Money For Lunch – How to Make Pursuing a Master’s Degree Possible Financially

How to Make Pursuing a Master’s Degree Possible Financially

May 30, 2017 10:56 AM0 commentsViews: 22

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A master’s degree can be the perfect ingredient you need to push your career forward. With the economy growing and more mid- to top-level management jobs being made available, there is no better time to pursue a higher degree than today. Unfortunately, enrolling in a master’s degree program isn’t always possible for a number of reasons.

If the thing stopping you from getting a master’s degree is money, then this article is perfect for you. In this article, we are going to take a look at three steps you can take to make pursuing a master’s degree possible financially.

Search for an Online Program

The first thing you want to do to make getting a master’s degree financially possible is finding an online program. Today, online courses are just as good as their offline counterparts. Some online courses are even more up to date and are considered better, making the master’s degree you can get from these courses more valuable on the market.

The main reason why an online degree such as an online EMHA degree is your best bet is the lower tuition fees and other costs you have to pay when pursuing the degree online. According to recent studies, online programs can be up to 40% more affordable than the equivalent offline courses, so you already save so much on the degree.

Universities such as the University of Southern California are also making programs like the EMHA degree online course more accessible to students in other parts of the country. The fact that you don’t have to relocate or quit your job makes it even more possible to pursue a master’s degree online.

Seek Financial Aids

As online programs become more popular, grants and scholarships for them get easier to find as well. There are even scholarships made specifically for professionals who are pursuing their next degrees online. These programs are not always based on academic merits. Some of them focus more on future developments, specific skills, and other aspects when choosing the right candidates to support.

Scholarships are not the only sources of financial aid to explore either. Companies who are expanding rapidly are actively motivating their employees to pursue higher degrees. You may get aid from your existing employer just by mentioning your intention to pursue a master’s degree online. You may even get other facilities to support your study.

Focus on ROI

Of course, you can lean on student loans and other sources of financing to help make the dream of getting a master’s degree come true. After all, the master’s degree will allow you to earn a promotion and a bump in salary.

The key here is to focus on return on investment or ROI. When choosing a loan to use, for instance, try to minimize the costs of using the loan as much as possible to keep your degree’s ROI high. Calculate the total costs of earning the degree and try to simulate the amount of time needed to break even. You will find an online degree is valuable enough to pursue.

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