Thursday, June 17, 2021

How to Fund Your Masters Degree on a Budget


Photo by Vlada Karpovich from Pexels

If you would like to do a master's degree you may be wondering how to get funding for it. Studying for a master’s degree can become very expensive. It is especially hard to fund if you already have undergraduate student loans that need repaying. 

However, there are some fields where you need a master's degree in order to advance. If funding is one of the main deterrents for you, then you will be happy to know that there are several ways that you can fulfill your dream. Here is a look at some of the best ways to get funding for a master's degree.


Scholarships and grants are not just for undergraduate students. There are a number of postgraduate scholarships available for those who want to pursue a master's degree. 

You can check the financial department of the school where you did your undergraduate degree to find out if they have any funding for your master's degree. However, if you do a thorough search of the internet you are sure to find many opportunities that are available to you.

Get a Research Grant

If you are interested in a career in academia or in research then getting a research grant is a great way to get your foot in the door. Narrow down your search to specific institutions that you are interested in.

Once you have done this, find out if they have grants in your degree area. Many of them will, and you will get funding for travels you have to do during your research. You will also get funding to purchase equipment or supplies that are needed to carry out the research.

Study Overseas

When deciding to study for a Ph.D. some students often get locked into thinking they can only study internationally in the US, Canada, or the UK. Graduate degrees in these countries cost thousands of dollars. However, in many countries in Europe PhDs are free, and in some countries, you only pay a nominal fee each year. 

It is free to do your Ph.D. in countries such as Norway, Finland, and Sweden. In other European countries such as Spain, France, and Germany you only pay a nominal fee because the government subsidizes funding for most of their universities.

Work and Study

While the ideal situation is for you to only study. If funding is an issue you may want to make a compromise and work and study at the same time. 

It will probably mean that you will take longer to finish your degree but at least you would be able to achieve your goal in the long run. Working and studying is not for everyone and it can become stressful. 

You need to take an inventory of your current family life situation, finances as well as health to determine if working and studying is a good fit for you.

Study Online

Online studying is fast becoming a viable option for many students. In addition to helping you to create a great work-life balance. Studying online can be a lot less expensive than getting face-to-face instruction. For example, if you are a nurse you can find accredited online msn programs, a lot cheaper than they would be if you studied face to face.

You need to ensure that any online program that you choose is accredited. In this way, you will ensure that you will have no problems getting employment or promotion once you have finished your studies.

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