Advance Your Education
Finding the money to pay for a post-graduate education is challenging, but developing a plan can help keep your goals, financially and academically, on track.
Finding the money to pay for a post-graduate education is challenging, but developing a plan can help keep your goals, financially and academically, on track.
Research the higher education institutions you would like to attend and quantify tuition, room and board (if applicable), and other likely required costs. You may also need to consider loss of income if you are leaving a full-time job to pursue your education.
The most common financing option is a student loan, which comes in a variety of options from unsubsidized federal loans, subsidized federal loans and private loans. Consider if family members are willing to provide some support. You can also explore scholarships, graduate assistant positions or other work-study related ways to reduce the total cost of your education. You should also research if your employer provides tuition reimbursement for professionally relevant higher education studies.
If absolutely needed, another area to consider is retirement accounts. You can withdraw money from individual retirement accounts (IRAs) to pay for college without having to pay the 10 percent early withdrawal penalty that usually applies before age 59½. However, distributions from traditional IRAs are subject to income tax.
You are about to make a significant decision that could accelerate your professional development and future earnings, though the decision will likely increase your long-term debt and could crimp your lifestyle in the short-term. A financial advisor can assist you in reviewing the various financial angles and decisions, so you make the best decision for you today and tomorrow.
