In today's economy it takes a good education to move people ahead in their careers. An undergraduate degree will only take you so far, and in order to make the big bucks you need a master's degree. However, this can be an expensive undertaking which can cost you thousands of dollars and take years to pay back.
There is financial aid for graduate school but as you do your research you will find that only a small number of graduate students are eligible for the minimal free federal or state dollars. What you will also find are a number of federal loans for which you may apply. The advantage of these is that they offer lower interest rates than private loans, and federal loans can be deferred and sometimes forgiven.
Most schools will allow you to shop for Stafford loans, but private loans should remain a last resort as they have variable rates meaning payments may elevate over time. One of the advantages of a federal loan for graduate school is income-based repayment. By consolidating their federal loans with the federal government, graduate students can repay their loan with monthly payments at around 15% of the family's income.
If you are a teacher, healthcare worker, or public servant, there are programs that will repay your loans. Hopefully you are one of the many fortunate graduate students who will not need a repayment program because of the salary your graduate degree will garner. For those students in social services or the humanities, this investment usually does not show a profit, so for these graduate students, shopping for the best financial aid deal is critical.
Understand from the start that the process for financial aid for graduate school is different than it was for undergraduate school, although the FAFSA is still a requirement. Do not wait until the last minute to apply as the money will run out, and you should also look to apply to those schools with strong programs in your field as they may have research grants. Also, research large corporations to find out which schools have benefitted from their research dollars and apply to those schools.
If you are a member of the Armed Forces or have served your country post-9/11, you are eligible for tuition assistance through the GI Bill. Certain circumstances may qualify you to have your loans repaid by the military, but you will need to check with your recruiter or research it online. If you are currently employed, you may want to check with your employer as more and more of them are subsidizing employee tuition.
Besides the federal loans, Armed Forces loans, or employer assistance, you should turn over every stone such as writing letters to trade associations or organizations affiliated with your ancestry, religion or nationality. Also, do not forget to check with your school's financial aid office for any additional resources.
