Financing an advanced degree: What are my options?

Perhaps what you wanted to do with your undergraduate degree hasn’t panned out quite as you’d hoped, or maybe you’ve planned all along to continue your education. That’s completely understandable—between the 2020 pandemic and the current housing crisis, times have been tough, especially for young adults. Earning an advanced degree is a great way to increase your earning power—or pivot to another industry entirely—but funding it can seem difficult. Fortunately, there are many options for financing an advanced degree, in addition to traditional student loans. Here are some avenues you may want to explore before heading back to school.

Graduate education: Understanding today’s financial landscape

Before you commit to pursuing an advanced degree, it’s important that you understand what you’re up against. Housing, groceries, and basic necessities aren’t the only things that have increased in cost over the years—higher education costs have risen, too. According to U.S. News, two years of graduate school can cost more than $100,000, and doctoral programs may cost even more.

Therefore, it’s important to understand that grad school is a big investment in your future—and not just an option to pursue if you’re “unsure what to do in life.” Most financial advisors will tell their clients to be very determined to pursue a certain career before they attempt to earn an advanced degree.


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