Balancing a full-time job while earning a graduate degree can feel overwhelming. Many hopeful graduate students want to pursue advanced education without putting their careers on hold or sacrificing their income.
If you’re like many graduate students who work full-time, it's crucial to be honest with yourself about the feasibility of juggling both responsibilities. Reflect on your daily schedules, energy levels, and the possible stresses that could arise. You need excellent time management skills when you balance coursework, campus commitments, a job, and possibly a family at the same time.
Prospective graduate students need realistic, actionable tips for paying for graduate school. Our goal is to equip you with resources to help you determine your options and pursue the best possible path for financing your education.
Understanding the Cost of Graduate School
Graduate school offers a rewarding path filled with opportunities for career advancement, research, and gaining specialized qualifications. But, it’s certainly not known for being cheap.
Graduate programs often come with significant costs, but most try to match those costs with significant value. Graduate school costs include tuition fees, which vary between institutions and programs and can be particularly high for specialized degrees. Students often incur costs for books and supplies, technology fees for software or online platforms, and facility or lab fees for access to specialized equipment. Health insurance is a further consideration for many students, and, as you know, the opportunity cost of reduced work hours or leaving a job to pursue studies represents a significant financial impact.
Yes, there’s a high price tag for a graduate degree, but the payoff when you graduate can be life-changing. The Bureau of Labor Statistics reports that, on average, workers with a master’s degree earn nearly $13,000 more per year than those with only a bachelor’s degree. For doctoral degree holders, that number increases to $32,000 per year.
As you weigh the costs and benefits, compare the long-term rewards against the time investment, energy requirements, and financial demands.
Choose a Graduate Program Designed for Working Professionals
One of the most significant concerns you might have when considering graduate school is if you need to leave your current job. For those coming straight from undergrad, this may not be a seismic shift; it may not even be relevant. But for those well into their careers, this is a significant deciding factor. Will you be able to balance working, learning, and your other responsibilities?
If you’re planning on learning and earning, you’re part of the majority. In the last ten years, 76% of graduate students worked at least 30 hours a week. Graduate programs have moved to embrace this reality, adapting programmatically to accommodate students who must continue working.
Many degrees, especially those designed for mid-career candidates, hold classes on nights, weekends, or asynchronously online. Cohorts are established with peers to support your classroom learning. You may also find executive formats available in many fields, condensing courses into intensive weekends or short residencies, which minimize time away from work.
This adaptability ensures that professionals do not have to choose between advancing their education and maintaining their career trajectory or salary. Be sure the program you are interested in understands the reality of working while in graduate school and prioritizes the needs of working students.
How People Pay for Grad School
While the prospect of covering tuition and related costs can seem daunting, various funding options are available to graduate students. Understanding and leveraging these resources can greatly ease the financial burden of graduate school. Below, we'll explore several strategies and options that individuals commonly use to pay for their graduate degree.
Scholarships and Grants for Working Professionals
Scholarships and grants are types of financial aid that do not need to be repaid, making them highly sought-after funding sources for graduate education. Scholarships and grants reduce the cost of education without incurring additional debt. Scholarships are often merit-based, requiring high academic achievement or special skills, while grants are typically need-based to support those with financial hardship.
Working professionals can access these by searching databases like Fastweb or Appily, as well as checking with professional associations, nonprofit organizations, and the graduate schools themselves (often during the application phase).
Financial Aid and Student Loans for Graduate School
Financial aid in the form of student loans is a common method of funding graduate school. To access federal student loans, students must complete the Free Application for Federal Student Aid (FAFSA). The main types of federal loans available are Direct Unsubsidized Loans and Graduate PLUS loans, which differ in terms of interest rates and maximum borrowing limits.
While these loans are widely accessible and come with certain protections and repayment plans, such as income-driven repayment, they must be repaid with interest. Therefore, they increase the overall cost of a graduate education over time. Private loans are also an option but typically come with fewer benefits and higher interest rates.
Employer Tuition Assistance and Reimbursement Programs
Many employers offer tuition assistance or reimbursement programs as part of their employment benefits package to support the continued education and professional development of their employees. To access this funding, you typically need to contact your human resources department and understand the specific terms, which may include staying with the company for a certain period or achieving satisfactory grades.
The benefits of these programs are twofold: they can cover a substantial part of tuition fees without the need to repay, and the individual may also gain skills that could lead to career advancement within the company. Especially in focused degrees like an M.Ed., these programs provide directly applicable skills that can enhance career advancement within the industry, making them a win-win for employers and employees.
Securing Graduate Assistantships and Fellowships
Graduate assistantships and fellowships provide financial support in exchange for part-time work in teaching, research, or administrative roles within the university. These positions are usually awarded by the graduate programs themselves, and students typically need to apply for them during the graduate school application process or through departmental listings.
Assistantships and fellowships typically include tuition coverage or stipends but also offer hands-on experience in a field of study, professional networking opportunities, and often the chance to work closely with faculty members, which can enhance your academic and future research pursuits.
While it may not always be feasible to work full-time and have an assistantship — all while balancing school — you might consider the assistantship taking the place of your role. Depending on your field and position, an assistantship could offer similar trajectories while maintaining an income.
Making it All Work, Together
Managing a full-time job and graduate school is undoubtedly challenging, but it is feasible with strategic planning and finding the right resources. It is critical to carefully evaluate the costs and benefits of graduate programs, keeping in mind both current responsibilities and future career goals. By exploring options like specialized schedules for working adults, scholarships, employer support, and assistantships, you can find a path that minimizes financial stress while maximizing educational outcomes.
We are eager to help you make graduate school a reality. At the Simmons School of Education & Human Development, we’re committed to developing professionals who can address the world’s needs thoughtfully and effectively.
Browse our list of programs offered, explore the benefits of being an SMU Simmons student., or get in touch today to continue making a graduate degree a reality.