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3 Best Ways to Finance Your MPA Degree

financeReceiving a Masters of Public Administration degree allows you to work in various sectors of the local, state or federal government in a leadership role. The average MPA degree takes approximately two years of full-time schoolwork to complete and with the cost of both online and brick and mortar colleges rising there can be a considerable concern over how to pay for such a degree. Luckily, there are three great ways that you can use to help you get the finances you need to earn your degree.

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#1 Work-Study Programs

A work-study program allows students to reduce the cost of their college tuition by working. Some of the benefits of a work-study program include:

  • Flexible work schedules
  • Jobs right on campus
  • Additional financial aid

Each school’s work-study program will vary but the majority of work-study programs allow students to get jobs right on campus. The money that would have been earned working that job will then be used towards the student’s tuition. Work-study programs will also work with the student to create a schedule that revolves around when they have classes. This allows students to not have to worry about missing classes due to having to work.

#2 Government or Private Grants and Scholarships

Government or private grants and scholarships are another great way to pay for your MPA degree program. The biggest benefit of grants and scholarships is that they don’t have to be paid back. Any money that is awarded to the student can be used for tuition, books and school fees. Depending upon the type of grant or scholarship the money can also be used towards school supplies such as a laptop or desktop computer, or for room and board.

Government or private grants and scholarships do have a slight downside – they can be very competitive. Many companies and schools only have a limited amount of scholarships and grants to award to students. This means many students will apply with only a few being awarded the final grant or scholarship.

#3 Student Loans

Finances for your Masters of Public Administration degree can come from student loans. Student loans are similar to a private bank loan and require that the money that is borrowed be paid back with interest. Some benefits of financing your college education with a student loan can include:

  • Money does not have to be repaid until after the student graduates or is no longer attending school full-time
  • A grace period is available to repaying the loan
  • Student loans can pay for the difference in what scholarships, grants and financial aid does not cover.

College costs may be on the rise but with the help of these three great ways to finance your MPA degree you’ll be able to be one step closer to your dream job. Taking out loans, receiving grants and scholarships, and entering a work-study program will help you get the money you need to pay for your college education.

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