When many students apply to graduate school, their sole focus is on being admitted – a common sentiment among applicants is “I’ll get in first, and figure out how to pay for my degree later”. There are actually myriad benefits to considering funding sources as soon as possible, as U.S. News discussed in a recent article on strategies to pay for graduate school.
The article provided valuable advice for anyone applying to graduate school, including:
-Apply early: The earlier a student applies (we’re talking months before the application deadline), the more scholarship money will be available, and the more time to network with professors and admissions officers from the department to which applying. This increased visibility will not only help with admissions; it also maximizes the potential financial aid package that might be offered.
-Be proactive in obtaining on-campus employment: Many students obtained on-campus employment as undergraduates, and this can also help defray graduate school expenses. At the master’s and PhD level, however, students must quickly find specific professors in need of assistants, as there can be plenty of competition for spaces.
-Explore all options and do the math: Between federal loans, private loans, scholarships, and other funding sources, it can be easy to choose the path of least resistance and go with the most straightforward option, even if it will end up costing more in the long run. With a bit of planning, however, students can minimize the amount that they’ll owe. Loan calculators such as those that can be found at FinAid.org and StudentAid.ed.gov can help people get a clear picture of their financial situation after they graduate.
The full article, with more thoughts on how students can best fund their degrees, can be found here. The bottom line: if prospective graduate school students plan well, then this will be just as manageable and within their control as every other component of graduate school applications, instead of being a source of concern.
