How to Financially Plan for Grad School

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As someone who has experience in an undergrad program, you know how expensive college is. If you are looking into or even going to grad school, you will be paying even more money. This can seem overwhelming, especially if you do not have a ton of money to begin with. Luckily, there are things you can do to help make grad school affordable.

Make a budget

One of the most important things you can do before you shell out any money is to make a budget. This will allow you to see where you have money coming in as well as track your expenses. Write out how much money you have coming from any source, whether that means a job, a scholarship, or loans. Next, write out whatever your grad school expenses will be. This should cover tuition, books, supplies, living expenses, and anything else you will need for school and for living. Ideally, your income will be equal to or less than your expenses. If not, you may have to make some adjustments to how much you are spending or find more ways to get income.

Pay less for books

Books are one of the most expensive parts of grad school aside from tuition. This is especially true if you buy them at the campus bookstore. One of the best ways to save money is to skip buying your books at the bookstore and try to find alternatives. Shop online and find the least expensive price. Buy used when you can and see if you can borrow the book from a friend or previous student. Only buy the book if it is required or will be helpful in the future if it is not required. If you have to use the bookstore, rent it. However, there are certain types of books, like workbooks, that may require an online access code that you need your own copy of.

Apply for scholarships

Scholarships and grants are free money that you do not need to pay back. This is a great thing as it means you will have less student loan debt once you graduate from grad school. There are several types of scholarships and grants out there that are based on need, merit, community service, and other factors. There are scholarship and grant databases that tailor your search to the ones you are most likely to qualify from. Just be careful- never pay for a scholarship or grant service, especially ones that say they will apply for you. Ask your school if they have any scholarships and grants you may qualify for, and be sure to apply for FAFSA.

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Fellowships

Fellowships are a great way to earn extra money while engaging in additional learning and work. These often depend on what field you are in. In addition to monetary benefits, some fellowships offer health benefits as well as assistance with student loan payments. All of these will help reduce debt in the long run and will help with paying for things to help you through grad school.

Tuition reimbursement

If you have a part-time or full-time job, check to see if your company offers tuition reimbursement. Many companies only cover a portion of your tuition, but any help is great. Some companies may even require that the reimbursement only go towards courses that are related to the company. For example, if you work for a retail business, they may only cover courses such as business or human resource courses. Be sure to see if you are eligible, especially if you only work part-time for the company.

Assistantships

Assistantships are a great way to earn some money while getting relevant experience in your field. Many colleges and universities have teaching assistants who help the professors by giving lectures, grading papers, and other tasks. Teaching assistantships are perfect for those wanting to continue in academia by becoming a professor.

Research assistants help their supervising professor conduct research by summarizing articles, helping in the lab or field, or contributing to the paper the professor will publish. This is a great way to get hands-on experience and even have a chance to get your name on a research paper while earning some extra money. There are other kinds of assistantships as well, so see what your college offers.

Part-time job

If you do not already have a job or are looking for some extra hours, pick up a part-time job to earn a few extra bucks. It can be as “little” as babysitting for a couple hours each week or waiting tables on the weekend. Life will be busier with a job or an additional part-time, but the money can go right toward funding your education with the hopes of graduating from grad school with minimal debt.  The hard work now will pay off in the future.

Grad school is very expensive and the thought of being in so much debt can be daunting. However, there are things you can do and look into how to plan financially for grad school.

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