Now more than ever, obtaining a formal education is essential to long-term financial prospects. The difference between having a college education and not having one can be hundreds of thousands of dollars over the course of your working years, and this has pressured many into seeking higher education in every field. Unfortunately, college is now more expensive than ever, making it difficult for many to obtain that education without financing mortgage-like levels of debt in the process. If you’re planning on obtaining your master’s degree but want to avoid five- and six-figure mountains of debt in the process, then you’ll want to read below about some tips that can help.
Consider Your Options
In today’s world of education, an advanced degree doesn’t necessarily mean tons of debt. You’ll want to consider multiple pathways to obtaining your master’s degree. While some colleges and universities are quite expensive, you’ll be able to find affordable solutions such as your community college. The courses through these institutions are often substantially cheaper and can help you avoid accruing lots of debt, if any at all. Additionally, some online institutions may provide a price point that is more reasonable than a traditional educational setting. There are many colleges, including traditional universities, which offer online masters in business administration, accounting, and dozens of other fields for less than the brick and mortar experience.
Not everybody has thousands of dollars saved up for obtaining their master’s degree. Fortunately, this isn’t necessary. If you want to minimize any debt when earning your master’s degree, then consider taking courses part-time. This will allow you to pursue your dream of obtaining your masters, but will also reduce the cost per semester, giving you a chance to pay upfront for the classes without borrowing any money. For many working people who hate the notion of debt, this is a preferred method of pursuing associates, bachelors and master’s degrees alike.
Those returning to school or who are pursuing advanced degrees may not consider scholarships as a viable option, but they are available. Just because you are older or pursuing additional education doesn’t mean that you’re ineligible for this type of financial aid. With many billions in scholarship dollars awarded each year to college enrollees, there are undoubtedly specific scholarships for those pursuing master’s degrees that you can apply for and compete to win.
Look Into Work Study Programs
Last but not least, there are many work study or on-campus work programs that can help students seeking their MBA in information technology or BS in political science to eliminate potential debt. These programs can cover everything from volunteer and charitable work off-campus to faculty-related assistance jobs that help save the college money. Especially when combined with other strategies mentioned here, these work study programs can eliminate any potential debt associated with a master’s degree.
Pursuing advanced education without acquiring debt is a noble feat. If you’re ready to get that masters but don’t want to be paying off loans for years, then consider a combination of scholarships, online and community college learning, work study programs and a part-time enrollment to help make it possible.