How did/will you afford grad school?

[grangeca]

Hello!

I just got my first acceptance into SLP school (yay) but the reality of how I am going to pay for it is setting in. This first school acceptance is one of my most expensive schools, its about 75,000 for the entire program. I have about 15,000 dollars in undergrad loans so I am looking at about 90,000 in loans minimum. Is that totally insane? Has anyone here put themselves through grad school independently? Whats the smartest way to go about this?

 

My school doesn't list any SLP specific scholarships, but I would like to look into that. I really want this, but I also dont want to drown in student loans.

 

Thanks!

[Horb]

I'm putting myself through independently, but I'm also on a full scholarship. I'd recommend only accepting an offer if they have significant aid available. Now, I know not all fields offer that (like law, for example), so you may want to look into a second job (which I also have). You're starting salary should, ideally, be more than your loans, so the goal would be to graduate, get a 100K job for that school, and live like you make $25,000 so pay off loans ASAP.

[nikkimx]

I also recommend accepting a program with funding or at least guaranteed TA or GSRA positions. They often pay about $2000 per month, which helps. I have a scholarship for $39,000 per year, but my total cost of attendance for one school year is estimated to be $48,000. I also have kids to support while I study, so I am looking at working as a TA, GSRA, or as a sub in the local K-12 district (I'm a licensed teacher). Money will be tight, but we'll get by. Without that scholarship, I wouldn't be able to do this at all.

[Guest]

It depends. It's all about costs, benefits and your tolerance level.

Most people on this site oppose going unfunded. Then, if you're like the people if my graduate program, you'll either be married or have kids..which can make things tight and challenging. Some people have car and house bills to pay off too.

For my case, I sold my soul and will have a lot debt(no funding). I was unable to get relevant work experience because I got my Bachelor's from a no-name school in the Deep American South and wanted to focus on National Security and Foreign Policy. The Deep South offered no such thing unless you join the military. I also didn't have (and still don't have)a car/house, kids, marriage commitments.So, grad school was the route that I took.

Despite taking on massive debt, I studied in 2 different regions at the ages 23&24 (Southeast Asia&Middle East); interned overseas for a semester; gained a couple of internship positions in Washington DC, etc while in grad school. I don't know if I would have had such opportunities if I took 1-2 years off to do something that did not relate to my field. Then, I'm also glad to be getting grad school out of the way before my late 20s and 30s.

I just care about having a modest lifestyle (basic human needs) after graduation...and maybe having money to take an international trip once or twice a year. I don't care for (fancy) cars/houses immediately after graduating...or having the highest income.

Edited February 18, 2017 by Guest

[GreenEyedTrombonist]

Ok, take my advice with a grain of salt because I'm attending a local terminal MA that costs less than $10k a year in tuition and fees.

My first year I had a grant from FAFSA that covered 75% of my payments each semester. Essentially, I only needed to pay 1k a semester out of pocket, so I got a small loan (5k) to cover that and additional expenses. I also took on a job as a student researcher (in addition to my freelance writing gig) and began paying off the loan immediately. For my second year, since I knew I'd be covering moving costs and not working as a student researcher, I took out a 12k loan (partly to pay off the rest of the 5k loan and the rest to cover school and moving expenses). However, I got a last minute job as a TA in the fall and was asked to return to the program in the spring. Being a TA gives me a full tuition fee waiver plus a small payment every month so I didn't need that giant 12k loan. This has made it easier to pay off the other loan, increase my monthly payments to the bigger loan, and afford conference fees while considering moving expenses.

Essentially, first year I covered grad school with a need-based grant, student researcher position, and a small loan. Second year I only needed to work as a TA to cover my school expenses, but took out a loan because of reasons. 

Ultimately, I'll be leaving this program with a 12k student loan that I've been paying monthly on to keep the interest down and may do some contract work to help pay that off until I get into a doctorate program. However, my situation isn't exactly normal, as I didn't need to pay rent, bills, or most living type expenses over this last 2 years. 

Again, grain of salt, but minor loans, student jobs, grants, and living with family got me through grad school without astronomical debt.

[Le Chat]

I can only answer for my Master's right now. I have a tuition exemption through the military that I can use for the entire MS program. I will apply for scholarships/fellowships to gain extra money (I get them as just money. Pretty sweet.) The school offers assistantships, I'm going to see if instead of deducting from tuition expenses I could just get paid more? It's a pipe dream lol. I will be looking into any extra types of funding I can get. 

Since I have disabilities I am always eligible for certain federal programs, if I find myself in a difficult place. For now this is a really sweet plan because I can't accrue much debt due to disability, unfortunately. My state is generous with their funding, thankfully. 

[abbyecrt555]

My whole undergrad was student loans. Ive decided to apply for some scholarships now that I'm going into my masters. Really banking on a bigger scholarship. lol

[Adelaide9216]

I don't know how you guys do it to attend post-secondary schools in the US. I would never be able to afford those amounts, ever.