Budgeting for Your MSCS: How Stevens Students Cover Tuition

Demand for computer and information technology professionals is growing rapidly, creating over 350,000 job openings each year. Earning a graduate degree in computer science — like the online Master of Science in Computer Science (MSCS) from Stevens Institute of Technology — can help you capitalize on these opportunities and qualify for more senior (and higher-paying) roles. That can pay big dividends: An American Enterprise Institute study recently found that computer science master’s degrees deliver a greater return on investment than any comparable degree.

If you’re thinking about returning to school, you’ve probably given some thought to the cost of a master’s degree. Don’t be put off by the sticker price; with financial planning and budgeting, you can significantly reduce your outlay. Continue reading to discover resources, strategies, and tools for financing your StevensOnline MSCS. 

Scholarships and Financial Aid Resources for StevensOnline MSCS Students

Several financing options help online MSCS students eliminate some program costs and defray others. They include grants, scholarships, loans and employee tuition assistance programs. Your eligibility depends on your enrollment status, program type, and other factors, such as financial need. 

You must complete a Free Application for Federal Student Aid (FAFSA) form to be considered for Federal Aid. The FAFSA is also required to qualify for many scholarships and grants. Read on to learn more about specific funding opportunities.

Grants and External Scholarships

Stevens online MSCS students may qualify for external grants and third-party scholarships. Options include: 

• The National Science Foundation (NSF) Graduate Research Fellowship Program (GRFP) is a prestigious option for full-time students pursuing a research-based master’s (or doctoral) degree. 
• STEM-focused scholarships target students in the science, technology, engineering, and mathematics (STEM) fields, including computer science. To identify scholarship opportunities, explore platforms like FastWeb and Scholarships.com.

Federal Financial Aid

Federal financial aid provides assistance to many graduate students every year; more than 40 percent take federal loans. You can apply for federal aid even if you don’t demonstrate exceptional financial need. However, you must be enrolled at least half-time and be a U.S. citizen or permanent resident to qualify. You must also complete the FAFSA to apply for federal aid. 

The federal government sponsors two types of loans for graduate students:

• Direct Unsubsidized Loans do not require you to demonstrate financial need to be eligible and offer a fixed interest rate (8.08% for loans disbursed in 2024-2025).
• Direct PLUS Loans are available if you need to borrow more than you receive in unsubsidized loans. They have higher interest rates and fees than unsubsidized loans and require a credit check.

Employer Tuition Assistance: Leveraging Workplace Benefits

If you plan to work full-time while enrolled in the StevensOnline MSCS program part-time, you may be able to take advantage of employer tuition assistance to help fund your degree. 

Almost half of U.S. employers offer tuition assistance benefits, which differ by employer. Some companies may cover a portion of your program; others may fund the entire cost of your degree. Each employer has its own internal policy and eligibility criteria; contact your organization’s HR department to determine what is available and whether you qualify. 

Research the degree program you’re targeting before approaching your employer about tuition assistance. Prepare to explain how your chosen program aligns with your career goals and how your employer will benefit from the additional skills and knowledge you will gain. 

Building a Realistic Graduate School Budget

A realistic budget helps you manage the financial demands of returning to school. To get started, make a list of all your expected expenses, including: 

• Tuition costs
• Books
• Tech resources (laptops and software) 
• Internet
• Housing and meals
• Travel expenses
• Other essentials (household items, etc.)

Then, list all your funding and income sources, such as: 

• Scholarships 
• Federal Aid
• Employer benefits
• Personal savings 
• Salary (if you will continue working) 

Once you have your two lists, compare your expenses and available funds. Many online resources and apps, such as Mint and YNAB, can make setting up your budget more manageable. Many people track expenses in Excel or Google Sheets. 

Strategizing for Success: Addressing Coverage Gaps

If your expenses and available funds don’t add up, don’t worry. There are many creative options to bridge the gap. Options include: 

• Part-time work: Consider looking for a flexible or part-time tech job or online tutoring to earn extra money. 
• Freelancing: Online MSCS students may also find freelance work using their programming and technical skills. 
• Private loans: If all else fails, consider private loans to make up the difference. It’s critically important to do so responsibly, focusing on low-interest options with reasonable repayment terms. Options vary significantly, some considerably more favorable than others.

Building a solid financial strategy is critical to help you achieve financial well-being while you complete your online MSCS degree. If you’re ready to start working on your financial plan, connect with Stevens’ financial aid advisors for personalized assistance every step of the way.