Four Tips for Saving Money in Grad School 

After four long years of scrimping and saving on your student budget, the idea of prolonging this situation through graduate school may not be something you’re feeling like welcoming with open arms. In the long run, however, attending graduate school and gaining a master’s or doctorate degree can be one of the best moves that you make for your future financial situation. Right now, though, your main concern will likely be ensuring that you’re able to afford the investment. So, we’ve put together some top tips to help you save money in grad school.

Tip #1. Opt for an Online Masters

Today, there are many options to choose from when it comes to taking a master’s degree. Students are no longer required to stay on in the classroom; programs such as an MBA online from the New Jersey Institute of Technology offer students an extra range of benefits, such as added flexibility. Since online master’s degrees are studied from home and extremely self-led by the student, they allow graduates to get their foot on the career ladder straight away, whilst improving their education on the side to be financially better off. Along with that, online master’s programs are cheaper for colleges to run, so the tuition fees are usually lower.

Tip #2. Use Your Student Discounts

It’s not just tuition fees that graduate students need to worry about when it comes to their finances – the cost of everyday spending can also add up, leading to more money worries. When you go back to school, one of the easiest and best ways to make substantial savings is to take advantage of your student ID card or sign up for a special student discount card or program if one is available to you. When you’re out and about shopping, whether it’s for new clothes or a new laptop for your online masters in business administration, don’t forget to ask retailers whether they can offer you a student discount.

Tip #3. Speak to Your Employer

If you have been working since graduation and have decided to improve your future career prospects by attending graduate school, then you might not be the only person who’s pleased about that idea. For many employers, having employees who are well-educated makes sense; the more knowledge and skill that they have the more productive and profitable the company is likely to become. If you are worried about the prospect of paying for another year or two of college tuition, then why not speak to your employer? If improving your education also benefits them, they may agree to help you pay.

Tip #4. Avoid Buying New Books

You might be tempted to get down to the bookstore and invest in a ton of new, shiny textbooks for your graduate program – but don’t make the same mistakes that you may have once made as a freshman. In most cases, there’s no need to waste your money on new books; look on social media for students completing the same degree to see if they have used books for sale at cheaper rates, or even better – search online for cheaper or free digital versions.

Right now, though, your main concern will likely be ensuring that you’re able to afford the investment. Especially if your program requires you to take a pre-examination to earn a spot like many medical graduate (MCAT) and business ( MBA ) schools do. You will need to find either free test prep or affordable courses that can prepare you. So, we’ve put together some top tips to help you save money in grad school.

Share your best graduate school money saving tips in the comments below!
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