How to avoid debt in higher education
I stumbled across a great
article by Jonie Watanabe Tsuji, career counselor at the California Institute
of Technology in Pasadena. In it, Tsuji talks about financing your Masters
education. Personally, I paid my own way through my BASc and MASc without going
into the red, so here are a few tips.
Funding
Tsuji mentions that “[engineering graduate schools] pretty
much pays for its graduate students!” This is often the case, but can have some
strings. Tsuji mentions that this payment may come from the school itself, but
only if you are to pursue a Ph.D afterwards. Many folks have written that in
the engineering workforce, a
Ph.D can be more of a hindrance than an advantage. Unless you hope to stay
in academics or work as a high-end consultant, you might be considered over
qualified for every position. I therefore would not recommend this option if it
comes with a Ph.D. clause.
I agree with Tsuji that your next best bet would be to
search for fellowships, grants, bursaries, and scholarships. The names change
but the idea is basically the same. If you qualify, and if your application
wins, you get funding. These usually require your own research and a lot of
planning. Beware of strange rules in the application process. I was rejected
once simply because I was applying after accepting my master’s position.
It is worth noting that even in this economy, many of these
funds will go unclaimed. People assume they will not qualify and therefore do
not apply, leaving the funds to waste. Do not fall into this statistic. Note
that many of funds are targeted to certain demographics, fields of study,
schools, or projects. I’ve even seen one or two designed to be given out to
people with a certain last name. So again do the research. This may be a good place to
start (or here for those north
of the border).
Working for the University
What worked best in my studies was working for the
University as a teaching assistant (TA). TA’s are often the link between
students and a professor. Your work may include tutoring, running tutorials,
lecturing, producing work assignments / handouts / labs, and grading. Though
time consuming, I can say personally that the work is very fulfilling. Also,
due to unions you might get paid handsomely on an hourly basis.
Tsuji suggests that there is good money working as a
research assistant (RA). This position consists of helping a professor with a
project that may be above and beyond the research to complete your masters.
This will take time and I recommend doing it when the research is at least related
to your master’s thesis. This way you can go straight to the lab and not have
to put in double the research time.
Depending on your expertise, it is possible that you will be
the only person for the job when applying to the University. If you are the
only person qualified to teach a topic or use a certain lab instrument your
application to the TA or RA is a shoe-in. So be sure to ask around and see what
the Professors want in a candidate.
The Real World
Tsuji forgot to mention that there are other options out
there that can pay for your education, like keeping your job in the real world.
This may seem like a lot of effort, but there are ways to mitigate it.
First, you can apply for a part-time job where occupying
space is the most important part of the job, such as working at an information
booth at a library. In that sort of job you may go hours without having to help
someone or shelf a stack of books. Instead of surfing the web, you can do your
own readings and research. I’m not condoning slacking off, just saying that
some jobs aren’t very demanding.
The most drastic idea is to work full time. I know it sounds
ridiculous but there are two options that can work.
First, you can choose online distance education. You will be
able to study and work at your own pace, on your own time, in your own house. The
reputation of online degrees has improved drastically in recent years.
Alternately, your employer may offer to pay your way. This
can happen through a training program, or as a means to solve a workplace issue
that no one is yet qualified to solve. Though this may be rare in the current
job market I would not take it out of the realm of possibility.
For those studying an undergrad, a co-op program will go a
long way to paying for your education. I know of a couple who after graduation
got married, a car, and a place to stay simply from the money earned by co-op.
A success story my mother would never let me forget…
The Red
If there are no other options, then it may be time to take a loan. There are government loans out there but as Tsuji said, they tend to be only accessible if you can prove financial need.
There are always those that fall through the crack, as I did. I was paying my own way with little personal income or savings and my father’s income and a generous gift from my ailing grandfather disqualified me from government loans.
If this is your situation, you can look for a line of credit at the bank or loans from other educational sources. Tsuji notes that the rules for the payback may be stricter than what the government will offer so I would advise caution. I personally found that the line of credit was the best bet. I never actually touched it, but it was always there in case of an emergency.
Source: graduatingengineer.com
