Earning your masters in leadership undoubtedly is a lot of hard work, but it doesn’t have to be a lot of money too. With grants and scholarships, you could go to school for little to no money out of pocket. This type of degree can help you earn more money, qualify for advanced positions in your industry, and make better business decisions, so going back to college for your master’s degree in this field is certainly an intelligent choice.
Scholarships do not have to be repaid after college, making them an attractive option for students. Typically scholarships are given to students based on merit, such as your undergraduate grades, a scholarship essay, or a special talent you have in the field. Scholarships are commonly available directly from colleges, and at the graduate degree level, they are often given as fellowships, which usually come attached to teaching or research responsibilities. You can also find scholarships from the Project Management Institute, the Paul & Daisy Soros Foundation, the American Association of University Women, and a number of other sources.
Like scholarships, grants are available to students from a variety of sources. They do not have to be repaid after college, but they are given based on financial need, rather than merit. As an undergraduate student, you may have received the Pell Grant, a federal grant available to all students who meet financial requirements. In a master’s degree program, you’ll no longer be eligible for the Pell Grant, but you may be eligible for other grant programs, such as those offered by outside organizations, as well as those offered directly from colleges. Grants can be available for student tuition, or you can apply for a grant to fund a specific research project that you complete while you’re in school.
By far the most common way that students pay for attending college or a university, student loans are typically divided into federal and private. Federal loans, known as Stafford Loans, are government-backed and come in the forms of subsidized and unsubsidized. Subsidized Stafford Loans help students by having the government pay for the interest while the student is in school. Unsubsidized Stafford Loans maintain relatively low interest rates, but do not have interest paid for by the government while students attend school. Private loans are backed by various banking institutions and lenders, but have a much higher interest rate than any government-backed loan. Interest builds while students attend college and the large interest rate requires sizable payments to make progress on the balance.
Other Sources of Money for School
Along with grants, scholarships, and loans, you can find other sources of money to pay for school, making it possible for you to get an advanced degree in this field. Many employers, for example, offer tuition assistance or reimbursement, which allows employees to get an advanced degree. Typically, the tuition reimbursement process has stipulations, such as majoring in a degree that will prove beneficial to furthering your career with the company upon graduation. Additionally, employers will require at least a C in a class to deem it worthy to be reimbursed.
Working While Attending College
Many students college experience is backed by a combination of the resources listed above, partially supported by scholarships, grants, and loans. Sometimes this merely covers the cost of school and leaves a gap in living expenses. Students can better their career prospects, as well as fill this gap, by working in their respective fields while still in college. Even working in entry-level positions in your field while in school is viewed as very impressive to employers and underlines a student’s desire to pursue a career in that field upon graduation.