By Thomas H. Blanton

Kiplinger’s Personal Finance

Certain professions, such as medicine and law, require advanced training. Many others don’t. And if you’re considering a graduate degree in the second category, weigh whether it’s worth the cost, especially if you have to put your career on hold while you’re in school.

The average annual tuition for a graduate degree at a public college or university is $30,000; for a private school, it’s $40,000, according to Peterson’s, a college information company. (If you get a doctorate, it will take several years, and you’ll spend much more.)

Many universities offer grants, scholarships and assistantships, including teaching assistant and graduate assistant positions, to help students pursuing advanced degrees offset the cost of tuition. The average T.A. made $26,260 last year, while the average G.A. made $37,720, according to the Bureau of Labor Statistics. Doctoral candidates are typically more likely than master’s candidates to receive departmental assistantships.

If you’re employed, see whether your company sponsors a tuition assistance program. The IRS allows employers to provide up to $5,250 in tax-free education benefits a year; any benefit above that is considered taxable income. Some employers will cover the entire cost if you agree to work at the business for a set period after graduation.

If you’re willing to join the military, you may be able to get a full ride for a degree in dentistry, medicine, nursing, optometry or veterinary care. Those admitted to the Armed Forces Health Professions Scholarship Program receive funding for tuition, books and fees, along with a $2,200 monthly stipend and a $20,000 sign-on bonus. After graduating, you’ll owe one year of military service for each year you received support, with a minimum of three years.

Or you can borrow. Direct unsubsidized loans for graduate students carry a 6 percent fixed interest rate for the 2017-18 academic year, and you can borrow up to $20,500 a year. If that doesn’t cover your costs, Grad Plus loans allow you to borrow up to the full cost of graduate school, including living expenses. The interest rate for Grad Plus loans taken out before July 1 (when rates will be adjusted) is 7 percent. You likely won’t qualify if you’ve had a bankruptcy, foreclosure or similar black mark on your credit record within the past five years.

Unless you have excellent credit and are certain you’ll have no trouble making payments, consider private loans as a last resort. Unlike federal loans, they typically don’t come with repayment options, such as deferment or forbearance. Rates, which can be fixed or variable, are based on your credit record and whether you have a co-signer. Co-signers are on the hook for repaying the debt if you default.