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Students who graduate with a master’s degree carry an average debt of $69,140, according to the Education Data Initiative. There are numerous ways to finance your advanced degree (even without taking out loans), and investing in graduate education is frequently worth it, as the right degree has the potential for a massive return on investment.

If you’re considering going to grad school, we’ve laid out some key financing options. Read on to learn how to formulate a plan to pay for your graduate education.

Ways to Pay for Grad School Without Taking on Debt

You can pay for grad school without taking on debt by filling out the FAFSA, applying for scholarships and grants, or working for an employer who offers tuition reimbursement. Continue reading for even more strategies to pay for grad school without taking on debt.

Fill Out The FAFSA

The first step to seeing if you qualify for financial aid is to fill out the Free Application for Federal Student Aid, or FAFSA®.

Your FAFSA will determine your eligibility for federal student loans, federal work-study, and federal grants. In addition, your college may use your FAFSA to determine your eligibility for aid from the school itself. Here’s a closer look at federal grants and federal work-study programs.

Federal Grants

Unlike student loans, federal grants do not need to be repaid. It may be possible to receive some grant funding to help you with financing grad school. Federal grant programs for grad students include TEACH Grants and Fulbright Grants.

The TEACH Grant, or Teacher Education Assistance for College and Higher Education Grant, has relatively stringent requirements and is available for students pursuing a teaching career who are willing to fulfill a service obligation after graduating.

The Fulbright Grant offers funding for international educational exchanges. Sponsored by the U.S. government, it supports students, scholars, teachers, and professionals to study, research, or teach abroad.

Federal Work-Study Program

Federal work-study for grad students provides part-time jobs to help cover educational expenses. These positions are often related to a student’s field of study or serve the community. Eligibility is based on financial need, and earnings are exempt from being counted as income on the FAFSA, maximizing financial aid opportunities.

Figure out What Your University Can Offer You

After narrowing down your federal options, make sure to consider what university-specific funding might be available. Many schools offer their own grants, scholarships, and fellowships. Your school’s financial aid office likely has a specific program or contact person for graduate students who are applying for institutional assistance.

Many schools will use the FAFSA to determine what, if anything, the school can offer you, but some schools use their own applications.

Although another deadline is the last thing you need, seeking out and applying for school-specific aid can be one of the most successful ways to pay for grad school. Awards can range from a small grant to full tuition remission.

Employer Tuition Reimbursement

It might sound too good to be true, but some employers are happy to reimburse employees for a portion of their grad school costs. Employers that have tuition reimbursement plans set their own requirements and application processes.

Make sure to consider any constraints your employer puts on their tuition reimbursement program, including things like staying at the company for a certain number of years after graduation or only funding certain types of degree programs.

Become an In-State Resident

If you’re applying for graduate school after taking a few years off to work, you might be surprised to find how costs have changed since your undergraduate days. Graduate students interested in a public university can save tens of thousands of dollars by considering a university in the state they already live in.

Each state has different requirements for determining residency. If you are planning on relocating to attend grad school, be sure to look into the requirements for the state of the school you are planning to attend.

Certain states require only one year of full-time residency before you can qualify for in-state tuition, while others require three years. During that time, you could work as much as possible to save money for graduate school. More savings could mean fewer loans.

Become a Resident Advisor (RA)

You probably remember your undergrad Resident Advisor (RA). They were the ones who helped you get settled into your dorm room, showed you how to get to the nearest dining hall, and yelled at you for breaking quiet hours.

RAs may be underappreciated, but they’re often compensated handsomely for their duties. Students are typically compensated for a portion or all of their room and board, and some schools may even include a meal plan, reduced tuition, or a stipend. The compensation you receive will depend on the school you are attending, so check with your residential life office to see what the current RA salary is at your school.

Find a Teaching Assistant Position

If you’re a graduate student, you can often find a position as a Teaching Assistant (TA) or Research Assistant (RA) for a professor. The position will be related to your undergrad or graduate studies and often requires grading papers, conducting research, organizing labs, or prepping for class.

TAs can be paid with a stipend or through reduced tuition, depending on which school you attend. Not only can the job help you to potentially avoid student loans, but it also gives you networking experience with people in your field.

The professor you work with can recommend you for a job, bring you to conferences, and serve as a reference. Being a TA may help boost your resume, especially if you apply for a Ph.D. program or want to be a professor someday. According to Salary.com, the average TA earns $6 to $13 an hour, as of December 2024.

Apply for Grants and Scholarships

Applying for grants and scholarships is a smart way to fund graduate school without accumulating debt. Start by researching opportunities specific to your field, school, or demographics. Many scholarships focus on academic achievements, leadership, or community involvement, while grants often emphasize financial need.

An easy way to search for scholarships is through one of the many websites that gather and tag scholarships by criteria. Keeping all your grad school and FAFSA materials handy means that you’ll have easy access to the information you’ll need for scholarship applications.

Recommended: Scholarship Search Tool

How to Pay for Grad School With Student Loans

Grad students may rely on a combination of financing to pay for their education. Student loans are often a part of this plan. Like undergraduate loans, graduate students have both federal and private student loan options available to them.

Federal Loans for Graduate School

Depending on the loan type, payments on these student loans can be deferred until after graduation and sometimes qualify you for certain tax deductions (like taking a tax deduction for interest paid on your student loans).

There are different types of federal student loans, and each type has varying eligibility requirements and maximum borrowing amounts. Graduate students may be eligible for the following types of federal student loans:

•   Direct Unsubsidized Loans. Eligibility for this loan type is not based on financial need.

•   Direct PLUS Loans. Eligibility for this loan type is not based on financial need; however, a credit check is required to qualify for this type of loan.

•   Direct Consolidation Loans. This is a type of loan that allows you to combine your existing federal loans into a single federal loan.

Federal Student Loan Forgiveness Programs

Federal student loan forgiveness programs either assist with monthly loan payments or can discharge a remaining federal student loan balance after a certain number of qualifying payments.

One such program is the Public Service Loan Forgiveness (or PSLF) program. The PSLF program allows qualifying federal student loan borrowers who work in certain public interest fields to discharge their loans after 120 monthly, on-time, qualifying payments.

Additionally, some employers offer loan repayment assistance to help with high monthly payments. While loan forgiveness programs don’t help you with the upfront cost of paying for grad school, they may offer a meaningful solution for federal student loan repayment. (Unfortunately, private student loans don’t qualify for these federal programs.)

Private Loans for Graduate School

If you’re not eligible for scholarships or grants, or you’ve maxed out how much you can borrow using federal student loans, you can apply for a private graduate student loan to help cover the cost of grad school.

Private loan interest rates and terms will vary by lender, and some private loans have variable interest rates, which means they can fluctuate over time. Doing your research with any private lender you’re considering is worth it to ensure you know exactly what a loan with them would look like.

Also, keep in mind that private student loans do not offer the same benefits and protections as federal student loans. It’s best to use all federal funding first before relying on private funding.

Recommended: Private Student Loans vs Federal Student Loans

Steps to Take Before Applying to Graduate School

Before applying to graduate school, it’s important to consider the earning potential offered by the degree in comparison to the cost. At the end of the day, only you can decide if pursuing a specific graduate degree is worth it. Here are a few steps to take before applying to grad school.

1. Research Potential Earnings by Degree

Perhaps you are already committed to one degree path, like getting your JD to become a lawyer. In that case, you should have a good idea of what the earning potential could be post-graduation.

If you’re considering a few different graduate degrees, weigh the cost of the degree in contrast to the earning potential for that career path. This could help you weigh which program offers the best return.

2. Complete the FAFSA

Regardless of the educational path you choose, filling out the FAFSA is a smart move. It’s completely free to fill out and you may qualify for aid including grants, work-study, or federal student loans. Federal loans have benefits and protections not offered to private loans, so they are generally prioritized first.

3. Explore Financing Options

As mentioned, you may need to rely on a combination of financing options to pay for grad school. When scholarships, grants, and federal student loans aren’t enough — private loans can help you fill in the gaps.

When comparing private lenders, be sure to review the loan terms closely — including factors like the interest rate, whether the loan is fixed or variable, and any other fees. Review a lender’s customer service reputation and any other benefits they may offer, too.

The Takeaway

Grad school is a big investment in your education, but the good news is there are grants and scholarships that you won’t have to pay back. Some employers may also offer tuition reimbursement benefits, or you could find work as a Resident Advisor to supplement your tuition costs. If you need more funding to finance grad school, there are federal and private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

Does FAFSA give money for grad school?

Yes, FAFSA provides access to federal financial aid for graduate school, including Direct Unsubsidized Loans and Grad PLUS Loans. Graduate students may not qualify for federal grants but can explore assistantships, scholarships, and work-study opportunities through FAFSA to help cover their educational expenses.

Does Pell Grant cover a master’s degree?

No, the Pell Grant does not cover master’s degree programs. It is a federal grant specifically designed for undergraduate students with financial need. Graduate students must explore other funding options like scholarships, assistantships, and federal loans, such as Direct Unsubsidized Loans or Grad PLUS Loans, to finance their education.

Is it worth paying for grad school?

Paying for grad school can be worth it if the degree significantly boosts your career prospects, earning potential, or personal goals. Consider the return on investment, including salary increases and opportunities. Research funding options and weigh potential debt against long-term benefits to determine if grad school aligns with your financial future.

SoFi Private Student Loans
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SOISL-Q424-047

When you think of addiction, you might automatically think of people who are dependent on drugs or alcohol as a coping mechanism. But it’s also possible to be addicted to money. This issue can manifest itself through unhealthy behaviors such as gambling, frequent overspending, or extreme saving (yes, it’s possible to overdo a good thing).

Having an addiction to money can be harmful financially and emotionally; it can also put a strain on your personal relationships. Recognizing the signs of a money addiction can be the first step in making a recovery. Read on for a closer look at the signs and symptoms of money addiction, how it can impact your life, and strategies that can help you overcome it

What Is Money Addiction?

Broadly speaking, addiction is defined as a chronic disease that leads people to engage in compulsive behaviors, even when the consequences of those behaviors may be negative. The precise cause of addiction isn’t known, but it is believed to be a combination of a person’s genetics, brain circuitry, environment, and life experience.

When someone has a money addiction, their compulsive behaviors are centered around money, and they may approach their finances in a way that’s outside the norm of what people typically do.

For example, having a lack of savings or too much debt are common financial challenges that many people face. If you have a healthy relationship with money, you might try to remedy those issues by opening a high-yield savings account and setting up an automatic transfer of 5% or each paycheck into the account, or by creating a workable debt payoff plan. While your finances might not be in great shape, there isn’t any indication of compulsive behavior.

Someone with a money addiction, on the other hand, will typically have a different relationship with their finances. They might commit to an aggressive savings plan, for example, because they believe they have to save even if it means sacrificing basic needs. Or they may compulsively shop for emotional fulfillment while turning a blind eye to their debt.

Can You Be Addicted to Money?

Money addiction is a real thing for many people. The Diagnostic and Statistical Manual of Mental Disorders (DSM), which is the official manual of the American Psychiatric Association, specifically recognizes certain financial behaviors as addictive. For example, the DSM classifies gambling disorder as an addictive disorder.

Whether you end up addicted to money can depend in part on your experiences and the money values you developed in childhood. If you frequently ask yourself, “Why am I bad with money?” the answer could be that you learned negative financial behaviors from your parents and the people you grew up around. Genetics and biology also play roles.

What money addiction looks like for one person might be very different for another. And it can sometimes be difficult to recognize those behaviors as addictive. For example, someone who spends $20 a day on lottery tickets in the hope of someday winning the jackpot might not see that as compulsive or having a money addiction. They could fail to realize how that behavior might be harming them financially because they’re so focused on the idea that they’ll win eventually.

Signs You May Be Addicted to Money

How do you know if you have an addiction to money or are just bad at managing it? As mentioned, experiencing common money issues such as debt or a lack of savings can indicate that you might need to work on learning personal finance basics like budgeting. But there are other signs that could point to a full-fledged money addiction. Here are some signals:

Life Revolving Around Obtaining Money

One major clue that you might be addicted to money is feeling obsessed with the idea of getting it. It’s one thing to wonder how you’re going to stretch your finances until your next paycheck; it’s another to spend most of your waking hours thinking about how to get money. If you often think of how you can obtain money instead of considering how to make the most of the money you do have, that could be a sign of a money addiction.

You don’t have to be broke to have this mindset either. You might be making $250,000 a year at your job, for example, but still not think it’s enough and constantly consider ways you could make more money.

Engaging in Dangerous or Risky Behavior

Certain behaviors could signal a money addiction if they involve your taking big risks that you’re not necessarily comfortable with. For example, when a money addict gets paid, they might take that money to the casino instead of using it to pay bills. Their addictive mindset doesn’t allow them to factor in the risk that instead of winning big, they might lose it all.

Money addiction can play out in other ways that might not seem risky at first glance. Trading stock options or futures, for example, is something plenty of people do every day. If your guess about which way a stock will move pays off, you could net some decent profits.

Where that kind of behavior becomes problematic is if you’re constantly losing money, but you continue investing anyway. It’s similar to the person with a lottery ticket addiction. You keep telling yourself that your winning number is sure to come up eventually, but in the meantime, you’re steadily losing money.

Not Wanting Others to Know Your Money Struggle

Covering up your money behaviors can be another strong hint that you have a financial addiction. That includes things like hiding receipts, credit card bills, or bank statements, or hiding the things you’re purchasing from a spouse, significant other, or another family member. You may act defensive or defiant when someone tries to ask you about your money situation.

Here’s another simple test to determine if you’re addicted to money. If you have to ask yourself, “Why do I feel guilty spending money?“, that could suggest that you know there’s a problem with what you’re doing.

Living in Denial About Spending

Your spending patterns can be one of the best gauges of whether you have a money addiction, provided you own up to them. Avoiding your financial life can be a symptom: If you shy away from checking your bank statements or adding up how much credit card debt you have, those could be red flags for money addiction.

Understanding why you spend the way you do can be a first step toward recovery. For instance, there’s a difference between compulsive vs. impulsive spending. Knowing which one you engage in more often can help you identify the triggers that are leading to bad money habits.

Unwilling and Unable to Change Money Habits

Another sign of money addiction is a sense of resignation, or knowing that you have a problem with money but not doing anything about it. You might feel ashamed to let someone else know that you need help with money, for instance. Or you might take the attitude that things have been the way they are for so long already that there’s no point in trying to change the situation.

Fearing the Loss of Money

No one wants to lose money but having an unnatural fear of doing so could be a clue to a money addiction. Being afraid of losses can keep you from making smart decisions with your money that could actually improve your financial situation. For example, you might be so afraid of losing money in the stock market that you never invest at all. In the meantime, you could potentially miss out on thousands of dollars in compound interest growth over time. Or it might have you working 24/7 and never enjoying downtime because you are so focused on making as much as possible to avoid feeling poor.

Another expression of money addiction could be saving so much that you have very little spending money. If you feel compelled to save a certain, possibly excessive, amount, it could keep you from paying bills on time and enjoying the occasional dinner out or movie because you feel every penny must go into your bank account. This behavior can be akin to hoarding and can likewise interfere with daily life.

Effects of Money Addiction

How money addiction affects you personally can depend on what form your addictive behaviors take. Generally, there are a number of negative side effects you might deal with as a result of money addiction, including:

•   Constantly feeling worried or stressed over money

•   Failing to set or reach financial goals

•   Carrying large amounts of debt

•   Having little to no money in savings

•   Missing out on legitimate opportunities to grow your money

•   Getting no enjoyment from the money that you do have

•   Living with a scarcity mindset

•   Having strained personal relationships because of money.

In short, money addiction can keep you from having the kind of financial life and daily life that you want. The longer you’re addicted to money without addressing the causes, the more significant the financial and emotional damage might be. The sooner you learn to manage money better, the less you will pay (literally and figuratively) for it.

Tips to Recover From Money Addiction

If you have a money addiction, you don’t have to stay stuck with it. There are things you can do to cope with and manage an addiction to money, similar to how you’d deal with any other type of addiction.

Improving your money mindset can lead to positive actions and break the addictive cycle. Here are some key steps on your path to recovery.

Being Honest

Before you can break your addiction to money, you first need to be honest with yourself that you have a problem. It can be difficult to acknowledge that you have an issue with money, but it’s necessary to identify what’s behind your compulsive behaviors.

You may also need to come clean with others around you if your financial behaviors have affected them directly or indirectly. For example, if you’re hiding $50,000 in credit card debt from your spouse, that’s a conversation you need to have. They probably won’t be thrilled to hear that you’ve run up so much debt, but they can’t help you address the problem if they don’t know about it.

Seeking Help

Fixing a money addiction might not be something you can do on your own. You might need professional help, which can include talking to a qualified therapist to understand your money behaviors and improve them. Or it could mean working with a nonprofit credit counseling company to hammer out a budget and a financial plan for getting back on track. Or it might mean taking both of these steps.

Even having an accountability partner can be helpful if you’re struggling with overspending. Any time you’re tempted to make an impulse buy, you can call up your accountability buddy and ask them to talk you through it until the urge to spend passes.

Using Money for Good

Depending on how it’s used, money can do a lot of good. If you have negative associations with money, you can help turn that around by using it for positive purposes.

For example, you might start making a regular donation to a charitable cause you believe in. Or if you’ve neglected saving in favor of spending, you might try paying yourself first by putting part of every paycheck into a high-interest savings account. Prioritizing savings and focusing on your needs vs. wants can be a form of financial self-care that can help with breaking a money addiction.

Understanding Why Basing Your Self-Worth on Money Is Unhealthy

When you’re addicted to money, you might have a mindset that the amount of money you have determines your value. That’s an easy trap to fall into if you spend a lot of time on social media, where you’re likely to see a steady stream of influencers living dream lives. You can end up in a cycle of FOMO (or fear of missing out) spending in an effort to live a lifestyle that you can’t really afford.

That’s not a healthy place to be financially or mentally because you can find yourself constantly chasing “things” in order to feel whole. Recognizing that your self-worth goes beyond how much money you have in your bank account or which designer brands you wear can be a key step in recovering from a money addiction.

The Takeaway

Money addiction can strain or even wreck your finances, but it doesn’t have to. If you identify the issue and then are willing to take steps to manage it, you may well be able to thrive. Consider taking some first steps, whether that means opening a new bank account for savings and automating deposits into it, or contacting a credit counselor. Moves like these can help you develop a positive relationship with money.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What is it called when you are addicted to money?

It’s called a money addiction when you have an unhealthy relationship with money that leads to compulsive or dangerous behaviors. Being addicted to money means that you have an emotional or mental dependence on it that can have potentially harmful side effects.

Can saving money be an addiction?

Saving money can be an addiction if you’re so focused on saving that you neglect meeting your basic needs or you’re blind to your ability to use money for good. If you’re only interested in seeing your savings account balance go up, you might miss out on opportunities to put your money to work in other ways or enjoy life.

Does money create dopamine?

The release of dopamine in the body is associated with pleasurable or novel experiences. If you get a rush from certain money behaviors, like saving excessively or impulse shopping, then that’s a sign that those behaviors might be triggering a dopamine release.

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