How do young people pay for graduate school?

[Anonymous]

DS graduated college a couple of years ago and has a great job in the public sector, that pays well but not enough to save for grad school (he's saving but even in a best-case scenario it would only pay a fraction of what it costs). He needs a degree to advance in his field but is daunted by the idea of taking on upward $80K in debt. We can't really help him (have another child heading to college soon). How do people swing it?

[Anonymous]

Save, parents, work.

We will pay for a state school for college and grad school.

[Anonymous]

I am the only grandchild on both sides of my family. There were educational trusts.

[Anonymous]

It varies with the program. Many PHD programs offer tuition remission plus teaching or research assistance ships. With inexpensive housing and a frugal lifestyle it works.

[Anonymous]

Loans. Work while you’re in the program. Do an online program. Study part time so the cost is spread out over more years. But mostly it’s loans.

[Anonymous]

My DS went to medical school and has loans. My DH and I assisted, but covering the entire cost + other kids wasn't in my plan. He is now an attending and has thrown $$ at his loans all thru the pandemic. Some options for your child are: Attend school part time and pay as you go, tuition reimbursement from his employer. The salary reward must back up the cost of tuition.

[Anonymous]

Try not to. There’s so much money out there. I had undergrad loans and refused to take on more educational debt. I have three advanced degrees. The first was a full ride + fellowship stipend that paid living expenses. The second was essentially an indentured servitude to my employer. The third was a no strings attached grant.

[Anonymous]

If you’re paying full freight for grad school, you’re doing it wrong. The only people who might do this are MBA students, law students or med students.

[Anonymous]

Tuition reimbursement through my employer saved me $20k

[Anonymous]

Funded PhD programs pay ~$30k/year. See the recent strike at the UC system.

[Anonymous]

My niece - loans
My son - sports scholarship
My H - I paid for it
Me - my employer paid for it
My brother - loans

[Anonymous]

As a graduate student in STEM at University of Maryland, I had a stipend that covered everything. In exchange, I had to teach undergrads.

[Anonymous]

OP here. Thanks.

[Anonymous]

I took out loans to cover the whole $80K. Didn't land a solid job until about a year and a half after I graduated (I was sort of floating around, looking for something unique abroad, didn't pan out), so the balance ballooned to about $100K by the time I was able to start paying them off. Finally paid it off last year, after about eight years. Not sure I would do it again knowing what I know now.

[Anonymous]

Anonymous wrote:DS graduated college a couple of years ago and has a great job in the public sector, that pays well but not enough to save for grad school (he's saving but even in a best-case scenario it would only pay a fraction of what it costs). He needs a degree to advance in his field but is daunted by the idea of taking on upward $80K in debt. We can't really help him (have another child heading to college soon). How do people swing it?

Fellowship.

With the exception of professional schools (doctor, lawyer), if you have to pay for graduate school you don’t belong there.