Most people follow a traditional path when they obtain their college and graduate degrees. Usually, individuals attend college for four years, and then attend graduate school for one, two, three, or more years depending on the degree which they are pursing. However, sometimes individuals can obtain two or more degrees at the same time in less years than it would take to obtain the degrees separately. These dual-degree programs can save you money, since students typically spend less funds pursuing multiple degrees at the same time than they would obtaining each degree on its own.
As previously mentioned on this website, I was lucky to have the opportunity to complete an M.A. degree in American history during my fourth year of college. Of course, college usually takes four years to complete, and a master’s degrees typically requires a year or two of coursework. By completing this M.A. degree during my last year of college, I saved a year or two from my life that I would have spent pursuing an M.A. degree. In addition, I received scholarships and need-based financial aid to attend college, so I ended up paying very little to earn my M.A. degree.
The main reason why dual-degree programs can save you money is because you typically have to spend less money on tuition if you are enrolled in such a program. Since you usually need to spend additional cash on tuition expenses for each year you are in school, minimizing the amount of time it takes to earn your degrees can affect your bottom line. In addition, you also need to spend less money on living expenses if you earn your degrees faster, and as a result, you can borrow less money to earn your degrees if you earn them through a dual-degree program.
Furthermore, graduating earlier also means that you will pay less money in interest, since there will be less time for interest to accrue on your student debt. Entering the workforce earlier also means that you will have more time to obtain credentials, gain promotions, and earn a higher salary. Eventually, this will also improve your ability to pay off student loans.
There are a number of other less-obvious ways that dual-degree programs can save you money. Normally, when individuals apply to graduate school, they need to take a graduate admission test. As discussed in a prior article, applicants to graduate school typically spend large sums of money studying for and taking graduate admission tests like the GRE or GMAT.
However, many dual-degree programs do not require you to take a graduate admission test. Indeed, although M.A. candidates at my college needed to take the GRE, I did not need to take this test to be admitted to a dual-degree program. This saved me a ton of money, since I did not need to pay to take the GRE or purchase any prep materials. Quite frankly, I also probably would not have done well on the GRE, and bypassing this requirement through a dual-degree program can help you get admitted to a better graduate program.
Although dual-degree programs can save you money, and it is generally advisable to enter dual-degree programs to minimize student debt, there are certain considerations you should evaluate before enrolling in such a program. It is first worth noting that dual-degree programs are often extremely difficult to complete. In order to obtain an M.A. degree during my fourth year of college, I needed to take an insane number of credits during the previous three years of school. This was extremely stressful, since I had to balance my rigorous studies with all of my other activities as an undergraduate.
In addition, completing graduate coursework earlier in your academic career can be very challenging. It was difficult for me to take graduate courses when I was 21 years old, since I was on a different academic level than many of the other people in my M.A. cohort. In addition, I had to sacrifice some of the fun of my last year of college in order to complete the assignments of my B.A./M.A. program.
Furthermore, some people might not want to participate in a dual-degree program, since they do not want to spend less time in school. Being a student is a very unique experience, and many people consider their college and graduate school years to be the best time of their lives. In addition, students have a unique ability to meet new people, experiment, and just generally have fun.
Even if you need to borrow a considerable amount of student debt to earn you degrees, you still might not want to accelerate your studies. Some of the greatest benefits of a university education is not what is learned in the classroom, but the experiences you have on campus. As a result, everyone considering dual-degree programs need to carefully evaluate whether the financial benefits of a dual-degree program outweigh the experiences you might miss out on by accelerating your studies.
In the end, dual-degree programs can save you money, and everyone thinking about minimizing student debt in graduate school should consider a dual-degree program. Furthermore, it is important to do your research early, since only certain schools have dual-degree programs, and there might be requirements you must complete before entering these programs. Although there are some drawbacks to participating in dual-degree programs, they can definitely help you minimize the amount of student debt you need to borrow to earn your degrees.