Ways to Pay for Grad School: Evaluating Your Options

For many prospective students, the decision to pursue graduate school comes with a big question: How am I going to pay for this?

Tuition costs, family responsibilities and existing financial commitments can make grad school feel out of reach, especially for working professionals returning to school after time away.

The good news is that most graduate students don’t rely on just one way to pay for their degree. Instead, they combine several funding options to make graduate education more manageable. Understanding what those options are (and how they can work together) can help you make a confident, informed decision about investing in your future.

Below, we’ll break down common ways to pay for grad school and highlight how universities like The University of Scranton design their programs to support affordability, flexibility, and long-term value.

Start with the True Cost of Graduate School

Before exploring how to pay for grad school, it’s important to understand what the cost actually includes. Tuition is the biggest factor, but it’s not the only one. Program length, number of credits required, fees and your ability to stay employed while enrolled all affect the total investment. This is why transparency matters. Some universities publish clear per-credit tuition rates, list total program costs upfront, and offer consistent pricing regardless of where students live.

For example, The University of Scranton uses a flat tuition rate for online graduate students nationwide, helping learners compare costs accurately and plan ahead with confidence. Scranton also offers a three-year graduate tuition guarantee, ensuring tuition rates remain consistent throughout a student’s program.

When evaluating programs, we recommend asking:

• How many credits are required to graduate?
• Are there additional fees?
• Can I complete the program part-time while working?

Explore Scholarship Opportunities

Scholarships and grants are often associated with undergraduate education, but they’re also available to graduate students. Here are a few of the most common types:

Institutional Scholarships

Some universities offer institutional scholarships or program-based awards for graduate students, which can help reduce overall tuition costs and don’t require repayment.

Availability and eligibility vary by school, so it’s worth reviewing each institution’s financial aid structure carefully.

While scholarships tend to be more common in undergraduate programs, some graduate programs opt to support affordability through clear, published tuition rates, flat pricing regardless of residency and no application fees — an approach used by The University of Scranton to help students plan for grad school with confidence and transparency.

External Scholarships

Professional organizations, nonprofits and employers also offer scholarships for graduate education. This is especially common in fields like business, healthcare, nursing and cybersecurity. These awards can often be combined with institutional aid.

Employer Tuition Assistance and Workforce Benefits

If you’re working while pursuing your degree, your employer may be one of your greatest financial resources. Many organizations offer tuition reimbursement or education assistance benefits as part of their employee development programs.

These benefits often cover a set amount per year and may require you to stay employed for a certain period after graduation. Flexible program formats are especially important here. Online, asynchronous programs (like those offered at Scranton) allow students to balance coursework with full-time work, making it easier to use employer tuition benefits without disrupting their careers.

Tip: Check with your HR department early to confirm eligibility and deadlines — many employers require paperwork to be submitted on a specific timeline to utilize tuition benefits.

Federal Student Loans for Graduate Students

Federal loans remain a common option for financing graduate school, particularly when combined with scholarships or employer assistance.

Direct Subsidized Loans

Most graduate students qualify for Direct Unsubsidized Loans, which are federal loans with fixed interest rates that don’t require a credit check and allow payments to be deferred while you’re enrolled at least half-time. To apply, students complete the FAFSA®, and many universities (including Scranton) offer financial aid counseling to help students borrow responsibly and combine loans with other funding options.

Graduate PLUS Loans

Graduate PLUS Loans can help cover remaining costs not met by other aid, though they require a credit check and typically carry higher interest rates.

Many universities pair federal loan options with personalized financial aid counseling, helping students borrow thoughtfully and understand long-term repayment implications before committing.

Payment Plans and Paying as You Go

For students who want to avoid large upfront payments, many schools offer tuition payment plans as a practical way to manage graduate school costs. These plans allow tuition to be spread out over the semester or term, which can ease cash-flow concerns and reduce the need to borrow as much in loans.

It’s important to note that payment plans require students to stay current on scheduled payments. If payments lapse, students may not be able to register for the next term until the balance is resolved. Even so, payment plans remain a popular option for many graduate students — especially working professionals — who want more control over how and when they pay for their education.

Military, Veteran and Service-Based Benefits

Active-duty service members, veterans and eligible family members may qualify for a range of federal and institutional education benefits designed to support continued learning. Many universities participate in these programs to help reduce the cost of graduate education and make advanced degrees more accessible for those who have served.

The University of Scranton is proud to support military-affiliated students through programs such as the Yellow Ribbon Program, the Montgomery GI Bill®, and Tuition Assistance (TA) for active duty, National Guard, and Reserve service members pursuing voluntary off-duty education. Prospective students are encouraged to connect with admissions or financial aid teams (and consult the U.S. Department of Veterans Affairs) to understand how these benefits can be applied toward tuition and fees.

How Program Design Can Lower the Cost of Grad School

Affordability isn’t just about tuition; it’s also about how a program is structured. At The University of Scranton, graduate program design plays a key role in helping students manage both time and cost.

Examples of cost-conscious program features at Scranton include:

• Fewer required credits
• Accelerated or dual-degree pathways
• No application fees or entrance exams
• Free transcript retrieval services
• Multiple start dates that can reduce time to completion

Together, these features reflect Scranton’s emphasis on streamlined admissions, flexible pacing, and efficient degree completion, supporting both financial stewardship and student success — values rooted in the Jesuit tradition of cura personalis (caring for the whole person).

Appreciating the ROI of Graduate Education

Paying for grad school is a significant decision, but it’s also an investment in your future earning potential, career mobility and professional confidence. When viewed through the lens of return on investment (ROI), graduate education isn’t just about what you pay upfront, but about the skills you gain, the opportunities you unlock, and the impact you’re able to make over time. For many professionals, a graduate degree can lead to expanded responsibilities, greater leadership opportunities, and long-term career stability.

The University of Scranton emphasizes value alongside affordability by pairing transparent tuition with programs designed for working professionals — programs that build in-demand skills, support ethical leadership, and respect students’ time and experience. By carefully evaluating both cost and outcomes, prospective students can choose a graduate path that aligns with their goals and delivers meaningful returns well beyond graduation.

Explore our graduate programs to learn more.