a pre-determined amount of continuing education credits or college coursework to be applied toward a degree.
Parental Support
1) Move back home with your family.
2) Host financial support parties i.e. birthday parties/ Christmas
3) Check with parents' employers about scholarships
4) Check with the family church about scholarships
5) Work for your parents i.e. odd jobs, family entrepreneurship ventures
Fellowships/ Internships
A fellowship provides financial support to graduate students to pursue graduate studies without associated teaching or research responsibilities (as they are in a teaching or research assistantship). Fellowships are generally merit-based internal or external awards to support a student in a full-time course of study.
Internships are the position of a student or trainee who works in an organization, sometimes without pay, in order to gain work experience or satisfy requirements for a qualification.
Click here for a customized list of fellowship/ internship opportunities.
The No. 1 way to fund graduate school is YOU!
Creating a clear financial plan before you start graduate school is the best way to eliminate or minimize student debt. There are a few options.
1) Work full-time or part-time
2) Obtain a job at the university you plan to attend
3) Save. Save, & Save