How to Get a Loan for a Second Master’s Degree
There was a time when a simple bachelor’s degree was enough to land a well-paying and respected job. Over time, the job industry has evolved such that a graduate degree has now become a minimum qualification but only those with a master’s degree can actually hope to be hired.
It has been estimated that in the near future, even these two degrees will not be sufficient. More than 18% of jobs will require the candidates to have a Second Master’s degree showing their specialization in a particular area.
If you are planning to pursue your Second Master’s but are feeling down because of all the expenses that you would need to incur during the process, a loan for Second Master’s might be the ultimate solution. Read on to find out more.
Benefits of a Second Master’s Degree
A well-educated person is always appreciated by prospective employers and a Second Master’s degree definitely adds a feather in the cap. Some of the major benefits of a Second Master’s degree are explained below:
More specialized knowledge
The education one gains through an undergrad program is very broad and general. Additionally, the master’s degree provides more specialized knowledge as you can choose a particular sub-area within the graduate field to gain expertise in. A Second Master’s is a chance for you to delve even deeper into the field of your choice to gain more perspective.
Possible salary increase
Needless to say, an employee with a Second Master’s would definitely stand to earn even more because of his higher education. If you complete your Second Master’s in your current job, you are sure to get a major boost in your salary.
More employment opportunities
A Second Master’s helps you in landing on more lucrative jobs. There are many companies, especially those in health care, education and similar industries which place a lot of value to Second Master’s degrees while hiring new employees.
A Second Master’s is also a great way for career advancement as higher education helps you in transitioning to senior positions in your current job itself. If you feel that you have been stuck in the same kind of work profile for years on end and are not able to make your way up, a Second Master’s degree may just be the boost that your career needs to propel you upwards.
How to Pay For Your Second Masters?
A Master’s degree is an expensive course to undertake and the same applies for a Second Master’s as well. However, there are several ways through which you can pay for your Second Masters.
Many students receive funding from either their previous college or from the organization that they are working for. This way, they do not have to incur the entire cost of the course. On the other hand, there are also many public universities where the course fee is much less due to government funding.
Almost all the universities have a scholarship system through which they reward their most meritorious students and those who are in need of financial help by awarding scholarships. The assistantship is also a similar concept where you may have to work as a substitute teacher for undergrad students or as a lab assistant to earn a partial waiver of the Master’s fees.
Taking an education loan is probably the most popular way of paying for a Second Master’s. You can go for a Direct Unsubsidized Loan where you are given a fixed amount of money at the rate of 6% interest. Or else, you can also go for a Direct Plus loan where the interest is charged at 7% but the loan amount is able to cover the entire course fees.
How To Take a Loan for a Second Master’s With Stilt
Applying for a Second Masters loan with Stilt is extremely simple and quick. It would take hardly 2 minutes for you to fill out the basic application form along with some personal information, the amount of money you need, and the purpose you need it for.
After receiving the application, the team at Stilt will process it within 24 hours and update you about the documents etc. needed by them for verification.
Then, a promissory note is sent by Stilt to be signed by you. Once you send the signed note back, the money is disbursed and will reflect in your account within 2-3 days. Repayment of the loan can be done at your convenience through monthly installments or even lump sum repayment.
5 Tips For Saving Money While Working Towards Your Second Master’s
There is a range of ways through which you can save money while pursuing Second Masters. Some of them are:
The easiest way to earn some extra cash for daily expenses is to sublet your apartment or any spare bedrooms that you have. You can have a permanent roommate by taking in another Master’s student or a Ph.D. candidate or you can make your apartment available for visiting scientists who are usually willing to pay more.
Make your own food
Cut down on your food expenses by packing a lunch for yourself every day. Not only will this ensure that you have a healthier diet, but you will also be surprised at how much money you can save this way. All you need to do is learn a few simple recipes that take minimal prep time so that you can whip up a healthy lunch and dinner for yourself every day.
Binge eat at conferences and get-togethers
Arrange to get yourself invited for conferences which are not only fun and informative but are also great places to have a hearty lunch. Most universities have on-campus seminars and presentations from university professors and other academicians which is generally followed by a free lunch.
A great way of saving on vacation expenses is to persuade your professor to let you attend an overseas conference. This way, your flight ticket, as well as hotel arrangements, will be sponsored and you can just have the time of your life in between the conference timings. Keep a lookout for conferences which are taking place in some scenic locales and make use of this strategy to take a well-deserved break from college.
The good old student discounts are still a great way to save money on small daily expenses. Right from getting a beer at half the price on specific days of the week to fare concessions in public transport, a Second Master’s degree is a great time to relive your undergrad days and make the most of your status as a university student.
A second masters is not just a way of landing a lucrative job offer but also of differentiating yourself from other employees and taking a faster route up the corporate ladder. With easy loan disbursals from Stilt, you don’t even have to worry about financing your education. Take the leap today towards a better future with a Second Master’s degree.