As a fourth-year college student who plans to attend grad school in the fall, Kathryn Leary, 22, a communication sciences major at James Madison University, is searching for ways to pay for her master’s degree in speech-language pathology.
“I just got my acceptance at James Madison University and I think that’s where I’m going to go,” says Leary, who clicked the box on her application to be considered for an assistantship. “I’m just waiting hear back if I get an assistantship from them.”
The JMU senior says that even if she isn’t awarded an assistantship, she still plans to attend her alma mater because the tuition is in-state; and she won’t have any relocation costs. Plus, she already has a job as a cashier nearby.
“Part of it will have to be loans if I don’t get an assistantship,” Leary says.
A typical student who borrowed loans to attend both college and grad school owes $57,600, according to a 2014 study published by the New America education policy program. Financing grad school has also become more challenging as many need-based financial aid programs, such as subsidized Stafford loans, have been phased out or eliminated.
But, there are ways to find money for school other than loans. Here are some steps to consider as an undergrad before enrolling in a master’s or doctoral program.
[Learn more about paying for grad school.]
— Adhere to deadlines: “Whether it’s a deadline for application or scholarships or FAFSA, it’s important to make the deadline,” says Marty Somero, director of financial aid at the University of Northern Colorado. The FAFSA is the Free Application for Federal Student Aid, which many schools use to determine awards.
Even though scholarships tend to be fewer at the graduate level, missing a deadline could mean missing out on a graduate or teaching assistantship, Somero says.
An assistantship, whether it’s involved in administration, research or teaching, is a valuable form of financial support for a grad student. It often covers part or all tuition as well as provides a stipend in the form of a paycheck, financial aid experts say.
— Be a stellar college student: A strong GPA and good letters of recommendation and even research done as an undergraduate can help some students be awarded a fellowship package for their graduate studies, says Marvin Hackert, interim dean of the graduate school at the University of Texas–Austin.
“The best ones will even be a co-author, maybe on a research paper that resulted from that research,” Hackert says.
Fellowship awards usually pay for tuition and cover living expenses. These types of awards can be more plentiful and numerous, depending on the institution’s endowment and are used to attract merit students. A fellowship at UT–Austin, for example, awards $28,000 for an academic year and waives tuition and fees.
Ranking highly in your class doesn’t just help with fellowship awards, it also improves chances for receiving financial aid, says Blaine Blontz , a financial consultant at Financial Aid Coach who advises parents and grad students on how to maximize financial aid awards. “Your best bet is if you do receive offers for merit-based aid,” Blontz says.
[Explore the 2016 Best Graduate Schools rankings.]
— Consider attending your alma mater: There are some home-turf advantages for attending the same school –especially in networking with different offices on campus or professors for assistantships and research roles, experts say.
“Get plugged in with professors as soon as that spring semester is around when grad departments are about to give scholarships and financial support for the upcoming fall semester,” Blontz says.
Before Fabian Garcia, 28, thought about applying for grad school, he worked at his school’s financial aid office as part of work-study for an hourly wage.
“Because I had a support network in place, I felt more comfortable taking that leap to graduate school,” says Garcia , who is currently attending his alma mater the University of Northern Colorado for his master’s degree in higher education and student affairs leadership.
The department where Garcia worked as an undergraduate offered him a form of graduate assistantship to continue his studies. With the support, Garcia has limited his loans for grad school to around $10,000.
[Find out how to search for graduate school scholarships]
— Take grad school courses an undergrad: Most universities have a policy to allow undergrad students to take between six to nine hours in graduate courses that can sometimes count toward a master’s or doctoral degree.
“That usually shaves some time off that it takes for them to get their master’s degree,” Hackert says.
But undergraduate students should check the policy of their prospective grad school whether these credits can be applied toward their advanced degree. Usually, these credits can only be applied toward an advanced degree at their alma mater, experts say.
— Look for jobs off campus: “If a student has a job offer, we tell them to talk to the employer first about sponsoring them for grad school,” says Brad Barnett, the senior associate director of financial development at JMU. “Or, ask upfront whether they have some form of tuition assistance.”
Another option is to look for regular work opportunities near a prospective school, and it might even help with establishing residency for in-state tuition, financial aid experts say.
“Seek employment outside the university and think carefully before taking out student loans,” Hackert says .
Trying to fund your education? Get tips and more in the U.S. News Paying for Graduate School center.
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5 Ways Undergrads Can Set Themselves Up to Pay for Grad School originally appeared on usnews.com
