ttending graduate school is a key to personal and career success for millions of young adults. But it can take a serious toll on your bank account. A report by the New America Foundation found that the average student owed more than $57,000 in student loans when he or she finished their professional degree, including both undergraduate and graduate debt.

Graduate school may still pay off though, as students with a master’s degree earn an average of $400,000 more over their lifetime than those with a bachelor’s degree, finds a report by Georgetown University. Smart planning can make it possible to attend the school of your dreams without sacrificing your financial security. Here are some savvy strategies that can offset those costs:

Work for a company that will contribute. If you know that graduate school is part of your long-term plan, look for a job with benefits that include tuition assistance. More than half of employers offer financial assistance to students seeking graduate degrees, according to the Society for Human Resource Management. Benefits, which typically require the employee remain with the company a few years after graduation, are typically capped at around $5,000 per year due to tax restrictions on the employers. Some companies, however, are far more generous: Procter & Gamble covers 80 percent of tuition up to $40,000, and consultant Deloitte provides full tuition reimbursement.

Go part-time. Even if your employer is providing assistance with tuition, you might consider looking for part-time graduate school programs that allow you to continue working while you’re getting your degree. Sure, it will take a bit longer to finish school, but the costs will be more manageable, and you won’t have to sacrifice a year or more of salary by attending school full-time. Many graduate programs actively court working professionals by offering schedules that accommodate their needs, including evening and weekend classes.

Work for your school. Many schools offer fellowships or assistantship positions that provide free or reduced tuition in exchange for research or teaching. Such programs may also provide a stipend worth a few thousand dollars, as well as health benefits, or housing to students and their families. You need to apply for such programs and you may face steep competition, so start by gathering your letters of recommendation now.

Save up. While many think that 529 accounts are a tool to save for children’s future college education, they’re also a smart way for young adults (including current college students) to set aside money earmarked for graduate school. If you’re planning to attend graduate school in a few years, start setting aside money in a 529 account now. You may be able to get a state tax write-off (check your state’s rules here) for your contributions, and you’ll pay no taxes on the growth or withdrawals made for qualified education expenses. Do keep your investments conservative, though, since your time horizon is shorter than that of most college savers. Be aware that family members can help by contributing to the fund.

Get your tax benefits. Be sure to claim all of the tax benefits available to you while you’re in school. For graduate students, that typically means choosing between the tuition and fees deduction, which is worth up to $4,000; and the lifetime learning credit, which is equal to 20 percent of the first $10,000 spent on qualified education expenses. The credit is typically more valuable to taxpayers, but it depends on your total expenses, and your tax bracket. If you’re paying interest on student loans while in school, you can also deduct that expense.

Now that you’ve entered the “real world,” it’s finally time to move out from your parent’s basement and into an apartment of your own. Get ready for sticker shock: In February, average rents nationwide hit an all-time high of $1,175, but rent in pricier cities like New York and San Francisco could easily be three times that, and it’s projected to continue rising.

Those numbers can be intimidating, especially for young adults with a starting salary and student loan payments. Try not to worry. You can find an affordable apartment, although you just might have to relinquish any dreams of on-site laundry facilities and a view—or at least put them on hold for a few years.

Make a budget.

Before you start touring apartments, it helps to have a sense of your price range so that you’re not wasting time looking at apartments you can’t afford. Your budget should take into account your savings as well as any debt payments you might have, the costs of utilities and other ongoing expenses, and—of course—the amount you realistically expect to spend on social activities such as dining out and drinks with friends. A good rule of thumb is to aim to spend 30 percent of your income on rent, although that figure may climb in cities with a higher cost of living.

Landlords typically like to see renters with an income that’s at least 40 times the monthly rent. If you’re far short of that, you may need a guarantor (such as a parent) who will co-sign your lease and promise to cover the rent if you fall short. You may also need a co-signer if you have poor credit or not much of a credit history, so pull your credit reports (you’re entitled to a free one from each of the credit bureaus every year at AnnualCreditReport.com) before the landlord does in order to avoid any last-minute surprises.

Get ready to compromise.

Competition for entry-level apartments is fierce these days. Unless you have an unlimited budget, you’ll likely need to make some trade-offs in order to find an apartment in your price range. Making a list of “musts” and “would-be nice” amenities will give you a framework for evaluating and comparing apartments once you start looking. If you’re a homebody who likes to cook, it might be important to have a serviceable kitchen, while party animals might prefer to live close to the nightlife. Those lists may change throughout the process as you come to realize that having in-unit laundry or a doorman are perhaps less important than you think.

Taking on a roommate (or three) or expanding your search area are easy ways to significantly reduce the cost of your rent. You’ll simply have to decide whether the added commute time or having to share the fridge with a roommate are worth the savings.

Cover your stuff.

Once you’ve found an apartment, make sure to protect all of your belongings with renter’s insurance. While your landlord likely has insurance that covers the building you live in, it usually doesn’t cover your possessions or provide liability if there’s an accident in your apartment. Your belongings are probably worth a lot more than you think. Once you add up the value of all your electronics, clothes, jewelry, furniture, and other items, even minimalists usually end up with thousands of dollars worth of property in their apartment. Paying a few hundred bucks a year for peace of mind is well worth it.

ere’s one lesson you might wish they taught in college: The best way to pay back your student loans. You’re not alone. More than two-thirds of all college students now graduate with debt, averaging nearly $29,000 per student, according to the Institute for College Access & Success.

Managing that debt as effectively as possible is key to creating a sound financial foundation for you going forward. Follow these steps to be debt-free faster:

1. Figure out how much you owe. While lenders will likely be in touch with you, it’s your responsibility to make sure you know what you owe to whom, and to make sure they know how to find you if you’ve moved. You can locate all your Federal Loan information by logging in to this Department of Education site. There’s no comparable clearinghouse for private loans, but pulling your credit report (for free at annualcreditreport.com) will give you a list.

2. Mark your calendar. Most (but not all) lenders give students a six-month grace period after graduation before payments must begin. Interest may start accruing during that period, however, so if you can start payments earlier it’s a wise idea to do so.

3. Weigh your repayment options. Federal loans offer a variety of repayment options that allow borrowers to tie the amount of their monthly payments to their income. While these programs can help you manage your budget, you’ll ultimately end up paying more in interest over the life of your loan. One exception: Those who work in the public sector for 10 years without missing a payment may be able to have the balance forgiven.

4. Understand deferment and forbearance. If you are legitimately unable to make your loan payments, you may be able to temporarily receive a deferment or forbearance, which allows you to postpone payments without defaulting. Under some circumstances with federal loans, the government will cover your interest, but in most cases interest will continue to accrue.

5. Consider refinancing. Private loans don’t have the same income-based repayment options, but if you’re paying a high rate you may be able to lower it (and your payments) by refinancing or consolidating multiple loans with your current lender or a competitor. You can also refinance federal loans, although you’ll lose the option of enrolling in an income-based plan.

6. Make a budget. You’ll need to make it a priority to pay at least the minimum amount due on your loans each month. That may mean scaling back on other expenses in the short-term, like dining out or purchasing a new car until you start earning more money.

7. Automate your payments. Make sure that you never miss a loan payment by opting in to have your payments automatically deducted from your account. Bonus: Many lenders will shave up to half a point off your rate for enrolling in autopay.

8. Don’t sacrifice other financial goals. Once you’re easily covering the minimum monthly payments on your student loans, it can be tempting to start putting additional money toward the loans to get rid of them as soon as possible. But make sure you’ve got the rest of your financial house in order first, which means paying off any higher-interest debt like credit cards, contributing at least enough toward your retirement savings to get any employer match, and keeping three- to six-months’ worth of expenses in an emergency fund.

9. See if your employer can help. While still a nascent trend, a growing number of employers are providing a workplace benefit that assists students in paying off their college debt. If your company offers this type of help, opt in immediately.

10. Get the tax benefits. The interest you pay on student loans is typically tax-deductible, so be sure to claim that at tax time.