Choosing a Graduate School: The Financials

Last week, we talked about how to choose a graduate school. This week, we’ll talk about more specific details: how to address the financials of graduate school.

Every grad school may not be the best fit. That may mean that it’s not a good atmosphere for you as a student, but it may also go beyond that. Some schools just are more expensive than others. Your job is to start asking questions that address these financial considerations.

1. Will you be able to get a job as a teaching assistant or participate in any work-study programs during the duration of your study? Will these programs offer stipends or tuition reimbursement? If so, how much?
2. What kind of loan will you be required to take out for your education, and how long will you be required to pay that debt off?
3. What’s the cost of living in your college area? (In expensive areas, you may want to look for roommates to cut costs.)
4. Will your graduate program require any travel? Are these research trips to be self-funded or paid for by your graduate program?
5. Is the program local or far away? What are the relocation costs? (This is a question you should ask even when you go to an undergraduate program, but it may be more important for graduate schools in the long term, such as for an MD with a 5-year residency.)
6. Do you feel that you’ll make up the money for it to be worth it to you professionally?
7. Are you able to make it work for you personally?

In the next part of this series, we’ll discuss the faculty and student culture to determine whether the school is a good fit for you.