How to Finance Graduate School

No one ever said graduate school was cheap. Although the thought of financing graduate school may seem overwhelming, you should not let the expense scare you away from one of the most enriching experiences education has to offer.

Difficulty: Moderate

Instructions

1. Find out exactly how much graduate school will cost. Along with tuition, factor in books and supplies, student memberships to academic organizations, housing and other living expenses.

2. Determine what your budget will be while in school. In addition to tuition, books and fees, factor in the money you have saved as well as loans you are already paying.

3. Find out about teaching or research assistantships in your graduate department. Although competitive, assistantships give you the chance to earn money for living expenses and tuition. They also allow you to gain valuable experience in your academic field.

4. Apply for student aid or loans by obtaining the Free Application for Federal Student Aid (FAFSA), which is based on a student's financial need. These forms are available at financial-aid offices or via the FAFSA website (see Resources below).

5. Check with your current employer to see whether your company has a tuition-reimbursement program. Some companies offer to pay their current employees to go to school while staying employed.

6. Look for employment opportunities at your school. Many institutions finance tuition for students who work full time.

Tips & Warnings

• When figuring total costs, keep in mind that tuition varies by school.
• Beware if you decide to take out student loans to finance your education. Student-loan agencies tend to give a lot more money to graduate students than they do to undergrads, and those principal amounts can add up quickly, making it more challenging to pay them off once you leave school.
• Although many states offer resident students assistance, do not assume this money is automatically available, especially if you are an out-of-state student at your institution.
• Working full time for your school in order to finance your education is not a good idea if you want to complete your degree in the normal amount of time. This type of reimbursement may not be enough for you to carry a full load of credit hours, and you may have to get a second job. As such, it could be necessary to prolong your education.

Resources

• Student loans online at FAFSA

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