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What are the best student finance masters options?

Many times, an undergraduate degree is supported by the parents who probably saved up for college or you ended up taking a student loan. When it comes to masters however, student finance advice is necessary to try and find a suitable student finance masters option. This is especially so because chances are that you are still paying out the student loan that you took out for your Undergrad.  Does the option of tuition grant still apply postgraduate? And are there other methods of financing a masters degree for a student?

Rodney Fox

in Student Loans

1 answer

1 answer

Heather Maxwell on February 27, 2018

It is true; financing masters as a student is a completely different ball game from undergrad level. Getting the money to fund your masters may not be as hard as you imagine. First and foremost, your chances of getting a federal loan will have probably increased because you are no longer under your parents. This will then put you in the league of a low income student and you may qualify for the Perkins loans which have a 5 percent interest rate. There are so many other loans that won’t be so heavy on the payback which will be made available to you through FAFSA.

However, you shouldn’t borrow the full amount, if at all. That’s where Finance advice for students is needed. The first thing you should do is to apply early. Once the school notices that you have applied, you could be lucky enough to be awarded a fellowship that caters for part or all of your fees. Securing a scholarship should be on your mind because graduate programs generally give out scholarships based on merit. Financial aid is given out by academic departments instead of a central financial aid office. It’s up to you to do some digging and find out what applies in your case.

If banking on luck doesn’t seem realistic, you should get your employer to pay. Most companies want to improve on their collective skills without having to hire new people so they will pay for their employees’ grad schools through something called tuition reimbursement. Many companies just require that the coursework you undertake has to have a connection with your job role. Other companies will require you to work for a certain period of time after you finish school or you’ll pay back a portion of the tuition. Convincing your boss to pay for your masters will actually benefit the both of you.

After applying for a grant for tuition, securing at least a partial scholarship and convincing your boss to chip into your education need to grab your credit. Find out if you qualify for federal Lifetime Learning Tax Credit. This is so helpful because you are entitled to take away up to $2000 annually from your tax bill. This credit applies to twenty percent of tuition and other necessary educational expenses. The expenses go up to $10,000 and are available to single filers and married people.

Caleb Jenkins2 years ago

Financing your masters as a student can be hectic. You just have to be smart about it to come out on top. The hacks that have been mentioned are great in trying to relieve your financial burden. The end goal should be to achieve quality education without the financial burden on your back. One more strategy I’d like to add on is to work for the school. If you aren’t employed why not make the school your employer? Teaching assistantships and research normally cover at least part of the tuition. They also pay a stipend every so often while getting classroom instruction or research in return. Assistantships are just like the scholarships that were mentioned; they are more often than not presented by individual departments. It’s up to you to do your homework. Once you are aware of the specific topic you want to study, look for relevant programs and faculty members who would appreciate an assistant.

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