Douglas Olsen
Graduate school can be expensive, with the average cost of a graduate degree being $62,650, and some programs costing over $100,000 in total. Grad students may fund their living expenses in various ways, including taking out loans, working part-time, applying for grants and scholarships, or receiving funding through assistantships or their employers. The challenge is to minimize debt while pursuing a degree that leads to a fulfilling career and a bigger paycheck.
| Characteristics | Values |
|---|---|
| Loans | Some grad students take out loans to cover their living expenses. |
| Scholarships and grants | Some scholarships and grants are exclusive to graduate students. |
| Work | Some grad students work part-time or full-time to cover living expenses. Federal Work-Study provides part-time employment for graduate students. |
| Assistantships | Grad students may take on research or teaching assistantships, which can provide stipends and tuition reimbursement. |
| Frugal living | Some grad students minimize expenses by living frugally, such as living with roommates or at home, and cooking cheap meals. |
| School choice | Choosing a lower-cost school can help reduce expenses and future loan debts. |
| Employer reimbursement | Some employers offer tuition reimbursement, where they pay for part or all of the tuition costs. |
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Loans
Firstly, you should evaluate the affordability of your loans after graduation. You need to ensure that the degree you are pursuing will enable you to get a job that pays well enough for you to repay your loans. It is recommended that your total student loan payments be no more than 10% of your gross monthly pay. You should also weigh your potential salary against the cost of attending your chosen school, including any student loans you would need to borrow and what your monthly loan payments might be.
Secondly, you should consider how much you will need to borrow for living expenses. For example, if you are currently earning a salary and do not want to work part-time or reduce your lifestyle while studying, you will need to borrow to cover your living costs. There are ways to reduce these costs, such as choosing a lower-cost state school, living with roommates or at home, and taking on part-time work or assistantships to supplement your income.
Additionally, you can apply for grants, scholarships, and bursaries to help cover the cost of your degree and living expenses. Federal Work-Study programs provide graduate students with part-time employment while enrolled in school, and the earnings can be used for living expenses. Graduate assistantships can also provide a stipend and tuition reimbursement in exchange for research or classroom instruction.
Overall, while loans can be a necessary part of financing graduate school, it is important to carefully consider their affordability and manage your living expenses to minimize the amount you need to borrow.
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Scholarships and grants
Graduate school scholarships are usually given to students who have completed their bachelor's degree and are looking for funding for graduate or professional school. Fellowships are a type of merit scholarship that often covers all tuition expenses, and sometimes living expenses. They are usually granted by the school itself and can be highly competitive. Some examples of fellowships include the Ford Foundation Fellowship Program, which is open to predoctoral, dissertation, and postdoctoral students, and the $25,000 "Be Bold" Scholarship, a no-essay award given to the student with the boldest profile.
Some scholarships are aimed at specific groups, such as the Albert Baker Fund, which provides tuition scholarships to Christian Scientists who can demonstrate financial need, or the scholarship offered by Bold.org, which seeks to support Black learners pursuing STEM. There are also scholarships for those who are undocumented but have DACA status, and some states offer grants to graduate students. Additionally, graduate students may qualify for financial aid if they can demonstrate financial need. This may involve submitting an application that shows your family's income and assets.
Graduate students are also eligible for Federal Work-Study benefits, which provide part-time employment while enrolled in school. This can be a great way to earn money to put towards tuition, textbooks, living expenses, and more.
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Work-study programs
Federal Work-Study (FWS) is one such program that provides financial aid to graduate students with demonstrated financial need. To be eligible for FWS, students must complete the Free Application for Federal Student Aid (FAFSA) and meet certain citizenship and financial contribution requirements. Graduate students must also maintain a minimum number of academic course work credits per quarter to remain eligible for federal student aid.
Once approved for FWS, students can search for on-campus or off-campus jobs through their institution's job board or by reaching out to potential employers directly. The jobs are typically related to the student's field of study, and they can work as teaching assistants, research assistants, or in other roles that provide valuable experience.
For example, UCLA offers a Graduate Work-Study Program that assists graduate students in finding work related to their field of study. Similarly, UC Davis offers FWS awards to graduate programs to support Graduate Student Researcher (GSR) positions. These programs not only help graduate students cover their living expenses but also provide valuable work experience and connections in their field.
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Assistantships
Graduate assistantships are a great way for grad students to pay for living expenses. They are offered by many colleges and universities and can provide students with a stipend, tuition waivers, and other benefits such as health insurance, housing, and meal plans. The median annual pay for a graduate assistant is just under $19,000, which can help to offset the high cost of graduate programs.
To obtain an assistantship, students typically need to apply and may need to demonstrate financial need. Some schools may offer assistantships to most or all students, while others may be more competitive. It's a good idea to speak with an admissions counselor or current students to learn more about the process and requirements.
In addition to covering living expenses, assistantships can also provide tuition remission. For example, at Virginia Tech, graduate students can earn tuition remission in 4-week increments by completing at least 16 weeks of work during the standard assistantship contract dates of the semester. Students who earn more than $4,000 in a year on an assistantship may also be eligible for a waiver of out-of-state tuition.
Overall, graduate assistantships can be a great way for students to gain experience and pay for living expenses while pursuing their graduate degrees.
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Frugal living
Graduate school is expensive, but frugal living can help students cut costs and avoid unnecessary debt. Here are some tips for frugal living as a graduate student:
Housing
Sharing an apartment or having roommates is a common way to reduce living expenses as a graduate student. Renting a room in a shared house or apartment can help keep costs low. Living on campus or in an area where you don't need a car can also save you money on transportation.
Transportation
Transportation costs can be reduced by using public transportation, biking, or walking. Many universities offer free or discounted transit passes for students. If you need a car occasionally, car-sharing services or ride-hailing apps are more cost-effective than owning a car.
Food
Food costs can quickly add up, so cooking at home and meal prepping can help you save money. Shop at discount grocery stores, buy in bulk, and use coupons to lower your food expenses. Dining out should be a treat rather than a regular occurrence. Many restaurants offer student discounts, so take advantage of those when you do eat out.
Scholarships and Financial Aid
Apply for scholarships, grants, and bursaries to help cover tuition and living expenses. Graduate students may also qualify for financial aid if they can demonstrate financial need. Federal Work-Study programs provide part-time employment while you are enrolled in school, which can help pay for living expenses.
Textbooks and Student Discounts
Textbooks can be expensive, but there are cheaper alternatives. Look for second-hand books or ebook versions, which are often more affordable. Take advantage of student discounts whenever possible, including for cell phone plans, restaurants, fitness centres, and movie theatres.
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