How to Finance Your Master’s Degree: Financial Aid Options & Cheapest Countries to Study In
Tuition fees vary widely depending on what country you’re studying in and the school you’re getting a master’s degree in, and so do the scholarships you have access to.
To effectively budget for your postgraduate degree, you’ll need to consider what relevant school equipment and books will cost. You’ll also need to factor in living costs, such as rent, household bills, and food prices.
In this guide, we’ll cover some of the most popular forms of postgraduate financial aid, other ways to finance your master’s degree, and how studying abroad can even be a more economical option.
Financial Aid Options
Once you know how much your master’s degree will cost, you’ll need to work out how you’ll finance this. There are several ways you can fund your studies. Here are some of the main financial aid options for postgraduate students.
1. Graduate School Scholarships
Many universities want to encourage and support good applicants to their postgraduate programs. Because of this, some will provide substantial financial scholarships to attract strong talent.
2. Assistantships and Fellowships
Some universities offer free or reduced tuition to postgraduate students who agree to be teaching assistants or help with research. This may also provide additional skills that will be valuable post-graduation, but keep in mind that this will increase your responsibilities while studying
3. Employer Sponsorship
If you have an employer, you could see if they would be interested in supporting your pursuit to get a master’s degree relevant to your career. Some employers are willing to support your studies if the postgraduate studies will provide relevant skills for your job.
4. Research Grants
Grants are more specialized financial aid options than scholarships, and they can take more time and effort to secure. Start by looking for research or project grants aimed at your degree. Many postgraduate departments provide grant funding for purchasing supplies and equipment, traveling for research, or to complete specialized training.
5. Charities and Trusts
There are a range of charities and trusts interested in helping promote new training and research in certain fields. Grants from charities are often relatively small, but if you were able to receive multiple chunks of funding, these could combine to help you cover some or all of the costs.
Other Ways to Help Finance Your Master’s
If you can’t get as much aid as you need for your financial situation and budget, you may need to consider working while you study. The great news is that, regardless of where you are from, in most European countries it is very easy to work while studying!
You may also need to apply for a postgraduate loan to help you. In certain countries, you can get loans from the government or lenders offering specialist loans for postgraduate funding. Look into your options and see what loans you may be eligible for.
It’s important to thoroughly research all of your funding options before making any commitments and decisions.
Studying Abroad
Many people often assume studying abroad for a master’s degree will be more expensive. However, studying in other countries can provide opportunities to get a postgraduate degree at a lower cost. This is especially the case for students from the US or UK.
There are a number of countries across the world that have more affordable or free tuition fees for not just domestic students but international graduate students as well.
Tuition fees can vary depending on where you are from. Additionally, certain programs require learning a new language, but that’s not always the case when studying abroad as some programs are taught in English.
Cheapest Countries to Study In
If you’re looking for areas where you could get a master’s degree for free or cheaper, Scandinavia is often the place to start. Tuition is typically free in these countries, including Norway, Sweden, and Finland.
Western Europe also provides affordable places to study in. There are often nominal tuition fees when studying in Germany, Spain, France, Italy, and Austria.
It’s also helpful to consider the cost of living in certain areas, in addition to tuition fees. There are a number of areas with both lower costs of living and low-cost tuition. This often includes Italy, Portugal, Belgium, Taiwan, Singapore, Argentina, Mexico, Brazil, and South Africa.
Understanding Your Budget and Financial Aid Options
Unify can match you with business schools across the world based on your preferences and budget to help you decide what country to study your master’s in. Sign up to get started!
Our team of expert advisors can also help you throughout the entire admissions process – for free, so you can make well-informed decisions about your future.