online masters degree

How to Pay for Your Master’s Degree?

The importance of education in obtaining success in your chosen career cannot be overstated. A recognized professional degree from a reputable educational institution provides the added advantage one requires while starting a job apart from opening new opportunities in the industry of their choice.

The Bureau of Labor Statistics estimates that between 2016-2026, more than 17% of occupations will require a skill set that can be learned through a professional Masters’s program.

In the present scenario, thanks to research and innovation in the education sector, students can choose from a variety of job-oriented programs that have been developed while keeping in mind the demand of the specific industry.

However, the escalating cost of higher education, including tuition, boarding, accommodation, travel, relocation, and study materials, deters many aspiring professionals from pursuing their master’s degrees.

The demand for professionals in the business outnumbers the supply. Furthermore, many students forgo opportunities to flourish in their careers due to their inability to afford the high expense of college and end up living a substandard life.

As they say, every problem has a solution, and this one is not an exception either. So, let us share with you all the available options to fund your master’s degree without worrying about the finances and work towards a successful career path.

Off-Campus Master’s degree programs

The advent of the fast-paced internet technology has paved the way for reform in the education sector with online master’s and bachelor’s programs. Compared with on-campus programs, online programs will save 40% of the entire cost of finishing masters without compromising on the quality and credibility of your degree.

They provide flexible learning opportunities, save time and offer complete online support to clear doubts and other miscellaneous issues that may arise during your course.

Scholarships

There are several international organizations, namely United Nations, World Health Organization, Fullbright commission, etc., running various merit-based scholarships programs and providing financial aid to students from all across the globe.

There are universities and educational institutes that also grant limited scholarships apart from the list of government-aided programs aiming to promote higher education to deserving students who can not fund their higher education.

However, as there is stiff competition, one needs to toil hard to qualify for these online educational aids.

Company Sponsored

Many organizations are sensitized towards the welfare of their workforce and run various scholarship programs to sponsor higher education of their high-performance employees either by collaborating with colleges and universities by reserving a seat or simply offering interest-free or low-interest financial aid.

Once the employee qualifies for the course, they are made to sign a bond to remain employable with them for a stipulated period after their masters.

Financial Institutions

A student may avail of an educational loan from the bank and decide on the moratorium period to pay it back in installments after they start their employment. Depending on the bank’s policy and relations with the borrower, the loan could be mortgage-free or collateral.

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George Meszaros is the editor and co-founder of Success Harbor where entrepreneurs learn about building successful companies. Success Harbor is dedicated to document the entrepreneurial journey through interviews, original research, and unique content. George Meszaros is also co-founder of Webene, a web design and digital marketing agency.

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