Paying For Grad School
Beginning the journey of graduate school as a first-generation student is both exciting and scary. The pursuit of higher education opens many opportunities, but navigating costs may be a major challenge.
In this resource, we'll talk about finances in grad school including funding expectations, financial aid, and cost of living. I also provide a budget tracker and references to financial literacy perspectives from Latinx individuals.
Whether you're already attending graduate school, preparing for the next steps, or are considering applying, let's equip you with the financial knowledge and tools to make your educational goals a reality.
Applying to Grad School: Important Components to Consider
Funding Expectations: It's important to be realistic about the funding you may receive. Unlike undergraduate studies, you might not receive as much funding for graduate school.
For example, you may be provided with more loan options instead of grants. Be prepared to explore various avenues for financial support. Here are a few funding options:
Scholarships
What scholarship opportunities are available through the department/school? Look at amounts, application requirements, and deadlines. Reach out to professors/mentors who can support your application process.
Graduate Assistantships (GA)
Graduate assistantships offer financial support to graduate students through stipends, paychecks in exchange for research, teaching, or administrative duties. Check in with your department for graduate assistantship opportunities.
For example, before entering my graduate program I applied to a GA position in my department and was offered a position. This allowed me to have a job through the academic year to support my financial needs.
Financial Aid: Explore the financial aid options available from your college or university, including grants and loans.
Understand the terms and conditions of any financial assistance you receive. For example:
Grants are money awards you do not need to pay back. Grants are usually provided by your institution and is determined by your financial need when filling out the FAFSA form.
Loans are financial assistance that must be repaid. Loans can vary from federal student loans, private student loans, parent PLUS loans, all with different terms, interest rates and eligibility criteria.
Subsidized loans are loans in which the government pays the interest while you are in school. These loans are better options since you are not paying the accrued interest over time.
Unsubsidized loans accrue interest from the time the loan is taken out and you are responsible for the interest accrued. It's important to look at interest rates and when you are responsible for making payments.
Work Study offers students financial aid through part-time (typically 20 hours/week) employment opportunities, typically on-campus, to help cover educational expenses. Work study is usually determined by your financial need when filling out the FAFSA form.
Public vs Private Programs: Consider the type of programs you're enrolling in.
Public institutions like CSU and UC systems often have lower tuition fees compared to private universities. Consider cost differences when making your decision.
Funding Questions To Ask Your Graduate Program
When evaluating funding offers, ask about work-study opportunities or graduate assistant (GA) positions.
Understand the amount you'll be earning in these positions, the number of hours you can work per week (usually limited to 20 hours), and the frequency of payment (e.g., biweekly, monthly).
For example, I was offered a GA position in my graduate program for 10 hours/week. This meant I needed to seek out another on campus position for an additional 10 hours/week to work the full 20 hours/week. This is was a GA position that required you to re-apply each semester and I was paid on a monthly basis.
Here is a list of questions to ask your department:
What types of work-study opportunities or graduate assistant positions are available for students in this program?
How competitive are these positions?
What is the application process like?
Can you provide more information about the specific responsibilities and duties associated with these positions?
How much can I expect to earn in these positions, and are there any variations in pay depending on the type of position or length I am employed?
What is the typical number of hours I can work per week, and is it possible to work more that the standard 20 hours/week?
How often will I receive payment for my work in these positions (e.g., biweekly, monthly)?
Is there a possibility of securing funding for multiple semesters, or is funding reviewed and awarded on a semester-by-semester basis?
How are work-study and GA positions assigned? Is there a preference given to students with specific skills or academic backgrounds?
Are there any workshops or training sessions available to help prepare for the responsibilities of these positions?
Is it common for students in this program to hold multiple work-study or GA positions at once, or is it generally recommended to focus on one?
These questions may help you gain a comprehensive understanding of the work opportunities available in your graduate program and help you make informed decisions about your funding options.
Consider Cost Of Living
Research the cost of living in the city where your chosen college or university is located.
Investigate if there is on-campus housing for graduate students or if you'll need to find an apartment with roommates.
Create a budget for rent, utilities, and groceries and consider if the school you are considering fits your budget needs. Also consider the assistance programs your school offers (e.g., food pantries on campus for students).
Consider applying to CalFresh a monthly assistance program for low-income individuals who meet federal income eligibility to help pay for food.
Transportation Expenses: determine whether you'll need a vehicle for commuting to campus.
Factor in the cost of student parking, gas, and car insurance each semester/per year for parking on campus. This information can usually be found through your campus website.
Monthly Spending Tracker
This video may help you track your money, which is crucial in grad school when financing your education. Tracking your money enables you to establish a financial system that works for you.
Financial Literacy From a Latinx Perspective
Cultura and Cash is a practical and jargon-free money guide to help you tackle your finances as a First Gen Latina. In this valuable book, The First Gen Mentor, Giovanna "Gigi" González, uncovers cultural and systemic barriers First Gen face in their financial journey and provides actionable solutions on how to overcome them.
Through storytelling and real-life examples, she'll go into depth and explain best practices for creating a solid financial foundation through emergency funds, credit building, budgeting, debt payoff, and investing.
First gen Latina Viv, overcoming generational poverty, and building generational wealth.