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