If you are considering a boost in your education by adding a master’s degree to your credentials, you might wonder how to pay for the schooling. After all, you have already paid for your bachelor’s degree and, sometimes, you are still paying for it. Finding the money to further your education while carrying educational debt can be difficult, but it’s not impossible.
There are options available to you that can make paying for your advanced degree a lot easier than you think. Whether you are looking for a marketing degree at a brick and mortar college or a marriage and family therapy master’s program online, increasing your earning power is achievable.
The resources available largely depend on your financial need, but even if you have the means, you still have financing options. The best thing is, no matter how you finance your education, you can look forward to a tax benefit for your efforts.
Educational Grants
One of the best places to look for educational funding is through educational grants. These can come from the federal government, private companies, or public companies, and you have to show a financial need to qualify for them.
The best thing about grants is that you do not have to repay them, so you are increasing your education without increasing your debt. The only catch is they are difficult to qualify for, but there are a lot of grants available, so it’s worth looking into.
Employer-Paid Programs
If you work for a corporation, they might offer to pay for your advanced education as long as it relates to your current job. In other words, they probably won’t pay for your education in a different field because they are funding your education for someone else’s benefit.
Look at your current employee benefits and talk to your boss or your HR department to see if this is an option at your company. If it isn’t, try to convince them it would be in their best interest to increase your education so your company can benefit from your newly gained knowledge.
You will never know unless you ask, and the worst they can say is no, so you have nothing to lose.
Loan Options
If you have to take a loan to finance your further education, you have a few options available. Assuming you have a strong credit score, you could finance your education through a private loan with your bank.
The rate you qualify for depends on your credit score and how much debt you hold. The downside to this type of financing is that you will have to start paying on the loan immediately.
Another loan option through the federal government and the Department of Education is a Stafford Loan. To qualify for a subsidized Stafford Loan, you have to show a financial need, and interest won’t accrue on your debt until you pay it back after graduation.
For an unsubsidized Stafford Loan, you do not need to show financial need, and the payments aren’t due until after you graduate, but the interest on the loan accrues immediately.
Advance Your Career With Higher Education
In addition to professional growth and knowledge, earning a higher educational degree is a worthy personal achievement. No matter what your reason is for wanting your master’s degree, lack of financing should not be the obstacle standing in your way.
Luckily, there are options to choose from when looking to advance your education and your career. It will take research, and there will be forms to fill out and people to negotiate with, but the result is worth your effort.
