Subsidizing Graduate Degrees

These days an undergraduate degree is not nearly enough. A B.A. or B.S. is becoming as common as a high school diploma. The fact that you've been to college is almost seen as a given in many corporate cultures. As a result, young -- (or even older) -- job applicants are getting a graduate degree to help them stand out from the pack.

Employees may take graduate courses at night in order to help jump up the corporate ladder. Even if you've got a job, you are still always auditioning. If you are unhappy with your current work situation, you should consider applying for a graduate program, rather than quitting the job or taking up a new career. If other employees are being offered promotions before you, there may be a very good reason for it. A graduate degree can either solidify your standing in the workplace or land that coveted first job.

The salary jump for a worker with a graduate degree is an average of ten thousand over a candidate with only an undergraduate degree. The catch is that graduate programs can be fairly expensive--money that younger employees may not have. An employee who is entering the workforce may not be receiving the same type of parental financial support. As a result, a graduate student needs to find independent financing.

Tuition costs are also on the rise, so a graduate student--whether full time or part time--needs to find a way to subsidize the tuition. A part time student will not need to dip into as deep a well because the student will likely not have to pay for room and board. A part time graduate student may go to a job during the day and take classes at night. The trade off is that this can be a fairly exhausting period for two years or longer. No pain, no gain--it can also have significant benefits.

A full time graduate student may have to pay room and board. In addition, he or she will not be bringing in any significant income so the student will need to get financial help from another source. Even a full time student may take on resume-building part-time work, but still this will likely not be enough to cover rising tuition and other costs.

Loan Opportunities

There are a number of different loan opportunities available for graduate students. You should not only stop with the school's financial aid office. There are scholarships available for students of every stripe--minority students, women, type of curriculum, and more. These scholarships may or may not be able to be combined with other types of financial aid programs.

If you are working a full time job, many employers will provide a tuition re-imbursement plan--a type of financial aid that comes directly from the employer. Remember, it is in the employer's best interest to have a knowledgeable employee base, so this is a way to "sell" the idea to the employer.

Other type of subsidy programs, such as grants and fellowships, can be used in addition to other financial aid programs--either gift aid or private student loans. Do not necessarily stop at one program as a combination can better subsidize tuition and other expenses.

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