How are you paying for grad school?

[sugarandspice]

Are your parents paying for it? Helping out? Do you have money from previous jobs? Or is it just a bunch of loans?

[emmm]

In my field, it is customary to receive a tuition waver and stipend, but if I hadn't gotten into this program, I was considering a low-cost online program that I could have paid for myself.

[Vulpix]

I worked (on a teacher salary, living in NYC) for about 3 years (while also paying for a low-cost public master's program) and saved up about the cost of tuition.  I'll be attending a very expensive Ivy, so my savings will cover the cost of tuition, alongside a small merit scholarship, and then I will need to take out minimal loans just for living expenses.

Edited February 7, 2016 by Heather1011

[sugarandspice]

Just now, Heather1011 said:

I worked (on a teacher salary, living in NYC) for about 3 years (while attending a low-cost public master's program) and saved up about the cost of tuition.  I'll be attending a very expensive Ivy, so my savings will cover the cost of tuition, alongside a small merit scholarship, and then I will need to take out minimal loans just for living expenses.

Congratulations on working so hard and saving up on your own! Ivy's are definitely very expensive, but will hopefully help you in your field!

[rising_star]

I got assistantships or fellowships plus tuition waivers from the universities. There's no way I would've attended an unfunded graduate program.

[AP]

I have tuition waiver, stipend, and health insurance. My waiver does not cover fees, so I pay roughly $320 per semester from the stipend. I also work on campus to finish covering for my living expenses costs. 

[FreeLancer527]

I'm also curious about the different ways to pay for grad school. So far, I am saving up for it by working, and I've also applied for FAFSA, though I believe that you can only get loans through that. Right now, I'm really hoping that I can work as a RA in a lab, but I'm not sure how much that will also cover tuition and living costs. Can anyone give insight into other ways that I could do to pay for grad school, and on the possibility of a MS candidate getting an RA or TA position?

[avflinsch]

Employee benefit - full tuition, I only need to pay for assorted fees & books

 

[MarineBluePsy]

In my Master's program I used federal loans to cover tuition, books, and fees.  I worked a full time job with health insurance and used that money for living expenses and transportation.

When applying to PhD's this round I only chose programs that offered full funding....meaning stipend, health insurance, tuition waiver, etc.  My hope is to not have to take out much more in federal loans.

[gingin6789]

I guess the amount of funding opportunities depends on what field you're in ... in Sociology, most PhD programs offer full funding with tuition waiver, stipend, and health insurance benefits in exchange for being an RA, TA, GA, etc.

Some terminal MA programs also offer generous funding. I'm in one such program and don't have to pay anything to be here, which is great considering I did my entire undergraduate education on student loans, so my debt is pretty great there. I wouldn't be able to incur any more student debt at the graduate level!

[Analyticchic]

If I get accepted into a program my job gives me money each semester for tuition and I'll just have to save up to pay for everything else. I can't afford to go to a unfunded program as I'm still paying loans from undergrad

[savay]

For everyone who's getting/already living off of stipends and tuition waivers -- any tips? I too am in the boat that I'm not going unless I get funded. I've just received my first offer and it's decent for the field and the area, but it is significantly less money than I make currently working full time. How has that transition been, to living on a graduate student budget?

[pterosaur]

@savay - frugality FTW! I think the easiest ways to cut out a lot of money are having roommates and making your own food instead of eating out. I average about $30/week on food and feel like I eat well. Mind you, I grew up in an extremely frugal family and have been living on this kind of budget going on six years, so there's no adjustment back from a good salary. Might you also be able to pick up some free-lance tutoring to earn a bit of extra cash? Depends on where you are, but I've discovered that in some places rich people will pay an insane amount of money for someone to help their kids with 10th grade maths, for example.

[Neist]

With funding, I hope.  

I'm expecting a tiny bit of loans, either way, but funding, funding, and funding.

[rising_star]

21 hours ago, savay said:

For everyone who's getting/already living off of stipends and tuition waivers -- any tips? I too am in the boat that I'm not going unless I get funded. I've just received my first offer and it's decent for the field and the area, but it is significantly less money than I make currently working full time. How has that transition been, to living on a graduate student budget?

So I didn't actually make that transition but, I can say that as @pterosaur has said, the keys are not eating out and possibly having roommates. When I compare my FTE lifestyle to grad student lifestyle, the biggest things are that I eat out more, I go out for drinks at times other than happy hour, I travel more, and I've spent a bunch of money on clothes (related to moving to a new climate, needing to upgrade wardrobe to be more professional, etc.). But I still bring my lunch to work every day because that seems like easy money to keep in my wallet/pocket. If I did have a coffee habit, I'd probably rely primarily on stuff I brewed myself, rather than going out for coffee every afternoon. 

[savay]

Thanks @pterosaur and @rising_star. I already live a relatively frugal lifestyle and I worked all through undergrad and supported myself, so I know I've done it before. I think I just got a bit "sticker shocked" so to speak when I fully realized what a normal TAship in the Humanities would look like. I think actually making a budget and tracking my finances, rather than the "don't spend money" mantra I rely on now, will be helpful. 

[renea]

Funding or I don't go. I'm going into grad school with eyes wide open, just because I get a PhD doesn't mean I'm guaranteed a job (much less a high paying one). I did my undergrad all fully funded with scholarships and grants, I plan to do the same for my graduate work. I simply can't afford to pay for school, especially considering how dismal the job market is. Many professors never get tenure, and it's common for universities to hire adjuncts in order to avoid full time faculty costs. Really hoping that's not my outcome, but realistically I know I could never afford to pay back loans on that type of salary. I've been offered a TA position so far, 14k isn't amazing but it's great for a Masters program. If I need to, I'll get a part time job to cover additional living expenses. My fiance is STEM though, so I'm hoping somewhere offers him a healthy stipend to balance mine out. 

[TakeruK]

On 2/11/2016 at 8:59 AM, savay said:

For everyone who's getting/already living off of stipends and tuition waivers -- any tips? I too am in the boat that I'm not going unless I get funded. I've just received my first offer and it's decent for the field and the area, but it is significantly less money than I make currently working full time. How has that transition been, to living on a graduate student budget?

Maybe you already know it, but one helpful thing is that graduate students do not pay FICA payroll taxes, such as Social Security and Medicaid, so that's about 6% less in taxes, I think. Also, you can deduct required educational expenses (e.g. textbook for classes) on your taxes.

These are not really "money saving tips" as others have covered a lot of it above, but maybe some things that help reduce the gap in income.

[jlt646]

On 2/8/2016 at 2:19 AM, FreeLancer527 said:

... I've also applied for FAFSA, though I believe that you can only get loans through that. 

This is a common misconception about what FAFSA actually does. The Free Application for Federal Student Aid is just the beginning step, and is not actually a loan application. The FAFSA uses the income information that you provide to make an estimate about what you should be expected to pay for school, and that estimate is passed on to colleges/universities in order to figure out how much they should offer in a package, and what the breakdown of that package should be. That package is made up of institutional grants/scholarships, federal grants, federal subsidized and unsubsidized loans, and occasional state grants. 

tl;dr- Definitely up to the school, not the government, to determine what kind of financial aid you get for your program, and the government doesn't just offer loans!

[WendyWonderland]

Does anyone have the experience of teaching+ part time weekend jobs + studying 3 courses? Seems like what my life is going to be soon for the next 6 years. 

[klader]

On Thursday, February 25, 2016 at 11:58 AM, WendyWonderland said:

Does anyone have the experience of teaching+ part time weekend jobs + studying 3 courses? Seems like what my life is going to be soon for the next 6 years. 

Don't some programs have policies against working other jobs, though? I'm not sure if that's a universal thing, so I would definitely check with your program. That sounds like it would be absolutely draining!

I fortunately received some funded offers at the MA level, but it's still going to be a stretch since fees/rent/utilities/health insurance will eat up most of my stipend.

I plan on working like crazy this summer to save up extra money and then learn how to eat frugally! (Which means learning how to actually cook! :P)

[Neist]

4 minutes ago, klader said:

I fortunately received some funded offers at the MA level, but it's still going to be a stretch since fees/rent/utilities/health insurance will eat up most of my stipend.

I'm in a similar situation, and I think I'm just going to take out loans for the fees. It's only a couple thousand dollars a year for me, and an extra $200-300 a month would be a serious quality of life improvement. It'd be the difference between ramen noodle dinners and decent food with an occasional happy hour beer.

Those small loans should be my only debt for graduate school, though. Assuming I don't have some large financial burden pop up.

[WendyWonderland]

24 minutes ago, klader said:

Don't some programs have policies against working other jobs, though? I'm not sure if that's a universal thing, so I would definitely check with your program. That sounds like it would be absolutely draining!

I fortunately received some funded offers at the MA level, but it's still going to be a stretch since fees/rent/utilities/health insurance will eat up most of my stipend.

I plan on working like crazy this summer to save up extra money and then learn how to eat frugally! (Which means learning how to actually cook! :P)

There is no way I can survive on my funding. My school is in one of the most expensive cities in the states. My rent alone will be like $1000. If I want to live cheaper, I will have to live far away and commute to campus, but I don't have a car. And I teach, so I have to be on campus on a regular basis. After some calculating I decide to live on campus to save the transportation money. Ok if I only eat I can survive. But I am pretty sure I will need coffee and books and have some kind of social life once a week. And there are phone bills and basic clothes and toilet paper etc. I won't need much extra cash, just maybe $500 a month. I think that's not too hard if I find some tutor job or retail job on weekends. 

Edited February 26, 2016 by WendyWonderland

[svent]

Slightly OT, but I recommend using a cheap pay-by-the-minute phone. Mine cost me like $20 and my bill runs about $25 every couple months. Considering the low pay of grad students, it amazes me how many throw away hundreds of dollars per month on their fancy iPhones. I believe it's also useful in forcing you into real socialization and not just staring at facebook 20 hours a week. I'd rather spend the extra money on decent food.

[klader]

2 hours ago, Neist said:

I'm in a similar situation, and I think I'm just going to take out loans for the fees. It's only a couple thousand dollars a year for me, and an extra $200-300 a month would be a serious quality of life improvement. It'd be the difference between ramen noodle dinners and decent food with an occasional happy hour beer.

Those small loans should be my only debt for graduate school, though. Assuming I don't have some large financial burden pop up.

You're right - a better quality of life definitely seems worth a small amount of loans (and especially the occasional alcoholic beverage!)! I have some savings that I can tap into for my first couple years in the MA program, but if/when I go on to the PhD, I'm definitely going to have to think about loans/another job/some serious budgeting skills.

 

2 hours ago, WendyWonderland said:

There is no way I can survive on my funding. My school is in one of the most expensive cities in the states. My rent alone will be like $1000. If I want to live cheaper, I will have to live far away and commute to campus, but I don't have a car. And I teach, so I have to be on campus on a regular basis. After some calculating I decide to live on campus to save the transportation money. Ok if I only eat I can survive. But I am pretty sure I will need coffee and books and have some kind of social life once a week. And there are phone bills and basic clothes and toilet paper etc. I won't need much extra cash, just maybe $500 a month. I think that's not too hard if I find some tutor job or retail job on weekends. 

Ouch, that rent is killer!! That's on the high-end at one of my prospective schools, but I actually found some for less than $600 around schools in more rural areas. I do plan on bringing my car, though.

I think tutoring would be a useful and practical thing to do on the side. Do you know if you can work at your school's writing center? (I see that you're in comparative literature, so I'm assuming that's something up your alley!). I've been asking a couple of my programs if grad students (well, mostly MA grad students in my case) are allowed to overload at the writing center. 

Edited February 27, 2016 by klader