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In addition to traditional financial aid resources, there are alternative financing options. Among them may be payment plans through your graduate or professional school, reimbursement through your employer, home equity loans and lines of credit through private lenders and 529 plans through your state or federal government.
Other ways to help finance graduate or professional schoool are mentioned below:
- Look for graduate or professional schools that offer a tuition reduction to alumni or siblings. If you have a sister or brother attending at the same time, the school may reduce your tuition and fees. The same may be true if you go to the same school as your mom or dad.
- Choose a school that offers a "locked-in" tuition rate. A guaranteed rate for each year you are in graduate or professional school may help you to plan more efficiently.
- Some graduate or professional schools may offer reduced tuition during the summer session. You may be able to complete required courses during the summer for a fraction of the cost charged during the regular academic year.
- Accelerated degree programs can help you complete a degree in less time. Such a program may also combine an undergraduate degree with a graduate degree, or a master's and doctorate, in a reduced timeframe.
- Many colleges offer a "flat rate" of tuition for full-time study. You can maximize the value of this by taking the maximum number of courses you can while still performing well in each. For example, using a "flat rate" fee, taking 18 credit hours may cost the same as taking 12 credit hours.
- Although military service isn't for everyone, it's a way to help pay for college. The U.S. Armed Forces, the State of Illinois, and the federal government offer many programs to help students in paying for higher education. Contact a local military recruiter or chain of command for more information if you're interested in joining the armed forces.
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