Earning a graduate degree might be sensible if you want to increase your lifetime earning potential. A master's degree often results in a salary increase of almost $13,000 per year compared to a bachelor's holder, representing a sizeable ROI.

However, the cost of a graduate degree might be substantial. The average cost of attending graduate school was $19,314 per year, as the National Center for Education Statistics reported.

You should budget much more than that to get your degree because the sum doesn't cover certain significant expenditures like lodging and board. Gift aid, work-study programs, and student loans are just some of the choices to consider while figuring out how to pay for graduate school.

The Best Options for Financing Graduate Education

Graduate and professional students can choose from a wide variety of funding options. If you're trying to figure out how to pay for graduate school without taking out loans, these ideas may help.

Begin Your Search for Free Cash

Gift aid, often known as unrepayable financial assistance, is available to graduate students. Grants, scholarships, and fellowships are all common types of graduate-level financial assistance.

Grants

The neediness of a candidate is typically taken into account when awarding grants. For instance, the José Mart Scholarship Challenge Grant Fund program offers funding to graduate Hispanic students at colleges in Florida. Awards of up to $2,000 per academic year are available to qualified students.

Scholarships

Grad students might get financial aid based on their academic or professional records. CyberCorps: Scholarship for Service is one such award for graduate students. Funding of up to $34,000 per year for up to three years is available for graduate students pursuing a career in cybersecurity.

Fellowships

Promising graduate students can spend their time studying instead of teaching or doing research thanks to the financial support provided by fellowship programs. Schools, trade groups, and charities all give out these honors annually.

Make an Application For An Assistantship

Earning a graduate assistantship can help you pay for school and cover basic living costs. Some schools provide the opportunity to work as an assistant on a salary. Typically, you'll obtain a tuition waiver and a monthly stipend to cover living expenses for working a set number of hours each week.

Your teaching or research assistant responsibilities may also include assisting with administrative duties and grading papers. You can inquire with the head of the department offering your major to see if any assistantships are available, or you can peruse the university's employment listings.

Participate in the Federal Work-Study Program

Students of any age who are enrolled in college and demonstrate financial need may participate in the Federal Work-Study Program. If you participate in a work-study program, you can earn money while working toward your degree.

Your role as a graduate student will determine whether you are paid hourly or a set wage. Complete the Free Application for Federal Student Aid and speak with your school's financial aid office to learn more about the federal work-study program.

Study State Programs

Some states provide tuition aid or reimbursement programs for postgraduates studying in high-need sectors. If the state helps pay for your master's degree, it will likely oblige you to work there for a certain number of years after you graduate. Some state-run initiatives include:

Ohio

The Choose Ohio First program is open to graduate students who are Ohio residents but earned their undergraduate degrees elsewhere. Students attending a public institution in Ohio are encouraged to apply if they are interested in pursuing a career in the STEM fields.

South Carolina

A scholarship/loan program is available to teachers in the state of South Carolina. Funding of up to $5,000 per academic year is available for graduate students who want to enter the teaching profession following graduation. Forgiveness of the loan may be granted if the graduate goes on to teach in a specific field or location.

Ask The Employer For Tuition Reimbursement

Some employers will cover the cost of graduate education as part of their strategy to find and develop elite talent. The following is an illustration:

The Home Depot

The Home Depot will compensate full-time hourly workers up to $3,000 per year for graduate school tuition costs.

Verizon

Verizon has established a partnership with Bellevue University to provide its workers with access to degree-granting programs. Support for college expenses for full-time employees is available for up to $13,250.

Consider joining Teach for America

While Teach for America does not pay for its members' graduate education, several schools offer significant discounts to those participating in the program. American University, for instance, offers a 29% tuition discount to Teach for America participants and graduates. If you want to know if your company offers tuition reimbursement as part of your benefits package, you may ask your human resources representative or your manager.