Going to graduate school can be very expensive and if you’re planning to go to a professional college, you could find it’s even more costly.
Just one year of graduate school can cost around $17,000 for a master’s degree at a good community college to over $56,000 at, for example, dental school.
When compared to undergraduate school, there’s a much smaller fund available for graduates.
Additionally, graduate schools tend to award financial help based on merit rather than financial needs.
How do I get financial help towards my graduate degree?
1) Make sure your CV is up to date and looking its best.
Graduate school admissions are based merit and Grade Point Average Scores.
If you don’t have a good academic record then ‘sell’ yourself to the college.
Do this based on your undergraduate school record and recommendation letters from experts in your chosen field.
Make sure you list your other strengths such as field work, employment, research, additional classes, lecturing jobs and anything else which may impress the school board.
2) Try for a PhD rather than a master’s if a PhD is available within your field.
Most PhD programs funds students for a minimum of 4 years.
If you’re a good student and have shown an aptitude for the subject area, the college will usually do its best to keep you and you’ll hopefully get a good degree into the bargain.
3) Consider an assistantship – these posts may require you to work as an assistant in return for a salary, usually around $10,000.
You may also be able to offset some of your fees by working a part-time job on or off campus.
The pay might be bad but it all helps.
These are just a few examples of the options available to finance your graduate college life, but most of the time you’ll still be struggling for money.
The best opportunity available to any student is from a federal loan that will fund the money for college related expenses at low interest rates.
The most commonly applied for federal loans are
1) A ‘Perkins Loan’ is for both graduate and undergraduate students at a fixed rate of 5% interest.
2) A ‘Subsidized Stafford Loan’ is also for both graduate and undergraduate students.
The government pays the interest on this particular type of loan.
3) An ‘Unsubsidized Stafford Loan’ is available to graduates and undergraduates.
With this loan the student is responsible – and required to pay back – the interest that accumulates on the loan.
4) Graduate ‘PLUS’ Loans are also available if you’re a graduate or professional student studying towards an additional degree or certificate.
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Graduate student loans are indispensable if you want a good education.