How do people finance grad school?

[Anonymous]

I always read about saving for college... how about graduate studies? Are they less a problem in terms of financing? I am worried that eventually, even if we put money aside for college, the kids will still need to take loans which will be a burden for many years after (if they go to college and continue studying after college). Any views (we did not go to college)?

[Anonymous]

Former professional grad student here (engineering): Through teaching and research assistantships.

[Anonymous]

Loans, mostly. Some programs offer a stipend for teaching undergrads, but I think this is mostly in PhD programs. I had $100k+ in loans after law school but it was worth it because I got a high-paying job upon graduation.

[Anonymous]

If you go into a more science or academic-based program you can easily get research and teaching assistantships. They typically provide tuition remission and a stipend. The only way most programs can find instructors for undergraduate courses is to hire graduate assistants.
For professional degrees like law, business, or medical, I think you mostly have to get loans.

[Anonymous]

Worked FT. Grad school PT... took out small loan to cover cash flow. It paid for itself when I got promoted after graduating.

[Anonymous]

This can’t be said enough. If you can’t get the school to fund you in grad school, it’s not a good decision. Seriously, it’s like going to a fir profit college fir undergrad. Don’t do it.

[Anonymous]

We are planning to fund grad school for our two children. Each child has three different 529 accounts and we put in $1,250 to each every month. Using the Vanguard cost of college calculator, their ages and the current cost of a private college and medical school, we are on track to be able to pay for everything if they decide to attend medical school. We make too much for any kind of financial aid so it seemed like a wise choice to save now. If they choose another path, we will roll the 529 over to the next generation.

We carefully decided to not to send them to private K-12, but to keep them in our solid public school. It was a very painful decision for me this year and I wish they had been in private school, especially our oldest in high school. But I also know that they will appreciate not having loans.

[Anonymous]

Anonymous wrote:
This can’t be said enough. If you can’t get the school to fund you in grad school, it’s not a good decision. Seriously, it’s like going to a fir profit college fir undergrad. Don’t do it.

This!!!!

[Anonymous]

Parents here. We told our kids we will pay for everything. college, grad school, med school, law school. We are not rich but we live frugally for our HHI and we can afford it somehow.

[Anonymous]

Anonymous wrote:
This can’t be said enough. If you can’t get the school to fund you in grad school, it’s not a good decision. Seriously, it’s like going to a fir profit college fir undergrad. Don’t do it.

This is PP from directly above. I totally agree with this, except for professional programs (JD, MBA, MD). Those are essentially full pay for most with a few exceptions. We’re saving to fund a professional degree if that is their interest.

[Anonymous]

Anonymous wrote:Parents here. We told our kids we will pay for everything. college, grad school, med school, law school. We are not rich but we live frugally for our HHI and we can afford it somehow.

You are a great parent! Can you explain the “somehow”? What does your annual saving look like? Do you use 529s or something else?

[Anonymous]

I worked for two years before going to grad school, but my father paid for it and I just paid living expenses.

[Anonymous]

Yep agree with others. They should pay you. I had an assitantship and then a fellowship. Fully funded plus a decent stipend

[Anonymous]

Two different types of graduate school programs - professional (doctor, lawyer, vet, pharmacist, etc.). These are rarely funded. You take out loans, work, go part time, etc., because you are expected to get a nice salary when you're done.

Then there are the Ph.D. track programs - take a hard look if you're not getting departmental funding.

Then there are more academic with possible professional implications - a master's in statistics, for example. Be careful here, because it may or may not be worth it.

[Anonymous]

I usually don’t think of my husband as my sugar daddy haha but he did cover my room & board in law school (we lived together in an apt. - I’m only jokingly calling it room & board) and he paid the tuition above the amount covered by the Stafford loans and I did get a small scholarship as well.

I graduated with about $60K in debt that I’m still paying off. Overall it was a good ROI for my husband in terms of my salary I think haha.

In general I do think grad school is the new college & plan to encourage my kids to do state college so they have more money for grad school.