Graduate Corner: How to pay for graduate school?
The importance of graduate school is not questionable. After choosing a good school, the first thing that comes to one’s mind is how to finance that degree. At this stage of career, most individuals have the option to make good money, rather to pay for graduate school fees. Obviously, opportunity cost for a graduate degree is much higher. Don't leave your motivation of pursuing your higher studies. Here we have highlighted some strategies to pay for your graduate degree:
1. Tuition assistance from an employer
In order to enhance the skills and to avoid the hassle of new hiring, employers assist a qualified worker to pursue graduate school. Sixty percent of the companies are offering some type of fee compensation to their eligible employees, according to a survey conducted by the Society for Human Resource Management.
2. Get some scholarship or fellowship
Scholarships or fellowships are an excellent source of financing your graduate degree. As we have briefly discussed fellowships and scholarships in our previous issues, you can take a look at your relevant subject in a scholarship database or fellowship database.
3. Work at the same school or work for your school
Be smart while selecting the institution for study. In some schools, office work positions are offered to the students through administrative assistantships. This kind of assistantship varies with the duties assigned and policies of the given schools.
4. Tuition fee waiver
A tuition fee waiver policy is different for every intuition and may have certain conditions. Some schools offer them to employee’s children, some to veterans, or some on the basis of financial needs. Every year 10% of graduate students are getting the fee waiver according to one report from the National Center of Education Statistics.
5. Federal student loans
To get the federal student aid you need to file a Free Application for Federal Student Aid (FAFSA); it is usually due at the end of June. Gather all initial information required for the application such as your social security number, your three year tax returns or your parents’ tax returns if you are declared as a dependent on their tax return. For more details, check https://fafsa.ed.gov/.
6. Choose a Ph.D. over a Master's degree
Most Ph.D. programs give you stipend to meet your current expense during your academic session. Also you may get the opportunity to do an assistantship or other part time positions.
7. Tax incentive
You can take advantage of the tax credit for your graduate studies in different ways such as, reducing your interest on your student loans, deducting cost of your graduate school expenses, or through Lifetime Learning Tax Credit.
8. Private loans
Many private financial institution and banks provide loans for your studies. You should, however, do proper research in terms of interest charged and their repayment plan before selecting a particular institution.
9. Consider the Army or Air Force Reserve Officers' Training Corps (ROTC)
If you want to avoid all loan plans then consider the Army or the Air Force. They will pay 100% of your fee after you sign a contract with them. Your job is to serve the Army for a period of six years after completing your graduate degree. Also to become an Army officer, you need to take a one month long, fully paid Leadership Training Course.
10. Early withdrawal of your savings
The US Government allows you to take advantage of the penalty free Individual Retirement Account (IRA) to meet your educational expenses. Visit the IRA Website for more details.
11. Entice schools to compete for you
Extraordinary students and top students of undergraduate schools can choose the best financial assistance plan by applying in many graduate schools. Tell each school about your priority of financial assistance so, in competition, they can offer you the lowest fee plan.
12. Apply early
There are more opportunities for obtaining financial aid from schools by searching and applying early.
13. Talk to your undergraduate school
Some schools offer special discounts for further studies to their alumni.
Spiritual Treasure Challenge
The National Taleem Department of MKA-USA has initiated a scheme for Khuddam to read all the books of Promised Messiah (as) that have been translated in English over a period of 2 years. There are 31 books consisting of approximately 1950 pages. The books can be read in English or Urdu or listened to through the audio books. The complete book list and rules of engagement are available at www.mkausa.org.
RKS-QQ Answer: SABZ ISHTIHAR (The Green Announcement)
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