| One of the biggest obstacles to | | | | ramen noodles for a few weeks if you |
| attending graduate school is the | | | | have to, but you certainly don’t want |
| question of how to pay for it. Tuition | | | | to, and by careful planning and |
| for one year of law school averages over | | | | budgeting there’s no reason for things |
| twenty thousand dollars; at private law | | | | to come to that. Be realistic about how |
| schools it’s around thirty thousand. | | | | much money you’ll need for food every |
| Medical school costs are even higher. | | | | month. And don’t forget things like |
| And while non professional graduate | | | | laundry supplies, trash bags, light |
| degrees don’t cost as much as law and | | | | bulbs, personal hygiene products, etc. |
| medical degrees, they’re still | | | | They may seem like incidentals, but if |
| expensive, averaging closer and closer | | | | you don’t plan for them they quickly |
| to twenty thousand dollars a year. | | | | add up. How much is basic and long |
| That’s the first cost most people | | | | distance phone service? And what sort of |
| think about when considering graduate | | | | lifestyle will you be wanting at grad |
| school. The second cost, which is | | | | school? Yes, you’ll often be burning |
| probably even bigger, is the loss of | | | | the candle at both ends, and you won’t |
| income you’ll suffer while you’re in | | | | probably won’t be attending many |
| school. You’ll certainly want to sit | | | | parties. But will you need cable TV? How |
| down with a calculator and weigh the | | | | about the occasional movie rental? What |
| pros and cons of attending grad school. | | | | about eating out once a week or so? And |
| Most people who do so will find that the | | | | don’t forget transportation costs, if |
| costs are worth it, with tuition costs | | | | those apply to you. Ideally, you could |
| and loss of income being more than made | | | | get an apartment within walking distance |
| up for by increased future earnings. | | | | of school and shopping, but that’s not |
| And there’s no doubt that graduate | | | | always possible. You may well need your |
| school is expensive. But if you really | | | | own vehicle, in which case you’ll be |
| want to attend, and you think you’ve | | | | paying for at least gas and insurance. |
| got what it takes to earn an advanced | | | | If you’re making car payments, it |
| degree, you shouldn’t let money | | | | might be best to sell the car and buy a |
| worries hold you back. There is lots of | | | | used one for cash. If you have no car, |
| financial aid available for worthy grad | | | | you’ll need money for taxis and buses, |
| students. And, depending on your | | | | and car rentals on occasion. All these |
| circumstances, there is one decision you | | | | figures add up to quite a bit, no matter |
| can make which will radically reduce | | | | how closely you watch your money. And |
| your grad school expenses. It won’t be | | | | then you’ve got school required health |
| possible or appropriate for everyone | | | | insurance, possible lab fees, parking |
| considering grad school, but you can | | | | expenses, etc. Each school you’re |
| save tens of thousands of dollars by | | | | considering should have a section that |
| enrolling in a graduate program of a | | | | tells you about how much all this comes |
| public university of the state in which | | | | to for the average student, which makes |
| you’re a legal resident. Doing so may | | | | it easy to compare different schools. |
| not be your first choice, but you should | | | | But remember, everyone’s situation is |
| give it strong consideration if you’re | | | | different, and your costs may well be |
| concerned about finances, and if a | | | | higher or lower. |
| public university in your state has a | | | | Once you know how much grad school is |
| suitable graduate program. | | | | going to cost you, the next step is |
| Alternatively, if you can’t find a | | | | figuring out how to pay for it. There |
| program at a public university in your | | | | are three main sources of funds for grad |
| state, be sure to look at surrounding | | | | school money. The first one, of course, |
| states-more and more states have | | | | if yourself. If at all possible, it’s |
| reciprocal agreements with neighboring | | | | best to pay for as much of your graduate |
| states which allow each other’s | | | | school as possible without resorting to |
| residents to attend their schools at | | | | borrowing. Many students have savings |
| state tuition rates. You’ll find this | | | | they can tap into, and some have parents |
| information on the university website, | | | | that will assist them. One idea that |
| or by contacting your state department | | | | many people use to fund their graduate |
| of education. If neither of these | | | | studies is taking a year or two after to |
| options works for you, you may be able | | | | college to work and save before getting |
| to attend an out of state school for a | | | | their advanced degree. Others are |
| year, and after that be considered a | | | | married, and the spouse’s income is |
| resident for tuition purposes. But some | | | | used to support them while in school, |
| states prohibit granting residency to | | | | and also pay for some educational |
| someone who’s moved to the state to | | | | expenses. Another option is part time |
| attend school. Check with the | | | | work either during the school year, or |
| university. | | | | between semesters. Many grad students |
| Of course, tuition is a large part of | | | | find that, with their considerable |
| what it will cost you to go to grad | | | | knowledge of a subject matter, they’re |
| school, but it’s nowhere near the | | | | able to make money tutoring school kids |
| complete story. You’ll also be buying | | | | or even college undergraduates. Others |
| lots of textbooks, and as a college | | | | take part time jobs in retail stores or |
| graduate, you know how expensive those | | | | other businesses which will work with |
| can be. Then you’ll need to secure | | | | them when it comes to scheduling and |
| housing, which will run several hundred | | | | flexibility. Working full time while |
| dollars a month at a minimum. You can | | | | pursuing a graduate degree is extremely |
| save money on housing by making your | | | | difficult, and not recommended. Both |
| arrangements as early as possible after | | | | your job and your education would |
| you’ve been accepted-the longer you | | | | suffer. But part time work can often be |
| wait, the fewer choices you’ll have, | | | | found, and many students find it very |
| and the more expensive they will be. | | | | manageable to work 20 hours or less a |
| When it comes to student housing it | | | | week while pursuing their grad studies. |
| truly is the case that the early bird | | | | Of course, you’re the best judge of |
| gets the worm. The next biggest chunk of | | | | what you’re capable of, and you’ll |
| your budget will be groceries and | | | | have to make your own decision. |
| related expenses. Yes, you can live on | | | | |