How to Pay for Grad School: 7 Ways to Save Thousands in the Long Run

It’s no secret that student debt is a major crisis in the United States.

If you’ve gone through your
undergraduate years, you know how challenging it was to pay for your tuition
and secure a great education for yourself. If you would like to take it a step
further and attend graduate school, we applaud your efforts.

But we do not want you to bury
yourself in debt. We do not want you to be part of the student debt crisis.

We want you to know how to pay for
grad school. We want you to focus on your education – we do not want you
to stress about your bank account.

Guide on How to Pay for Grad School

In this guide, we will show you how
to pay for grad school. We want you to be able to be in as little debt as
possible. We want you to also be able to focus on your studies, making your
education your priority.

Here’s what we suggest:

Rent Your Textbooks

During your undergraduate years, you
may have rented as opposed to purchasing your textbooks. Renting your textbooks
is almost always a more affordable option.

This is especially true for more rigorous fields of study such as the sciences. If you do happen to be pursuing a graduate degree in science, these great reasons will convince you to rent your textbooks.

2. Get
Your Employer to Pay

If you are employed full-time, you
may be able to convince your employer to pay for your tuition.

Usually, this only happens if your
field of study is related to your work. If it is, you can ask your client to
pay for a portion of your tuition. They may possibly cut down your salary or if
you are lucky, will pay your full salary and pay part of your tuition.

They may require that you remain
with them for a set duration after your graduation so you
should keep this in mind before requesting them paying for your

3. Get a

There are scholarships available for
graduate students. In most cases, these work as a financial grant and do not
need to be paid back.

Scholarships are usually based on
merit so you will have to showcase that you are doing well in your studies to
qualify for one.

The first place to go is the
academic department where your field of study is under. You can ask the
administration for any information on scholarships. The next place, of course,
is to do online research on any scholarship opportunities.

4. Teaching
Assistant or Research

This may not be available for all
fields of study. However, if your field of study offers opportunities to be a
teaching assistant for undergraduate students in the same field of study, this
can be a great opportunity to earn an income to pay for your tuition.

Being a teaching assistant lets you
work alongside a professor to teach a class and prepare and grade assignments.
You can also work at the university as a researcher. Doing research helps the
department learn more about the subject and can help you earn an income to pay
for your tuition.

Sometimes, being a teaching
assistant or researcher or work-study employee may not pay you an income;
however, your tuition will be automatically waived, in part or in full, if you
take any of these jobs.

5. Part-Time

If you are studying full-time, you
may be overwhelmed by the thought of taking a job. After all, your priority is
with your studies and you do not want an additional responsibility that adds to
your burden.

However, a part-time job will likely
be less stressful. You can choose your hours to work around your class and
studying schedule. When you are hired for a part-time position, your employer
will likely be more sympathetic to you being a student. If you need to work
fewer hours during examination times, they are likely to acquiesce to your

A part-time job is often not a
stressful job and can be a simple and routine work that doesn’t overwhelm you –
but does help you earn to pay for your tuition.

6. Online
Passive Income

Wouldn’t it be great if you could
focus on your studies while an income continuously reached your bank account?

This continuous income with minimal
effort is known as passive income. And the best avenue for building an online
income is through the Internet.

You can create a course about your
field of study (or any interest of yours) and sell it on a website such as
Skillshare and Udemy. Once the course has been created it is always available
for potential students to purchase.

You can also participate in online
surveys – many that are targeted to students – that give you money just for

You can also sell your used
textbooks online. And this doesn’t have to be limited to textbooks. Any book
that you no longer need can be sold online.

7. Save
Your Money

Of course, the best way is to save
your money. There are many great strategies to ensure that you have a safety
net that you can dip into when you need to pay for your tuition.

Any loose change that you accumulate
should be put into a piggy bank. You should only dip into this piggy bank when
it comes time to pay for your tuition. It may not always pay the full amount,
but it may cover a portion or at least pay for the cost of textbooks.

You should also aim to put aside at
least 10 percent of your income in savings if possible. If you can put aside
more, then you should.

You should also be frugal with your
spending. Spend more time cooking than eating at restaurants. Cancel any
subscriptions that you do not regularly use – i.e., cancel Netflix if you spend
days trying to get through one episode of a show.

By saving your money and being
frugal, you will see that you’ll have a wider safety net. This will come in
handy when paying for tuition.

Your Education

Now that you know how to pay for
grad school, we wish you the best as you get our education.

Be sure to learn more about
opportunities to earn scholarships and finance your education.

For more articles, visit OD Blog.


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