Pursuing a graduate degree is a huge decision that requires careful planning, especially for athletes transitioning from college sports to the professional world. While higher education can open doors, taking on significant debt can be a long-term burden. After graduating from college with a degree in marketing, I remember taking a few years to weight the pros and cons of going to grad school. While this might be considered a traditional path for some, the economy and job market are so different than they were when our parents (and our grandparents) went to school. Being pro education myself (and the daughter of two retired teachers), I feel like an investment in your education is priceless, but it has to make sense for your lifestyle, long term goals, and financial situation. Before committing to grad school, it’s important to consider the return on investment (ROI) of the degree.
Is Grad School the Right Move for You?
Many athletes feel pressured to continue their education because of societal expectations from parents, peers, or coaches. However, grad school should be a personal and strategic decision. Here are some key questions to ask yourself:
- What are my career goals? Do I need a graduate degree to achieve them, or can I gain relevant experience through work, certifications, or networking?
- How will this degree impact my earning potential? Will the increase in salary justify the cost of tuition and lost income while in school?
- Can I explore alternatives? Are there professional development programs, certifications, or employer-sponsored training that can provide similar benefits at a lower cost?
- Do I need to go now? Can I work for a few years to save money and gain experience before enrolling?
- What do industry professionals say? Have I spoken to people in my desired field to see if a graduate degree is necessary or if experience matters more?
Ways to Pay for Grad School Without Debt
If you’ve decided more schooling is the plan for you and that it aligns with your career path, the next step is figuring out how to finance it wisely. Here are practical ways to avoid taking on debt:
1. Secure Employer Tuition Assistance. Many companies offer tuition reimbursement for employees pursuing graduate degrees in their field. I took a pay cut a few years after working for the NBA, to work at a local university and get my graduate school classes paid for. Before enrolling, research companies that provide this benefit and consider working for them first.
2. Apply for Scholarships and Grants. Unlike loans, scholarships and grants don’t have to be repaid. Look for opportunities specifically for athletes, minority students, and those pursuing degrees in your field. Check university websites, nonprofit organizations, and industry associations.
3. Choose an Affordable Program. Prestige doesn’t always equal better opportunities. Consider in-state schools, online programs, and public universities that offer competitive programs at a lower cost.
4. Work While Studying. Many graduate programs offer evening or online classes, allowing you to work full-time or part-time. Balancing work and school can help cover tuition and living expenses without taking out loans.
5. Utilize Graduate Assistantships. Many universities offer graduate assistantships that provide tuition waivers and stipends in exchange for teaching or research work. As a former athlete, consider coaching or working in athletic departments to earn funding.
6. Save Money Before Enrolling .If you’re not in a rush, work for a few years and set aside savings for tuition. Contributing to a 529 plan or high-yield savings account can make future tuition payments more manageable.
7. Negotiate Costs with Schools. Some programs may offer financial aid packages or allow tuition discounts for students who demonstrate financial need. Don’t be afraid to negotiate for better funding options.
Graduate school can be a valuable investment, but it’s important to approach it strategically. By evaluating your goals, exploring financial aid options, and considering alternative funding sources, you can make an informed decision that sets you up for long-term success—without the burden of debt. Before you sign up for another round of school just because others expect it, take the time to make sure it’s the right move for you.