Five Excellent Sources to Fund Your Graduate Studies

Funding is one of the biggest concerns among students pursuing graduate studies. Rising tuition fees, failing to obtain government funds and managing debts make it more difficult. Having enough money to finance your graduate studies seems to be a dream. Getting help from parents seem very awkward and they will likely deny helping you if they do not have spare.

The cost of graduate studies can be very high depending on the tuition fees of the university, your financial circumstances, library fees, examination fees, food, travel, accommodation and much more. Of course, you need to rely on financial assistance. Otherwise, you will have a big break in your career and a break in career means difficulty getting employment. Good news is that you can fund your education in various ways.

Look for employer’s contribution

Many companies encourage their employees improve their skills and pursue higher programmes to expand their knowledge and implement practically. They sponsor all or part of your course fees provided you prove to your employer that you will learn new things that will contribute to profits if implemented at workplace. Employers mainly hesitate to fund your education when they sense that your course has nothing to do with the company’s work. Before you seek any assistance from your employer, make sure that you have prepared a convincing speech. Try to prove that this will give long-term benefits to the organisation.

Graduate school scholarships

Scholarships can also help you fund your education. Universities grant scholarships to students based on merits. Governments also grants and benefits to students to encourage them to pursue graduate studies. Look out for the eligibility criteria and see how you can avail this opportunity. If you have a good academic record, you will likely get grants and scholarships easily. Private organisations also provide fellowships, but they are highly competitive.

Take out Guaranteed loans

Chances are you will rely on loans to fund a part of your programme. Borrowing money from direct lenders should be smartly. Lenders specifically provide student  Guaranteed loans. You can use funds to finance any expense related to your course. You will be paying down every month until the term gets over provided your income is more than the threshold income. If you need small amount of money, for instance, just to fund your tuition fees, you can also take out guaranteed loans. You can apply for these funding sources even if your credit history is poor. Some lenders provide these funds at higher interest rates. Make sure that you do enough research.

Peer-to-peer lending

Peer-to-peer lending is a great option to raise funds for your education. There is no role of a mediator and hence you can get money at lower interest rates. Some crowdfunding sources specifically aim at students pursuing graduate studies. Look out for them when you need money. The lending is unsecured, but some lenders will likely want you to have a good credit history. You may get flexible repayments if they find that the course you are pursuing is good to invest in.

Work for your graduate school

Some universities allow students to research in faculties in exchange of stipend. Each university has its own rules and regulations. An individual department will be responsible to pay you stipend. This may help you cover at least half of the cost of your studies. Follow a proactive approach. It is important that you stay active and alert to know if any faculty member needs your help to conduct research. If your course has a scope of research, you should not let go this opportunity. In fact, you can work as an assistant of postgraduate students spending time in labs. 

The bottom line

Aforementioned ways can help you finance your education easily. However, sometimes it becomes difficult to fund a course due to one reason and the other. In that case, enrolling for a part-time course will be a good idea because fees will be spread out over a longer period. If you choose part-time course, make sure that you have a realistic approach to balance between work and studies. It is must that you gain experience along with your studies. Otherwise, you may find difficulty getting a job. In the nutshell, whatever the funding source you opt for, make sure that you will pay off them on time.