Tips for Financing Your Graduate School

Tips for Financing Your Graduate School, studying masters degree studying abroad Ministry of Labour and Social Welfare bank loans

Studying a master’s degree is not an impossible task but it is an arduous undertaking for many Mexicans. According to the latest figures from the Ministry of Public Education in Mexico only seven of out of 100 college students proceed to taking up a masters or doctorate degree.

There are various financing alternatives to meet the costs involved in returning to school after college. Know which one best suits your needs:

1. If you are working.

Bank loans and specialized financial institutions can be a good alternative if you want to start graduate school right after receiving your undergraduate degree. But if you’re not in too much of a hurry, you can consider starting with a programmed savings investment option, this will allow make considerable capital depending on your ability to save.

“Having a graduate degree can help improve your salary scale, however there is a widespread condition in every race. Before taking a loan, it is important to have a plan on how you’re going to repay it,” says Alejandro Carriedo, director of college credit Santander.

You should also consider your major may require that you devote to school full time. L I bank loans are especially designed so that graduate students would only need to repay a portion of the interest while they are studying. They can proceed to repaying their loans once they are fully employed.

2. If you just graduated from college.

Pursuing a master’s degree is a viable option for students who are financially backed up by their parents. If, however, you do not have an initial amount to meet the payment of your graduate studies, it is best that you obtain advice on scholarships and support programs.

One example is the government’s student loan program, Financing Higher Education. This programs aims at providing guarantees for 3,000 million pesos for banks to grant educational loans to 25,000 Mexican youths. In order to qualify for the program, you would of course need to be Mexican. Additionally, you should have been accepted by one of the 21 universities included in the program, have a guarantor, should not have a bad credit history in the credit bureau and have a minimum of 7 in the last period of the cycle study (varies according to the criteria of acceptance of each university).

3. If you want to study abroad.

It is likely that a school outside your country is the most expensive option or that involves a more complex process, but it may be the only option to study particular fields.

Make sure to research well on the institutions that you are thinking of applying in. Find out what they can offer foreign students and what types of financial aides you qualify for. Don’t forget to factor in your living expenses while you are abroad.

What master degree is for me?

Specialization does not guarantee a better salary, but it can be crucial to getting ahead.

The observatory work of the Ministry of Labor and Social Welfare indicates that the areas in which skilled workers have higher wages are applied sciences (engineering, medicine), educational work, and architecture and design. On the other end, the social sciences and arts figure as areas where people work in industries other than what he studied.

 

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