Four Debt-Free Ways to Pay for Graduate School
We often hear about the rising costs of student debt and tuition fees, but fortunately, there are options to fund your graduate program—including a few that don’t require a student loan.
So, whether you are fresh from earning your undergraduate degree or have a few years of work experience, here are four ways to reduce how much you need to borrow (some may even boost your résumé).
Employer Tuition Reimbursement
You read that right—there are employers who will cover a portion of your graduate program costs and even offer to help pay off your student loan. If you are currently employed, consider reaching out to your manager or human resources department about options for tuition reimbursement. It is important to note that employer requirements for receiving tuition reimbursement vary, such as the required length of employment and history of good standing. Here are a few companies mentioned in The Washington Post that offer tuition reimbursement:
University Scholarships.
Who doesn’t love free money? The beauty of university grants and scholarships is they traditionally do not have to be repaid. At St. John’s University, awards range from $2,500 to $6,500 per academic year, depending on college, program, the number of credits taken, and academic standing.
Additionally, some universities offer external scholarships. St. John’s is developing critical partnerships with companies to provide new student scholarship opportunities. In November, two graduate students were honored during New York Islanders home games as recipients of new scholarships from UBS Arena and the team. (Read the article.)
“It is through partnerships such as these that we strengthen our relationship with organizations and firms in the greater metropolitan area.”
—Norean R. Sharpe, Ph.D., Dean, Joseph H., and Maria C. Schwartz Distinguished Chair, and Professor of Decision Sciences, The Peter J. Tobin College of Business
External Scholarships
Are you a music lover? An avid traveler? A poetry writer? These are just some of the many exciting topics you can explore with an external scholarship. Various organizations, companies, and committees offer scholarships, and the reward size can vary (from less than $1,000 and as high as $50,000+.) Listed below are just a few great resources:
- Bold.Org offers various exclusive scholarships for graduate students ranging from $500 to $10,000—and there are TikTok submission options!
- Sallie Mae offers more than 950,000 graduate scholarships based on individualized studies, skills, and interests—better yet, just registering enters you to win $1,000 in their monthly sweepstakes.
- ScholarshipAmerica.org has funded $4.9 billion across the US to more than 2.9 million students since 1958, with over $286 million in just 2021 alone.
Assistantships
Are you looking for a résumé boost? Graduate assistantships are a great way to do just that, and most provide compensation in the form of a stipend and/or tuition remission.
There are two types of graduate assistantships: academic and non-academic. The main distinction between these two options is the work setting and responsibilities. See the comparison between academic and nonacademic assistantships at St. John’s University.
Academic
1. Assist in teaching and/or conducting research within their disciplines.
2. 20 hours weekly
3. Recommended 5 hours per week engaged in assisting in teaching or mentoring students.
Non-Academic
1. Assigned to offices throughout the university and are not directly affiliated with their home departments.
2. 20 hours weekly
3. No expectation of teaching or conducting research.
Get Started
Learn more about the St. John’s University graduate programs at one of our upcoming virtual graduate events or contact the Office of Graduate Admission at [email protected]; 718-990-1601.
For more information about financing a graduate program, set up an appointment with a campus financial advisor by contacting St. John’s Office of Student Financial Services at [email protected]; 718-990-2000.
