Paying for Graduate School?! Help - Page 2

ThePennyMine · 03-31-2008, 05:52 AM

This truly is a question of opportunity cost. Not only do you have to consider whether or not the money you will make after will be worth it, but you also have to consider the fact that you would have been able to spend the time that you're doing your masters making a full-time wage. Remember to factor that in as well when you make your ultimate decision.

amyschiff · 03-31-2008, 08:04 AM

Graduate Assistantships are a great thing. That was my first point of consideration when picking grad school. I got accepted to 2 of 3 I applied for and one offered me zero financial aid and the other offered me an assistantship that took care of everything... It's a good thing that it worked out like this for me because I really didn't need a MA to get the job I have (and love) now.

An interesting thing is that sometimes they don't send you an assistantship offer letter right away. I didn't get mine until a month or two after I got accepted to the school. It may be worth it to get in touch with your program and see if you are being considered for any financial assistance.

I actually accepted enrollment at my school before I was notified I was being given an assistantship so it came as a complete surprise (the 2nd school didn't send tell me I got accepted until REALLY late..like May). I had filled out my FAFSA and everything.

lpkitten · 03-31-2008, 08:11 PM

wow, that seems pretty steep. are you going to a private school? i'm going to ucla in the fall and my two years will probably cost me about $18,000 for tuition. luckily, i applied for a fellowship and i'll be receiving $7,000 the first year. that's not including living expenses and like you i won't be able to work so i'll have to come up with way more than the $18,000. if some of the $90,000 is including living expenses maybe you can apply to a school that's closer to home and live with family? not an option for everybody but it might help you get through school.

arkadofbabylon.org · 03-31-2008, 08:50 PM

Have you made appointments to speak with the financial aid directors at each of your prospective schools? It's absolutely worth giving them a call to explain your situation. Ask if their school offers an option to use a "projected" income estimate, instead of the FAFSA data, to award you institutional aid (some schools do this if you are leaving your job to attend school).

Sometimes, but not always, Fin. Aid Directors have the ability to offer additional funding to students with high need. See if they have any scholarships available for your field and need level. Also ask about the Perkins loan -- it's a much better interest rate than the Grad PLUS or alternative loans.

Hope this helps and good luck to you!!!

Finally_Frugal · 04-04-2008, 07:52 AM

I currently work at a university, and I receive tuition benefits. Of course, the program I'm in allows me to go to school part time. $90K is a lot of money for two years: are you going to a private school? Is there a state university in your area that would be cheaper? I came out of school (BA and MA) with $50K in debt---I work in education, so I'm not going to be paying it off anytime soon. Hopefully you're getting an MBA, or a degree in Engineering. Otherwise, I'd think twice about it.

03-31-2008, 05:52 AM	#11
ThePennyMine Member Join Date: Mar 2008 Location: Canada Posts: 46 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (10)	This truly is a question of opportunity cost. Not only do you have to consider whether or not the money you will make after will be worth it, but you also have to consider the fact that you would have been able to spend the time that you're doing your masters making a full-time wage. Remember to factor that in as well when you make your ultimate decision. __________________ The Penny Mine - Personal Finance Tips and Tricks

03-31-2008, 08:11 PM	#13
lpkitten Member Join Date: Mar 2008 Posts: 33 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (11)	wow, that seems pretty steep. are you going to a private school? i'm going to ucla in the fall and my two years will probably cost me about $18,000 for tuition. luckily, i applied for a fellowship and i'll be receiving $7,000 the first year. that's not including living expenses and like you i won't be able to work so i'll have to come up with way more than the $18,000. if some of the $90,000 is including living expenses maybe you can apply to a school that's closer to home and live with family? not an option for everybody but it might help you get through school. __________________ http://thedebtdefier.blogspot.com

04-04-2008, 07:52 AM	#15
Finally_Frugal Member Join Date: Jan 2008 Location: Portland, OR Posts: 55 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (12)	I currently work at a university, and I receive tuition benefits. Of course, the program I'm in allows me to go to school part time. $90K is a lot of money for two years: are you going to a private school? Is there a state university in your area that would be cheaper? I came out of school (BA and MA) with $50K in debt---I work in education, so I'm not going to be paying it off anytime soon. Hopefully you're getting an MBA, or a degree in Engineering. Otherwise, I'd think twice about it. __________________ http://www.finallyfrugal.blogspot.com/

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03-31-2008, 08:04 AM	#12
amyschiff Senior Member Join Date: Feb 2008 Location: Lansing, MI Posts: 471 Thanks: 0 Thanked 2 Times in 2 Posts Reputation: (77)	Graduate Assistantships are a great thing. That was my first point of consideration when picking grad school. I got accepted to 2 of 3 I applied for and one offered me zero financial aid and the other offered me an assistantship that took care of everything... It's a good thing that it worked out like this for me because I really didn't need a MA to get the job I have (and love) now. An interesting thing is that sometimes they don't send you an assistantship offer letter right away. I didn't get mine until a month or two after I got accepted to the school. It may be worth it to get in touch with your program and see if you are being considered for any financial assistance. I actually accepted enrollment at my school before I was notified I was being given an assistantship so it came as a complete surprise (the 2nd school didn't send tell me I got accepted until REALLY late..like May). I had filled out my FAFSA and everything.

03-31-2008, 08:50 PM	#14
arkadofbabylon.org Member Join Date: Mar 2008 Location: Bay Area, CA Posts: 90 Thanks: 0 Thanked 1 Time in 1 Post Reputation: (31)	Have you made appointments to speak with the financial aid directors at each of your prospective schools? It's absolutely worth giving them a call to explain your situation. Ask if their school offers an option to use a "projected" income estimate, instead of the FAFSA data, to award you institutional aid (some schools do this if you are leaving your job to attend school). Sometimes, but not always, Fin. Aid Directors have the ability to offer additional funding to students with high need. See if they have any scholarships available for your field and need level. Also ask about the Perkins loan -- it's a much better interest rate than the Grad PLUS or alternative loans. Hope this helps and good luck to you!!!