Financial and Practical Tips for Pursuing a Masters or PhD

You may be surprised to learn that many people miss out on a great deal of available financial aid when pursuing a graduate degree. Often this is the consequence of people deciding on a particular course of academic study far in advance, and then not researching available options. For instance, many Professional and Master's degree programs offer significantly more financial aid for those seeking a PhD and a Master's degree simultaneously than for those seeking only a Master's degree. Generally speaking, this is because a Master's student is considered more of a 'customer' who is at school to learn, whereas a PhD student is more of a 'contributor' who can assist with research, teach at a higher level and further other goals of a given academic institution.

In the field of Psychology, for example, faculty are typically interested in having students who contribute to their research - which usually means staying on and getting a PhD. While this can mean an extra year or two of study, and thus a slower start in terms of an actual career, it can also make the difference between receiving little or no financial aid and being granted a stipend to live on and having tuition paid for by the university. Many PhD students are thus able to graduate debt-free or even with some modest savings, while many Master's students accrue considerably more debt even though they graduate sooner.

In addition to financial considerations, it is important to choose a program that has faculty you want to work with. This is, of course, a significantly different prospect than being an undergraduate student - where you may have chosen a program simply because of its overall reputation, convenience or for other reasons. You likely did not expect to have a great deal of personal contact with faculty members unless you attended a small liberal arts school. Knowing specific faculty members is also important to the application process: when applying to a school, you should mention by name faculty you want to work with and explain what aspects of their work are of interest to you. This demonstrates not only that you are familiar with and committed to the program, but also that you are excited to help them with their research and not simply expecting to sit in class and learn from them.

Tip: you need to find out ahead of time if there are any other specific subject GREs you need to take in addition to the general exam. Many departments require that applicants take subject exams in their particular field, or strongly recommend it. If you learn too late that a program you are applying for does require specific additional exams, you may miss out on your opportunity to apply altogether or at least lose out on valuable study time!