5 Ways to Earn Money in Grad School

Discover five different strategies for earning money as a graduate student, consider the benefits of each one, and get started with actionable steps.

Grad school can put you on a path of personal and professional growth. However, master’s and doctoral programs can be expensive, which raises the question: Is grad school worth it financially?

For most people, the answer is yes. The return on investment is undeniable. If you compare the earnings provided by the National Center for Education Statistics, ¹ those with a master’s degree earn about 20% more per year than those with just a bachelor’s — that’s over $14,000 annually.  In comparison to a high school graduate, bachelor’s degree earners’ median salary was 59% higher than those who completed high school.

But what about when you’re going to school? How do grad students make money? If you want to enjoy the benefits of a graduate degree but you’re worried about earning an income in the process, don’t worry. Let’s explore five strategies for how to make money in grad school.

Start Your Online Graduate Degree

1. Freelance Work

Freelance jobs can be a great source of income. With a variety of websites and apps at your disposal, you have easy access to convenient, remote work. There are several reasons why freelance gigs can be especially helpful for graduate students:

• Flexibility: These jobs allow you to work on your own schedule. As long as you meet deadlines, you’re able to work whenever is best for you.
• Pay: If you have specialized skills, such as graphic design, writing, programming, or consulting, the hourly pay for freelance work can actually be higher than regular wages for comparable jobs.
• Demand: A majority of companies use freelancers —78%, according to recent data by Upwork. ²

Freelance work can also be a great resume booster. For instance, say you’re pursuing a Master of Data Analytics from NMSU Global Campus because you know how much the field is growing. ³ If you complement your degree program with relevant freelance work, you’ll boost your portfolio and have industry connections upon graduation, all while earning upwards of $50 an hour (Upwork). ⁴

While freelance work can be a great source of income for any grad student, it can be especially effective for students at online universities. The flexibility of online school blends perfectly with the flexibility of freelance work, so you can create an ideal schedule for yourself.

With 100% online degree programs, NMSU Global Campus is specifically designed for working adults. Whether you’re a full-time freelancer or a nine-to-five employee, you’ll have the opportunity to balance work and school in one of our affordable, accredited graduate programs.

Explore Online Degree Programs

2. Scholarships

Scholarships are a popular method of getting income as a grad student. They also carry a certain amount of prestige, which can boost your academic record.

How Do You Find College Scholarships?

• Use a scholarship search engine like the one from the U.S. Department of Labor, Fastweb, or Scholarships.com.
• Check with local businesses and organizations, especially in your field of study, as they may offer scholarships for students pursuing careers in their industry.
• Ask your employer if they offer tuition support.
• See if your school offers scholarships or resources – discover scholarship opportunities with NMSU Global Campus.

At NMSU Global Campus, we believe in giving academic opportunities to as many students as possible. That’s why, in addition to our affordable tuition, we offer a variety of grants, loans, and scholarships to support you on your path to a graduate degree. If you have any questions, our supportive Financial Aid team can help and guide you through the process.

3. Passive Income

While there are different forms of passive income, it generally refers to money that you make from work you’ve already done. This can be a great option for graduate students because of how time-consuming grad school is.

What Are My Options for Passive Income?

Passive income for grad students can come in many forms. Here are a few options to consider:

• Start a blog, podcast, or YouTube channel to generate ad revenue. If you have specialized knowledge and see that other content creators have overlooked it, there may be demand for your knowledge in the digital marketplace.
• Publish an ebook on Amazon KDP to earn royalties. You don’t need to complete a novel-length manuscript to do this. If you have a great short story or nonfiction piece, you can sell it as an ebook for 99 cents or $1.99. Amazon doesn’t have a strict word count, but they recommend a minimum of 2,500 words.
• Create an online course about a subject you’re knowledgeable in, whether it’s tech, fitness, art, or anything else. Platforms like Teachable and Skillshare make it easy for you to host your educational content.

With any passive income option, it takes time and energy to build a portfolio and find an audience. If you haven’t started your grad program yet, you might want to pursue these opportunities sooner rather than later. That way, you can enjoy the benefits once it begins.

4. Work for Your University

Depending on your school of choice, you may find there are meaningful opportunities to work directly for your school. These can be some of the best part-time jobs for grad students because they offer a variety of advantages beyond the income:

• Work in Your Field: Several positions give you the opportunity to work in the field you’re studying, adding extra depth to your knowledge.
• Career Experience: University work can give your CV a far greater boost than typical part-time jobs, especially if you find opportunities that are relevant to your degree.
• Flexibility: A good school will be understanding of your academic responsibilities, and they’ll adjust your schedule accordingly. This kind of flexibility isn’t easy to find at many part-time jobs, where they expect you to prioritize work over school.

What University Jobs Can Grad Students Get?

Every school is unique, but there are generally strong options available for grad students:

• Many take on teaching responsibilities as a teaching assistant.
• As a research assistant, you would assist faculty with writing reports and collecting data, which can help you with potential thesis projects.
• Tutoring can be a great way to apply your expertise while also enjoying a good amount of flexibility.

Keep in mind that this kind of work isn’t limited to traditional, in-person schools. NMSU Global Campus offers a variety of academic resources, such as a tutoring center and writing center where qualified students can work as peer tutors.

5. Work a Regular Job While Attending Online School

If you want to earn a graduate degree but you’re worried about generating income in the process, one of the best things you can do is to attend an online school. Earning your master’s degree online is a convenient way to save money, ⁵ they also give you the flexibility to pursue your degree on your own schedule, allowing you to work a regular job in the process.

At NMSU Global Campus, we understand that balancing life and school can be a challenge. That’s why we’re committed to giving you a top-notch education 100% online. As part of that commitment, we believe in supporting you from day one all the way to graduation.  What does that look like?

• Academic advisors will guide you through your program and help you with your degree plan.
• Expert faculty are caring, accessible, and understanding of your other obligations.
• Affordable tuition removes financial barriers to your academic dreams.
• Flexible, 100% online graduate coursework lets you make a living while you’re working toward your goals.

In other words, if you’re worried about affording grad school, the best thing you can do is pursue an online degree. The flexibility allows you to earn a steady income, and the affordability means you’ll have a much easier time paying for tuition. NMSU Global Campus has graduate degree programs designed to help you reach your goals. Your graduate degree is within reach — take the first step.

References

1. “Condition of Education: Annual Earnings by Educational Attainment.” National Center for Education Statistics, last updated May 2024.

2. “Labor Market Trends and Insights.” Upwork, last updated October 2024.

3. “Is a Master’s in Data Analytics Worth It?” NMSU Global Campus blog, 12 August 2024.

4. “How Much Does a Data Analyst Cost?” Upwork, accessed December 2024.

5. “Benefits of Online College.” NMSU Global Campus blog, 14 May 2024.