How Can I Get Help Paying for My Master’s in Human Resources?

In this day and age, possessing a bachelor’s degree does not contain as much value within the job market as in previous decades. For those who really want to stand out on a job application and set themselves apart in this struggling economy, it is often wise to attain a graduate degree. This is particularly true in the field of HR, as many employers have raised the bar and expect new job candidates to have at least a master’s degree in Human Resources.

Unfortunately, many aspiring HR professionals are held back from graduate school because of the hefty price tag that comes with an advanced degree. In fact, the U.S. News and World Report states that the average graduate student at a public university will spend $9,000 a year and those at a private institution will pay upwards of $25,000 each academic year. However, it is important that students do not let sticker shock stay in the way of achieving their HR dreams; so, the following are some excellent methods for financing a Master in Human Resources degree program.

Federal Student Aid for Graduate Students

As part of the U.S. Department of Education, Federal Student Aid is the top largest provider of financial aid for students at all levels across the nation. While graduate students do not have as many choices as undergraduates, those pursuing a master’s degree may be eligible for the William D. Ford Federal Direct Loan program, Federal Perkins Loan program, Federal Pell Grant, or Federal Work-Study Program (FWS). Although it is important to remember that these student loans will need to be reimbursed with interest, Federal Student Aid enables students to delay the costs of tuition until they have found steady employment.

Employer Graduate Training Benefits

Employers are one of the fastest-growing sources for students to earn free money to assist with going to graduate school to further education. In the United States, more than half of all employees within the human resources field are eligible for receiving benefits to cover the cost of tuition. Since many employers believe that offering education benefits helps pay corporate dividends and retain the highest qualified workers, it is wise for employees with this option to take advantage of the opportunity. Interestingly enough, graduate students who participate in the generous tuition benefits from their employer also have a four percent higher job retention rate.

Graduate Assistantships or Internships

For students who do not have a full-time employer within the human resources field, there is also the ability to pursue a graduate assistantship, fellowship, or internship to earn some extra money towards the degree. Assistantships and fellowships are generally granted through the college or university of attendance to highly qualified students for one full academic year. Graduate students can also find paid internship opportunities full-time in the summer or part-time during the school year. Not only will these options provide a regular paycheck towards tuition costs, they will also offer students very valuable real-world HR professional experience.

The investment in a higher education will certainly pay off in providing financial stability and a larger potential salary. Employers continue to compensate highly educated HR professionals with sizable paychecks that are nearly 25 percent more than for those who stopped their education at a bachelor’s degree. While it is certain that financial aid for graduate students is far more challenging to locate than aid for undergraduates, there are still plenty of options that will help lessen the financial burden of achieving a Master in Human Resources credential.