Financing higher education to advance career goals can be daunting. As a Manhattan public school teacher, I’m required to complete a master’s degree within the next four years to maintain my certification. Saving for grad school on a teacher’s salary in an expensive city is challenging, especially without familial help. Luckily, I’ve found research tactics, scholarships and financial strategies to support my education without relying on loans. Here’s how:

1. Decide If A Degree Is Necessary

First, confirm whether grad school is essential for career growth. “Don’t assume a degree will get you a job. Look at others on LinkedIn with the career trajectory you want, and see what degrees they have,” says Annie Cole, Ed.D., a financial coach and founder of Money Essentials for Women. Although an MBA might help you land an executive role, it’s less necessary for starting your own business.

Mariam Sow, a student adviser at NYU, encourages asking whether you must do grad school now. “People worry that they’ll never go to grad school if they don’t do it right after undergrad, but so much experience can be lived that prepares you to do better in grad school if you take a beat,” she shares. Waiting has real benefits, including working and saving money. 

2. Do Your Homework

If grad school is necessary, research different programs’ costs. When looking into an MFA, I considered low-residency options and online programs with lower tuition. I looked for programs lasting two years maximum and examined tuition and educational differences between private and public universities. Instead of a graduate degree, Cole suggests earning a certificate—a shorter, less costly way to develop desired skills.

Patricia Roberts, author of Route 529: A Parent’s Guide to Saving for College and Career Training With 529 Plans and chief operating officer at Gift of College, recommends contacting individuals who pursued your particular program at schools you’re interested in.

“Find out, what did it lead to in terms of jobs? How much do they like their work?” she says. 

When I debated a master’s in journalism versus an MFA in writing, I spoke with alumni from my university who completed these degrees at schools I liked to understand how they afforded their education. 

Organize your research about different programs. I store details in a centralized Google Doc with sections for academics, financial aid, application requirements, deadlines, and contact information. I hyperlink sources for easy reference. 

3. Find Free Money

After forming a list of programs, I scoured online financial aid pages to understand what graduate fellowships, teaching assistantships and research assistantships each program offered. 

Jennifer Harpham, director of financial aid at My College Planning Team, explains that you should maximize this aid first because you don’t have to pay back the money. Investigate scholarships both through your program and the larger university or college before looking at third-party funding. 

To find outside funds, Harpham recommends Scholarships.com and Fastweb, where you can set up a profile and provide your specific program. “Then the site will find all scholarships you match up with and deliver that to you,” she says. 

During my search, I found that several school websites linked field-specific scholarships. If you find similar resources, bookmark them. In addition, check your employer benefits to see if your employer will pay for part of your education. Even if they won’t, your job might help you avoid debt: One school I’m applying to provides public teachers with a game-changing 50% tuition remission. 

If you don’t see important details online and can’t attend or watch recordings of info sessions, call or schedule a meeting with admissions and financial aid officers. 

4. Make A Saving Plan

Save money as soon as possible. “Start with a budget and backwards plan,” Cole says. “Know how much your master’s degree and licensure applications will cost. Ask what is a realistic amount to save from your monthly income for this?” 

Sow encourages assigning all money in your budget a role and even labeling the purpose of each lump sum in your savings. This might reveal, for instance, that you saved enough money for tuition but not for additional fees.

I track my savings in a high-yield brokerage account where money accrues over time. I also keep living expenses low by living with roommates and taking the smallest room to pay less rent. I use public transit, shop at Trader Joe’s instead of more expensive stores and keep my AC no lower than 75 degrees to curb electricity costs. 

Of course, everyone’s tolerance for limiting expenses differs. “Don’t stress to the point that you’re not living a good life, but stretch yourself in terms of what you can set aside,” Harpham says. Sow suggests immersing yourself in a community of like-minded people to provide emotional support. Personally, I find saving easiest when I imagine it as a steppingstone to my dreams, not a burden. 

One structured way to save is using a tax-free 529 college savings account. Roberts explains that you can invite people to contribute to your account instead of giving you birthday presents, and “37 states plus Washington, D.C., give individuals annual state tax deductions or credit for these accounts.” To open one, Google a state’s name and “529.” You don’t have to open an account in your state or the state of your university, but start there if you’re interested in tax reductions. 

Contributing to your plan directly from your paycheck is optimal; according to Roberts, research shows that people contribute 75% more when money comes directly from their paycheck rather than when people manually contribute funds from a checking or savings account. 

Finding grad programs that allow you to work full-time could also help you afford your degree. In this case, you might use a tuition payment plan to submit payments several times a semester as you receive paychecks. 

5. Approach Loans Wisely 

Sometimes a loan becomes unavoidable. Federal aid through the FAFSA usually provides the lowest rates with benefits like deferments. “If you find rates lower than FAFSA’s, you’ll know it’s a good deal,” Harpham says. When considering private student loans, a fixed interest rate is better than a variable one. Additionally, some loans don’t accrue interest while you complete your program, so you can use paychecks to pay off loans while in school at no interest. 

Be realistic about your ability to repay loans, especially if you will have a lower starting salary. Roberts suggests finding out if your degree will lead to a job with loan repayment benefits before borrowing money. Educate yourself about how difficult it might be to repay loans too. “Women have two-thirds of outstanding student loan debt, perhaps due to pay inequity,” she says. She also reports that Black and LGBTQ+ students generally take longer to repay debt and have larger debts. 

These statistics should not make you afraid, but rather intentional with your planning so that you can pursue your ambitions with the highest degree of happiness possible.

Photo by Dikushin Dmitry/Shutterstock.com