How Students Can Budget for Grad School
Making the decision to go to grad school is a big and exciting one. But before you get swept away in the clouds, keep in mind the practical side. Paying for grad school can be difficult, even if you get another student loan. Here are some ways you can budget for grad school to make it a little less trying on your pocketbook when it comes time to pay up.
Budget, Budget, Budget
The most important first step in budgeting for anything is to do just that ‐ budget. Find out how much your tuition is on a yearly basis and how long the program will take for you to complete. This total cost will help you to begin setting financial goals to help you along the way.
Consider Student Expenses
After you have determined how much your tuition is going to require of your wallet, you can then consider other expenses you will incur as a student. If you are doing an online program, you will save money on housing and dorms. But you will still need money for a good computer, a solid internet connection, books, groceries, transportation and some entertainment. If you look at all of your expenses as a whole, you will be better equipped to build a realistic budget.
Look for Student Assistance
Student scholarships, fellowships and student loans are the best way to pay for school for many people because you don't have to pay anything up front. Keep in mind that some of these loans do require you to pay lenders back. It is vital that you fully understand all terms of repayment before you sign any papers as well as consider the cost of borrowing. If you are not sure where to look for student assistance, contact the school you are considering attending or your bank.
Enroll in an Accelerated Program
Some schools offer accelerated programs, which can cut down your expenses. You will need to undergo a more rigorous academic program but you will usually have to fork out less money for tuition overall ‐ and even less if you attend online.
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