If you want to boost your income potential over the life of your career, earning a postgraduate degree can be a smart idea to get there faster. On average, individuals with master’s degrees earn nearly $13,000 more annually than their peers with bachelor’s degrees—a substantial return on investment.

However, graduate school can be expensive. According to the National Center for Education Statistics, the average cost of tuition and required fees to attend graduate school (both public and private) was $19,314. That number doesn’t include some significant expenses, such as room and board, so you should plan to spend even more to complete your degree.

If you’re researching how to pay for grad school, you have several options including gift aid, work-study programs and student loans.

Part One:  5 Ways To Pay for Grad School Without Taking on Debt

There are many financial aid programs available to graduate and professional students. If you’re wondering how to pay for grad school without borrowing money, consider these options.

1. Start Looking for Free Money

As a graduate student, you can qualify for gift aid—financial aid that doesn’t have to be repaid. Graduate gift aid can come in the form of grants, scholarships or fellowships.

• Grants. Grants are usually awarded based on financial need. 
• Scholarships. Graduate scholarships are typically based on academic or professional achievements. One scholarship available to graduate students is the CyberCorps Scholarship for Service. Graduate students pursuing a career in cybersecurity can receive up to $34,000 per year for as long as three years.
• Fellowships. Fellowship programs give funds to promising graduate school students so that they can focus on their studies without having to take on teaching or research responsibilities. They are awarded by schools, professional associations and nonprofit organizations. For instance, the National Science Foundation awards its Graduate Research Fellowship to outstanding students pursuing careers in science, technology, engineering and mathematics (STEM). Eligible students can qualify for up to $34,000 per year, as well as a $12,000 cost of education allowance for tuition and fees.

You can also search for graduate school gift aid programs via FastWEb, GoGrad and Big Future.

2. Apply for Assistantships

As a graduate student, you can offset your education and living expenses by taking on an assistantship. Assistantships are paid positions offered by some universities. In return for working a specific number of hours a week, you’ll usually get a tuition waiver and a monthly living expense stipend.

In an assistantship, you could help professors with grading or teaching, assist faculty with their research or handle administrative tasks.

If you’re interested in a university assistantship, contact your major’s department head to see if there are any open opportunities, or check your school’s job listings.

3. Utilize the Federal Work-Study Program

The federal work-study program is available to graduate students as well as undergraduate students with financial need. In a work-study program, you’ll get a job related to your field of study and use your wages to pay for a portion of your education costs. As a graduate student, you can be paid hourly or receive a salary, depending on the position and the hours required.

To take advantage of the federal work-study program, make sure you complete the Free Application for Federal Student Aid (FAFSA) and contact your university’s financial aid office to discuss your options.

4. Research State Programs

To help fill high-need areas, some states offer tuition assistance or reimbursement programs for graduate students in certain fields. In return for help with your education expenses, the state will usually require you to fulfill a service obligation working within the state after you complete your master’s degree. Here are some examples of state programs:

• Ohio. Graduate students that are Ohio residents but completed their undergraduate degrees in other states can apply for the Choose Ohio First program. To qualify, students must be pursuing a career in STEM and attend a public Ohio university.
• South Carolina. South Carolina Teacher Loan Program is a loan/scholarship program. Graduate students that plan to teach after graduating can receive up to $5,000 per year to pay for their degrees. The loan can be forgiven if the student teaches certain subjects or in designated geographic areas.
• Tennessee. The Tennessee Graduate Nursing Loan Forgiveness Program encourages nurses to enter a faculty or administrative position in a nursing education program within the state and agree to work at an eligible institution for at least four years. The program will pay up to $7,000 per year toward the student’s tuition and fees. However, the award converts to a loan if the student doesn’t meet obligations.

To find out if you’re eligible for a tuition assistance program, contact your state education agency.

5. Talk to Your Employer About Tuition Reimbursement

It’s not just big companies that offer tuition reimbursement; many small businesses do as well. Talk to your human resources representative or direct manager to see if tuition reimbursement is part of your employee benefits package.

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