Wednesday, April 22, 2009

Grad School Money!!!

by D. Babbs

When applying to graduate school, one really needs to figure out whether this option is worth the time and of course, money. Just like paying for undergraduate degree, grants and fellowships, work-study, and loans are available. However there are three additional sources of financial aid that can cover the costs of grad school. Many colleges and universities offer assistantships. Assistantships provide students with a stipend to help them cover the expense of their education, while in return providing their institution with a source of labor for teaching and performing research. Individuals may consider early withdrawals from their IRAs. Withdrawals for qualified postsecondary educational expenses are not subject to the 10% penalty. Potential grad students may also want to consider having employers pay for their college expenses. Some employers offer some type of tuition reimbursement plan. This benefit is a classic win-win situation for employers, as they are essentially investing in the competency of their employees while their employees enjoy a free benefit.

Considering graduate school, of course, requires a lot of research but before you commit to a program, or an education loan, check out:

  • What salaries people in your intended field are earning.
  • What your monthly payments will be on your student loans.
  • How quickly graduates from your school got jobs.
  • What salaries graduates from your program are earning.

Like with any major decision, brainstorm the pros and cons of your decision. People with graduate degrees tend to make more money than those with just bachelor degrees, which is an advantage. Now finish the list of pros and cons.

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