How do people pay for grad school when it’s so goshdarn expensive?!?

Question

This might sound like a silly question, but how can people afford to go to grad school? I’m looking at some grad programs that will cost over $100,000 in tuition. How can I pay for tuition AND pay for housing, food, entertainment, etc. at the same time? Will federal loans usually be enough to cover the cost, or will I also have to take out some loans from the bank?

Thank you!

Yes, but I've heard that financial aid alone often isn't enough to cover the cost, so people have to get loans with high interest from the bank to cover the rest. Is this true?

P.S. By "financial aid", I meant federal loans from the government.

Answer 1

here's a silly answer - stop looking at programs that cost over $100,000 in tuition. in fact some graduate programs will actually pay YOU to go - ie, if the professors have grants and funds which were allocated for paying the salary of a grad student.

when I went to grad school, I was able to negotiate both the research stipend as well as the fees paid for. Although most schools charging $100,000 are probably competitive enough that such negotiations are impossible, many will still have stipends for being a TA or RA (teching/research assistant). Likewise, with more expensive private schools, there may be funds available within the schools to help pay for tuition.

If you have nothing and still insist on the expensive school, then you will have to take loans, which fortunately can be deferred until after graduation. . . "schooling" being kind of loose - you'd have to verify with the loan officer. . . for instance, medical students can defer their loans through 4 years of schooling and then with their residencies as well technically.

For med students, I often tell them, just go for it. . . but then again, after residency they'll be making at least $100,000+++ a year. What you have to ask yourself is "Will the field I'm going in give me an exit salary which will allow me to pay off the debt in a timely fashion?" A PhD in underwater basket weaving may take 100 years to pay off, but a PhD in molecular biology, after 2 post doctoral fellowships and a job at Genetech. . . maybe not so bad. . . you might even be making more than the doctor. . . but that would also be about 10-15 years from now. . .

Answer 2

There are a few things you can try. I have an MS, and because of the high cost of tuition I elected to go to a state college - it cost about $20,000 total. However, if you're patient, then you can try working at the school you wish to attend. Most universities offer some form of tuition reimbursement for employees. My husband got his BS for free because he worked at the university that he attended. It was tiring, but it beat starting out with tons of student loans to pay back.

Answer 3

Most people take out loans or finance their education through financial aid. However, many people also have part time jobs which help finance their education. If you can get any financial aid through the school or through secondary sources, you should go for that, if not take on debt, its not that bad, just remember to use money wisely.

Answer 4

Grad school is usually attended by people with scholarships or grants, otherwise it's you dime. Either mommy and daddy or a loan is required.

Answer 5

Have you considered applying to become a graduate assistant? It will help with the tuition and provide a stipend depening on the college or university itself.

Answer 6

it depends on your program, med and law students typically take on a great deal of dept but anre able to pay it off once they start working (and earning high salaries) the cost of many liberal arts and science programs are covered with research grants, grad fellowships and stipends (cash you dont have to pay back)

Answer 7

apply for every grant or scholorship your are applicable for even if you think they may or may not except you. The worst they can say is no and then LOANS, LOANS, LOANS!!!

Answer 8

get a job b4 you go for grad school. save up.

Answer 9

Borrow it, then you will know how your parents always felt being broke all the time.

Answer 10

uhhh... financial aid?