{"id":2745,"date":"2019-08-13T10:44:54","date_gmt":"2019-08-13T15:44:54","guid":{"rendered":"https:\/\/abound.college\/gradschool\/?post_type=advice&#038;p=2745"},"modified":"2020-06-18T10:50:25","modified_gmt":"2020-06-18T15:50:25","slug":"ways-to-afford-grad-school-as-an-adult-student","status":"publish","type":"advice","link":"https:\/\/abound.college\/gradschool\/advice\/ways-to-afford-grad-school-as-an-adult-student\/","title":{"rendered":"Ways to Afford Grad School as an Adult Student"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Whenever you hear or read about <a href=\"https:\/\/abound.college\/gradschool\/advice\/?topic[]=financial-aid\">financial aid<\/a>, you\u2019re likely to find that most conversations circle around undergraduate aid, namely undergraduate aid for first-time students going straight from high school to college. But adults considering grad school? That\u2019s where things get more elusive. Adults live very different lives, ones that are not easily generalized like those of high schoolers, who tend to at least follow similar and simultaneous academic stepping stones nationwide. Because of that, it\u2019s much harder to find a one-size-fits-most approach to paying for an advanced degree. But that doesn\u2019t mean there aren\u2019t options! In fact, the ways to pay for <a href=\"https:\/\/abound.college\/gradschool\/colleges\/\">grad school<\/a> are just as varied as the needs and lifestyles of grad school students!<\/span><\/p>\n<p><span style=\"font-weight: 400\">Below are just a few of the ways you can help make your life-changing decision to go to grad school more affordable.<\/span><\/p>\n<h3><b>The Basics: Loans &amp; Grants<\/b><\/h3>\n<p><span style=\"font-weight: 400\">Don\u2019t let the term \u201cstudent loans\u201d send chills down your spine, even if you are still paying off your undergraduate education. As with all big decisions, grad school is an investment\u2014one that could increase your earning potential and counteract the impact of loan debt.\u00a0<\/span><\/p>\n<p><strong>Federal Loans:\u00a0<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none\">\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Adults can apply for the <\/span><a href=\"https:\/\/abound.college\/finishcollege\/advice\/as-an-adult-am-i-eligible-for-fafsa\/\"><span style=\"font-weight: 400\">FAFSA<\/span><\/a><span style=\"font-weight: 400\">, too! Students above 25 will simply have to apply as independent borrowers.\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Types of federal loans:<\/span>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Direct Unsubsidized Loans: Your institution will determine the amount you can borrow. A key difference is that eligibility for these loans is not contingent on financial need. The most important thing to note is that you are responsible for paying the entire amount of interest on the loans.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Private Loans:<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none\">\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">If federal loans aren\u2019t enough to cover the cost of your education expenses, seek out private loans. Your personal bank may have options that work with your budget. Take the time to research what private loans are out there and what works best for you. Consider rates and fees as well as the options you have for repayment.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Keep in mind that some private loans will request payments while you\u2019re still in school, while federal loans often have more generous grace periods!<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Grants:<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none\">\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Grant money and scholarships don\u2019t have to be repaid, so take advantage of free money whenever you can get it!<\/span>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Consider all parts of your identity and any kind of achievements that could be rewarded; many grants are reserved for people of different ethnicities, abilities, and situations.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Individual institutions offer grants as well, so research the individual schools you\u2019re interested in.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><b>Make It Fast to Make It Cheaper<\/b><\/h3>\n<p><span style=\"font-weight: 400\">Look for ways to earn your graduate degree as quickly as possible. The less time you spend taking classes, the less you will be charged.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Accelerated programs are short, intensive programs that minimize the length of time it takes to finish. These may take over a lot of time in your current day-to-day schedule, but it will allow you to save money and enter the workforce at a quicker pace.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Part-time programs are spread out and take longer to complete, but they can come with the flexibility to enable you to work full-time and continue earning money to support you.<\/span>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Online programs offer the same flexibility and may even cost less than on-campus programs.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">In-state public schools are likely to be more affordable that out-of-state or private schools. Look around and compare costs!<\/span><\/li>\n<\/ul>\n<h3><b>Great Employees Make Great Students<\/b><\/h3>\n<p><span style=\"font-weight: 400\">Your hard work can earn you great benefits toward schooling. Many employers invest in their employees\u2019 continuing education with the knowledge that your individual growth will provide an extra return for your company.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ask your employer about tuition assistance and take advantage of any loans or grants they offer. If your employer doesn\u2019t offer tuition assistance, take matters into your own hands and <\/span><a href=\"https:\/\/abound.college\/finishcollege\/advice\/employer-assisted-tuition-8-strategies-persuade-your-boss-wes-creel\/\"><span style=\"font-weight: 400\">pitch the idea<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It also pays to work for your school itself. As an adjunct professor, research assistant, etc., you get to practice within your field while helping pay directly for your education.<\/span><\/p>\n<h3><b>Write It Off<\/b><\/h3>\n<p><span style=\"font-weight: 400\">It\u2019s easy to forget that you can get some major tax benefits as an independent student. At the federal level, the American Opportunity Tax Credit and the Lifetime Learning Credit give worthwhile tax breaks to adult students. As with many taxes-related hoops to jump through, you might want to speak to an advisor so that you\u2019re made aware of all the breaks that you can get.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Advanced degrees definitely pay off in the long run, but their initial investment can be a hefty burden to bear. But don\u2019t worry! There are plenty of ways to afford graduate school as an adult. Meet with your institution\u2019s financial aid office to see what options are available to you.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\"><strong>More About Abound:<\/strong> We\u2019re here to help. <\/span><a href=\"https:\/\/abound.college\/gradschool\/\"><span style=\"font-weight: 400\">Abound: Grad School<\/span><\/a><span style=\"font-weight: 400\"> narrows down your options and gets you in touch with schools that we can confirm are <\/span><a href=\"https:\/\/abound.college\/gradschool\/about\/how-schools-are-selected\/\"><span style=\"font-weight: 400\">Accessible, Affordable, Accelerated, and Advanced.<\/span><\/a><span style=\"font-weight: 400\"> Take a look at the schools we trust and find the program that works for you.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adult learners have options! Learn more about ways you can help make your life-changing decision to go to grad school more affordable and financially savvy.<\/p>\n","protected":false},"featured_media":2746,"template":"","class_list":["post-2745","advice","type-advice","status-publish","has-post-thumbnail","hentry","abound_advice_topics-financial-aid","abound_advice_topics-thinking-about-grad-school","abound_advice_topics-getting-into-a-grad-program","abound_advice_topics-affordability","abound_advice_topics-flexible-scheduling","abound_advice_topics-right-program","abound_advice_topics-college-resources"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ways to Afford Grad School as an Adult Student - Abound: Grad School<\/title>\n<meta name=\"description\" content=\"Paying for graduate school is an investment that can be a hefty burden to bear. But don\u2019t worry! 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