How to Pay for Graduate School

With the economy in the dumps and many industries downsizing, a lot of young people are thinking twice before jumping into the private job market. Why settle for something you don't really want if you enjoy learning above all else?

If you are ambitious and organize your resources well, it is possible to finance a lifetime of learning and school-graduate school, masters programs, and beyond. Here are some top tips on how to make your dream a reality:

Seek out scholarship programs aggressively

See if your parents' employer offers any sort of ongoing educational scholarship for children; if you are part of a minority or religious group, see if there are any scholarships specifically for you; before graduating from college, ask your major department (and possibly minor department) if they have any academic prizes or graduate fellowships coming up. Also browse web sites such as FastWeb.com which provide current databases of available scholarships and fellowships (that site boasts over $1 billion in listed scholarships, although many are highly competitive and take a lot of time to apply for).

Pursue wealthy, idealistic relatives

If you have a wealthy grandparent who loves the arts and learning, for example, pitch him or her on your plan to pursue a lifetime of scholarship-ask if they can help you out in any way. Appeal to their idealistic side and get them excited about the possibilities for your future. You might be surprised how many senior citizens have an extra $100,000 sitting around for the right academic pitch.

Work part-time

Part-time retail work, freelance writing assignments, photography, and delivery jobs all pay fairly well. Save your money and invest in companies you believe in-reinvest your gains and save toward a graduate program or masters program.

Consider government or military help

Many governmental and military positions offer you assistance with ongoing education. You should ask individual departments and agencies what their policy is on this, but even in this recession the U.S. government has a lot of money to put toward your ongoing educational dreams.

Find a job that dovetails with academic life

Working as an English or Math tutor at the high school or undergraduate level, for example, can provide a steady source of income ($20 per hour or more, generally). If you tutor for more advanced or specialized courses, your income could be even greater than this. Also look into employment opportunities with test prep companies such as Princeton Review and Kaplan; they pay well and are often fun classes to teach.