Financial and Practical Tips for Pursuing a Masters or PhD

You may be surprised to learn that many people miss out on a great deal of available financial aid when pursuing a graduate degree. Often this is the consequence of people deciding on a particular course of academic study far in advance, and then not researching available options. For instance, many Professional and Master's degree programs offer significantly more financial aid for those seeking a PhD and a Master's degree simultaneously than for those seeking only a Master's degree. Generally speaking, this is because a Master's student is considered more of a 'customer' who is at school to learn, whereas a PhD student is more of a 'contributor' who can assist with research, teach at a higher level and further other goals of a given academic institution.

In the field of Psychology, for example, faculty are typically interested in having students who contribute to their research - which usually means staying on and getting a PhD. While this can mean an extra year or two of study, and thus a slower start in terms of an actual career, it can also make the difference between receiving little or no financial aid and being granted a stipend to live on and having tuition paid for by the university. Many PhD students are thus able to graduate debt-free or even with some modest savings, while many Master's students accrue considerably more debt even though they graduate sooner.