How to Pay for a Master's Degree

Getting your master's can expand your opportunities, hone your skills and advance your career — but like any investment, it comes with a price tag. For the highest return, you'll need to be smart about how you pay.

Two finance counselors from Southern New Hampshire University (SNHU), Tiffany Flowers and Jill Ketchen, shared their insights to help you understand your options related to funding your degree.

Ways to Help Pay for Graduate School

Here are 7 ways to pay for your master's program or potentially reduce your cost of attendance:

Prioritize Affordability

Choosing an affordable school and program is one of the easiest ways to save on your tuition, according to Flowers.

"Making sure that the college that you choose is going to work with your lifestyle and your budget is going to reduce the stress by a lot," she said.

Be sure to do your research before selecting a school. If there's a more affordable option that comes with the same career benefits as a costlier program, pursuing the less expensive degree probably makes the most financial sense.

Use Student Loans

Many students opt to take out loans to pay for their master's degrees.

The FAFSA — or the Free Application for Federal Student Aid — is the application you'll use to determine what types of financial aid you qualify for.

"We would definitely recommend, if you're pursuing higher education, to apply for financial aid through the FAFSA," Ketchen said.

How Much Are Student Loan Payments?

According to Flowers, the school you plan to attend might have resources to help you figure out what your loan structure might look like.

"Outside of that, the federal websites have some really great tools with calculating costs of programs and what they would look like over time," she said. "Play around with those and see what those costs look like over time with interest and the different levels of repayment as well."

For instance, the Federal Student Aid (FSA) office of the U.S. Department of Education offers a loan simulator on its website to help you explore your options.

Learn more about student loans and how they work.

Leverage Employer Benefits

Depending on where you work, your employer might assist you with the cost of your master's. Flowers noted that you may also be eligible for discounts through a family member's employer. Some jobs might even pay the entire cost of your tuition.

How Can Your Job Pay for Your Master's Degree?

Connecting with your employer is the first step to determine what benefits you have, according to Flowers.

"Check with your employer, see if they offer tuition assistance or reimbursement," she said. "Usually it's money that you don't have to pay back, so it's a great option to explore if you're not wanting to pay yourself or go the loan route."

Even if you don't think your employer offers any tuition assistance, Ketchen said it's still worth reaching out.

"Worst case scenario, your employer will then know that you're interested in higher education," she said. "A lot has changed in workplace benefits, and we're seeing an increasing number of employers offering some kind of tuition reimbursement."

Find out more about tuition reimbursement.

Apply for Scholarships and Grants

Scholarships and grants can be hugely beneficial in covering the costs of a master's program, according to Flowers. And unlike loans, they don't have to be repaid.

"Apply for scholarships, especially if you were an exceptional student," she said. "Or even if you're just like a quirky person and you have kind of a niche area or identity that you're a part of, seek out scholarships that may cater to that and want to give you money just for being unique and smart."

Discover how to get a scholarship.

Can You Get Pell Grants for a Master's?

While Pell Grants are typically only available to undergraduate students in financial need, according to FSA, you may be able to find different grants for graduate students in your specific field or demographic.

"Be tenacious in your pursuit of funding and be open-minded," Flowers said. "Start early."

Pursue Fellowships, Graduate Assistantships and Work-study Positions

Fellowships, graduate assistantships and work-study positions can be hugely valuable opportunities for master's students. Not only can they help you pay for your degree, but they're often valuable experiential learning opportunities that you can add to your resume, helping you become more employable by the time you graduate. You might even make connections that help you find a job.

Search for different opportunities like these that are available nationally in your field of study as well as at your school of choice.

Choose an Accelerated Program

An accelerated program often begins when you're an undergraduate student and typically involves taking master's-level classes as part of your bachelor's program. It means you'll end up taking fewer classes throughout both programs, which can reduce your tuition costs (and time to completion).

Take a closer look at accelerated master's programs.

Pay Out of Pocket

Another option is to pay for your degree out of pocket, either saving up in advance or paying as you earn.

An online program could give you the flexibility to work while you get your degree, and many graduate students at SNHU hold full-time jobs.

"If an asynchronous program that you can move at your own pace works better for your life and all of your other commitments and responsibilities, that is not a non-zero factor in the equation of the cost of your program, and it's definitely worth considering that," Ketchen said.

Where to Find Support

To learn more about your options, Ketchen and Flowers both recommended connecting with the financial aid or student financial services department at the school you plan to attend.

"We're in a very dynamic world where knowledge and expertise is needed at more advanced levels," Ketchen said. "Definitely reach out to us."

Mars Girolimon '21 '23G is a staff writer at Southern New Hampshire University where they earned their bachelor's and master's, both in English and creative writing. In addition to their work in higher education, Girolimon's short fiction is published in the North American Review, So It Goes by The Kurt Vonnegut Museum & Library, X-R-A-Y and more. Connect with them on LinkedIn.