Round, pink piggy bank sitting on table in spotlight, smiling and winking

Expert Grad School Financial Aid Tips You Need to Know

Worried about paying for grad school? It may seem a hefty price, but there are ways to make it work. Here are tips for making smart financial decisions.

Of all the challenges graduate students face, paying for grad school is right up there. When I served as a Dean of Enrollment and Dean of Students, many of the issues students brought to me during my weekly open office hours centered on their grad school finances. Many had simply not taken time to think through the financial responsibilities they were assuming in pursuing graduate education. While graduate school is expensive, it can be made affordable by taking time to plan, conduct research, and think outside the box. Here are a few tips for grad school financial aid tips and best practices that have been extremely helpful to students over the years.

Ask yourself the right questions about your finances

Before you even start your grad school search, you need to ask yourself a few critical questions about the financial implications:

  • If you already have some debt, how comfortable are you taking on more? If you have no outstanding debt, how much are you comfortable borrowing?
  • Should you spend another year or two paying down your debt and/or saving money for grad school—and giving yourself more time to prepare for grad school and really check out all of your graduate school options?
  • Have you researched the potential ROI of your graduate degree, including the job prospects and estimated salaries for your intended postgrad career?
  • Have you considered the financial consequences of going to grad school in their totality, including both the estimated costs of the program and the potential loss of income if you need to take any time off from work?

Related: 5 Tips to Help College Students Manage Their Finances

Research your grad school’s financial aid options—ASAP

When researching graduate school, spend as much time looking at the financial aid each program offers as you do any other facet of the school. Don't wait until you are admitted to find this information. Why? Because some institutions offer scholarships or fellowships you apply for when you submit your application for admission. If you wait to research graduate financial aid until you are admitted, you have lost out on the opportunity to be considered for these scholarships and fellowships—not to mention impaired your ability to make more informed application decisions.

Check your credit score

Much like with other big-ticket purchases, like a house or car, your credit score can have a serious impact on your ability to pay for grad school. Check your credit score before submitting your grad school applications and try to amend any issues. Problems with your financial record might delay your ability to receive graduate financial aid and/or qualify for student loans if needed. And by the time things are resolved, it could be too late.

Related: 5 Money Skills Students Need to Learn for Financial Stability

Explore job opportunities at your grad school

Consider working full- or part-time at your graduate school, if at all possible. You could even work with/for a faculty member in your department. (I did this for both my master’s and doctoral programs, and the experience, not to mention the financial help, was invaluable.) Working for your grad school, you can help defray the costs with your earnings, improve your employability by adding relevant work to your résumé, or, depending on the position, perhaps even take advantage of an employee tuition discount. Another tip for you: grad schools love to hire their students!

Don’t stop after you enroll

Keep asking for financial assistance and searching for graduate grants and scholarships after you enroll. There could be additional sources of financial aid that become available once you are there. Toward the end of each term, stop by the graduate financial aid office and ask if there are any new scholarships available; if so, ask what you can do to apply for them and be a competitive applicant.

Related: Important Considerations to Help You Find the Right Graduate Program

There is a major myth that graduate school is always too expensive and, therefore, impossible to attain. This is usually not the case. With adequate planning ahead of time and a dedicated pursuit of funding opportunities once admitted and enrolled, it is possible to finance your graduate education.

Learn more about grad school with Grad School Road Map, and check us out on Twitter, Instagram, and Facebook for regular updates on content like this.

Like what you’re reading?

Join the CollegeXpress community! Create a free account and we’ll notify you about new articles, scholarship deadlines, and more.

Join Now

Tags:

About Donald C. Martin

Dr. Donald C. Martin is an expert in the fields of enrollment management, student affairs, and higher education administration. From 1980–2008, he managed divisions including admission, financial aid, student development, registration/advising, and career, disabled, and international services. He has been employed by some of the best colleges and universities in the United States, including Columbia University (Teachers College), University of Chicago (Booth School of Business), Northwestern University (Medill School of Journalism), and Wheaton College (in Illinois). Along with a team of dedicated professionals, Dr. Martin grew both the applicant pool and the enrollment yield at each institution he served. In addition, students’ ratings of their experience at those institutions improved dramatically during his tenure.

Having visited over 60 countries on every continent, Dr. Martin has worked with thousands of prospective and current students of varying nationalities, backgrounds, beliefs, interests, and goals. He continues his work with students and educational organizations worldwide, speaking on college and university campuses and also at graduate school fairs, forums, and education conferences. Dr. Martin's focus is on the value of education and negotiating the graduate school experience from start to finish, dispelling the myths that hold many back from earning a graduate degree and financing their graduate education. In addition, he provides one-on-one coaching services for graduate/business school applicants. Learn more at GradSchoolRoadMap.com

 

Join our community of
over 5 million students!

CollegeXpress has everything you need to simplify your college search, get connected to schools, and find your perfect fit.

Join CollegeXpress

College Quick Connect

Swipe right to request information.
Swipe left if you're not interested.

Bushnell University

Eugene, OR


Kelly Nogueiro

Kelly Nogueiro

Counselor

For me, CollegeXpress has given me a valuable tool to use with my students to explore colleges easily beyond objective data. It helps me find colleges for students that fit their needs and wants that aren’t quite so black and white. It's a wealth of knowledge, and the Type-A side of me loves all the lists and the fact that I know they're coming from folks who know what they're talking about. I share it with colleagues and students alike, and it's always well received.

Wendy Thompson

Wendy Thompson

Owner, Westport Educational Consulting

I just discovered your site and LOVE it—fun, interesting, full of incredible information you can’t find anywhere else, and a godsend for those of us in the college counseling business. I am a fan!

Jasmine

Jasmine

High School Class of 2021

CollegeXpress helped me find the school I am currently attending by consistently sending me emails of other schools. This allowed me to do research on other schools as well as the one I am in now!

Maya Ingraham

Maya Ingraham

October 2021 Mini Scholarship Winner, Class of 2022

CollegeXpress has given me more confidence in my college process. With easy-to-access resources and guidance such as the CX Weekly Roundup, I have been able to find the best colleges for me. Most importantly, there’s a surplus of scholarship opportunities for every student to support their education.

Joseph Johnsly

Joseph Johnsly

High School Class of 2021

It's an honor for me to be writing to share a little about my experience with CollegeXpress. I've been using CollegeXpress for about a year now, and the reason why I chose it is because it provides astonishing scholarships for every student around the globe. Besides that, this organization dispenses all the information necessary to help students get to college. CollegeXpress has helped me have an easier experience with applying to colleges and choosing the best fit for myself.