You should create a realistic budget and cut corners wherever possible.
If there’s a good school in your hometown, consider living at home. If you’ll be renting during graduate school, think about squeezing in an extra roommate.
If your parents are interested in investing in real estate and a possible tax write-off, they might consider buying a house or small apartment building in the town where you’ll be attending graduate school. In exchange for free rent and a small salary, you can manage the building.
Textbooks are a major expense associated with graduate school. The average grad student will pay $900 per year on textbooks with some costing $100 or more.
If you can stand someone else’s notes in your textbook, consider buying used books. Make sure the edition you’re buying isn’t outdated.
You may find less expensive new textbooks through Internet sources such as:
- Amazon.com
- eBay
- Bestbookbuys.com
- Campusbooks.com
- Half.com
You can also look for online book swaps.
As you look for ways to cut your expenses, don’t be afraid to think outside the box. The New York Times reported that cheap textbooks may be purchased from India. Frequently a foreign soft cover text is available as an alternative to the American hard cover version. You can find out the details by searching “Special Indian Editions” on the Internet.
As you borrow money for graduate school, don’t lose sight of the time when those loans come due. Your projected loan payments shouldn’t exceed 8 to 15 percent of the income you hope to make after receiving your degree.
Some well-known universities now offer online graduate school programs. The entrance requirements are comparable to onsite programs and there is usually no difference in the diploma you receive. Nevertheless, investigate whether the university’s online degree is viewed with the same respect as the school’s traditional degree.
Although the cost-per-credit is usually the same as with traditional graduate school programs, getting your degree online offers these benefits:
- You save on room, board and travel.
- You can begin your career.
- Your employer may offer the same reimbursement it gives to employees who attend traditional graduate school programs.
On the down side, you miss out on the university atmosphere and interaction with professors and other students.
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| Tip: Find an Inexpensive School |
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Although you may want to go to the best school you can get into, it is wise to make affordability a key component of your graduate school search. After deciding on the graduate degree you wish to pursue, here are a few strategies to consider:
- Choose a state school with a good reputation.
- If you’re not a resident of that state, find out how to meet the state residency requirements.
- If a state university isn’t an option, compare the tuition at private schools. Some are more affordable than others.
- Aside from finding a school with affordable tuition, look for a university that’s situated in a city with a low cost of living.
- Whether you choose a low-priced school or an expensive one, find out what scholarships and financial aid are available.
If you can’t find a quality school in your price range or the financial aid package isn’t what you expected, have a fallback position. You may need to consider other career and education options.
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