Paying for Your Masters in Education

Getting a master’s degree in education is a great way to advance your teaching career. For example, if you are already a teacher at a school, you can get promoted to a principal if you obtain a master’s degree. Obtaining a master’s degree can also increase your chances of getting a raise or better starting pay. Going to graduate school, however, is not cheap. Many graduate programs cost a lot of money, and most people can’t afford to pay these fees upfront. Luckily, there are several ways you can pay for your master’s degree in education.

Apply For Scholarships

Getting a scholarship is a great way to pay for your master’s degree in education. Scholarships are based on a student’s talent, merit or need. For example, you can get a scholarship by writing a good essay. Be sure to apply for scholarships as early as possible. A scholarship can cover all or part of your tuition.

Apply For Federal Loans

A very common way to pay for a graduate degree is to apply for a federal loan. There is less federal funding for graduate students loans than undergraduate ones, but it is still a good option. Federal loans also have pretty low interest rates.

Get Your Job to Pay

Many companies already have tuition assistance programs. Make an appointment to talk to a human resources representative to see if you qualify for tuition assistance. Do not hesitate to tell her how getting a master’s degree will benefit both you and the company.

Consider Private Loans

If your federal loan does not cover the entire cost of your education, you can apply for a private loan. However, you should know that most private loans have interest rates of 19 percent and cannot be deferred. You should only take out this loan if you absolutely have to.

Get a Job

Working while going to school might not be easy, but it can be done. If you get a job, you will not have as many loans to pay back in the future. Many education programs offer teaching assistantships. Being a teaching assistant can earn you a decent amount of money while you are attending school. However, you should avoid working full-time, if possible. If you work 40 hours a week, you might not have time to study or do homework. You definitely do not want your job to get in the way of your school work.

Keep Your Current Job

That said, there are many master’s in education programs that allow teachers to maintain there current teaching positions and pursue their degree at the same time. Some campus-based programs offer classes in the evenings and/or on weekends. Many online master’s in education programs allow you to participate in classes and complete coursework on your own time.

As you can see, there are several ways you can pay for your master’s degree in education. You can even use more than one of these options to pay for your schooling. For example, if your federal loan does not cover your entire tuition, you can get a job to pay for the rest. Even though you will most likely be left with debt after you graduate, it will be completely worth it. You will be qualified for more jobs and will have a higher earning potential.

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