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How to Pay for Your Masters of Accounting Degree

Perhaps the hardest part of staying in the education system after school is the cost of college. If you are an accounting student looking to get your masters degree in accounting, you will likely face similar problems as well. Granted, it’s not going to be as costly as getting a medical degree, for example, but it still can be quite expensive nevertheless. The good news is that there are ways in which you can help your parents by relieving the financial burdens that generally come with higher education in the US.

Scholarships and Fellowships

Find out if your college or graduate school has active scholarship programs and what are the requirements you must meet to qualify for them. As they are given out on the basis of merit, it literally pays to keep top grades! Fellowships can be offered by external organizations, which can be both public and private. Apply as early as possible because this is an extremely competitive field where numerous other students in your shoes are also trying to secure financial aid for completing their education.

Studying Online

Getting your masters accounting degree online has multiple benefits and some of them go beyond just financial advantages, but the monetary benefit is most certainly there.

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  • The courses are less expensive
  • There’s no additional cost of external accommodation or regular commuting
  • You can hold a part-time job as online courses generally have flexible schedules
  • The same flexible schedule allows you to strengthen your resume even further by completing supplementary courses at the same time

The only thing to make sure is that you do your online masters degree in accounting from a reputed and affiliated institution with an updated course.

Work at the Institution

Getting a part-time job is what most students do to pay their way through college, but you may not have to look for that job further than the very institution you are studying at. Assistantship is a good way to relieve some of your financial burdens, so seek out that accountancy professor who is looking for a teaching assistant. Alternatively, you can work in other departments too, provided the opportunity is available and you qualify.

Tax Credits

You should look to take advantage of the tax credits that are applicable; for example, the federal Lifetime Learning Tax Credit will give students a tax rebate of up to $2,000 if they are eligible for it. There are other leniencies in place for students and as an aspiring accountant, you should be able to make the necessary calculations yourself.

Your Company May Pay for It

If you are already working for a company, check to see if they will pay for your higher education because they often do. It is sometimes more convenient and beneficial for an organization to offer their existing employees the education they need to perform better than hiring new untrained workers. Your degree has to be relevant to the job you are doing for the company though.

Apart from these five tips, it is wise to be mindful of the interest rates while you apply for education loans. Make use of those accounting skills and crunch the numbers until you find the best deal that you possibly can. At the end of the day, some of these things will probably not be easy to do while studying for a master’s degree, but it will be well worth it in the future.

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