By Kelsey Woodford
Special to Campus News
Considering embarking on a master’s degree? Earning a master’s degree can advance your career prospects and broaden your horizons. However, attempting to navigate through the financial requirements can be daunting. Graduate school requires paying for tuition, student fees, and living expenses. Finding funding for your graduate education demands careful planning and resourcefulness. Here, we’ll explore strategies to ease the financial burden and make pursuing your master’s degree a rewarding journey.
University Fellowships and Scholarships:
Scholarships are, by far, the most popular method of affording graduate school. Scholarship opportunities for master’s students vary widely by institution. The CUNY Graduate Center offers various scholarships for master’s students. For example, the Dean’s Merit Scholarship covers up to $4,000 of tuition, a significant portion of in-state tuition, for either full-time or part-time students.
Individual programs may also offer specific scholarships for their students. The Biography and Memoir master’s program at the CUNY Graduate Center offers a limited fellowship that funds research, writing, and provides a stipend for students.
Apply for On-Campus Employment or Work Study Programs:
On-campus employment programs provide an excellent opportunity to earn income while enrolled in school. These programs, typically offered by universities, allow students to work part-time on campus or in related fields. They not only provide financial support but also offer valuable work experience that can enrich your resume. Some schools may offer the Federal Work Study program for graduate students. Students must be eligible for federal financial aid and have submitted a current FAFSA. Always check with your campus’ financial aid office for information regarding the Federal Work Study program. For other forms of campus employment, reach out to the campus career office.
Part-Time Work or Freelancing:
Balancing a part-time job or freelancing can help cover living expenses during your master’s program. It is common for graduate students to work part-time during their studies. Freelancing provides extra income and can allow for flexible hours.
External Fellowships and Grants:
Beyond university-specific aid, there are various external organizations, foundations, and government agencies that offer fellowships and grants for graduate students.
Assistantships or Teaching Opportunities:
Some graduate programs offer assistantships or teaching positions. It does vary by institution and is limited for master’s students. These roles often come with a stipend, tuition waiver, or both. Teaching assistantships, research assistantships, or administrative roles within the university can provide financial support while allowing you to gain practical experience in your field.
Enroll in a One-Year Program:
Attending a one-year program can have many benefits, including cost savings. A one-year program only requires one year of tuition and fees. Additionally, there is a shorter timeframe to earn your degree. One-year programs can have a more intense workload and require more focus, but it may be worth it depending on your goals.
Attend a Public Institution:
Attending a public institution for graduate school can be a money-saver. While public institutions still cost money, they are often far more affordable than private institutions. Typically, public universities will offer in-state tuition for residents, which can be another money-saver. Some institutions may offer discounts for residents of neighboring states. The CUNY Graduate Center offers New York residents lower tuition for master’s programs. Students that are in-state, and taking 12 or more credits, are charged a flat-rate tuition of $5,545 and $282 in required fees for one semester. That amounts to less than a third of the cost of tuition and fees at some private universities in the region.
University Payment Plans:
Universities may offer a payment plan to cover tuition and fees. These plans typically allow students to divide their payments into manageable installments throughout the semester, rather than paying in one lump sum upfront. Payment plans offer flexibility by spreading the cost over several months. Typically, payment plans have minimal or no interest charges to enroll. The terms and conditions of payment plans do vary by university.
Participate in service program:
Service programs, such as AmeriCorps, can offer hands-on experience and an educational award at the end of your service term.
The AmeriCorps program is a national service initiative. AmeriCorps members commit to a fixed term of service, usually ranging from several months to a year, working on various projects related to education, public health, disaster relief, environmental conservation, and more. There are various branches within AmeriCorps, all with different focuses and terms of service. Members receive a modest living allowance, limited health benefits, and upon completion of service, an education award that can be used to pay for educational expenses or to repay qualified student loans.
Similar programs include the Peace Corps, City Year, Teach for America, National Health Corps, Public Allies, and Green Corps.
Employer Sponsorship or Tuition Reimbursement Programs:
If you’re currently employed, find out whether your employer offers tuition reimbursement or sponsorship for continuing education. Many companies encourage employees to pursue higher education and may provide financial support or scholarships.
Network and Seek Advice:
Contact your academic program, professors, the financial aid office, career counselors, and even alumni for advice on funding opportunities and any financial strategies they have. They may help you uncover less-known funding sources or unique ways to finance your education.
In conclusion, finding funding for graduate school may take a combination of strategies to cover the full expense. Be proactive, start your research early, and consider all available options. Don’t be afraid to reach out and ask questions along the way. The financial aspect of graduate school can be challenging and stressful but can be navigated effectively.
Kelsey Woodford is the Associate Director of Master’s Programs and Financial Literacy at the CUNY Graduate Center.
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