The competitiveness of advancement in the workplace and the challenge of being accepted as a student into more desirable schools has pushed up the cost of attending college to exorbitant levels even for undergraduate degrees.
Combined with the tragic state of America's economic policies that have pushed inflation rates to unmanageable levels, anyone looking to pursue a degree has been put in a tough situation. Regardless of whether someone is pursuing an undergraduate degree or has their sights set on advanced graduate work like a doctorate in nursing, it has become essential to weigh out the cost-benefit ratio of doing so before actually enrolling in a collegiate program.
Luckily, there are a variety of options and opportunities that can be explored as a means of offsetting the cost of earning a degree. While some of these reasons are more obvious— like budgeting, locating the most affordable programs, or applying for scholarships— there are other options that are a bit less obvious or harder to find.
A list of some of these options will be discussed in the following paragraphs.
Understanding the Costs of Advanced Degrees
Tuition Fees
Considering pursuing an advanced degree but overwhelmed by staggering costs associated with potential tuition and fees? You're not alone. The sky-rocketing cost of an education in recent history has made finances one of the largest concerns when deciding whether to pursue advanced education. The average cost of annual tuition for a four-year degree is twenty-three times higher than it was in 1963— that's 747.8% in sixty years.
According to recent studies, the cost of tuition has been steadily increasing at a rate higher than national inflation averages— double the rate of inflation actually. While the trend is the result of many factors, including decreased state funding for higher education institutions, rising operational costs, and increased demand for specialized skills in the job market, the results are nothing if not frustrating and unreasonable. Regardless, the common necessity of a degree for employment, let alone a high paying job, means that people don't have much choice. However, there are ways to make smarter decisions.
Advanced degrees are typically broken down into two categories, resident and non-resident. Resident tuition fees are generally lower and are applicable to students who are residents of the state where the institution is located. Non-resident tuition fees, on the other hand, are typically higher and apply to students who are considered “out-of-state”.
Certain programs and their accreditation status— like CCNE for nursing programs— may also affect costs. Understanding this can help to better distinguish which programs to apply for or not.
What should not be overlooked are the extra fees that very often come in addition to tuition. More often than not students will be required to spend money on expenses such as textbooks, housing, and transportation. Being aware of these extra expenses and the ability to budget for them is key to making healthy financial decisions.
Additional Expenses (Books, Materials, etc.)
In addition to tuition costs, there are a number of additional expenses associated with advanced degrees that you should be aware of. Advanced degree programs often require textbooks, software, and other materials for study or extracurricular activities add up quickly. Understanding and exploring ways to save money on such things is a wonderful relief when found. Whether buying used or renting textbooks, discovering programs that provide lab tools, choosing to ride a bike instead of driving, each of these can save money.
Many advanced degree programs might require students to have access to specific technology and equipment, such as laptops, software programs, or lab equipment. Other advanced degree programs may require students to join professional organizations or obtain certifications in order to graduate. Memberships and certifications often come with annual fees. Asking thorough questions about such costs will help to build a budget when planning for an advanced degree.
Housing is made up of plenty of things, rent, utilities, groceries, transportation, and other daily necessities like insurance. While that sounds pretty obvious, people may not know that, depending on the location, academic housing costs can vary greatly. For example, living in New York city versus rural Alabama would be far more expensive.
It would be a wise idea to sketch out and estimate the breadth of expenses and how to afford living before enrolling in an advanced degree. Additionally, in having a clear understanding of the financial situation, people can make better decisions throughout the educational process.
Exploring Financial Aid Options
Federal Student Aid Programs
The cost of higher education can be a major barrier for many students, but there are federal student aid programs available too. Federal student aid is financial assistance provided by the federal government to help students cover the cost of education. These come in various forms such as grants, loans, and work-study programs. For those pursuing advanced degrees, such as master's or doctoral programs, federal student aid can be an important resource to being able to afford graduate school.
Scholarships and Grants
Scholarships and grants are financial awards given to students to help them pay for their education. While both scholarships and grants provide free money that does not need to be repaid, there are some key differences between the two.
Scholarships are awarded based on various criteria, such as academic merit, financial need, or specific talents. There are a few categories of scholarships: merit-Based, need-Based Scholarships, and field-Specific Scholarships.
Grants, on the other hand, are usually need-based and are awarded to students who demonstrate financial need and are awarded from government, non-profit organizations, or private institutions.
Work-Study Programs
Work-study programs are a fantastic way to earn money while gaining valuable work experience. This program provides part-time jobs for students with financial need, allowing them to earn money to help pay for educational expenses. These jobs are typically on-campus or with approved off-campus employees. The goal of work-study programs is to help students cover their educational expenses while gaining practical work experience related to their field of study.
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