Going back to school often seems like the responsible choice, a decision that may increase your salary and improve your quality of life. But before you take the Graduate Records Examinations (GRE) test, you should think carefully about what degree you want as well as the time and money it will cost you.
Getting a master’s degree doesn’t always make sense financially and could worsen your debt load without substantially increasing your income. We’ll help you understand if it’s the right decision for you.
What to Consider Before Pursuing a Master’s Degree
In an era where it seems like employers are only increasing their standards, many workers assume they need a master’s degree to get ahead. But not every master’s degree is built equally.
For example, most states don’t require that teachers have a master’s degree in order to work. If you choose to get a graduate degree in teaching, look at the return on investment. Does your school district pay more for teachers with an advanced degree? If so, how much more will you earn? Does that exceed the cost it will take to receive a master’s degree?
How Long It Takes to Get a Master’s Degree
The average master’s degree program lasts between 1.5 and 2 years if you’re full time. Some students choose to work and take a part-time course load, which can extend the process to as long as seven years.
Some colleges offer accelerated master’s degree programs that provide a degree in a year. These can be notoriously challenging, especially for students juggling work and a family.
If you’re applying to a master’s program without prior experience in that field, you may need to take prerequisite courses before you can be admitted. This can take as little as a few months or a couple of years, depending on what master’s degree you’re applying to and how many courses you need. This will add to the total length of time it takes to receive a master’s degree.
Common Types of Master’s Degrees
According to research from the National Center of Education Statistics, the most common fields for master’s degrees are:
- Business
- Education
- Health professions and related
- Psychology
Average Cost of a Master’s Degree
The average cost of a master’s degree depends on the type of program and whether you’re attending a private or public institution. In general, the average cost of a master’s degree is $66,340 but can range between $30,000 and $120,000 depending on the school, major and length of program, according to educationdata.org.
It also depends on if you’re taking out a loan to pay for living expenses. Students who will work during that time or who have a partner supporting them will need less money to pay for the basics like rent, food and transportation.
While a master’s degree can be costly, it can also be more rewarding down the road in your career. According to the Bureau of Labor Statistics, those with a master’s degree had a $1,545 weekly median earning wage in 2020 compared to $1,305 for those with only a bachelor’s degree.
How to Apply for a Master’s Degree
Here are the following steps required to apply to a master’s degree program:
1. Research Institutions
Before you apply, take enough time to research the best schools for the degree you’re interested in online. Often times, local organizations will host a meet-and-greet with different universities to discuss their master’s programs at one location. Check social media sites like LinkedIn to find local career groups that offer such events.
Talk to former professors and people in the industry about which schools have a good reputation. If you are limited to a specific city, look at online programs available to students everywhere.
2. Sign Up for Prerequisite Courses
Each graduate school will have its own requirements. Some may require a full degree in a specific subject while others will just require a basic bachelor’s degree.
If you don’t have the required courses on your transcript, you’ll often need to complete those before you’ll be accepted into graduate school.
3. Take the Admissions Tests
The GRE is the most common type of entrance exam required by graduate schools. Some schools have a range of GRE scores that they use to weed out applicants, similar to the SAT or ACT. The Graduate Management Admission Test (GMAT) is the entrance exam required by business schools.
4. Get Recommendation Letters
You may have to provide recommendation letters from former professors, supervisors or other professionals who know you. You’ll usually need at least two letters of recommendation, but some programs require three letters.
Make a list of people you can ask and send them a note at least several weeks in advance. This way, if they don’t have time to write one, you have enough time to ask someone else. Don’t be shy about reminding the person at least a couple of weeks before the due date.
5. Write an Essay
Most master’s degree applications require at least one personal essay, but some may ask for several. After you write the essay, ask a couple of trusted colleagues or friends to look over the essay. Be specific and detailed when discussing your interest in the program.
How to Pay for a Master’s Degree
Federal Loans
Federal student loans are some of the most popular options for paying for graduate school. There is no limit on how much you can borrow with federal loans. You may be able to take out the cost of attendance minus any other financial aid like scholarships or grants.
Scholarships
There are many scholarships available for graduate and professional degree students. You can look for scholarships on sites like Scholarships.com, Scholly, Fastweb, bold.org and more. Universities also often have their own internal scholarships for students.
Private Student Loans
Students who don’t qualify for federal loans can take out private student loans. These loans have fewer repayment, deferment and forgiveness options than federal loans. In some cases, they may have lower interest rates depending on the borrower’s proposed degree and future income.
You can check the rates for some of the top graduate loan programs here.
Employer Tuition Reimbursement
If you’re currently working, ask your employer if they will reimburse any of your costs. You’ll have to keep working there while you’re in school, but this strategy could save you thousands.
Some employers will require that you maintain a certain GPA to be eligible, while others will also limit tuition reimbursement to certain degrees or majors. For example, if you work in marketing, your employer may require your master’s to be in a related field.
Assistantship or Fellowship
Some graduate degree programs let students work as teaching assistants or graduate assistants for professors in exchange for a tuition discount or a paycheck. This may or may not be enough to cover living expenses, depending on your location. For example, according to salary.com, the median annual salary for a graduate assistant is $25,007 as of Aug. 27, 2021.
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