How to Make Graduate School Affordable

Your education is the biggest investment you’ll make for yourself aside from purchasing a home. Two factors weigh heavily when deciding to go to grad school: time and money. In this article we discuss ways to make graduate school affordable and ease your financial burden.

While tuition costs have increased over the past decade, the rate of increase to attend graduate school has slowed between 2022 and 2024.  According to a study conducted by the CollegeBoard, public four-year institutions have seen a 2.3% rise in tuition, while private institutions rose 3.9%. Despite this, students often face higher out-of-pocket costs to cover their remaining tuition balance once grants, loans, and other financial aid have been applied, also known as the net price. As tuition trends continue to evolve, understanding your financial options is crucial for choosing the right program for you.

To manage graduate school expenses, it’s crucial to evaluate your potential debt and expected salary with a completed graduate degree. Avoid taking on excessive loans that may not align with your future earnings. Financial aid, grants and scholarships must also be taken into consideration when calculating what you’ll spend on your advanced degree.

Here are some strategies to reduce graduate school expenses:

• Prioritize cost when looking for programs. This will be an important part of your graduate school decision matrix. You can also look up tuition costs as you research programs of interest. Don’t base the quality of the program on the cost alone.
• Explore scholarship, grant and financial aid options. These are valuable resources to help offset the financial responsibility of tuition without having to pay them back.
• Save before you enroll. If you’re already in the workforce and want a graduate degree to boost your career, start saving. The more you can pay without the help of loans the better. That doesn’t mean you shouldn’t explore scholarship, grant and financial aid options to reduce that gross amount. Even if you’re transitioning straight from undergrad, saving what you can will help.
• Consider private vs public universities: Public institutions generally offer lower tuition compared to private ones. However, if a private institution is on your wish list, inquire about in-house financial aid options such as work study programs.
• Employer Tuition Reimbursement: Find out if your workplace contributes continuing education. Many businesses will assist with higher education costs through reimbursement. There’s usually a time commitment you must make to remain working at that business once you graduate, but it’s well worth it if it saves you from accruing loans in the long term.
• Leverage military and service-based benefits. Many institutions grant waivers and tuition assistance for military personnel or those who served in the Peace Corps. Check with your program advisor if you think you qualify for this perk.
• Loan forgiveness opportunities: If you have to take out a loan, research loan forgiveness opportunities. They may direct you toward a certain career path such as working for the government or in public service.

By understanding and utilizing these financial strategies, you can make graduate school more affordable and aligned with your goals. For the most accurate and personalized advice, always consult directly with admissions advisors.