How Can I Pay for Graduate School?

Savvy tips that make earning an advanced degree—and advancing your career—possible

We all know holding advanced degrees can help you move up the career ladder in several industries, and many fields require a graduate degree. But the significant cost of a quality graduate program holds some students back from applying.

We asked Eric Moraniec, director of graduate student financial assistance and programs at Sacred Heart University, for insights on how prospective students can finance their graduate school degree programs.

Find the true cost of your program.

The cost of a graduate degree program is not always easy to determine. Some institutions list the price per credit with three-credit courses, meaning the credit fee must be multiplied. Be sure to consider the indirect costs, too, including books and updated laptops, transportation and lunch on the go.

Knowing the bottom line will help you make sound decisions.

Consider financial assistance through the federal government and your degree institution.

One of the myths of graduate school is that there is no financial assistance available to attain advanced degrees. This is not true. In addition to payment plans through your chosen institutions that allow you to pay over time, you can file a free application for federal student aid (FAFSA) for federal direct loans and veterans benefits and a separate Sacred Heart University graduate financial aid application, Moraniec said.

Moraniec suggests that most students borrow federal student loans before seeking private loans and compare private lenders to ensure getting the lowest interest rate.

Research institutional financial assistance.

Depending on your degree field, you may find fellowships and scholarships available to fund your education. In addition, certain groups are eligible for tuition discounts available for seeking higher education.

Know your graduate school loans and benefits.

Federal direct loans are unsubsidized, interest accrues while you are enrolled and there are no payments due while you are enrolled at least half-time. Graduate/professional students can receive up to $20,500 with this loan program.

Federal Direct Grad Plus loans require documentation before they will appear on a student’s billing. The student must file a Plus application for credit approval and electronically sign a promissory note and complete a SHU Plus Loan Certification to authorize the loan amount at Sacred Heart, Moraniec said.

Veterans education benefits come in many different types, including the GI Bill®, vocational rehabilitation and survivors and dependents educational assistance.

Be sure you fully understand each program's nuances to create the best package for your situation.

Search for graduate assistant positions.

Working in a lab, mentoring undergraduates as a residence hall director or gaining skills in an office situation—graduate students can often secure campus positions that apply to their subject area or research. Most come with regular stipends, and some include tuition benefits, course credit or housing and meal waivers. Such jobs also offer a chance to gain experience and skills that can be listed on your résumé.

Look for scholarship and fellowship opportunities everywhere.

Grad school funding can come from the most unlikely sources. Moraniec suggests researching town, county and state funding, as well as scholarships specific to the student’s degree program, ancestry, gender and more. Potential sources include local businesses, civic clubs, church and religious groups, employers, professional organizations, unions and special interest groups.

Borrow only what you need.

Moraniec advises students to borrow for the entire year and, if possible, to pay interest in school—even if that is not required by the lender.

Think you’re ready to dive into a graduate degree program at Sacred Heart University?

SHU’s diverse graduate, doctoral and certificate programs offer students the flexibility they need to complete their coursework through a variety of options, including online lessons, evening and weekend classes and asynchronous learning opportunities, to name a few.