How To Pay For Grad School

Probably the worst Christmas present I ever got was a bill for $31,000 in student loans from Uncle Sam in December 2015. A few weeks earlier, I’d received my master’s in mass communications.

- Thomas H. Blanton

I’ll be honest: My decision to pursue an advanced degree was made more out of fear than foresight. I was placing my bets on a career in an industry not known for six-figure salaries or job security. During my final semester as an undergraduate, I worried that a bachelor’s in journalism wasn’t going to cut it in the real world, so I made what seemed like a safe bet: incur debt now for a better future later.

Certain professions, such as medicine and law, require advanced training. Many others—including mine—don’t. In these fields, consider whether a graduate degree is worth the cost, especially if you have to put your career on hold while you’re in school.

The average annual tuition for a graduate degree at a public college or university is $30,000; for a private school, it’s $40,000, according to Peterson’s, a college information company. (If you get a doctorate, it will take several years, and you’ll spend much more.)