Graduate Financial Aid

Many graduate students, prior to entering grad school, work full time for a few years to earn money to live on their own, gain valuable work experience and to pay back their student loan debt.

Working full time before going to grad school can provide a student with more perspective in their field of study and the opportunity to apply real-life skills to the classroom once they go back to school. Unfortunately, for many, giving up a full -time salary to attend grad school can be a tough thing to do. In some cases it is not entirely feasible to give up a full time income. Many grad students today have families, mortgages and other expenses which makes giving up a full time income, as well as taking on more debt, a tough thing to do. But with proper planning and some research you can come up with a great plan for financing graduate school.

1. THINK SMALL! Look at your non-essential expenses. Paying for premium cable? Whether you are attending part time of full time, Grad school is going to leave little time for CSI Miami! Cancel your cable and have an extra $80-100 in your pocket each month. You might be too busy to study to make your regular rounds at the gym. Instead of paying a monthly membership, walk, run or ride your bike to places that you can. You will be saving on your gym membership and on car expenses (oh and saving the environment!). There are tons of other little ways you can save a lot of money by thinking small.

2. FIND A MATE! Consider roommates or living on campus. For many grad students who have been on their own for a while this could be a frightening thought. But campus living for graduate students is a much different experience than for undergraduates. Consider finding a roommate in a similar program. You will gain a study buddy and reduce your monthly living expenses.

3. EAT NOODLES! Boston is a great city full of restaurants and it can be hard for me not to eat out every night of the week. Cooking meals is always a cheaper option. Your bar bill is lower and you don’t’ have to tip your server. Even paying for coffees in the mornings adds up. A pound of coffee currently costs around $7.99 and lasts usually for two and half weeks. In that same amount of time, if you were to buy your coffee every day at $2.00 a pop, you would have spent $21.00 almost three times as much!

4. GET A JOB! Okay let me clarify. If you are working full time and attending grad school part-time, you already have your hands full. But for full time grad students, jobs like being a chauffeur can provide you with endless study hours while you are getting paid. I recently saw one limo driver sitting in the back seat of his limo, books at his side, typing away on his laptop while waiting for his customer. He was earning money while working on earning his degree. Not for you? Find a part time job in your field of study to gain more experience.

5. GET OUT! Now get out there and get the right financing. Look for loan programs that are tailored to your specific program. Getting an MBA? Look at an MBA Loan. Going to Law school? Find loans specifically geared towards law students. Find all this information and more at www.GradLoans.com

Consolidating your undergraduate debt is a great idea too. You can lower your monthly payments and defer your payments while attending graduate school. Find out more at www.studentloanconsolidator.com

Attending graduate school is an investment in your future. Invest wisely, do your research and study hard. Good luck!