{"id":79172,"date":"2024-09-14T09:59:11","date_gmt":"2024-09-14T14:59:11","guid":{"rendered":"https:\/\/www.success.com\/?p=79172"},"modified":"2024-09-13T14:32:49","modified_gmt":"2024-09-13T19:32:49","slug":"how-to-finance-higher-education-on-a-budget","status":"publish","type":"post","link":"https:\/\/www.success.com\/how-to-finance-higher-education-on-a-budget\/","title":{"rendered":"How To Finance Higher Education On A Budget"},"content":{"rendered":"\n

Financing higher education to advance career goals can be daunting. As a Manhattan public school teacher, I\u2019m required to complete a master\u2019s degree within the next four years to maintain my certification. Saving for grad school on a teacher\u2019s salary in an expensive city is challenging, especially without familial help. Luckily, I\u2019ve found research tactics, scholarships and financial strategies to support my education without relying on loans. Here\u2019s how:<\/p>\n\n\n\n

1. Decide If A Degree Is Necessary<\/h2>\n\n\n\n

First, confirm whether grad school is essential for career growth. \u201cDon\u2019t assume a degree will get you a job. Look at others on LinkedIn with the career trajectory you want, and see what degrees they have,\u201d says Annie Cole, Ed.D., a financial coach and founder of Money Essentials for Women<\/a>. Although an MBA might help you land an executive role, it\u2019s less necessary for starting your own business.<\/p>\n\n\n\n

Mariam Sow, a student adviser at NYU, encourages asking whether you must do grad school now. \u201cPeople worry that they\u2019ll never go to grad school if they don\u2019t do it right after undergrad, but so much experience can be lived that prepares you to do better in grad school if you take a beat,\u201d she shares. Waiting<\/a> has real benefits, including working and saving money. <\/p>\n\n\n\n

2. Do Your Homework<\/h2>\n\n\n\n

If grad school is necessary, research different programs\u2019 costs. When looking into an MFA, I considered low-residency options and online programs with lower tuition. I looked for programs lasting two years maximum and examined tuition and educational differences between private and public universities. Instead of a graduate degree, Cole suggests earning a certificate\u2014a shorter, less costly way to develop desired skills.<\/p>\n\n\n\n

Patricia Roberts, author of Route 529: A Parent\u2019s Guide to Saving for College and Career Training With 529 Plans<\/em><\/a> and chief operating officer at Gift of College, recommends contacting individuals who pursued your particular program at schools you\u2019re interested in.<\/p>\n\n\n\n

\u201cFind out, what did it lead to in terms of jobs? How much do they like their work?\u201d she says. <\/p>\n\n\n\n\"Boost<\/a>\n\n\n\n

When I debated a master\u2019s in journalism versus an MFA in writing, I spoke with alumni from my university who completed these degrees at schools I liked to understand how they afforded their education. <\/p>\n\n\n\n

Organize<\/a> your research about different programs. I store details in a centralized Google Doc with sections for academics, financial aid, application requirements, deadlines, and contact information. I hyperlink sources for easy reference. <\/p>\n\n\n\n

3. Find Free Money<\/h2>\n\n\n\n

After forming a list of programs, I scoured online financial aid pages to understand what graduate fellowships, teaching assistantships and research assistantships each program offered. <\/p>\n\n\n\n

Jennifer Harpham, director of financial aid at My College Planning Team<\/a>, explains that you should maximize this aid first because you don\u2019t have to pay back the money. Investigate scholarships both through your program and the larger university or college before looking at third-party funding. <\/p>\n\n\n\n

To find outside funds, Harpham recommends Scholarships.com and Fastweb, where you can set up a profile and provide your specific program. \u201cThen the site will find all scholarships you match up with and deliver that to you,\u201d she says. <\/p>\n\n\n\n

During my search, I found that several school websites linked field-specific scholarships. If you find similar resources, bookmark them. In addition, check your employer benefits to see if your employer will pay for part of your education. Even if they won\u2019t, your job might help you avoid debt: One school I\u2019m applying to provides public teachers with a game-changing 50% tuition remission. <\/p>\n\n\n\n

If you don\u2019t see important details online and can\u2019t attend or watch recordings of info sessions, call or schedule a meeting with admissions and financial aid officers. <\/p>\n\n\n\n

4. Make A Saving Plan<\/h2>\n\n\n\n

Save money<\/a> as soon as possible. \u201cStart with a budget and backwards plan,\u201d Cole says. \u201cKnow how much your master\u2019s degree and licensure applications will cost. Ask what is a realistic amount to save from your monthly income for this?\u201d <\/p>\n\n\n\n

Sow encourages assigning all money in your budget a role and even labeling the purpose of each lump sum in your savings. This might reveal, for instance, that you saved enough money for tuition but not for additional fees.<\/p>\n\n\n\n

I track my savings in a high-yield brokerage account where money accrues over time. I also keep living expenses low by living with roommates and taking the smallest room to pay less rent. I use public transit, shop at Trader Joe\u2019s instead of more expensive stores and keep my AC no lower than 75 degrees to curb electricity costs. <\/p>\n\n\n\n

Of course, everyone\u2019s tolerance for limiting expenses differs. \u201cDon\u2019t stress to the point that you\u2019re not living a good life, but stretch yourself in terms of what you can set aside,\u201d Harpham says. Sow suggests immersing yourself in a community of like-minded people to provide emotional support. Personally, I find saving easiest when I imagine it as a steppingstone to my dreams, not a burden. <\/p>\n\n\n\n

One structured way to save is using a tax-free 529 college savings account. Roberts explains that you can invite people to contribute to your account instead of giving you birthday presents, and \u201c37 states plus Washington, D.C., give individuals annual state tax deductions or credit for these accounts.\u201d To open one, Google a state\u2019s name and \u201c529.\u201d You don\u2019t have to open an account in your state or the state of your university, but start there if you\u2019re interested in tax reductions. <\/p>\n\n\n\n

Contributing to your plan directly from your paycheck is optimal; according to Roberts, research shows that people contribute 75% more when money comes directly from their paycheck rather than when people manually contribute funds from a checking or savings account. <\/p>\n\n\n\n

Finding grad programs that allow you to work full-time could also help you afford your degree. In this case, you might use a tuition payment plan to submit payments several times a semester as you receive paychecks. <\/p>\n\n\n\n

5. Approach Loans Wisely\u00a0<\/h2>\n\n\n\n

Sometimes a loan becomes unavoidable. Federal aid through the FAFSA usually provides the lowest rates with benefits like deferments. \u201cIf you find rates lower than FAFSA\u2019s, you\u2019ll know it\u2019s a good deal,\u201d Harpham says. When considering private student loans, a fixed interest rate is better than a variable one. Additionally, some loans don\u2019t accrue interest while you complete your program, so you can use paychecks to pay off loans while in school at no interest. <\/p>\n\n\n\n

Be realistic about your ability to repay loans, especially if you will have a lower starting salary. Roberts suggests finding out if your degree will lead to a job with loan repayment benefits before borrowing money. Educate yourself about how difficult it might be to repay loans too. \u201cWomen have two-thirds of outstanding student loan debt, perhaps due to pay inequity,\u201d she says. She also reports that Black and LGBTQ+ students generally take longer to repay debt and have larger debts. <\/p>\n\n\n\n

These statistics should not make you afraid, but rather intentional with your planning so that you can pursue your ambitions with the highest degree of happiness possible.<\/p>\n\n\n\n

Photo by Dikushin Dmitry\/Shutterstock.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Finding ways to afford grad school can be stressful\u2014but you can do it without going into debt. Find out how in our latest.<\/p>\n","protected":false},"author":32473,"featured_media":79176,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"inline_featured_image":false,"ub_ctt_via":"","footnotes":""},"categories":[14060],"tags":[],"class_list":["post-79172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money"],"featured_image_src":"https:\/\/www.success.com\/wp-content\/uploads\/2024\/09\/how-to-finance-higher-education-on-a-budget-header.jpg","author_info":{"display_name":"Michelle Janikian","author_link":"https:\/\/www.success.com\/author\/jacqueline-lekachman\/"},"yoast_head":"\nHow To Finance Higher Education On A Budget | SUCCESS<\/title>\n<meta name=\"description\" content=\"Finding ways to afford grad school can be stressful\u2014but you can do it without going into debt. 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As a Manhattan public school teacher, I\u2019m required to complete a master\u2019s degree within the next four years to maintain my certification. Saving for grad school on a teacher\u2019s salary in an expensive city is challenging, especially without familial help. Luckily, I\u2019ve found research tactics, scholarships and financial strategies to support my education without relying on loans. Here\u2019s how:<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-1-decide-if-a-degree-is-necessary\">1. Decide If A Degree Is Necessary<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>First, confirm whether grad school is essential for career growth. \u201cDon\u2019t assume a degree will get you a job. Look at others on LinkedIn with the career trajectory you want, and see what degrees they have,\u201d says Annie Cole, Ed.D., a financial coach and founder of <a href=\"https:\/\/money-essentials.com\" target=\"_blank\" rel=\"noreferrer noopener\">Money Essentials for Women<\/a>. Although an MBA might help you land an executive role, it\u2019s less necessary for starting your own business.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Mariam Sow, a student adviser at NYU, encourages asking whether you must do grad school now. \u201cPeople worry that they\u2019ll never go to grad school if they don\u2019t do it right after undergrad, but so much experience can be lived that prepares you to do better in grad school if you take a beat,\u201d she shares. <a href=\"https:\/\/www.success.com\/patience-is-a-superpower\/\">Waiting<\/a> has real benefits, including working and saving money. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-2-do-your-homework\">2. Do Your Homework<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If grad school is necessary, research different programs\u2019 costs. When looking into an MFA, I considered low-residency options and online programs with lower tuition. I looked for programs lasting two years maximum and examined tuition and educational differences between private and public universities. Instead of a graduate degree, Cole suggests earning a certificate\u2014a shorter, less costly way to develop desired skills.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Patricia Roberts, author of <a href=\"https:\/\/amzn.to\/3ZrvPXI\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Route 529: A Parent\u2019s Guide to Saving for College and Career Training With 529 Plans<\/em><\/a> and chief operating officer at Gift of College, recommends contacting individuals who pursued your particular program at schools you\u2019re interested in.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cFind out, what did it lead to in terms of jobs? How much do they like their work?\u201d she says. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:html -->\n\n<!-- \/wp:html -->\n\n<!-- wp:paragraph -->\n<p>When I debated a master\u2019s in journalism versus an MFA in writing, I spoke with alumni from my university who completed these degrees at schools I liked to understand how they afforded their education. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><a href=\"https:\/\/www.success.com\/organize-your-to-do-list-into-these-4-categories\/\">Organize<\/a> your research about different programs. I store details in a centralized Google Doc with sections for academics, financial aid, application requirements, deadlines, and contact information. I hyperlink sources for easy reference. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-3-find-free-money\">3. Find Free Money<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>After forming a list of programs, I scoured online financial aid pages to understand what graduate fellowships, teaching assistantships and research assistantships each program offered. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Jennifer Harpham, director of financial aid at <a href=\"http:\/\/www.mycollegeplanningteam.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">My College Planning Team<\/a>, explains that you should maximize this aid first because you don\u2019t have to pay back the money. Investigate scholarships both through your program and the larger university or college before looking at third-party funding. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To find outside funds, Harpham recommends Scholarships.com and Fastweb, where you can set up a profile and provide your specific program. \u201cThen the site will find all scholarships you match up with and deliver that to you,\u201d she says. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>During my search, I found that several school websites linked field-specific scholarships. If you find similar resources, bookmark them. In addition, check your employer benefits to see if your employer will pay for part of your education. Even if they won\u2019t, your job might help you avoid debt: One school I\u2019m applying to provides public teachers with a game-changing 50% tuition remission. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you don\u2019t see important details online and can\u2019t attend or watch recordings of info sessions, call or schedule a meeting with admissions and financial aid officers. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-4-make-a-saving-plan\">4. Make A Saving Plan<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p><a href=\"https:\/\/www.success.com\/what-motivates-you-to-save-money\/\">Save money<\/a> as soon as possible. \u201cStart with a budget and backwards plan,\u201d Cole says. \u201cKnow how much your master\u2019s degree and licensure applications will cost. Ask what is a realistic amount to save from your monthly income for this?\u201d <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Sow encourages assigning all money in your budget a role and even labeling the purpose of each lump sum in your savings. This might reveal, for instance, that you saved enough money for tuition but not for additional fees.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>I track my savings in a high-yield brokerage account where money accrues over time. I also keep living expenses low by living with roommates and taking the smallest room to pay less rent. I use public transit, shop at Trader Joe\u2019s instead of more expensive stores and keep my AC no lower than 75 degrees to curb electricity costs. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Of course, everyone\u2019s tolerance for limiting expenses differs. \u201cDon\u2019t stress to the point that you\u2019re not living a good life, but stretch yourself in terms of what you can set aside,\u201d Harpham says. Sow suggests immersing yourself in a community of like-minded people to provide emotional support. Personally, I find saving easiest when I imagine it as a steppingstone to my dreams, not a burden. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>One structured way to save is using a tax-free 529 college savings account. Roberts explains that you can invite people to contribute to your account instead of giving you birthday presents, and \u201c37 states plus Washington, D.C., give individuals annual state tax deductions or credit for these accounts.\u201d To open one, Google a state\u2019s name and \u201c529.\u201d You don\u2019t have to open an account in your state or the state of your university, but start there if you\u2019re interested in tax reductions. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Contributing to your plan directly from your paycheck is optimal; according to Roberts, research shows that people contribute 75% more when money comes directly from their paycheck rather than when people manually contribute funds from a checking or savings account. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Finding grad programs that allow you to work full-time could also help you afford your degree. In this case, you might use a tuition payment plan to submit payments several times a semester as you receive paychecks. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-5-approach-loans-wisely\">5. Approach Loans Wisely\u00a0<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Sometimes a loan becomes unavoidable. Federal aid through the FAFSA usually provides the lowest rates with benefits like deferments. \u201cIf you find rates lower than FAFSA\u2019s, you\u2019ll know it\u2019s a good deal,\u201d Harpham says. When considering private student loans, a fixed interest rate is better than a variable one. Additionally, some loans don\u2019t accrue interest while you complete your program, so you can use paychecks to pay off loans while in school at no interest. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Be realistic about your ability to repay loans, especially if you will have a lower starting salary. Roberts suggests finding out if your degree will lead to a job with loan repayment benefits before borrowing money. Educate yourself about how difficult it might be to repay loans too. \u201cWomen have two-thirds of outstanding student loan debt, perhaps due to pay inequity,\u201d she says. She also reports that Black and LGBTQ+ students generally take longer to repay debt and have larger debts. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>These statistics should not make you afraid, but rather intentional with your planning so that you can pursue your ambitions with the highest degree of happiness possible.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"small\"} -->\n<p class=\"has-small-font-size\"><em>Photo by Dikushin Dmitry\/Shutterstock.com<\/em><\/p>\n<!-- \/wp:paragraph -->","tag_names":[],"post_attachment_urls":[],"author_email":"michelle.janikian@success.com","_links":{"self":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/posts\/79172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/users\/32473"}],"replies":[{"embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/comments?post=79172"}],"version-history":[{"count":0,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/posts\/79172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/media\/79176"}],"wp:attachment":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/media?parent=79172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/categories?post=79172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/tags?post=79172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}