Do you have about $50,000 lying around?
If you’re anything like the average American, the answer is a firm no. Yet, that’s roughly what it will cost you to get a graduate degree. The cost of graduate school has been on a gradual increase and all indications are it will keep increasing.
So it’s understandable if you’re thinking of pursuing a master’s degree but not sure whether it’s worth the investment. Unfortunately, this isn’t a matter you can settle without the facts.
In this guide, we’re diving deeper into the cost of grad school vs the perceived benefits. Keep reading!
Income Potential
There’s a direct relationship between salary and education level. People without a high school education only earn an average annual salary of $39,000. Associate degree holders take home $51,000, bachelor’s degree holders $80,000, and master’s degree holders $98,000.
Going by this, it’s clear getting a master’s degree will set you on the path to jobs with higher salaries. It won’t take you long to recoup what you have invested in your graduate education.
However, keep in mind that the professional field you’re in will influence your income potential. If increasing your salary is the main reason you want to do a graduate program it’s important to evaluate the income potential of various fields before making your decision.
Career Progression Prospects
A salary increase is nice, but if you aren’t making any other progress in your job, you’ll start wondering what you aren’t doing right. Well, perhaps it’s because you haven’t done anything to advance your professional education.
A master’s degree boosts your career advancement prospects. Depending on your field, a master’s degree can be the springboard to positions of greater responsibility in your organization. If you’re in the job market, you’ll become a more attractive candidate to your potential employers.
Paying for Graduate School
One of the best things about pursuing higher education is that you don’t necessarily need to have cash in your bank account. That’s because there are a couple of options for paying for graduate school without straining your finances.
There are student loans for graduate students. Although you’ll pay back, these loans will enable you to pay for your graduate program, especially when you’re not in a position to pay out-of-pocket.
Some employers have tuition assistance programs. If you qualify, your personal cost of graduate school will reduce substantially.
It’s also possible to secure a partial or fully-funded scholarship. Many universities offer scholarship opportunities to students who meet certain requirements. Check out the scholarship information linked here to learn more about Notre Dame De Namur University’s scholarship program as an example.
Now that you know there are ways to reduce the cost of graduate education, you can stop worrying about your finances and focus on finding the best program for your needs.
The Cost of Graduate School Is Often Worth It
While earning a graduate program isn’t a guarantee that great things will come your way, there’s no doubt it will give you a greater shot at career success. Yes, the cost of graduate school is out of reach for most people, but more often than not, it’s worth the investment.
Also Read: Merit Scholarship Tips
